India Power Corp (DPSCLTD)
₹5.86 -0.85% last close, 16 Oct
Q2 FY27 results
📅 Next results: 29 Oct 2026 (board meeting)India Power Corp's board meets on 29 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q4 FY26, India Power's revenue was ₹166 Cr (+21.5% year on year, +6.9% on the previous quarter), and net profit ₹4.1 Cr (against a loss a year earlier); the operating margin was -1.8%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹166 | +21.5% | +6.9% |
| Operating profit | ₹-2.9 | loss narrowed | loss narrowed |
| Net profit | ₹4.1 | from loss | +123.8% |
| EPS (₹) | 0.04 | from loss | +100.0% |
| Operating margin | -1.8% | — | — |
DPSCLTD exchange data
NSE end-of-day data for
It closed at a price band (circuit) on 3 sessions in about the last 20.
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
India Power Corporation Limited (formerly DPSC Limited) held its 9th Committee of Creditors (CoC) meeting on October 15, 2026, following the initiation of CIRP under NCLT order dated May 15, 2026. The CoC deliberated and resolved to put the agenda item for extending the CIRP period to an e-voting process. Results of the e-voting will be disclosed to the stock exchanges once finalized. The company remains under insolvency proceedings with a market cap of ₹583 Cr.
- 9th CoC meeting held on October 15, 2026, from 3:00 PM to 4:45 PM IST via video conferencing
- Agenda to extend the CIRP resolution period has been put to an e-voting process
- Company has been under CIRP pursuant to NCLT Hyderabad Bench-I order dated May 15, 2026
- Final e-voting results on the CIRP timeline extension to be intimated post-compilation
India Power Corporation Limited (formerly DPSC Limited), currently under Corporate Insolvency Resolution Process (CIRP), has scheduled its 9th Committee of Creditors (CoC) meeting for October 15, 2026. The meeting will inter-alia consider and approve an extension of the CIRP timeline for completing the resolution process. The company was admitted to CIRP pursuant to an NCLT Hyderabad Bench-I order dated May 15, 2026. Given the company's market cap of Rs 596 Cr and TTM debt of Rs 119 Cr, the resolution outcome will be critical for existing equity holders.
- 9th Meeting of the Committee of Creditors scheduled for Thursday, October 15, 2026, at 3:00 PM IST via VC
- Agenda focuses on considering and approving an extension of the CIRP timeline
- Company was admitted to CIRP under NCLT Hyderabad Bench-I order dated May 15, 2026
- Process overseen by Resolution Professional MS Mano Ranjani (valid up to 30 June 2027)
DPSC Limited (India Power Corporation Limited), which was admitted into the Corporate Insolvency Resolution Process (CIRP) via an NCLT Hyderabad order dated May 15, 2026, has scheduled a meeting of its Suspended Board with Resolution Professional Ms. Medarametla Srinivasa Manoranjani on October 29, 2026. The meeting will consider and approve the delayed standalone and consolidated financial results for the quarter ended June 30, 2026. This intimation follows exchange notices regarding delay fines issued by NSE and MSEI on September 11, 2026. The company generated TTM revenue of Rs 683 Cr, but powers of the board remain suspended under Section 17 of the IBC.
- Meeting of the Suspended Board with the Resolution Professional scheduled for October 29, 2026 at 3:00 P.M.
- Agenda is to consider and approve pending Q1 results for the quarter ended June 30, 2026.
- Company is under CIRP pursuant to NCLT Hyderabad Bench-I order dated May 15, 2026.
- Exchange notice regarding fines received from NSE and MSEI dated September 11, 2026.
India Power Corporation Limited (formerly DPSC Limited) has submitted its Reconciliation of Share Capital Audit Report for the quarter ended September 30, 2026. The company remains under the Corporate Insolvency Resolution Process (CIRP) initiated by NCLT Hyderabad Bench-I on May 15, 2026. The total issued and listed capital stands unchanged at 97,37,89,640 equity shares of Re. 1 face value, with 99.82% held in demat form. The filing is a routine regulatory compliance under Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018.
