RattanIndia Power Limited (RTNPOWER)
₹6.54 +0.46% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, RattanIndia Power's revenue was ₹799 Cr (-2.8% year on year, +1.4% on the previous quarter), and net profit ₹45.9 Cr (against a loss a year earlier); the operating margin was 15.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹799 | -2.8% | +1.4% |
| Operating profit | ₹125 | +29.3% | -3.6% |
| Net profit | ₹45.9 | from loss | +7.0% |
| EPS (₹) | 0.09 | from loss | +12.5% |
| Operating margin | 15.6% | — | — |
RTNPOWER delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.05% of the RTNPOWER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.26%. That is close to its usual level.
Delivery in the last 5 sessions: 44.4% · 42.0% · 54.6% · 60.1% · 46.0%
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
An Arbitral Tribunal has issued an award directing RattanIndia Power Limited (RTNPOWER) to pay a net amount of ₹170.78 Cr plus interest on a partial amount to Bharat Heavy Electricals Limited (BHEL) regarding the Amravati Phase-II Project. The liability of ₹170.78 Cr is substantial, exceeding RTNPOWER's entire TTM net profit of ₹111 Cr and representing ~5.75% of TTM revenue. While RTNPOWER stated that most of BHEL's claims were rejected and some of its own claims allowed, it is evaluating legal remedies, including challenging the award in the High Court. If enforced without relief, this payout poses cash flow pressures given existing company debt of ₹3,711 Cr.
- Arbitral Tribunal awarded a net amount of ₹1,70,78,29,532 (₹170.78 Cr) to BHEL
- Interest is also awarded on a partial amount of the claim
- Net liability represents ~154% of RTNPOWER's TTM PAT of ₹111 Cr
- Dispute pertains to the Amravati Phase-II Project
- RTNPOWER plans to explore legal challenges before the High Court and Supreme Court
RattanIndia Power Limited has issued the notice for its 19th Annual General Meeting (AGM) to be held virtually on September 24, 2026. The cut-off date for remote e-voting eligibility is set for September 17, 2026, with the register of members closed from September 18 to September 24, 2026. Key agenda items include adopting the FY 2025-26 audited financials, re-appointing director Rajiv Rattan, and appointing T R Chadha & Co. LLP as statutory auditors for a 5-year term. Special business items include approving annual remuneration of up to Rs 36,00,000 for Independent Director Ajay Kumar Tandon.
- 19th AGM scheduled for September 24, 2026 at 3:00 PM IST via Video Conferencing
- Cut-off date for determining remote e-voting eligibility fixed as September 17, 2026
- Register of members closed from September 18, 2026 to September 24, 2026 (both days inclusive)
- Appointment of T R Chadha & Co. LLP as Statutory Auditors for a 5-year tenure from 19th to 24th AGM
- Approval sought for payment of remuneration up to Rs 36,00,000 per annum to Independent Director Ajay Kumar Tandon
RattanIndia Power Limited announced the outcome of its Board Meeting held on August 26, 2026. The company will convene its 19th Annual General Meeting (AGM) on September 24, 2026, via video conferencing. The cut-off date for e-voting entitlement is set for September 17, 2026, with remote e-voting running from September 21 to September 23, 2026. Share transfer books and member registers will remain closed from September 18 to September 24, 2026.
- 19th Annual General Meeting scheduled for Thursday, September 24, 2026, at 3:00 PM IST
- Record/Cut-off date for remote e-voting eligibility fixed as Thursday, September 17, 2026
- Remote e-voting window open from September 21, 2026 (10:00 AM) to September 23, 2026 (5:00 PM)
- Book closure period scheduled from September 18, 2026, to September 24, 2026 (both days inclusive)
CRISIL has upgraded RattanIndia Power's short-term bank facility rating to 'CRISIL A2' from 'CRISIL A3+', reflecting improved operational efficiency and a stable debt profile. The rated facility amount was increased by ₹100 Crore to ₹650 Crore, while the interest rate on working capital was reduced by 50 bps to 11%. The company reported a higher Plant Load Factor (PLF) of 82% in FY26 compared to 78% in FY25, though EBITDA moderated to ₹410 Crore from ₹598 Crore due to tariff adjustments. The rating is supported by the company's zero long-term external senior debt and long-term PPAs with MSEDCL.
