Reliance Power Limited (RPOWER)
Small CapPower stocks · Small cap · NSE
Reliance Power operates a 5,305 MW portfolio, primarily 5,160 MW thermal (Sasan 3,960 MW, Rosa 1,200 MW with captive coal) and 145 MW renewable. It is transitioning from coal to clean energy, with new growth engines including ~4 GW solar, ~6.5 GWh BESS, and ~770 MW hydro projects awarded. The company aims for a de-risked financial profile.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 47/100margin compression · Rev +4% YoY · PAT +44% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,956 Cr | +3.7% | +3.7% |
| EBITDA | ₹562 Cr | -0.5% | -2.4% |
| Operating margin | 29.0% | -100 bps | -200 bps |
| PAT | ₹65 Cr | +44.4% | NDF |
| PAT margin | 3.3% | +93 bps | +2950 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
H1 FY26 revenue grew 1.5% and EBITDA 8.4% YoY, driven by operational assets. Consolidated debt reduced 34% since FY22, with standalone net debt at zero. Net worth increased 42% in H1 FY26 over FY24, leading to a consolidated D/E of 0.87.
Management claims a "resurgent" phase with significant debt reduction and new clean energy project awards. While financial metrics show improvement, the execution of new projects and resolution of legacy issues like regulatory claims and asset sales are critical for sustained value creation.
Integrated Clean Energy Platforms
Reliance Nu Energies aims for premiumized, integrated clean energy platforms, moving beyond pure vanilla RE.
Solar + BESS + Hydro Portfolio
Anchor portfolio of 4.0 GW solar, 6.5 GWh BESS, and 0.77 GW hydro projects locked in.
Firm & Dispatchable RE
Focus on delivering Round-The-Clock (RTC), peak, and C&I open-access power through solar + BESS + hybrids.
Digital Energy Management
Utilizing AI/IoT-driven dispatch optimization, predictive maintenance, and energy trading platforms.
SECI Solar + BESS Project
930 MW Solar + 1860 MWh BESS awarded, with SCOD targeted for FY27-28.
SJVN Solar + BESS Project
350 MW Solar + 700 MWh BESS awarded, with SCOD targeted for FY30-31.
Bhutan Solar + Hydro Project
510 MW Solar + 770 MWh Hydro awarded, with SCOD targeted for FY30-31.
SJVN FDRE Solar + BESS Project
750 MW Solar + 3000 MWh BESS awarded, with SCOD targeted for FY27-28.
Supportive Policy Framework
ISTS waivers until 2030, mandatory 2-hour ESS for RE projects, and Green Open Access policy.
Diversified Demand
Demand from multiple agencies (SECI, GUVNL, etc.), DISCOMs for FDRE/24x7 power, and surging corporate PPAs.
Capital Inflow
Significant FDI (US$12.7bn Apr'20-H1'25) and catalytic investments from DFIs/IFIs (US$6-8bn) into the clean energy sector.
Regulatory Claims Resolution
~₹30,000 Cr in regulatory claims are pending under various forums, with no clear resolution timeline.
Asset Divestment Execution
Plans to exit Samalkot (Bangladesh CCGT) and Indonesia Coal Mines by FY26 to free up capital and repay debt, subject to successful sale processes.
Debt Restructuring
Rajasthan Sun Technique Energy (100 MW solar) is looking for debt restructuring by FY26 to unlock equity.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Financial results are presented as H1 FY26 vs H1 FY25, indicating a year-over-year comparison for the half-year period. This is appropriate for the power sector, which can experience seasonal demand fluctuations.
Total Operating Capacity
5,305 MW (5,160 MW Thermal, 145 MW Renewable)
Sasan Power PLF (5-year avg)
92%
Rosa Power PLF (FY25)
70%
Consolidated Net Debt
₹15,232 Cr in H1 FY26, a 34% reduction since FY22
Vision for Transformation
Management aims for a transformative journey to become a leading player in India's Viksit Bharat roadmap, aligning with Atmanirbhar Bharat.
Portfolio Reorientation
Plans to exit non-core assets and restructure the business to create value, while revitalizing core operations for sustainable profitability.
Disciplined Capital Allocation
Focused capital allocation into India’s growth engines, specifically renewables and defence, to drive sustainable value creation.
De-risked Financial Profile
The company is transitioning to a stronger, de-risked financial profile with strengthened balance sheet and clear cash flow visibility.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Net Debt | ₹15,232 Cr (H1 FY26) | Continued reduction and impact of asset sales. |
| New RE Project Commissioning | SECI & SJVN FDRE projects SCOD FY27-28 | Timely commissioning and operational ramp-up of new solar + BESS capacity. |
| Regulatory Claims Resolution | ~₹30,000 Cr pending | Any progress or financial impact from the resolution of these claims. |
| Non-Core Asset Divestment | Exit planned for Samalkot and Indonesia Coal Mines by FY26 | Successful completion of these asset sales. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
18Strong Bearfull bear SMA stack · SMA20 -5.7% / mo · MACD − · near 52W low
Technical chart
RPOWERdaily · 1Y · AUTO-2.1%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 38.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.1% over last month) — short-term momentum negative.
- RSI(14) at 38 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 56% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 12.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.6%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 35.9%.
- Cash flow contributes 9/10 to the score.
- Growth contributes 13/25 to the score.
Main drags
- Altman Z is 1.1, in distress territory.
- Fair-value margin of safety is negative at -8439.8%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 21st percentile within Power. Main check: balance sheet trust is weak at 33/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.14.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 21st pctile, median 65 · Small: 20th pctile, median 66
5 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 35.9%.
- ▸10 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.14.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 25%.
- ▸Interest coverage is 1.4x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 2544.00
- P/B
- 0.57
- EV/EBITDA
- 7.50
- Market Cap
- 9132.00Cr
Profitability
- ROE
- -0.90%
- ROCE
- 6.11%
- ROA
- -0.77%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -1.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- -0.86%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.92
- Interest Coverage
- 1.45×
- Altman Z
- 1.14
- Book Value
- 38.80
Cash Flow
- FCF Yield
- 35.86%
- FCF Positive Y
- 10/5
- OCF
- 2824.00 Cr
- EPS TTM
- -0.76
Shareholding
- Promoter Hold
- 24.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Power, ranked by similarity
Peers
Business-comparable names in Power, ranked by similarity
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.