- Total issued and listed capital confirmed at 97,37,89,640 shares (face value Re. 1 each)
- Demat holding constitutes 99.82% (88.83% NSDL, 10.99% CDSL), with physical holding at 0.18% (17,42,435 shares)
- No change in share capital reported during the quarter ended September 30, 2026
- Company continues under CIRP following NCLT order dated May 15, 2026, managed by RP Srinivasa Manoranjani Medarametla
India Power Corporation Limited (formerly DPSC Limited) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The RTA, MUFG Intime India Private Limited, confirmed that securities received for dematerialization were processed, mutilated, and cancelled. The filing also notes that the company remains under Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT Hyderabad Bench-I order dated 15th May, 2026.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended 30th September, 2026
- Confirmation certificate received from RTA MUFG Intime India Private Limited dated 3rd October, 2026
- Company is currently under CIRP pursuant to NCLT Hyderabad order dated 15th May, 2026
India Power Corporation Limited (formerly DPSC Limited) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The RTA, MUFG Intime India Private Limited, confirmed that securities received for dematerialization were processed, mutilated, and cancelled. The filing also notes that the company remains under Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT Hyderabad Bench-I order dated 15th May, 2026.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended 30th September, 2026
- Confirmation certificate received from RTA MUFG Intime India Private Limited dated 3rd October, 2026
- Company is currently under CIRP pursuant to NCLT Hyderabad order dated 15th May, 2026
India Power Corporation Limited (formerly DPSC Limited) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The RTA, MUFG Intime India Private Limited, confirmed that securities received for dematerialization were processed, mutilated, and cancelled. The filing also notes that the company remains under Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT Hyderabad Bench-I order dated 15th May, 2026.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended 30th September, 2026
- Confirmation certificate received from RTA MUFG Intime India Private Limited dated 3rd October, 2026
- Company is currently under CIRP pursuant to NCLT Hyderabad order dated 15th May, 2026
DPSC Limited (India Power Corporation Limited) announced that its corporate website (www.indiapower.com) is updated and functional in accordance with Regulation 46 of the SEBI LODR Regulations, 2015. The company remains under the Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT Hyderabad Bench-I order dated May 15, 2026. Management and operations are currently governed under the authority of the Interim Resolution Professional, Ms. Srinivasa Manoranjani Medarametla.
- Corporate website www.indiapower.com confirmed updated pursuant to Regulation 46 of SEBI LODR Regulations, 2015
- Company continues under Corporate Insolvency Resolution Process (CIRP) per NCLT order dated 15th May, 2026
- Filing submitted under the authority of IRP Ms. Srinivasa Manoranjani Medarametla on 08th October, 2026
India Power Corporation Limited (formerly DPSC Limited), currently under Corporate Insolvency Resolution Process (CIRP) via NCLT Hyderabad order dated May 15, 2026, reported the outcome of its 8th Committee of Creditors (CoC) meeting held on September 25, 2026. The CoC approved the Request for Resolution Plan (RFRP) document, evaluation matrix, and weightages for Prospective Resolution Applicants via e-voting which concluded on October 3, 2026, at 5:00 PM. E-voting on other agenda items remains in progress as the resolution process advances.
- Under CIRP pursuant to Hon’ble NCLT, Hyderabad Bench-I order dated May 15, 2026
- 8th CoC meeting held on September 25, 2026; e-voting concluded on October 3, 2026 at 5:00 P.M.
- Approved Request for Resolution Plan (RFRP), evaluation matrix, and weightages for prospective bidders
- E-voting for other agenda items from the 8th CoC meeting remains in progress
India Power Corporation Limited (formerly DPSC Limited), currently under Corporate Insolvency Resolution Process (CIRP), announced the appointment of Mr. Argha Ghosh as a Whole Time Director of its material subsidiary, IPCL Power Limited. The appointment is effective October 3, 2026, for a tenure of 1 year, subject to shareholder approval. Mr. Ghosh brings over 34 years of audit, risk management, and finance experience, including previous stints at GMR Group and PwC. The parent company's board remains suspended under the Resolution Professional following NCLT's order dated May 15, 2026.
