1. At a Glance
Q1 FY26 for RattanIndia Power was the financial equivalent of lukewarm chai. EBITDA of ₹196 Cr and PLF of 91% were solid, but a ₹14.6 Cr net loss reminded us this company still walks a financial tightrope. Market cap is ₹7,744 Cr. Valuation? A risky spark in a gas chamber.
2. Introduction with Hook
RattanIndia Power is like that friend who throws huge parties but somehow always ends up broke. With a 2,700 MW installed capacity across two mega thermal plants, they should be printing money. Instead, they’re printing red ink. The power is on — the profits are not.
- Stock down 4.3% after Q1 FY26
- Net loss: ₹14.6 Cr despite 91% plant utilization
Plot twist: they somehow made ₹371 Cr in “other income” last year. From where? Only Sherlock knows.
3. Business Model (WTF Do They Even Do?)
RattanIndia Power:
- Burns coal
- Generates electricity
- Sells it to the grid
- Then tries to collect dues like a 90s landlord
2,700 MW of installed thermal capacity should be minting profits, but they spend more time managing debt and receivables than megawatts. Think “powerhouse” — but with low voltage cash flows.
4. Financials Overview
| Metric | FY24 | FY25 | TTM |
|---|---|---|---|
| Revenue (₹ Cr) | 3,364 | 3,284 | 3,174 |
| EBITDA (₹ Cr) | 646 | 585 | 493 |
| Net Profit (₹ Cr) | 8,897* | 222 | 116 |
| OPM (%) | 19% | 18% | 16% |
*Includes massive one-off other income — without it, it’s a horror story.
Margins are falling faster than the company’s debt repayment enthusiasm.
5. Valuation
- P/E: 66.9x
- P/B: 1.69x
- Market Cap: ₹7,744 Cr
- Book Value: ₹8.54
Fair Value Range: ₹8 – ₹11
Anything above that is speculative hope, not valuation math.
If you’re buying this at ₹14+, we assume you also invest in crypto based on moon phases.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 Update:
- EBITDA: ₹196 Cr
- Net Loss: ₹14.6 Cr
- Positive regulatory rulings = receivables coming home (eventually)
- Director Shuffle:
- Ravi Kumar Pakalapati joins as Whole Time Director. Will he switch on the profitability?
Still no dividends, no guidance, no clarity — just hopes, high PLF, and “other income.”
7. Balance Sheet
| Metric | FY25 (₹ Cr) |
|---|---|
| Equity Capital | 5,370 |
| Reserves | -785 |
| Borrowings | 3,615 |
| Fixed Assets | 6,253 |
| Total Assets | 9,796 |
- Negative reserves = accounting version of “we’re in too deep”
- Debt’s been reduced, yes — but still not party-ready
8. Cash Flow – Sab Number Game Hai
| FY | CFO | CFI | CFF | Net CF |
|---|---|---|---|---|
| FY23 | ₹1,015 Cr | -₹5 Cr | -₹977 Cr | ₹33 Cr |
| FY24 | ₹1,306 Cr | -₹462 Cr | -₹902 Cr | -₹58 Cr |
| FY25 | ₹410 Cr | ₹87 Cr | -₹440 Cr | ₹57 Cr |
Cash from ops: declining
Investing cash: minimal
Financing cash: still bleeding
Basically, cash flow looks like your broke cousin — something’s always pending.
9. Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROCE | 8.69% |
| ROE | 4.96% |
| Interest Cov | < 1.0 |
| Debtor Days | 271 |
| Working Cap Days | 229 |
This is not the kind of stress that can be cured with green tea. This is “coal-powered anxiety.”
10. P&L Breakdown – Show Me the Money
| Year | Sales (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) |
|---|---|---|---|
| FY23 | 3,231 | 738 | -1,870 |
| FY24 | 3,364 | 646 | 8,897* |
| FY25 | 3,284 | 585 | 222 |
*That ₹8,897 Cr is mostly from “other income.” Don’t get too excited — this ain’t recurring.
11. Peer Comparison
| Company | Rev (Cr) | PAT (Cr) | P/E | ROE (%) |
|---|---|---|---|---|
| NTPC | 1,88,138 | 23,422 | 14.2 | 13.6 |
| Adani Green | 11,212 | 1,664 | 100.8 | 14.6 |
| SJVN | 3,072 | 818 | 47.4 | 5.8 |
| RattanIndia | 3,174 | 116 | 66.9 | 4.96 |
RattanIndia is the last bench kid — shows up, participates, even scores sometimes — but nobody’s betting on them for valedictorian.
12. Miscellaneous – Shareholding, Promoters
| Holder | Jun 2025 |
|---|---|
| Promoters | 44.06% |
| FIIs | 4.95% |
| DIIs | 6.67% |
| Public | 44.31% |
- FII holding growing — but maybe they know something we don’t (or they’re just gambling)
- Promoters still holding steady — with 59% of it pledged. Oops.
13. EduInvesting Verdict™
RattanIndia Power is like that thermal plant running 24/7 — lots of smoke, not much spark. The PLF may be 91%, but PAT is still tripping over interest costs and regulatory potholes. Unless you believe in turnaround fairytales (or have insider tea on debt restructuring), don’t expect fireworks.
A power company that’s still searching for a plug.
Metadata
Written by EduInvesting Team | July 23, 2025
Tags: RattanIndia Power Ltd, Thermal Power, Earnings, EduInvesting Premium
