NSE: RTNPOWER · BSE: 533122
RATTANINDIA POWER LIMITED
Operates a thermal power generation business at its Amravati plant in Maharashtra, selling electricity primarily under a power purchase agreement to MSEDCL, the state's distribution utility. The Amravati plant ran at a Plant Load Factor of 82.10% and Plant Availability Factor of 88% in FY26, with Q1 FY27 improving to 92.43% PLF and 98.15% availability. Revenue from operations for FY26 stood at Rs. 2,991.36 crore, down about 9% from Rs. 3,283.83 crore in FY25. The company also sold 22.19 million units on the power exchange for Rs. 16.38 crore of additional revenue. Fuel (coal) is the dominant input at 77.4% of revenue, followed by depreciation at 8.2%. The business is asset-heavy, with total assets of Rs. 9,612.93 crore, and carries total borrowings of Rs. 3,637 crore, producing finance costs of Rs. 461.43 crore in FY26. A dispute with MSEDCL over Change in Law claims has been ruled in the company's favour by APTEL but remains sub judice in the Supreme Court following MSEDCL's appeal. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power sales to MSEDCL, Power exchange sales. Asset-heavy, single-plant thermal power generation with high leverage and finance costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,260 | 3,231 | 3,364 | 3,284 | 2,991 |
| EBITDA (ex other income) | 365 | 738 | 11,281 | 585 | 405 |
| margin % | 11.2 | 22.8 | 335.3 | 17.8 | 13.6 |
| Owners' profit | (1,981) | (1,870) | 8,897 | 222 | 52 |
| EPS, as reported (₹) | (3.69) | (3.48) | 16.57 | 0.41 | 0.10 |
| ROE % · ROCE % | 74.4 · 6.6 | 41.3 · (63.1) | 203.9 · 135.3 | 4.8 · 8.1 | 1.1 · 6.3 |
| Debt / equity (x) | (4.32) | (2.42) | 0.81 | 0.77 | 0.78 |
| Cash from operations | 934 | 1,015 | 1,306 | 410 | 372 |
| Capex | (15) | (31) | (99) | (117) | (78) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 682 | 733 | 936 | 822 | 654 | 728 | 788 | 799 |
| Profit before tax | (1) | 4 | 126 | (13) | (32) | 54 | 43 | 46 |
| Net profit | (1) | 4 | 126 | (13) | (32) | 54 | 43 | 46 |
| EPS (₹) | 0.00 | 0.01 | 0.23 | (0.02) | (0.06) | 0.10 | 0.08 | 0.09 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 2,95,264 | 10.6 | 1.40 | 9.7 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,09,663 | 86.6 | 7.02 | 27.0 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 88,507 | 43.1 | 2.64 | 14.6 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 74,383 | 19.6 | 1.54 | 19.8 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 69,947 | 116.9 | 3.65 | 37.4 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 31,560 | 9.5 | 1.25 | 8.9 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 28,962 | 41.9 | 5.72 | 20.2 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 20,030 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.8 | 19.2 | 13 of 22 | 43% |
| P/B | 0.7 | 1.4 | 6 of 26 | 80% |
| ROCE | 0.6 | 2.7 | 20 of 29 | 32% |
| ROE | 1.1 | 5.3 | 19 of 26 | 28% |
| Debt / Equity | 0.8 | 0.8 | 14 of 26 | 48% |
| EBITDA margin | 24.1 | 53.8 | 22 of 24 | 9% |
| Revenue growth | (2.9) | 10.0 | 18 of 24 | 26% |
| Profit growth | 449.7 | 4.2 | 1 of 25 | 100% |
| Market cap | 3356 | 3356 | 15 of 29 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting set to approve September 2026 quarterly results | results | low | — | — |
| 12 Oct 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) submitted | compliance | minimal | — | — |
| 3 Oct 2026 · RattanIndia Power faces Rs 170.78 cr net arbitration award to BHEL | regulatory legal | high | — | — |
| 28 Sept 2026 · Trading window closed from October 1 for Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · RattanIndia Power appoints T R Chadha as Statutory Auditors | management changes | high | — | — |
| 24 Sept 2026 · AGM 2026 results: All 6 resolutions passed, lowest support for VP appointment | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Summary of 19th AGM proceedings held on September 24, 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Newspaper publication of 19th AGM notice filed by RattanIndia Power | compliance | minimal | — | — |
| 2 Sept 2026 · 19th AGM on Sept 24, 2026 with FY26 Annual Report and 6 resolutions | board shareholder meetings | low | — | — |
| 26 Aug 2026 · 19th AGM set for Sept 24, 2026; book closure Sept 18-24 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.