- Appointment of Mr. Argha Ghosh as Whole Time Director of subsidiary IPCL Power Limited for a 1-year tenure starting October 3, 2026.
- Parent company remains under CIRP pursuant to NCLT Hyderabad Bench-I order dated May 15, 2026.
- Appointee possesses over 34 years of experience, including 15 years with PricewaterhouseCoopers (PwC).
- Appointment is subject to the approval of the shareholders of the subsidiary company.
India Power Corporation Limited (formerly DPSC Limited), currently under Corporate Insolvency Resolution Process (CIRP), announced the appointment of Mr. Argha Ghosh as a Whole Time Director of its material subsidiary, IPCL Power Limited. The appointment is effective October 3, 2026, for a tenure of 1 year, subject to shareholder approval. Mr. Ghosh brings over 34 years of audit, risk management, and finance experience, including previous stints at GMR Group and PwC. The parent company's board remains suspended under the Resolution Professional following NCLT's order dated May 15, 2026.
- Appointment of Mr. Argha Ghosh as Whole Time Director of subsidiary IPCL Power Limited for a 1-year tenure starting October 3, 2026.
- Parent company remains under CIRP pursuant to NCLT Hyderabad Bench-I order dated May 15, 2026.
- Appointee possesses over 34 years of experience, including 15 years with PricewaterhouseCoopers (PwC).
- Appointment is subject to the approval of the shareholders of the subsidiary company.
DPSC Limited (India Power Corporation Limited), which is undergoing Corporate Insolvency Resolution Process (CIRP) under an NCLT Hyderabad order dated May 15, 2026, announced governance changes at its material subsidiary, IPCL Power Limited (IPL). Whole-time Director Sajjan Kumar Khandelwal and Additional Director Pragya Jhunjhunwala vacated their board seats effective close of business September 30, 2026. The vacation occurred automatically under Section 161 of the Companies Act because IPL did not conduct its Annual General Meeting on or before the statutory deadline of September 30, 2026. The parent company's board remains suspended, with operations managed by Resolution Professional Medarametla Sreenivasa Manoranjani.
- Sajjan Kumar Khandelwal vacated office as Additional and Whole-time Director of subsidiary IPCL Power Limited effective September 30, 2026
- Pragya Jhunjhunwala vacated office as Additional Director of IPCL Power Limited effective September 30, 2026
- Vacation triggered under Section 161 because the subsidiary failed to hold its AGM on or before September 30, 2026
- Parent company DPSC Limited remains under CIRP pursuant to NCLT Hyderabad order dated May 15, 2026
DPSC Limited (India Power Corporation Limited), which is undergoing Corporate Insolvency Resolution Process (CIRP) under an NCLT Hyderabad order dated May 15, 2026, announced governance changes at its material subsidiary, IPCL Power Limited (IPL). Whole-time Director Sajjan Kumar Khandelwal and Additional Director Pragya Jhunjhunwala vacated their board seats effective close of business September 30, 2026. The vacation occurred automatically under Section 161 of the Companies Act because IPL did not conduct its Annual General Meeting on or before the statutory deadline of September 30, 2026. The parent company's board remains suspended, with operations managed by Resolution Professional Medarametla Sreenivasa Manoranjani.
