DPSC Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
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India Power Corporation (formerly DPSC) reported unaudited financial results for Q3 and nine months ended December 31, 2025, along with a postal ballot notice to appoint Mr. Naveen Prakash as Independent Director for 5 years. On a standalone basis, nine-month total income rose modestly to about Rs. 502 crore from Rs. 491 crore a year ago, but the company swung to a standalone loss of around Rs. 234 crore versus a Rs. 11 crore profit last year. This loss is almost entirely due to a one-time exceptional item of about Rs. 245 crore booked on the slump-sale transfer of its non-regulated business to wholly-owned subsidiary IPCL Power Limited in June 2025. The underlying regulated business remained profitable, posting Rs. 15.4 crore PBT for 9M FY26. On a consolidated basis, nine-month total income grew to about Rs. 528 crore and PAT was broadly flat at around Rs. 8.6 crore. The statutory auditor issued a qualified review report for both standalone and consolidated results.
The headline standalone loss is an accounting effect of the non-regulated business transfer rather than deterioration in core operations, so it may not weigh heavily on the stock; however, the auditor's qualified opinion flags material uncertainties around Rs. 184 crore of unpaid electricity duty, Rs. 200 crore of Power Trust receivables linked to an IBC case, and a pending NCLT matter on a corporate guarantee for Meenakshi Energy, which investors should track as potential future earnings or cash-flow risks.