- Short-term credit rating upgraded to 'CRISIL A2' from 'CRISIL A3+' by CRISIL Ratings.
- Total rated bank loan facilities enhanced to ₹650 Crore from the previous ₹550 Crore.
- Plant Load Factor (PLF) improved to 82% in FY26, up from 78% in FY25.
- Interest rate on ₹400 Crore working capital facility reduced to 11% per annum from 11.5%.
- Maintained zero long-term external senior debt, supported by ₹1,327 Crore in regulatory collections since FY22.
RattanIndia Power has announced the release of a Non-Disposal Undertaking (NDU) on 209.76 crore equity shares, which previously restricted 88.65% of the promoter's total holding. These shares were held as security for a ₹550 crore working capital facility from Kotak Mahindra Bank. Following this release, the entire promoter stake of 44.06% (236.61 crore shares) is now free from all encumbrances. This move typically signals improved financial flexibility or the successful repayment/refinancing of the underlying debt facility.
- 2,09,75,98,310 equity shares released from Non-Disposal Undertaking (NDU) restrictions
- 88.65% of the total promoter shareholding was previously subject to this NDU
- Security was originally provided for a ₹550 crore working capital facility
- 100% of the promoter's 44.06% stake is now entirely free from any encumbrances
- The release was executed by Vistra ITCL (India) Limited acting as Security Trustee
RattanIndia Power reported a standalone PAT of Rs 44.36 Cr for Q1 FY27, marking a significant turnaround from a loss of Rs 14.60 Cr in Q1 FY26. While operational revenue saw a marginal decline of 2.8% YoY to Rs 798.55 Cr, the company achieved record operational efficiency with a Plant Load Factor (PLF) of 92.43% and Availability (PAF) of 98.15%. A key driver for profitability was the 42% YoY reduction in finance costs to Rs 85.93 Cr. Additionally, the company successfully recovered Rs 44.73 Cr in regulatory claims from MSEDCL during the quarter.
- Turnaround to a PAT of Rs 44.36 Cr in Q1 FY27 from a loss of Rs 14.60 Cr in the year-ago period.
- Achieved a high Plant Load Factor (PLF) of 92.43% and Plant Availability Factor (PAF) of 98.15%.
- Finance costs reduced by 42% YoY to Rs 85.93 Cr from Rs 148.17 Cr in Q1 FY26.
- Recovered Rs 44.73 Cr from MSEDCL towards regulatory claims for Ash Transportation.
- Average coal rake unloading improved to 4.9 rakes per day, supporting higher generation.
RattanIndia Power reported a consolidated net profit of Rs 45.85 Cr for the quarter ended June 30, 2026, marking a significant turnaround from a loss of Rs 13.11 Cr in the year-ago period. While revenue from operations saw a marginal YoY decline of 2.8% to Rs 798.55 Cr, the bottom line was primarily supported by a sharp reduction in finance costs, which fell from Rs 148.18 Cr to Rs 85.03 Cr. The company continues to manage significant legacy issues, including Rs 250 Cr in overdue Redeemable Preference Shares and a pending Rs 115 Cr arbitration appeal against BHEL.
- Turnaround to a net profit of Rs 45.85 Cr from a loss of Rs 13.11 Cr in Q1 FY26.
- Finance costs decreased by 42.6% YoY to Rs 85.03 Cr, significantly improving interest coverage.
- Revenue from operations stood at Rs 798.55 Cr, contributing approximately 26.7% of TTM revenue.
- MSEDCL has paid Rs 876.84 Cr to date against Change in Law claims following Supreme Court orders.
- Redeemable Preference Shares (RPS) of Rs 250 Cr remain outstanding and classified as current liabilities due to legal limitations on redemption.
