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RattanIndia Power Ltd (RTNPOWER)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533122 NSE: RTNPOWER Power Generation/Distribution | Small Cap | RattanIndia Power Share Price
₹7.18 -0.07 (-0.97%)
As on 11-Sep'26 16:01
RattanIndia Power Ltd (RTNPOWER)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533122 NSE: RTNPOWER Power Generation/Distribution | Small Cap | RattanIndia Power Share Price
₹7.18 -0.07 (-0.97%)
As on 11-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹3,893 Cr.
Current Price
₹7.2
52-Week Low / High
₹7 / 13
TTM EPS
₹0.2
TTM Sales
₹2,968 Cr.
Book Value per Share
₹8.7
P/E Ratio
34.95
Higher than its 5-year historical median
Industry PE
26.5
Price to Book (P/B)
0.83
Lower than its 5-year historical median
Price to Sales (P/S)
1.31
Lower than its 5-year historical median
EV/EBITDA
9.85
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
1.14%
Underperforms industry median
Return on Capital Employed (ROCE)
6.26%
Outperforms industry median
Return on Assets (ROA)
0.54%
Operating Profit Margin
13.8%
Net Profit Margin
1.75%
Gross Profit Margin
10%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-8.91%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-30.65%
Net Profit Growth (1 Year)
-
-76.37%
Asset Quality
Promoter Holding
44.06%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹-687 Cr.
Equity
₹5,370.1 Cr.
Face Value
₹10
All Time Low / High
₹0.93 / 45.50
Check Before You Invest
Quality
Somewhat GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Weak
Is RattanIndia Power Ltd a good quality company?
RattanIndia Power Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does RattanIndia Power Ltd performance compare with that of its Peers?
Revenue growth of RattanIndia Power Ltd vs industry peers?
RattanIndia Power Ltd revenue CAGR is 13.91%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of RattanIndia Power Ltd?
Promoters hold 44.06% of the RattanIndia Power Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of RattanIndia Power Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -2.6% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
RattanIndia Power Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 5.4% | 4.6% | -16.2% | 34.2% | 7.6% | 9.6% | 9.3% | -5.5% | 8.4% | 6% | - |
| Value Creation Index ⓘ | -0.6 | -0.7 | -2.2 | 1.4 | -0.5 | -0.3 | -0.3 | -1.4 | -0.4 | -0.6 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,335 | 2,015 | 1,909 | 1,774 | 1,560 | 3,260 | 3,231 | 3,364 | 3,284 | 2,991 | 2,968 |
| Sales YoY Gr. | - | 51% | -5.3% | -7.1% | -12.1% | 109% | -0.9% | 4.1% | -2.4% | -8.9% | - |
| Adj EPS ⓘ | -1.1 | -1.5 | -3.8 | 0.1 | 0.2 | 0.7 | 0.6 | -0.3 | 0.4 | 0.1 | 0.2 |
| YoY Gr. | - | NA | NA | NA | 157.1% | 261.1% | -4.6% | -146.8% | NA | -75% | - |
| BVPS (₹) ⓘ | 16.8 | 15.6 | 6.2 | 9.6 | 9.2 | 9.8 | 10.4 | 8.5 | 8.9 | 9 | 9.1 |
| Adj Net Profit ⓘ | -317 | -431 | -1,121 | 36.5 | 96.7 | 348 | 334 | -156 | 217 | 51.6 | 107 |
| Cash Flow from Ops. ⓘ | 1,220 | 320 | 854 | 616 | 700 | 940 | 1,024 | 1,333 | 410 | 372 | - |
| Debt/CF from Ops. ⓘ | 6.6 | 24.3 | 8.2 | 8.9 | 7.1 | 4.7 | 3.8 | 2.7 | 8.6 | 9.8 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9.4% | 13.9% | -2.5% | -8.9% | ||||
| Adj EPS ⓘ | NA | -11.1% | -45.6% | -75% | ||||
| BVPSⓘ | -6.7% | -0.4% | -4.8% | 1% | ||||
| Share Price | -2.8% | 9.2% | 0.1% | -41.6% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -6.2 | -9 | -34.9 | 1.1 | 2 | 6.8 | 6.1 | -3.1 | 4.6 | 1.1 | 2.2 |
| Op. Profit Mgn % ⓘ | 55.4 | 29.8 | 38.1 | 34.8 | 23.8 | 24.8 | 23.6 | 18.8 | 16.7 | 12.6 | 13.4 |
| Net Profit Mgn % ⓘ | -23.8 | -21.4 | -58.7 | 2.1 | 6.2 | 10.7 | 10.3 | -4.6 | 6.6 | 1.7 | 3.6 |
| Debt to Equity ⓘ | 1.6 | 1.7 | 3.8 | 1.2 | 1 | 0.8 | 0.7 | 0.8 | 0.7 | 0.8 | - |
| Working Cap Days ⓘ | 720 | 475 | 475 | 524 | 680 | 339 | 353 | 329 | 346 | 429 | 214 |
| Cash Conv. Cycle ⓘ | 247 | 204 | 292 | 392 | 508 | 264 | 282 | 248 | 257 | 324 | 125 |
