Reliance Power Limited (RPOWER)
₹18.69 -0.11% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Reliance Power's revenue was ₹1,887 Cr (-4.6% year on year, +0.7% on the previous quarter), and net profit ₹-494 Cr (a bigger loss than a year earlier); the operating margin was 30.5%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹1,887 | -4.6% | +0.7% |
| Operating profit | ₹576 | -2.4% | -4.6% |
| Net profit | ₹-494 | loss widened | to loss |
| EPS (₹) | -1.19 | to loss | to loss |
| Operating margin | 30.5% | — | — |
RPOWER delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 30.04% of the RPOWER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 32.22%. That is close to its usual level.
Delivery in the last 5 sessions: 47.2% · 31.9% · 36.1% · 38.7% · 30.0%
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
Reliance Power has submitted its half-yearly statement of debt securities as of September 30, 2026, pursuant to SEBI regulations. The company reported a single listed non-convertible debenture (ISIN: INE614G07089) with an issued and outstanding amount of ₹250.00 crore. The debentures carry an 8.00% coupon rate and mature on June 30, 2035, with interest payable at the end of tenure. Compared to the company's total debt of ₹6,001 crore, this specific listed debt instrument accounts for approximately 4.2%.
- Total outstanding listed NCDs stand at ₹250.00 crore as of September 30, 2026
- Carries an 8.00% coupon rate with interest payable at the end of tenure on June 30, 2035
- The debentures were originally issued on July 10, 2017
- Represents ~4.2% of Reliance Power's total debt of ₹6,001 crore
Reliance Power received an Order of Seizure dated October 12, 2026, from the Enforcement Directorate (ED) under Section 37A(1) of FEMA. The order attaches shares of wholly owned subsidiary Sasan Power Limited valued at ₹2,026.65 crore (~21.6% of market cap) and bank balances worth ₹6.16 crore over alleged Section 4 FEMA contraventions. The probe traces back to FCCB issuances in 2006 and a Singapore subsidiary investment in 2008. The company clarified that the seizure is provisional and notes the shares are already pledged to Power Finance Corporation for over 10 years.
- ED seized Sasan Power Limited shares valued at ₹2,026.65 crore under Section 37A(1) of FEMA
- Restraint placed on company bank balances amounting to ₹6.16 crore
- Pertains to 2006 FCCB issuance (20 years ago) and 2008 Singapore investment (18 years ago)
- Subject shares are already pledged in favor of Power Finance Corporation under security arrangements for >10 years
- No monetary penalty imposed; seizure is provisional and subject to confirmation by the Competent Authority
Reliance Power has disclosed that it was named as an accused in a second chargesheet filed by the Central Bureau of Investigation (CBI) regarding the Reliance Home Finance Limited (RHFL) matter. The company learned of the charges via a CBI press release issued on October 01, 2026. Reliance Power stated it intends to take all appropriate legal steps to safeguard its and its shareholders' interests. The announcement did not detail specific financial liabilities or claims against the company.
- Named as an accused in the 2nd chargesheet filed by the CBI in the RHFL case
- Company learned of the development via a CBI Press Release issued on October 01, 2026
- Specific financial exposure or claims against Reliance Power were not disclosed in the filing
- Disclosure filed under SEBI circular dated January 30, 2026
Reliance Power Limited disclosed the resignation of Shri Sachin Mohapatra (DIN: 07791421) from his position as Non-Executive and Non-Independent Director. The resignation took effect on September 25, 2026. The announcement is a routine administrative board change with no operational or financial impact on the company's Rs 12,394 Cr market cap or ongoing power operations.
- Resignation of Shri Sachin Mohapatra (DIN: 07791421) announced
- Designation: Non-Executive and Non-Independent Director
- Cessation took effect on September 25, 2026
Reliance Power Limited announced that it has been named as an accused in a supplementary chargesheet filed by the Central Bureau of Investigation (CBI) regarding the Reliance Commercial Finance Limited matter. The company stated it became aware of this development through a press release issued by the CBI. Reliance Power intends to take appropriate legal steps to safeguard the interests of the company, its shareholders, and other stakeholders. The financial impact or specific legal exposure arising from this chargesheet was not disclosed in the filing.
