Reliance Power financials and balance sheet

NSE: RPOWERBSE: 532939PowerSmall Cap

₹16.43₹0.62 (3.64%)BSE ₹16.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹17.05.

52-week range of traded prices to 23 Oct 2026

₹15.98Low, 23 Oct 2026₹47.75High, 30 Oct 2025

Market cap: ₹6,795 Cr520th largest listed
P/E: Lossover the last 12 months
P/B: 0.4
Dividend yield: Nonein the last 12 months
ROE: −2.0%
ROE without one-offs: 0.4%
ROCE: 5.0%
Debt to equity: 0.92
Volume, NSE: 4,09,80,54530.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Reliance Power annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹10,396 Cr, year to Mar 2017A loss in the year to Mar 2026, −₹337 Cr

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue7,620
Materials and goods−3,799
Employee costs−232
Other expenses−1,225
Operating profit2,363
Depreciation−829
Other income+369
One-off items−382
Finance costs−1,666
Profit before tax−145
Tax−192
Discontinued businesses−0.1
Net profit−337

What the company owns

Plant, investments and other assets₹37,261 Cr
Cash and bank₹1,705 Cr
Receivables₹1,310 Cr
Inventory₹1,016 Cr

What pays for it: net worth and liabilities

Net worth₹16,039 Cr
Borrowings₹14,812 Cr
Other liabilities₹10,220 Cr
Owed to suppliers₹221 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Reliance Power quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 9 May	Mar 2021Filed 8 May	Mar 2022Filed 16 May	Mar 2023Filed 6 May	Mar 2024Filed 25 May	Mar 2025Filed 10 Jun	Mar 2026Filed 21 May
Revenue from operations	10,396	9,840	8,201	7,562	7,934	7,503	7,543	7,893	7,583	7,620
	5,889	5,207	4,272	4,540	4,359	4,782	5,658	6,735	5,475	5,256
Materials and goods bought	–	–	2,850	2,897	3,117	3,026	3,655	3,831	3,892	3,799
Employee costs	–	–	187	209	156	174	179	184	200	232
Other expenses	–	–	1,235	1,434	1,086	1,582	1,824	2,720	1,382	1,225
Operating profit before depreciation	4,506	4,633	3,930	3,023	3,575	2,721	1,885	1,157	2,108	2,363
Operating margin	43.3%	47.1%	47.9%	40.0%	45.1%	36.3%	25.0%	14.7%	27.8%	31.0%
Materials, % of revenue	–	–	34.8%	38.3%	39.3%	40.3%	48.5%	48.5%	51.3%	49.9%
Employee costs, % of revenue	–	–	2.3%	2.8%	2.0%	2.3%	2.4%	2.3%	2.6%	3.0%
Other expenses, % of revenue	–	–	15.1%	19.0%	13.7%	21.1%	24.2%	34.5%	18.2%	16.1%
Depreciation and amortisation	734	759	839	836	1,083	1,077	1,033	1,062	910	829
Operating profit after depreciation	3,772	3,874	3,091	2,186	2,492	1,644	852	96	1,199	1,534
Other income	496	283	333	640	455	184	340	368	674	369
Finance costs	2,843	2,926	3,208	3,054	2,539	2,349	2,527	2,451	2,056	1,666
Profit before one-off items and tax	1,425	1,231	215	−228	408	−521	−1,334	−1,988	−183	237
One-off items	0	0	−3,153	−4,004	4	0	1,037	−40	3,230	−382
Profit before tax	1,425	1,231	−2,938	−4,232	412	−521	−297	−2,028	3,047	−145
	321	197	18	24	−15	44	64	214	100	192
Current tax	257	–	56	45	56	23	47	18	49	83
Deferred tax	64	–	−38	−21	−71	21	17	196	51	109
Profit from discontinued businesses	–	–	4	−16	27	9	−42	174	0	0
	1,104	1,035	−2,952	−4,271	454	−557	−403	−2,068	2,948	−337
Belonging to the company's shareholders	1,104	1,035	−2,952	−4,077	229	−606	−471	−2,068	2,948	−337
Belonging to outside owners of subsidiaries	–	–	0	−195	225	49	68	0	0	0
Other comprehensive income	–	–	120	26	1	1	−36	3	−7	−16
Total comprehensive income	–	–	−2,832	−4,245	455	−556	−439	−2,065	2,940	−353
Net margin	10.6%	10.5%	−36.0%	−56.5%	5.7%	−7.4%	–	−26.2%	38.9%	−4.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2023: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 Jun	Mar 2020Filed 9 May	Mar 2021Filed 8 May	Mar 2022Filed 16 May	Mar 2023Filed 6 May	Mar 2024Filed 25 May	Mar 2025Filed 10 Jun	Mar 2026Filed 21 May
	17,377	13,222	13,814	14,084	13,287	11,614	16,337	16,039
	17,377	11,869	12,246	12,463	11,595	11,614	16,337	16,039
Share capital	2,805	2,805	2,805	3,400	3,735	4,017	4,017	4,136
Reserves	14,572	9,064	9,441	9,062	7,860	7,597	12,320	11,904
Belonging to outside owners of subsidiaries	–	1,353	1,568	1,622	1,692	–	0	0
	27,030	24,214	20,625	23,114	21,236	18,766	15,153	14,812
Repayable after a year	18,091	19,861	16,831	14,205	12,240	9,409	10,259	9,956
Repayable within a year	8,939	4,353	3,793	8,909	8,996	9,356	4,894	4,857
	18,208	15,954	15,928	17,225	18,374	17,882	9,636	10,181
Trade payables	427	434	415	499	519	449	238	221
Other financial liabilities	8,012	10,223	10,735	6,812	7,604	6,432	4,192	4,813
Other liabilities	587	767	945	996	1,242	1,632	301	277
Provisions	6	6	5	6	10	10	11	13
Tax owed	238	171	34	4	3	2	0	0
	22,492	24,168	21,040	18,502	16,874	14,252	15,309	15,073
Other financial liabilities	162	146	180	311	670	735	937	790
Other liabilities	1,894	1,833	1,774	1,715	1,653	1,593	1,540	1,487
Provisions	48	51	49	54	77	84	92	250
Deferred tax	2,298	2,277	2,205	2,218	2,235	2,431	2,481	2,590
Liabilities going with businesses held for sale	–	–	–	–	–	12	0	–
	58,078	53,343	50,782	49,812	48,535	43,760	41,283	41,293
Held for sale or for a demerger	132	1	855	72	72	208	93	93
	51,988	48,488	45,060	44,002	43,512	39,013	36,999	36,582
Plant in use, after depreciation	35,852	38,526	37,145	36,264	35,734	33,543	31,827	30,913
Plant being built	4,276	3,615	1,912	2,020	2,320	1,293	1,387	1,720
Intangible assets	37	33	32	30	28	26	20	19
Goodwill	14	14	14	14	14	14	11	11
Investments	0	0	4	4	4	173	173	142
Loans given	409	408	395	401	435	0	0	0
Other financial assets	9,642	4,338	4,026	3,720	3,428	3,350	3,581	3,645
Deferred tax	0	0	0	68	0	93	0	0
Other assets	1,757	1,554	1,532	1,481	1,548	520	0	131
	5,959	4,854	4,867	5,737	4,951	4,539	4,190	4,618
Inventories	1,012	1,014	874	828	925	961	927	1,016
Trade receivables	2,738	2,365	2,410	3,214	2,680	1,650	1,521	1,310
Cash and cash equivalents	29	125	144	165	239	486	440	1,224
Other bank balances	242	159	171	480	413	431	534	481
Current investments	224	30	31	32	34	37	0	0
Loans given	268	139	155	192	166	483	166	44
Other financial assets	1,271	964	863	716	379	259	427	417
Tax paid in advance	0	0	0	1	1	1	2	0
Other assets	175	57	219	109	114	230	174	125
Net debt	26,535	23,899	20,278	22,436	20,551	17,812	14,180	13,107