- Sajjan Kumar Khandelwal vacated office as Additional and Whole-time Director of subsidiary IPCL Power Limited effective September 30, 2026
- Pragya Jhunjhunwala vacated office as Additional Director of IPCL Power Limited effective September 30, 2026
- Vacation triggered under Section 161 because the subsidiary failed to hold its AGM on or before September 30, 2026
- Parent company DPSC Limited remains under CIRP pursuant to NCLT Hyderabad order dated May 15, 2026
DPSC Limited (India Power Corporation Limited) announced the closure of its trading window starting October 1, 2026, for designated persons ahead of Q2 FY27 results (quarter ended September 30, 2026). The window remains closed until 48 hours post-earnings release. The company notes it is currently undergoing Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT Hyderabad order dated May 15, 2026, with affairs managed by a Resolution Professional. DPSC reported TTM revenue of ₹683 Cr and carries a market cap of ₹680 Cr.
- Trading window closed with effect from 1st October, 2026 for designated persons and immediate relatives
- Closure will last until 48 hours after un-audited financial results for quarter ended 30th September, 2026 are announced
- Company is operating under Corporate Insolvency Resolution Process (CIRP) via NCLT Hyderabad Bench-I order dated 15th May, 2026
- Filing executed under the authority of Resolution Professional Ms. Medarametla Srinivasa ManoRanjani
DPSC Limited (India Power Corporation Limited) announced the closure of its trading window starting October 1, 2026, for designated persons ahead of Q2 FY27 results (quarter ended September 30, 2026). The window remains closed until 48 hours post-earnings release. The company notes it is currently undergoing Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT Hyderabad order dated May 15, 2026, with affairs managed by a Resolution Professional. DPSC reported TTM revenue of ₹683 Cr and carries a market cap of ₹680 Cr.
- Trading window closed with effect from 1st October, 2026 for designated persons and immediate relatives
- Closure will last until 48 hours after un-audited financial results for quarter ended 30th September, 2026 are announced
- Company is operating under Corporate Insolvency Resolution Process (CIRP) via NCLT Hyderabad Bench-I order dated 15th May, 2026
- Filing executed under the authority of Resolution Professional Ms. Medarametla Srinivasa ManoRanjani
Financial Performance
Revenue Growth by Segment
Total operating income (post-regulatory adjustment) was INR 631.12 Cr in FY25, a decline of 1.83% from INR 642.92 Cr in FY24. Wind power sales specifically dropped 45.5% from INR 16.38 Cr to INR 8.93 Cr in FY25. Standalone revenue for H1FY26 was approximately INR 329.92 Cr.
Geographic Revenue Split
The company derives nearly 100% of its distribution revenue from the Asansol-Ranigunj industrial belt in West Bengal, covering an area of 798 sq. km.
Profitability Margins
Operating profit margin declined from 8.17% in FY24 to 5.17% in FY25. Net profit margin fell from 2.35% in FY24 to 0.67% in FY25. The company reported a massive standalone net loss of INR 237.69 Cr in H1FY26 compared to a profit of INR 7.95 Cr in H1FY25, primarily due to an exceptional item of INR 245.31 Cr.
EBITDA Margin
EBITDA margin turned negative in FY25 at -7.25% (INR -45.79 Cr) compared to 8.66% (INR 55.69 Cr) in FY24. However, Q1FY26 showed a recovery in core operations with an EBITDA of INR 13.83 Cr.
Capital Expenditure
Not explicitly disclosed as a total figure, but the company maintains a distribution network across 798 sq. km and generated net cash accruals of INR 33.82 Cr in FY25 to support ongoing maintenance and debt obligations.
Credit Rating & Borrowing
The company maintains an 'Adequate' liquidity rating. Total debt decreased by 27.2% from INR 207.14 Cr in FY24 to INR 150.74 Cr in FY25. Interest coverage ratio improved from 8.46x to 9.00x in FY25.
Operational Drivers
Raw Materials
Power purchase is the primary 'raw material' cost, representing the bulk of operating expenses. The company is increasing its mix of cheaper renewable energy to reduce these costs.
Import Sources
Power is sourced from the state grid and renewable energy generators within India, specifically wind power assets.
Key Suppliers
Not specifically named, but includes various power generation companies and renewable energy providers participating in the West Bengal power market.