- Named as an accused in the first supplementary chargesheet filed by the CBI
- Pertains to the investigation in the Reliance Commercial Finance Limited matter
- Filing made pursuant to SEBI Circular dated January 30, 2026
- Company stated it will take appropriate legal steps to safeguard stakeholder interests
Reliance Power and its subsidiary Reliance CleanGen Limited have been named as proposed accused in an Enforcement Directorate (ED) complaint regarding an alleged amount of ~Rs 715 crore under Sections 3 and 4 of the PMLA. The case relates to the Reliance Home Finance Limited & Others matter. The company received a Pre-Cognizance notice under Section 223 of the Bharatiya Nagarik Suraksha Sanhita, 2023, from the Special Judge, CBI, New Delhi. The alleged amount of ~Rs 715 crore represents approximately 18.9% of TTM revenue (Rs 3,774 Cr) and 7.3% of net worth (Rs 9,758 Cr), though total financial exposure remains unascertainable at this preliminary stage.
- Named along with subsidiary Reliance CleanGen Limited as proposed accused in ED complaint
- Complaint involves an alleged amount of ~Rs 715 crore under PMLA Sections 3 and 4
- Received Pre-Cognizance notice under Section 223 of the Bharatiya Nagarik Suraksha Sanhita, 2023
- Matter pertains to the Reliance Home Finance Limited & Others investigation
Reliance Power concluded its 32nd Annual General Meeting on August 14, 2026, where shareholders passed all 7 ordinary and special resolutions with the requisite majority. Key approvals included the adoption of FY26 audited standalone and consolidated financial statements, despite recorded audit qualifications. Shareholders also granted enabling approvals for issuing securities via Qualified Institutions Placement (QIP) and issuing Non-Convertible Debentures (NCDs). Additionally, the appointment of Dr. Avinash Gupta as an Independent Director and re-appointment of Director Sachin Mohapatra were approved.
- Shareholders approved all 7 resolutions at the 32nd AGM held on August 14, 2026.
- Enabling resolutions passed for capital raising via Qualified Institutions Placement (QIP) and Non-Convertible Debentures (NCDs).
- Adoption of audited financial statements for FY ended March 31, 2026 approved alongside statutory auditor appointments.
- Appointment of Dr. Avinash Gupta as Independent Director and re-appointment of Director Sachin Mohapatra approved.
Reliance Power concluded its 32nd Annual General Meeting on August 14, 2026, where shareholders approved all 7 ordinary and special resolutions with the requisite majority. Key approvals included enabling resolutions for the issuance of securities via Qualified Institutions Placement (QIP) and the issuance of Non-Convertible Debentures (NCDs). The meeting also approved the adoption of audited financial statements for FY26, in which the company reported TTM revenue of Rs 3,774 Cr and a net loss of Rs 488 Cr. In addition, Dr. Avinash Gupta was appointed as an Independent Director and Shri Sachin Mohapatra was re-appointed as Director.
- 32nd Annual General Meeting successfully held on August 14, 2026 via video conferencing
- Shareholders approved enabling resolutions for fundraising via Qualified Institutions Placement (QIP) and NCDs
- Adoption of audited standalone and consolidated financial statements for the year ended March 31, 2026
- Remote e-voting conducted between August 10, 2026 (10:00 AM) and August 13, 2026 (5:00 PM)
- All 7 resolutions set out in the AGM notice were approved by requisite majority
Reliance Power reported a consolidated net profit of Rs 64.71 Cr for Q1 FY27, recovering from a loss of Rs 494 Cr in the previous quarter. Despite the operational turnaround, the company faces a critical legal challenge as a lender has initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the IBC regarding a Rs 1,841.96 Cr invoked guarantee. Furthermore, multiple investigations by the ED, CBI, and EOW are active concerning fake bank guarantees and other financial matters, with several assets already provisionally attached.
