AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 25 Sep - Sachin Mohapatra resigned as Non-Executive, Non-Independent Director effective September 25, 2026.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result07 Aug, 01:09 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
22Bearishfull bear SMA stack · SMA20 -9.9% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RPOWERD candles · FIT view-41.3%Latest close ₹17.27 on 2026-10-21
Bar
-1.3%
RSI
21
MACD hist
-0.18
52W pos
0%
2026-10-21O ₹17.50H ₹17.92L ₹17.14C ₹17.27Vol 2.7Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RPOWERNifty PowerNifty 500
- RPOWER
- -28.9%
- Nifty 500
- -6.5%
- Nifty Power
- -14.5%
- Vs Nifty 500
- -22.4 pp
Chart stats
21 Oct 2026- From 52W high
- -63.8%
- 52W range position
- 0%
- ATR (14)
- 4.1%
- Volume vs 20D
- 1.16x
- Avg traded value
- ₹46 Cr
- 20D price channel
- ₹17.1 - ₹21.3
₹47.8
₹17.1 - ₹47.8
₹0.7
Latest completed session
20-session average
34.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED24
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average47
Revenue +3.7% · PAT +44.4% YoY
Technical
Bearish22
Price trend and sector-relative-strength timing.
Valuation
Legacy model-22024.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence56
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 47/100margin compression · Rev +4% YoY · PAT +44% YoY · operating leverage
Filed 06 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 2166.00
- P/B
- 0.48
- EV/EBITDA
- 7.08
- Market Cap
- 7775.00Cr
Profitability
- ROE
- -0.90%
- ROCE
- 6.11%
- ROA
- -0.77%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -1.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- -0.86%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.92
- Interest Coverage
- 1.45×
- Altman Z
- 1.10
- Book Value
- 38.80
Cash Flow
- FCF Yield
- 42.12%
- FCF Positive Y
- 10/5
- OCF
- 2824.00 Cr
- EPS TTM
- -0.76
Shareholding
- Promoter Hold
- 24.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,956+3.7% vs prev
Net Profit
₹ CrLatest: 65.0+113.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 21.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~11.0% over last month) — short-term momentum negative.
- RSI(14) at 21 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
1
RS percentile
Stage 4 Downtrend
1M return
-17.8%
3M return
-28.9%
6M return
-42.6%
1Y return
-62.7%
RS 1D
0
RS 20D
-1
Sector rank
#17
Industry rank
#26
Stage evidence
- Price is 29.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 40.06-2.55%
RS vs Nifty 50040
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation4/30
Growth7/25
Quality0/20
Balance Sheet0/15
Cash Flow9/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
24
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
24/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 42.1%.
- Cash flow contributes 9/10 to the score.
- Growth contributes 7/25 to the score.
Main drags
- Altman Z is 1.1, in distress territory.
- Fair-value margin of safety is negative at -22024.6%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
2166.0
PB
0.5
EV/EBITDA
7.1
ROE
-0.9%
ROCE
6.1%
FCF Yield
42.1%
Debt/Equity
0.9
MoS
-22024.6%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
24
Previous: 24
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-22024.6%
Previous: -22024.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
26
26
26
26
26
26
24
24
24
24
24
24
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
9.8
Growth-justified Value
—
-22024.6% MoS
PEG
451.25
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
POWERICA
Small
Powerica Limited
Power Generation
match 165
51
26.4
17.4%
+8%
FAIR VALUE
ORIENTELEC
Small
Orient Electric Limited
Power Generation
match 163
32
31.9
14.2%
-465%
WATCHLIST
TRUALT
Small
TruAlt Bioenergy Limited
Power Generation
match 163
25
24.2
8.4%
+4%
OVERVALUED
PRABHA
Small
Prabha Energy Limited
Power Generation
match 161
8
3049.0
-0.1%
-318456%
OVERVALUED
UEL
Small
Ujaas Energy Limited
Power Generation
match 161
26
142.0
8.0%
-5502%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-17T03:08:21.987Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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
Management forward view
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.
Thesis monitor
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.
Trust Score
56Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
5 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
18th percentile
overall median 67 · Power: 21st pctile, median 65 · Small: 20th pctile, median 66
Evidence depth
Financial-only
5 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
33
weak · leverage and solvency
Discipline
40
weak · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 42.1%.
- ▸10 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.10.
- ▸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.
Continue researching Reliance Power Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug - Newspaper Publication - Special Window for transfer and dematerialisation of physical shares
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 Jun - Newspaper Publication - Special Window for transfer and dematerialisation of physical shares
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 21 May - Board approved FY26 audited results, director/auditor appointments, and funding authorizations up to ₹6,000 crore plus ₹3,000 crore debentures.
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Bse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Bse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.