AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 24 Sep - Members approved T R Chadha & Co. LLP as statutory auditors for five years from September 24, 2026.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result24 Jul, 08:17 pm 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 -9.4% / 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
RTNPOWERD candles · FIT view-40.2%Latest close ₹6.07 on 2026-10-21
Bar
-4.3%
RSI
21
MACD hist
-0.01
52W pos
1%
2026-10-21O ₹6.34H ₹6.34L ₹6.03C ₹6.07Vol 1.6Cr 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
RTNPOWERNifty PowerNifty 500
- RTNPOWER
- -31.4%
- Nifty 500
- -6.5%
- Nifty Power
- -13.1%
- Vs Nifty 500
- -24.9 pp
Chart stats
21 Oct 2026- From 52W high
- -48.0%
- 52W range position
- 1%
- ATR (14)
- 3.2%
- Volume vs 20D
- 1.41x
- Avg traded value
- ₹7.5 Cr
- 20D price channel
- ₹6 - ₹7.2
₹11.7
₹6 - ₹11.7
₹0.2
Latest completed session
20-session average
27.1% 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 · WATCHLIST33
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -2.8% · PAT NDF YoY
Technical
Bearish22
Price trend and sector-relative-strength timing.
Valuation
Legacy model-15.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence53
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
Bad · 0/100Rev -3% YoY · margin expansion
Filed 24 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 31.50
- P/B
- 0.76
- EV/EBITDA
- 10.61
- Market Cap
- 3512.00Cr
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
- 0.95
- Book Value
- 8.64
Cash Flow
- FCF Yield
- 12.47%
- FCF Positive Y
- 10/5
- OCF
- 372.00 Cr
- EPS TTM
- 0.21
Shareholding
- Promoter Hold
- 44.06%
- Promoter Pledge
- 43.10%
- Momentum 52W
- 4%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,968-0.8% vs prev
Net Profit
₹ CrLatest: 222-97.5% vs prev
Return on Equity
%Latest: 4.8-97.5% vs prev
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
Mixed signalsSignals are conflicting — long-term trend down. RSI 21. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~10.3% over last month) — short-term momentum negative.
- RSI(14) at 21 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- 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
7
RS percentile
Stage 4 Downtrend
1M return
-11.2%
3M return
-27.7%
6M return
-37.2%
1Y return
-42.8%
RS 1D
-2
RS 20D
-3
Sector rank
#11
Industry rank
#58
Stage evidence
- Price is 25.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 55.01-3.36%
RS vs Nifty 50055
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation4/30
Growth15/25
Quality0/20
Balance Sheet0/15
Cash Flow8/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
33
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
33/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 12.5%.
- Piotroski is strong at 7/9.
- Cash flow contributes 8/10 to the score.
Main drags
- Altman Z is 0.9, in distress territory.
- Promoter pledge is 43.1%.
- Fair-value margin of safety is negative at -15.0%.
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
31.5
PB
0.8
EV/EBITDA
10.6
ROE
1.1%
ROCE
6.2%
FCF Yield
12.5%
Debt/Equity
0.8
MoS
-15.0%
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
33
Previous: 33
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-15.0%
Previous: -20.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
34
34
34
34
34
34
34
32
32
32
33
33
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
₹6.39
+5.0% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹5.28
-15.0% MoS
PEG
1.54
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
TRUALT
Small
TruAlt Bioenergy Limited
Power Generation
match 161
25
24.2
8.4%
+4%
OVERVALUED
ORIENTELEC
Small
Orient Electric Limited
Power Generation
match 160
32
31.9
14.2%
-465%
WATCHLIST
PRABHA
Small
Prabha Energy Limited
Power Generation
match 159
8
3049.0
-0.1%
-318456%
OVERVALUED
RELTD
Small
Ravindra Energy Limited
Power Generation
match 159
46
48.0
19.1%
-85%
FAIR VALUE
UEL
Small
Ujaas Energy Limited
Power Generation
match 158
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 under stressReviewed 2026-06-11T04:26:31.832Z
Management commentary snapshot
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.
Growth engines
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.
Tailwinds
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.
Headwinds
Maintenance Impact on Generation
Generation experienced a decline in Q2 & Q3 FY25 due to scheduled annual and capital overhauling of units.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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).
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
53Limited 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 12th percentile of the scored universe and 16th percentile within Power. Main check: results consistency is weak at 5/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
6 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
12th percentile
overall median 67 · Power: 16th pctile, median 65 · Micro: 7th pctile, median 73
Evidence depth
Financial-only
6 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
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
33
weak · leverage and solvency
Discipline
40
weak · capital discipline
Results
5
weak · quarterly consistency
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.
Continue researching RattanIndia Power Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep - Please find attached clippings of Notice of 19th Annual General Meeting of the Company published in newspapers on September 03, 2026
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Bse
Investor presentationJan 2025
Jan 2025 · PPT
Source: Bse
Investor presentationJan 2025
Jan 2025 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.