- Consolidated revenue from operations stood at Rs 1,956.32 Cr, a 3.7% increase compared to Rs 1,885.58 Cr in the same quarter last year.
- Reported a net profit of Rs 64.71 Cr for the quarter, compared to a massive loss of Rs 494 Cr in Q4 FY26.
- Lenders of subsidiary Samalkot Power (SMPL) have invoked a corporate guarantee of Rs 1,841.96 Cr and initiated insolvency proceedings against the parent company.
- The Enforcement Directorate (ED) has provisionally attached receivables from Sasan Power and Reliance CleanGen subsequent to the quarter end.
- Former Executive Director and CFO were arrested in connection with a fake bank guarantee matter involving the Solar Energy Corporation of India (SECI).
Reliance Power has scheduled its 32nd Annual General Meeting (AGM) for August 14, 2026, to be conducted via video conferencing. The company is dispatching access links and QR codes for the FY 2025-26 Annual Report to shareholders whose email addresses are not currently registered. This routine filing follows a period where the company reported a TTM revenue of Rs 3,774 Cr and a net loss of Rs 488 Cr. Investors should review the report for updates on the proposed USD 600M FCCB fundraise and the transition toward a zero net bank debt standalone model.
- 32nd Annual General Meeting scheduled for August 14, 2026, at 12:00 Noon.
- Annual Report for the financial year 2025-26 released for member review.
- Company manages a total debt of Rs 6,001 Cr against a market cap of Rs 14,123 Cr.
- Current installed capacity stands at 5,945 MW across thermal and renewable segments.
Reliance Power has scheduled its 32nd Annual General Meeting (AGM) for August 14, 2026. Key resolutions include seeking shareholder approval for a Qualified Institutions Placement (QIP) to raise capital and the appointment of M/s. Kailash Chand Jain & Co. as Statutory Auditors for a five-year term. This comes as the company attempts to transition to a zero-debt standalone model and fund its 4 GWp solar pipeline, despite a TTM loss of ₹488 Cr and debt of ₹6,001 Cr.
- AGM scheduled for August 14, 2026, to approve FY26 financial statements and a QIP fundraise.
- Proposed appointment of M/s. Kailash Chand Jain & Co. as Statutory Auditors for 5 consecutive years (FY27-FY31).
- Seeking approval for issuance of securities through Qualified Institutions Placement (QIP).
- Company currently operates 5,945 MW capacity, with a target of 4,000 MW Solar and 6,500 MWh BESS expansion.
- Proposed remuneration for Cost Auditors set at ₹15,000 for the financial year ending March 31, 2027.
The Central Bureau of Investigation (CBI) conducted a search and seizure operation at Reliance Power's registered office on July 18, 2026. The investigation is linked to transactions involving Reliance Commercial Finance Limited and Reliance Home Finance Limited. While the company states there is no immediate impact on business operations, the involvement of a federal agency introduces legal uncertainty for a company currently managing Rs 6,001 Cr in debt and a TTM net loss of Rs 488 Cr. The company has stated it is fully cooperating with the investigating authority.
- CBI search and seizure operation concluded at the registered office on July 18, 2026
- Investigation pertains to transactions involving Reliance Commercial Finance and Reliance Home Finance
- Company is managing a total debt of Rs 6,001 Cr, which is approximately 40.7% of its market cap
- Reliance Power reported a TTM net loss of Rs 488 Cr and a TTM revenue of Rs 3,774 Cr
The Enforcement Directorate (ED) has issued a provisional attachment order involving assets and receivables related to Reliance Power and its promoter. The order includes the attachment of Rs 762.75 crore worth of shares held by the promoter, Reliance Infrastructure Limited, and inter-company receivables totaling Rs 258.44 crore. The company identifies the direct financial implication as Rs 258.44 crore, which represents approximately 6.8% of its TTM revenue. These actions stem from alleged PMLA violations occurring between 2017 and 2019.