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 8 May	Mar 2022Filed 16 May	Mar 2023Filed 6 May	Mar 2024Filed 25 May	Mar 2025Filed 10 Jun	Mar 2026Filed 21 May
	4,149	3,613	4,024	3,174	1,938	2,824
	4,189	3,749	4,082	3,243	2,101	2,881
	258	141	914	3,686	−885	18
Receivables	−62	−1,053	534	−41	133	255
Inventories	137	46	−103	−38	−28	−90
Payables	−28	74	29	−58	−53	−10
Other working capital	210	1,074	455	3,823	−936	−137
Tax paid	−40	−49	−58	−34	−33	−57
Capital spending	134	196	384	0	0	116
Free cash flow	4,015	3,417	3,639	3,174	1,938	2,708
	486	256	−354	−192	451	−212
Plant and property sold	0	864	0	51	153	0
Companies bought	0	0	0	0	−3	0
Interest received	35	33	52	45	92	83
	−4,615	−3,849	−3,623	−2,734	−2,435	−1,828
Borrowings raised	228	47	874	0	2,632	5,202
Borrowings repaid	−3,009	−2,313	−2,740	−1,370	−4,124	−5,888
Interest paid	−1,834	−1,583	−1,837	−1,450	−1,438	−1,191
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	80	240	–	50
Net change in cash	19	21	46	248	−46	785

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares issued is left blank for the year to Mar 2025: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Consolidated, ₹ per share, years to March.Reliance Power dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 9 May	Mar 2021Filed 8 May	Mar 2022Filed 16 May	Mar 2023Filed 6 May	Mar 2024Filed 25 May	Mar 2025Filed 10 Jun	Mar 2026Filed 21 May
Earnings per share	₹3.94	₹3.69	−₹10.52	−₹14.53	₹0.82	−₹1.88	−₹1.35	−₹5.46	₹7.34	−₹0.82
Diluted earnings per share	₹3.94	₹3.69	−₹10.52	−₹14.53	₹0.82	−₹1.62	−₹1.35	−₹5.46	₹7.00	−₹0.82
Book value per share	–	–	₹61.95	₹42.31	₹43.66	₹36.65	₹31.04	₹28.91	₹40.67	₹38.78
Shareholder yield	–	–	–	–	0.0%	0.0%	−2.2%	−2.2%	–	−0.6%
Market cap at the year end (₹ crore)	13,493	10,127	3,184	351	1,220	4,590	3,717	10,767	17,265	8,420