RattanIndia Power Limited (RTNPOWER) has responded to a query from the National Stock Exchange (NSE) regarding its financial results for the quarter ended March 31, 2025. The Exchange had questioned why the Statement of Impact of Audit Qualifications was not signed by a Managing Director (MD) or CEO. The company clarified that it operates with three Whole-time Directors (WTDs) designated as Key Managerial Personnel (KMP) under Section 203 of the Companies Act, 2013, rather than a standalone MD/CEO. The document confirms that WTD Himanshu Mathur signed the statement, maintaining regulatory compliance.
- NSE query dated April 20, 2026, addressed the financial results originally submitted on May 7, 2025.
- Company identifies 3 Whole-time Directors (Rajiv Rattan, Himanshu Mathur, and Baliram Ratna Jadhav) as designated KMPs.
- Clarified that Section 203 of the Companies Act allows WTDs to serve as KMPs in the absence of a standalone MD/CEO.
- The Statement of Impact of Audit Qualifications (SOI) was signed by Whole-time Director Himanshu Mathur.
RattanIndia Power Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by KFin Technologies Limited, confirms that all share dematerialization and rematerialization requests for the quarter ended June 30, 2026, have been processed and reported to the exchanges. This is a standard administrative filing required for all listed companies in India. It does not contain any financial performance data or operational updates.
- Compliance certificate issued for the quarter ended June 30, 2026
- Certificate provided by Registrar and Share Transfer Agent (RTA) KFin Technologies Limited
- Filing submitted to NSE and BSE on July 09, 2026
- Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018
RattanIndia Power Limited has announced the closure of its trading window for designated persons starting July 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, preceding the announcement of Q1 FY2026-27 financial results. The window will remain closed until 48 hours after the results are officially declared. Investors should note the company recently reported a TTM revenue of ₹2,991 Cr and a net profit of ₹42.84 Cr for the quarter ended March 2026.
- Trading window closure effective from July 1, 2026.
- Closure pertains to the un-audited financial results for the quarter ending June 30, 2026.
- Window to reopen 48 hours after the declaration of financial results.
- Company maintains a TTM revenue base of ₹2,991 Cr with a debt of ₹3,711 Cr.
RattanIndia Power reported a significant decline in annual net profit to ₹46.59 crore for FY26, down from ₹215.97 crore in the previous year. While operational efficiency improved with the Plant Load Factor (PLF) rising to 82.10%, total revenue for the year fell by approximately 9% to ₹2,991.36 crore. The company is currently pursuing regulatory receivables through legal channels, with a favorable APTEL ruling regarding 'Change in Law' claims now pending in the Supreme Court. Finance costs remain a significant burden at ₹461.41 crore, though they showed a marginal year-on-year decrease.
- Annual net profit plummeted 78.4% YoY to ₹46.59 crore in FY26 compared to ₹215.97 crore in FY25.
- Revenue from operations for FY26 stood at ₹2,991.36 crore, a 8.9% decline from the previous year's ₹3,283.83 crore.
- Operational performance improved with the Amravati plant achieving a PLF of 82.10% and PAF of 87.88% in FY26.
- Finance costs for the full year remained high at ₹461.41 crore, consuming a large portion of operating income.
- Regulatory claims regarding ash transportation and sizing charges are sub judice following a favorable APTEL judgment.
RattanIndia Power reported a sharp 76.4% year-on-year decline in consolidated net profit to ₹52.44 crore for FY26. Annual revenue from operations also saw a 9% dip, falling to ₹2,991.36 crore from ₹3,283.83 crore in the previous fiscal. While the company reduced its long-term borrowings by over ₹500 crore, its current borrowings spiked significantly to ₹909.03 crore. The results were further complicated by ongoing legal proceedings regarding the redemption of ₹250 crore in preference shares.
- Full-year consolidated net profit fell to ₹52.44 crore from ₹221.92 crore in FY25
- Revenue from operations decreased 9% YoY to ₹2,991.36 crore
- Long-term borrowings were reduced to ₹2,728.39 crore from ₹3,262.40 crore
- Earnings Per Share (EPS) dropped to ₹0.10 from ₹0.41 in the previous year
- Company received ₹876.84 crore from MSEDCL towards Change in Law claims as per court orders
RattanIndia Power Limited has submitted compliance certificates from four promoter-linked family trusts as required by a SEBI exemption order dated September 12, 2025. These trusts, including the Rajiv Rattan and Anjali Nashier Family Trusts, were granted exemptions from certain SEBI Takeover Regulations regarding indirect acquisitions. An independent auditor, Prabir Singh & Co, has certified that all trusts remained in compliance with the exemption conditions during the 2025-26 financial year. This filing is a mandatory annual disclosure to ensure transparency in promoter shareholding transitions.