- Provisional attachment of promoter (Reliance Infrastructure) shares worth Rs 762.75 crore
- Attachment of Rs 116.96 crore in receivables from subsidiary Sasan Power Limited (SPL)
- Attachment of Rs 141.48 crore in receivables of Reliance Cleangen Limited (RCL) from the company
- Total expected financial implication to the company quantified at Rs 258.44 crore
- Allegations involve violations of the Prevention of Money Laundering Act (PMLA) for the period 2017-2019
Reliance Infrastructure Limited, on behalf of the promoter group, has filed a mandatory annual declaration under SEBI (SAST) Regulation 31(4). The filing confirms that no shares of Reliance Power Limited were encumbered, directly or indirectly, during the financial year. A significant update notes that Reliance Innoventures Private Limited (RIPL) and its subsidiaries have ceased to be part of the promoter group following an NCLT order dated January 6, 2026. The company is currently undergoing a formal reclassification process for these entities under SEBI (LODR) Regulations.
- Promoters declared 0% encumbrance on shares of Reliance Power Limited for the financial year ending March 2026.
- Reliance Innoventures Private Limited (RIPL) exited the promoter group following an NCLT order dated January 6, 2026.
- Disclosure covers 9 specific entities and individuals belonging to the promoter and promoter group.
- The filing was officially signed and submitted on April 10, 2026, following the close of the fiscal year.
Reliance Power Limited has received an order from the Income Tax Department (National Faceless Penalty Centre) imposing a penalty of Rs 2.45 crore. The penalty pertains to Assessment Year 2016-17 and is related to disallowances under Section 14A and transfer pricing adjustments. The company has stated that this will have no impact on operations and intends to appeal the order before appellate authorities. Given the company's TTM revenue of Rs 3,774 crore, the penalty amount is financially immaterial at approximately 0.06% of revenue.
- Penalty of Rs 2,44,93,394 (Rs 2.45 Cr) imposed under Section 271(1)(c) of the Income-tax Act, 1961.
- Order received on July 02, 2026, following an assessment for the year 2016-17.
- Violations cited include disallowance under Section 14A read with Rule 8D and transfer pricing adjustments.
- Company plans to appeal the order, expecting a favorable outcome based on legal advice.
Financial Performance
Revenue Growth by Segment
Consolidated revenue reached INR 8,260 Cr in FY25, showing a marginal 0.03% growth from INR 8,257 Cr in FY24. Thermal power remains the dominant segment with 5,760 MW capacity, while renewable energy contributes through 185 MW of existing capacity.
Geographic Revenue Split
Operations are primarily concentrated in India, with key assets including the Sasan project in Madhya Pradesh and the Rosa project in Uttar Pradesh. Specific regional percentage splits are not disclosed.
Profitability Margins
Operating profit margin improved significantly to 28% in FY25 from 15% in FY24. However, the net profit margin remained negative at -3% in FY25, though improved from -25% in FY24 due to exceptional income from deconsolidation.
EBITDA Margin
Normative EBITDA grew 20.7% YoY to INR 2,778 Cr in FY25 from INR 2,301 Cr in FY24, driven by operational efficiencies and sustained high PLFs at Sasan and Rosa assets.
Capital Expenditure
The company has a planned pipeline of 4 GWp Solar and 6.5 GWh BESS. The Board has approved raising up to USD 600 million (approx. INR 5,000 Cr) through FCCBs to fund these renewable and energy-storage initiatives.
Credit Rating & Borrowing
Liquidity is rated as 'Poor' by ICRA due to delays in debt servicing. Standalone bank debt was eliminated in April 2024, but consolidated debt remains at INR 18,765 Cr with a finance cost of INR 2,055.86 Cr in FY25 (approx. 11% effective rate).
Operational Drivers
Raw Materials
Coal is the primary raw material, representing 47% of total income (INR 3,892 Cr fuel cost in FY25). Natural gas is a secondary fuel, though 25 GW of industry capacity remains idle due to supply shortages.
Import Sources
Sourced domestically within India. Sasan project utilizes captive mines, while Rosa project is supplied via fuel supply agreements with Coal India Limited.
Key Suppliers
Coal India Limited is the primary external supplier for thermal operations.