Shareholder yield is left blank for the year to Mar 2025: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Consolidated, years to March.Reliance Power PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 9 May	Mar 2021Filed 8 May	Mar 2022Filed 16 May	Mar 2023Filed 6 May	Mar 2024Filed 25 May	Mar 2025Filed 10 Jun	Mar 2026Filed 21 May
Revenue growth	−2.6%	−5.3%	−16.7%	−7.8%	4.9%	−5.4%	0.5%	4.6%	−3.9%	0.5%
Operating profit growth	–	2.8%	−15.2%	−23.1%	18.3%	−23.9%	−30.7%	−38.6%	82.2%	12.1%
Net profit growth	−18.9%	−6.3%	–	–	–	–	–	–	–	–
Earnings per share growth	–	−6.3%	–	–	–	–	–	–	–	–
	–	–	−17.0%	−27.9%	1.9%	−4.9%	−3.9%	−17.8%	21.1%	−2.1%
	–	–	–	−10.9 pts	29.8 pts	−6.8 pts	1.0 pts	−13.9 pts	38.9 pts	−23.2 pts
From the net margin	–	–	–	−8.5 pts	29.4 pts	−7.2 pts	–	–	44.3 pts	−23.5 pts
From asset turnover	–	–	–	1.0 pts	0.2 pts	0.1 pts	–	–	1.1 pts	−0.1 pts
From borrowing	–	–	–	−3.4 pts	0.2 pts	0.3 pts	–	–	−6.5 pts	0.4 pts
Return on capital employed	–	–	7.0%	5.8%	7.2%	4.4%	2.5%	0.3%	3.8%	5.0%
Cash conversion	–	–	–	–	913.9%	–	–	–	65.7%	–
Interest cover	1.3	1.3	1.0	0.7	1.0	0.7	0.3	0.0	0.6	0.9
Debt to equity	–	–	1.56	1.83	1.49	1.64	1.60	1.62	0.93	0.92
Receivable days	–	–	122	114	111	156	130	76	73	63
Inventory days	–	–	130	128	102	100	92	92	87	98
Payable days	–	–	55	55	49	60	52	43	22	21
Cash conversion cycle, days	–	–	197	187	165	196	170	125	138	139
Working capital days	–	–	−169	−341	−350	−158	−247	−228	−73	−116
Asset turnover	–	–	0.14	0.14	0.15	0.15	0.15	0.17	0.18	0.18
Assets per rupee of net worth	–	–	3.34	3.81	4.32	4.07	4.09	3.98	3.04	2.55
Sales per rupee of plant	–	–	0.23	0.20	0.21	0.21	0.21	0.24	0.24	0.25
Capital spending to depreciation	–	–	–	–	0.12	0.18	0.37	0.00	0.00	0.14
Plant being built, % of plant in use	–	–	11.9%	9.4%	5.1%	5.6%	6.5%	3.9%	4.4%	5.6%

From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2023 and Mar 2024: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −0.8%
Cash from operations against operating profit: 119.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−3.3%	−0.8%	0.3%
Return on equity, average	–	−1.5%	0.4%
Return on capital employed, average	–	3.2%	3.0%
Operating margin, average	35.8%	26.9%	24.5%
Net margin, average	−7.2%	0.2%	2.7%
Asset turnover, average	–	0.17	0.18
Cash conversion cycle, days, average	–	154	134
Interest cover, average	0.8	0.5	0.5
Debt to equity, average	–	1.34	1.16

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	15,573	7,936	2,824
Cash from investing	−51	47	−212
Cash from financing	−14,469	−6,997	−1,828
Capital spending	697	116	116
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	–	–	50
Borrowings raised	8,756	7,834	5,202
Borrowings repaid	16,434	11,382	5,888

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	4	5	4	6	6
Altman Z-scorePublished threshold 1.1	–	–	−0.09	−0.61	−0.04	−0.26	−0.58	−0.99	1.63	0.97
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.79	−2.70	−2.98	−3.57	−2.24	−2.92
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−8.03	−8.80	−8.28	−10.94	1.32	−7.14
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	–	19.17	14.63
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−5.85	−3.00	38.78	−17.13	−43.05	−3.89	−14.37
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−1.39	−21.41	−2.36	−9.04	−0.96	−5.18	12.08
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−5.62	0.76	−3.40	−4.40	−0.06	1.49	−0.80
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.03	–	10.28	4.62	–	–	–
Effective tax ratePublished threshold 17.16 per cent	22.54	15.96	–	–	−3.62	–	–	–	3.28	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	–	2.20	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
25 Nov 2025	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]D /[ICRA]DReview, Re-affirm		145
25 Nov 2025	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]DReview, Re-affirm		250

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.