- Four family trusts filed compliance certificates for the financial year 2025-26.
- Certificates relate to SEBI Exemption Order WTM/KCV/CFD/04/2025-26 dated September 12, 2025.
- Auditor Prabir Singh & Co confirmed compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations.
- The disclosure covers indirect acquisitions in both RattanIndia Enterprises and RattanIndia Power.
RattanIndia Power Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms the processing of dematerialization and rematerialization requests for the quarter ended March 31, 2026. This filing ensures that the company's shareholding records with NSDL and CDSL are accurately reflected and reported to the stock exchanges. As a routine administrative disclosure, it indicates standard regulatory adherence without impacting the company's financial or operational standing.
- Compliance certificate submitted for the quarter ended March 31, 2026
- Issued by Registrar and Share Transfer Agent (RTA) KFin Technologies Limited
- Confirms processing of securities dematerialization/rematerialization as per SEBI norms
- Covers reporting requirements for both NSDL and CDSL depositories
RattanIndia Power Limited has announced the closure of its trading window effective April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is a standard procedure ahead of the declaration of the company's audited financial results for the fiscal year ending March 31, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are officially declared. The specific date for the board meeting to approve these results will be announced at a later date.
- Trading window closure scheduled to begin on April 1, 2026
- Closure is related to the audited financial results for the year ending March 31, 2026
- Trading window will reopen 48 hours after the financial results are declared
- Board meeting date for result approval will be communicated in due course
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations for H1 FY2026 was INR 1,475.68 Cr, representing a decline of 8.58% compared to INR 1,614.26 Cr in H1 FY2025. The company operates in a single reportable segment: 'power generation and allied activities'.
Geographic Revenue Split
100% of revenue is derived from India, primarily through power supply to MSEDCL in Maharashtra. Specific regional splits within India are not disclosed.
Profitability Margins
Operating Profit Margin for FY2025 was 21.16%, a decrease from 22.72% in FY2024 (-6.90% YoY) due to lower profits. Net Profit Margin improved to 6.58% in FY2025 from -30.56% in FY2024, a 121.52% increase driven by the absence of exceptional write-offs of investments and loans that occurred in the previous year.
EBITDA Margin
Operating Profit Margin (EBITDA-based) stood at 21.16% for FY2025. Core profitability was impacted by a loss before tax of INR 47.62 Cr in H1 FY2026 compared to a profit of INR 88.68 Cr in H1 FY2025.
Capital Expenditure
The company reported no major capital expenditure plans in the near term. Historical property, plant, and equipment assets were valued at INR 10,178.50 Cr as of September 30, 2025.
Credit Rating & Borrowing
The company maintains a defined waterfall mechanism for debt servicing. Interest coverage ratio improved 7.41% YoY to 1.45 in FY2025 due to a decrease in interest expenses. Finance costs for H1 FY2026 were INR 260.25 Cr, up 6.43% from INR 244.52 Cr in H1 FY2025.
Operational Drivers
Raw Materials
Thermal Coal (Fuel) is the primary raw material, accounting for approximately 80.8% of total revenue from operations (INR 1,192.59 Cr in H1 FY2026).
Import Sources
Sourced domestically within India, primarily from the state of Chhattisgarh where SECL mines are located.
Key Suppliers
South Eastern Coalfields Limited (SECL) is the primary supplier, providing 1,533 coal rakes in FY2025, averaging 4.2 rakes per day.
Capacity Expansion
Current installed capacity is 1,350 MW (5 units of 270 MW each). No specific expansion timeline for additional MW is disclosed, though the company is evaluating strategic acquisitions of distressed assets.