Capacity Expansion
Current installed capacity is 5,945 MW (5,760 MW Thermal, 185 MW Renewable). Planned expansion includes 4,000 MW Solar, 6,500 MWh BESS, and 770 MW Hydro projects.
Raw Material Costs
Fuel costs were INR 3,892 Cr in FY25, up 1.5% from INR 3,831 Cr in FY24. Procurement strategy focuses on captive mining for Sasan to maintain cost leadership.
Manufacturing Efficiency
Sasan and Rosa assets maintain 'industry-leading' Plant Load Factors (PLFs). Inventory turnover was 61.8 days in FY25 compared to 52.1 days in FY24.
Logistics & Distribution
Distribution is managed through long-term Power Purchase Agreements (PPAs) with state-owned distribution utilities (DISCOMs).
Strategic Growth
Expected Growth Rate
16-20%
Growth Strategy
Growth will be achieved through the 'Reliance Nu Energies' platform, focusing on a 4 GWp Solar and 6.5 GWh BESS pipeline. The company is transitioning to a zero net bank debt standalone model and raising USD 600M via FCCBs to fund clean energy hybrids and green hydrogen pathways.
Products & Services
Electricity (Thermal, Solar, Wind, Hydro), Battery Energy Storage Systems (BESS) capacity, and ancillary grid services.
Brand Portfolio
Reliance Power, Reliance Nu Energies.
New Products/Services
Battery Energy Storage Systems (BESS), Green Hydrogen, and Digital Trading Ecosystems are expected to be future revenue drivers.
Market Expansion
Targeting the renewable energy segment across India through bids with agencies like SECI, GUVNL, and NTPC.
Market Share & Ranking
The company operates 5,945 MW of capacity, positioning it as a significant private sector power producer in India.
Strategic Alliances
Reliance Nu Energies serves as the internal integrated clean energy platform; external JVs include a 50% associate stake in Reliance Enterprises Private Limited.
External Factors
Industry Trends
The industry is shifting toward 'premiumized, integrated clean energy platforms' with 20+ GWh of BESS already auctioned in India. RPOWER is positioning itself as a clean IPP platform.
Competitive Landscape
Competes with major thermal and renewable IPPs like NTPC, Adani Power, and Tata Power.
Competitive Moat
Moat is derived from captive coal mines for the Sasan project, providing cost leadership in thermal power, and long-term PPAs that secure revenue streams.
Macro Economic Sensitivity
Highly sensitive to India's power demand growth and the financial health of state DISCOMs.
Consumer Behavior
Increasing demand from corporate customers for green power (Corporate PPAs) driven by ESG and Scope 3 pressures.
Geopolitical Risks
Global supply chain dependencies for solar modules and battery components for the 4 GW solar and 6.5 GWh BESS pipeline.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act, SEBI LODR, and environmental norms prescribed by the Ministry of Environment, Forest and Climate Change.
Environmental Compliance
High capital expenditure is required for the installation of Flue Gas Desulphurization (FGD) systems to meet updated emission standards under the Environment (Protection) Amendment Rules, 2015.
Taxation Policy Impact
Effective tax expense was INR 99.89 Cr in FY25, down from INR 214.03 Cr in FY24.
Legal Contingencies
The company is in ongoing discussions with lenders for debt resolution and settlements. It was previously in the 'Issuer Not Cooperating' category for certain credit ratings.
Risk Analysis
Key Uncertainties
Liquidity remains the primary risk, with standalone cash balances as low as INR 6 Cr in late 2024. Execution risks for the 4 GW renewable pipeline include land acquisition and financial closure.
Geographic Concentration Risk
High concentration in Uttar Pradesh and Madhya Pradesh for thermal assets.
Third Party Dependencies
Significant dependency on Coal India Limited for fuel supply at the Rosa project.
Technology Obsolescence Risk
Thermal assets face long-term transition risk as India moves toward a 500 GW renewable target by 2030.
Credit & Counterparty Risk
Receivables quality is tied to the financial health of state DISCOMs; debtors turnover stands at 73.2 days.