Valuation of RattanIndia Power - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 88.65 | 88.65 | 88.65 | 88.65 | 88.65 | 59.01 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,391 | 2,054 | 1,924 | 1,774 | 1,560 | 3,260 | 3,231 | 3,364 | 3,284 | 2,991 |
| Operating Expenses ⓘ + | 679 | 1,500 | 1,373 | 1,266 | 920 | 2,457 | 2,493 | 2,718 | 2,699 | 2,586 |
| Operating Profit ⓘ | 712 | 555 | 550 | 508 | 640 | 803 | 738 | 646 | 585 | 405 |
| Operating Profit Margin (%) | 51.2% | 27.0% | 28.6% | 28.7% | 41.0% | 24.6% | 22.8% | 19.2% | 17.8% | 13.6% |
| Other Income ⓘ + | 155 | 149 | 175 | 211 | 1,074 | 410 | 328 | 341 | 357 | 355 |
| Interest ⓘ | 1,238 | 1,954 | 2,304 | 2,805 | 2,241 | 2,342 | 2,512 | 2,363 | 479 | 461 |
| Depreciation ⓘ | 254 | 400 | 420 | 417 | 416 | 414 | 404 | 382 | 241 | 246 |
| Profit Before Tax ⓘ | -624 | -1,650 | -3,328 | 165 | -942 | -1,981 | -1,849 | 8,876 | 222 | 52 |
| Tax ⓘ | 7 | 14 | -0 | 0 | 0 | 0 | 20 | -20 | 0 | 0 |
| Profit After Tax | -631 | -1,663 | -3,328 | 165 | -942 | -1,981 | -1,870 | 8,897 | 222 | 52 |
| PAT Margin (%) | -45.4% | -81.0% | -173.0% | 9.3% | -60.4% | -60.8% | -57.9% | 264.5% | 6.8% | 1.8% |
| Adjusted EPS (₹) | -2.2 | -5.7 | -11.2 | 0.3 | -1.8 | -3.7 | -3.5 | 16.6 | 0.4 | 0.1 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 4,068 | 2,498 | -759 | 429 | -625 | -2,662 | -4,533 | 4,364 | 4,585 | 4,638 | |
| Debt + | 13,769 | 12,660 | 11,172 | 10,169 | 9,238 | 7,144 | 2,571 | 3,099 | 3,263 | 3,011 | |
| Minority Interest | 2 | 2 | -3 | -4 | -4 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 53 | 45 | 14 | 11 | 27 | 213 | 283 | 157 | 173 | 154 | |
| Others Liabilities ⓘ | 3,299 | 6,165 | 9,017 | 8,489 | 9,980 | 12,964 | 19,051 | 1,945 | 1,776 | 1,811 | |
| Total Liabilities ⓘ | 21,191 | 21,370 | 19,441 | 19,095 | 18,615 | 17,658 | 17,372 | 9,566 | 9,796 | 9,613 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 10,793 | 15,011 | 14,592 | 14,410 | 13,995 | 13,381 | 13,051 | 6,412 | 6,253 | 6,103 | |
| CWIP ⓘ | 6,339 | 2,283 | 2,354 | 1,584 | 1,574 | 1,142 | 1,110 | 67 | 65 | 21 | |
| Investments ⓘ | 70 | 10 | 193 | 275 | 0 | 4 | 8 | 0 | 0 | 0 | |
| Inventories | 83 | 153 | 442 | 654 | 277 | 137 | 136 | 238 | 263 | 202 | |
| Trade Receivables | 792 | 1,327 | 1,249 | 1,535 | 1,951 | 2,509 | 2,492 | 2,064 | 2,435 | 2,757 | |
| Cash Equivalents | 310 | 186 | 43 | 126 | 248 | 270 | 234 | 462 | 363 | 75 | |
| Others Assets ⓘ | 2,803 | 2,400 | 567 | 511 | 569 | 216 | 342 | 323 | 417 | 455 | |
| Total Assets ⓘ | 21,191 | 21,370 | 19,441 | 19,095 | 18,615 | 17,658 | 17,372 | 9,566 | 9,796 | 9,613 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 1,206 | 215 | 836 | 610 | 736 | 934 | 1,015 | 1,306 | 410 | 372 |
| Cash Flow From Investing Activity ⓘ + | -493 | -107 | -161 | -91 | 101 | 59 | -5 | -462 | 87 | 66 |
| Cash Flow From Financing Activity ⓘ + | -722 | -235 | -801 | -476 | -795 | -956 | -977 | -902 | -440 | -605 |
| Net Cash Flow ⓘ | -9 | -127 | -127 | 44 | 42 | 37 | 33 | -58 | 57 | -168 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -14.31 | -50.67 | N/A | 0 | N/A | N/A | N/A | 0 | 4.96 | 1.14 |
| ROCE (%) | 3.31 | 1.69 | N/A | 22.8 | N/A | N/A | N/A | 156.41 | 8.74 | 6.26 |
| Asset Turnover Ratio | 0.07 | 0.1 | 0.09 | 0.09 | 0.08 | 0.18 | 0.18 | 0.25 | 0.34 | 0.31 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | 3.7 | N/A | N/A | N/A | 0.15 | 1.85 | 7.15 |
| Working Capital Days | ||||||||||
| Receivable Days | 216.40 | 188.20 | 244.40 | 286.50 | 407.90 | 249.70 | 282.50 | 247.20 | 250.10 | 316.80 |
| Inventory Days | 46.30 | 21 | 56.40 | 112.70 | 109 | 23.20 | 15.40 | 20.30 | 27.90 | 28.40 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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RattanIndia Power Ltd FAQs
The current trading price of RattanIndia Power on 11-Sep-2026 16:01 is ₹7.18.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of RattanIndia Power stood at ₹3,893.3 Cr