Raw Material Costs
Cost of fuel, power, and water consumed was INR 1,192.59 Cr in H1 FY2026, representing 80.8% of revenue. This cost decreased slightly from INR 1,211.47 Cr in H1 FY2025 (-1.56% YoY).
Manufacturing Efficiency
The company achieved a Plant Availability Factor (PAF) of 82% in FY2025. Higher PAF is critical as it ensures the full recovery of capacity charges from DISCOMs.
Logistics & Distribution
Distribution is handled via the state grid. The company collected INR 3,150 Cr from MSEDCL in FY2025, including INR 110 Cr of disputed receivables, indicating high dependency on this single distribution counterparty.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth is targeted through strategic acquisitions of distressed thermal power assets in collaboration with investment funds, leveraging existing project execution skills, and participating in the Government's 'Power for All' vision. The company also sells surplus uncontracted power on the Indian Energy Exchange (IEX).
Products & Services
Thermal electricity (Power Generation) sold to state utilities and through short-term market exchanges.
Brand Portfolio
RattanIndia Power
New Products/Services
Strategic focus on 'distressed asset resolutions' and 'growth-oriented partnerships' to diversify the power portfolio, though specific new product contributions are not yet quantified.
Market Expansion
Active evaluation of strategic acquisitions and partnerships to scale operations beyond the current 1,350 MW capacity.
Market Share & Ranking
Not disclosed, but positioned as a significant private Independent Power Producer (IPP) in Maharashtra.
Strategic Alliances
Collaborations with marquee special situations and infrastructure-focused investment funds for asset acquisition.
External Factors
Industry Trends
The industry is shifting towards better DISCOM liquidity via the Revamped Distribution Sector Scheme (RDSS), which has a 3.03 lakh crore outlay. This is expected to reduce payment defaults and improve the predictability of revenue for IPPs like RTNPOWER.
Competitive Landscape
Competes with other IPPs and state-owned generation companies. Competitive advantage is derived from operational efficiency (82% PAF) and successful debt restructuring.
Competitive Moat
Moat consists of a 1,350 MW installed capacity with established fuel linkages and long-term PPAs. This is sustainable due to the high capital intensity and regulatory hurdles for new thermal plants.
Macro Economic Sensitivity
Highly sensitive to industrial power demand in Maharashtra and national coal allocation policies. GDP growth directly correlates with higher power off-take.
Consumer Behavior
Shift toward 24/7 power reliability increases the importance of base-load thermal power despite the rise of renewables.
Geopolitical Risks
Minimal direct exposure, but global coal price volatility can impact domestic auction prices and availability.
Regulatory & Governance
Industry Regulations
Regulated by CERC/MERC guidelines. Revenue is subject to 'Change in Law' events and regulatory orders; the company accounts for these based on management estimates which are subject to final settlement by authorities.
Environmental Compliance
Operations fall under 'power generation', subject to stringent emission and ash disposal norms. Specific ESG compliance costs were not disclosed.
Taxation Policy Impact
The company reported zero current tax expense for H1 FY2026 due to accumulated losses. Deferred tax credit of INR 20.37 Cr was recorded in FY2025.
Legal Contingencies
A Section 7 IBC application was filed by an RPS holder (Redeemable Preference Shares) during Q2 FY2026. The company is also involved in litigation regarding disputed receivables with MSEDCL, having recovered INR 110 Cr recently.
Risk Analysis
Key Uncertainties
The primary uncertainty is the outcome of the IBC Section 7 application, which could impact corporate control. Additionally, the inability to redeem RPS due to lack of profits (as per Section 55(2) of the Act) poses a financial risk.
Geographic Concentration Risk
100% of physical assets and primary revenue are concentrated in Maharashtra, India.
Third Party Dependencies
Critical dependency on SECL for coal (fuel) and MSEDCL for revenue (off-take).
Technology Obsolescence Risk
Thermal power faces long-term risks from the transition to renewable energy, though it remains essential for base-load requirements in the medium term.
Credit & Counterparty Risk
Receivables from MSEDCL are a key focus; the company collected INR 3,150 Cr in FY2025, but historical delays in DISCOM payments remain a systemic risk.
