1. At a Glance
Jaiprakash Power Ventures Ltd (JPVL) is that stock which refuses to die, refuses to become clean, and refuses to be boring. At a current price of ₹15.1, the company commands a market cap of ₹10,321 crore, trades at 0.82x book value, and still manages to keep retail investors emotionally invested like a long-running daily soap.
The latest quarter (Q3 FY26) was… how do we put this politely? Revenue came in at ₹1,155.6 crore, up a mild 1.35% QoQ, but PAT collapsed to ₹3.77 crore, down a jaw-dropping 97% YoY. Yes, you read that right. From triple-digit crores to chai-paani money.
Despite this, trailing twelve-month PAT is ₹620 crore, ROCE is 10.3%, and EV/EBITDA sits at a seemingly reasonable 6.48x. But don’t get excited yet—73% of promoter holding is pledged, the promoter entity itself is under CIRP, and the non-executive chairman has recently made headlines for all the wrong reasons.
JPVL today is a cocktail of thermal power, hydro power, coal mines, sand mining, and unresolved governance baggage. A company that has survived debt restructuring, FCCB conversion, asset sales, ED action, and still shows up every quarter with a new plot twist.
Curious already? You should be.
2. Introduction
Jaiprakash Power Ventures Ltd is what happens when India’s infrastructure boom of the 2000s meets reality, regulators, debt, and eventually—resilience. Born in 1994, JPVL was once part of a sprawling empire that wanted to build everything: roads, dams, power plants, cement factories, townships, probably airports next.
Then came leverage. And more leverage. And then the bill.
Fast forward to today, JPVL is no longer a growth story. It is a survival story. A company that has slimmed down, sold assets, restructured debt, converted FCCBs into equity, and somehow clawed its way back into profitability after years of losses.
But let’s be clear—this is not NTPC. This is not a clean PSU cash machine. This is a high-operating-leverage power generator with a heavy dependence on merchant power prices, coal availability, regulatory decisions, and lender patience.
The last few years have been kind. Power tariffs rose. Merchant power prices spiked. Coal linkages improved. Debt reduced from ₹11,149 crore (FY19) to ₹3,519 crore (Sep 2025). Profitability returned.
And yet, the shadow of the promoter group looms large. With Jaiprakash Associates Ltd under CIRP, ED cases flying around, and pledges still choking promoter equity, JPVL trades permanently under a “discount for anxiety”.
The question
is simple:
Is this a turnaround still playing out—or a value trap with occasional fireworks?
Let’s dissect.
3. Business Model – WTF Do They Even Do?
JPVL basically runs power plants and mines coal. That’s it. No fancy apps. No SaaS. No green hydrogen buzzwords (yet).
Installed Capacity: 2,220 MW
A) Vishnuprayag Hydro Plant – 400 MW (Uttarakhand)
Operational since 2007. Clean energy. Seasonal variability. When monsoons behave, this plant prints money. When they don’t, it sulks.
B) Jaypee Bina Thermal Power Plant – 500 MW (MP)
Two units of 250 MW each. Partially tied under PPAs. Balance sold in merchant markets.
C) Jaypee Nigrie Supercritical Thermal Plant – 1,320 MW (MP)
The crown jewel. Two 660 MW supercritical units. High efficiency. High operating leverage. This plant decides whether JPVL smiles or cries every quarter.
PPA vs Merchant Exposure
Out of 2,220 MW, only 1,245 MW is tied under PPAs. The remaining 975 MW is merchant power—which means profits swing wildly with power prices.
High tariffs = party
Low tariffs = trauma
Fuel Security
JPVL has:
- Amelia coal mine – 3.92 MTPA
- 1.5 MTPA FSA for Bina
- Remaining coal sourced via e-auctions (read: volatile and expensive)
Side Hustles
- Sand mining
- Coal mining
- Cement grinding plant (2 MTPA at Nigrie) – currently idle, proposed for lease/tolling and eventual sale at ₹250 crore EV
In short:
JPVL is a merchant-heavy thermal power producer with coal linkage support and legacy baggage.
Does that excite you? Or scare you? Or both?
4. Financials Overview
Quarterly Performance Table (₹ crore)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr (Dec FY25) | Prev Qtr (Sep FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1,155.6 | 1,140.2 | 1,438.3 | +1.35% | -19.7% |
| EBITDA | 173.6 | 290.0 | 470.7 | -40.1% | -63.1% |
| PAT | 3.77 | 126.7 | 182.1 | -97.0% | -97.9% |
| EPS (₹) | 0.01 | 0.18 | 0.27 | -94.4% | -96.3% |
