RattanIndia Power Limited (RTNPOWER)
Micro CapPower stocks · Micro cap · NSE
RattanIndia Power operates a 1350 MW (5x270 MW) thermal power plant in Amravati, Maharashtra, commissioned in March 2015. It has a 1200 MW PPA with MSEDCL and sells an additional 28 MW in the open market. The company has a Fuel Supply Agreement for 6.10 MMT of coal and 87.60 MM3 water allocation.
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
Bad · 0/100Rev -3% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹799 Cr | -2.8% | +1.4% |
| EBITDA | ₹125 Cr | +28.9% | -3.8% |
| Operating margin | 16.0% | +400 bps | +0 bps |
| PAT | ₹46 Cr | NDF | +7.0% |
| PAT margin | 5.8% | +734 bps | +30 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
RattanIndia Power reports 38% PAT growth for 9M FY25 to Rs. 92 crore, despite a 3.3% decline in total income to Rs. 2,640 crore. Q3 FY25 PAT was Rs. 2.86 crore, a turnaround from a Q2 FY25 loss, with PLF impacted by scheduled overhauling.
While 9M FY25 PAT grew 38% YoY, total income declined. Q3 FY25 saw a modest profit after a Q2 loss, but PLF was impacted by maintenance. Regulatory receivables remain a focus, with partial recovery. The long-term rating upgrade is positive, but operational consistency and full recovery of dues are key.
Growing Power Demand
All India Peak Demand reached 250 GW in May’24, ~8% higher YoY. Expected to grow at CAGR of ~7.18% to 277 GW by FY27 and 366 GW by FY32.
Increased Thermal PLF
All India Thermal PLF during H1 FY25 increased to 71.42%, highest in past decade, indicating critical role of thermal capacity.
MSEDCL Demand Recovery
Power demand increased in Q3 FY25 post above-normal rainfall in Maharashtra State in Q2 FY25.
National Power Generation Growth
Country observed robust generation growth, CAGR >5% for 13 years, increasing to 7% for FY24. All India electricity consumption increased by 4% till 9M FY25.
Thermal Power Backbone
Thermal coal-based power plants would continue to be the backbone of electricity generation in India.
Regulatory Support for Thermal
Around 64 GW additional thermal capacity required by 2032 to meet growing demand.
Maintenance Impact on Generation
Generation experienced a decline in Q2 & Q3 FY25 due to scheduled annual and capital overhauling of units.
Regulatory Receivables
Company continues to pursue regulatory receivables at relevant forums. Part payment of Rs. 18 Cr received from MSEDCL post Q3 for penalty compensation.
Fuel Shortlifting Penalties
APTEL allowed recovery of Late Payment Surcharge for SECL shortlifting penalties, but balance payment from MSEDCL is still being pursued.
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.
YoY comparison is crucial for assessing overall financial health and growth trends (e.g., 9M PAT growth). QoQ is important to understand sequential operational recovery and the impact of maintenance activities (e.g., Q3 profit after Q2 loss, PLF decline in Q2/Q3 due to overhauling).
Installed Capacity
1350 MW (270 MW X 5 units) thermal power plant at Amravati, Maharashtra.
PPA Coverage
1200 MW Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL).
Open Market Sales
Additional 28 MW is being sold in open market.
Fuel Supply Agreement (FSA)
FSA with South Eastern Coalfields Limited (SECL) for 6.10 MMT of coal.
Operational Improvement Focus
Steady improvement in PLF since plant resumed generation in Dec 2020.
Financial Performance
Company continues to demonstrate strong financial performance.
Regulatory Pursuit
Company continues to pursue regulatory receivables at relevant forums.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PLF | 74% (9M FY25) | Sustained improvement post overhauling, aiming for FY24's 82.29%. |
| Regulatory Receivables | Part payment of Rs. 18 Cr received post Q3 | Full recovery of balance payments and timely resolution of ongoing claims. |
| Total Income | Rs. 2,640 crore (9M FY25), down YoY | Reversal of declining trend and growth in line with power demand. |
| Plant Availability | 78% (9M FY25) | Improvement towards FY24's 86% post maintenance. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
22Bearishfull bear SMA stack · SMA20 -8.8% / mo · RSI oversold · MACD − · near 52W low
Technical chart
RTNPOWERdaily · 1Y · AUTO-7.3%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 29.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.7% over last month) — short-term momentum negative.
- RSI(14) at 29 — 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.
Valuation & score drivers
U-Score 34 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 34 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 11.1%.
- Piotroski is strong at 7/9.
- Cash flow contributes 8/10 to the score.
Main drags
- Altman Z is 1.0, in distress territory.
- Fair-value margin of safety is negative at -41.2%.
- 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: +0 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.
Weak Trust: Claim history is still being built. It ranks around the 12th percentile of the scored universe and 15th percentile within Power. Main check: results consistency is weak at 5/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.00.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Power: 15th pctile, median 65 · Micro: 7th pctile, median 73
6 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
Weak 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 11.1%.
- ▸10 years of positive FCF.
Trust risks
- ▸Altman Z is 1.00.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Interest coverage is 1.1x.
- ▸ROCE is low at 6.2%.
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
- 35.50
- P/B
- 0.85
- EV/EBITDA
- 11.25
- Market Cap
- 3952.00Cr
Profitability
- ROE
- 1.14%
- ROCE
- 6.21%
- ROA
- 1.15%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- -3.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 0.80
- Interest Coverage
- 1.09×
- Altman Z
- 1.00
- Book Value
- 8.64
Cash Flow
- FCF Yield
- 11.08%
- FCF Positive Y
- 10/5
- OCF
- 372.00 Cr
- EPS TTM
- 0.21
Shareholding
- Promoter Hold
- 44.06%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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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.