The latest P/E ratio of RattanIndia Power as of 10-Sep-2026 is 36.89.
The latest P/B ratio of RattanIndia Power as of 10-Sep-2026 is 0.80.
The 52-week high of RattanIndia Power is ₹12.58 and the 52-week low is ₹7.20.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of RattanIndia Power is ₹2,968 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that RattanIndia Power Ltd is a average quality company.
The key valuation ratios of RattanIndia Power Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of RattanIndia Power Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About RattanIndia Power Ltd
RattanIndia Power (RPL) is one of India’s largest private power generation company. The company has created world class power generation asset with its deep focus on execution using best in class equipment and technology. Equipped with state-of-the-art technology, robust O&M protocols, and a highly skilled workforce, the company remains well-positioned to navigate the evolving challenges of the Indian power sector. The company’s Amravati Thermal Power continues to be a strategic asset in its generation portfolio and a critical enabler of energy resilience. Plant continued to demonstrate exemplary operational performance and efficiency, consistently ranking among the top thermal power stations in terms of Plant Load Factor (PLF) - not only in Maharashtra, but also nationally.
The company is a public company domiciled and incorporated under the provisions of the Companies Act applicable in India. The shares of RPL are listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) of India.
RattanIndia Power, previously the Indiabulls Power was established in 2007 to capitalize on emerging opportunities in the Indian power sector. In 2014, the name of the company changed from Indiabulls Power Ltd to RattanIndia Power Ltd.
Business area of the company
The company is principally engaged in the business of dealing in power generation, distribution, trading and transmission and other ancillary and incidental activities.
Milestones
- 2007: The company was established in 2007 with name ‘Indiabulls Power Limited (IPL)’
- 2009: Listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on October 30, 2009
- 2009-10: The company has entered into long-term power off-take arrangements with MSEDCL for the Amravati Phase I Power Project
- 2010-11: IPL executed a long-term power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for sale of 1200 MW of power through Case-I competitive bidding route.
- 2011-12: Amravati Thermal Power Project has been awarded ISO 14001 and OHSAS 18001 certification.
- 2013: The 1st Unit of 1350 MW Amravati Phase-I has been synchronized with the grid and achieved Full Load on March 25, 2013.
- 2013: Commercial operation of the Unit-1 has begun in June 2013 and accordingly, supplies to MSEDCL under long term power purchase agreement have commenced.
- 2014: Unit 2 of Amravati Thermal Power Station (ATPS) achieved Commercial Operation Date (COD) on March 28, 2014.
- 2014: The name of the company changed from Indiabulls Power Ltd to RattanIndia Power Ltd.
- 2015: RattanIndia Power - Successful Commissioned 3rd 270 MW unit of Amravati Thermal
- 2015: The company has completed 25 km long railway line between Walgaon and Amravati power plant
- 2015: Unit 1 of the 1350 MW Phase-I Nashik Project has been commissioned
- 2017: The Nashik thermal power plant was commissioned in June-2017.
- 2018: The Amravati plant has been awarded 5Star Rating by MPCB in March 2018 for Stack emission.
- 2024: Sinnar Thermal Power Limited (STPL) has ceased to be a subsidiary of the company, with effect from January 19, 2024.
- 2024: Bracond, a wholly owned subsidiary set up in Cyprus and two step down subsidiaries namely Genoformus and Renemark (the wholly owned subsidiaries of Bracond) also set up in Cyprus, stood dissolved with effect from March 27, 2024.
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