Capacity Expansion
Current distribution license covers 798 sq. km. The company sold 3.46 MU of power in its licensed area and 27.20 MU of wind power in FY25.
Raw Material Costs
Power purchase costs are the largest expense; a decline in these costs was noted in 2024 due to a higher share of renewable energy in the mix, which improved liquidity.
Manufacturing Efficiency
Maintains high collection efficiency and low AT&C losses due to the high concentration of industrial customers (~95%).
Logistics & Distribution
Distribution costs are inherent in the power delivery model; the company manages a 798 sq. km network in the Asansol-Ranigunj belt.
Strategic Growth
Expected Growth Rate
9.76%
Growth Strategy
Growth is targeted through the addition of new industrial customers, expansion of the distribution network to domestic segments, and optimizing the power purchase mix with cheaper renewable energy to improve margins.
Products & Services
Electricity distribution services to industrial, commercial, and domestic consumers; wind power generation.
Brand Portfolio
India Power, IPCL (formerly DPSC Limited).
New Products/Services
Expansion into Smart Grid and Smart Metering through subsidiaries like MP Smart Grid Private Limited and MP Smart Metering Private Limited.
Market Expansion
Focus on extending the existing network within the West Bengal licensed area to support both domestic and industrial growth.
Market Share & Ranking
One of the oldest power utility companies in India (incorporated 1919), holding a specific monopoly license for the Asansol-Ranigunj belt.
Strategic Alliances
Joint Ventures include India Uniper Power Services Private Limited, Arka Energy B.V., and Arkeni Solar sh.p.k.
External Factors
Industry Trends
The industry is shifting toward renewable energy integration. IPCL is increasing its renewable mix to lower power purchase costs, which is critical as the sector faces 5-10% annual regulatory cost adjustments.
Competitive Landscape
Competes with public sector power organizations; maintains competitiveness through tariff structures and service quality for industrial clients.
Competitive Moat
The primary moat is the exclusive power distribution license for a 798 sq. km industrial hub. This is sustainable due to the high capital intensity and regulatory barriers for new entrants.
Macro Economic Sensitivity
Highly sensitive to industrial activity in West Bengal, as 95% of revenue comes from industrial consumers.
Consumer Behavior
Shift toward industrial demand stability and increasing requirement for reliable 24/7 power in the Asansol industrial belt.
Geopolitical Risks
Limited direct impact as operations are localized in West Bengal, though global fuel prices affect general power purchase costs.
Regulatory & Governance
Industry Regulations
Operations are governed by the West Bengal Electricity Regulatory Commission (WBERC). Tariff orders, Annual Performance Reviews (APR), and Fuel and Power Purchase Cost Adjustments (FPPCA) are the primary regulatory drivers.
Environmental Compliance
Maintains wind power assets (27.20 MU generated) to comply with renewable energy trends and obligations.
Taxation Policy Impact
Effective tax rate impacted by deferred tax assets/liabilities; reported a deferred tax credit of INR 1.04 Cr in H1FY26.
Legal Contingencies
The company faces significant legal/regulatory risks, evidenced by an exceptional item of INR 245.31 Cr in H1FY26 related to ongoing matters. Settlement of these litigations is a key rating sensitivity.
Risk Analysis
Key Uncertainties
Regulatory risk from WBERC tariff disallowances and the outcome of ongoing litigations, which could impact the bottom line by over INR 200 Cr as seen in recent results.
Geographic Concentration Risk
100% of distribution revenue is concentrated in the Asansol-Ranigunj region of West Bengal.
Third Party Dependencies
High dependency on external power generators for supply; however, this is mitigated by a diverse mix including renewable sources.
Technology Obsolescence Risk
Risk is mitigated by investments in Smart Grid and Smart Metering technologies through subsidiaries.
Credit & Counterparty Risk
Low risk from customers due to 95% industrial base with high collection efficiency, but high regulatory counterparty risk regarding the recovery of regulatory assets.
