India Power Corp. Ltd. (DPSCLTD) AI Stock Analysis

• Market Cap: ₹7.72B
• Dividend Yield: 0.5%
• Average Volume (3M): 146.93K
• Price to Earnings (P/E): 132.3
• Beta (1Y): 1.49
• Revenue Growth: 4.29%
• EPS Growth: -57.25%
• Country: IN
• Employees: 396
• Sector: Utilities
• Sector Strength: 65
• Industry: Regulated Electric
• EPS (TTM): 0.02
• Shares Outstanding: 973,789,600
• 10 Day Avg. Volume: 117,383
• 30 Day Avg. Volume: 146,931
• PEG Ratio: -2.85
• Price to Book (P/B): 1.36
• Price to Sales (P/S): 1.93
• P/FCF Ratio: 19.61
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: ₹8.00 ▼(-20.24% Downside)
• Action: Reiterated Date: 11/18/25
• Date: Action: Reiterated 11/18/25

India Power Corp. Ltd. faces challenges with its financial performance, particularly in profitability and revenue growth. Technical analysis indicates bearish momentum, with the stock being oversold. The high P/E ratio suggests overvaluation, and the low dividend yield offers limited income potential. These factors contribute to a cautious outlook on the stock.

Positive Factors

Lower Leverage

A declining debt-to-equity trend is a durable improvement: it reduces refinancing and interest-rate risk, increases financial flexibility for multi-quarter capital projects, and strengthens the company’s ability to withstand power-price or demand shocks without urgent financing.

Stable Operating Cash Generation

Consistent operating cash relative to income is a structural positive: reliable cash from generation operations supports ongoing maintenance capex, covers interest and working capital, and underpins the company’s capacity to fund operations through seasonal or cyclical revenue swings.

Contracted Revenue Mix

Having revenues tied to long-term PPAs provides predictable baseline cash flow and reduces exposure to short-term price swings. This contract-backed revenue model supports long-horizon planning, creditworthiness and incremental investment in generation assets.

Negative Factors

Weak Profitability Trends

Declining gross and net margins signal structural cost or pricing pressure that can erode returns over multiple quarters. For a generation company, sustained margin weakness limits reinvestment capacity, compresses free cash flow, and makes funding new projects or servicing debt harder.

Declining Equity Ratio and ROE Pressure

A falling equity ratio and pressured ROE indicate shrinking capital cushions and weaker shareholder returns over time. This reduces financial resilience against operational setbacks and may raise the cost of capital, constraining strategic investments and balance-sheet flexibility.

Erratic Free Cash Flow Conversion

Inconsistent conversion of earnings to free cash flow is a persistent operational risk: it hampers predictable debt repayment and capital allocation, complicates multi-quarter planning, and increases reliance on external financing for maintenance or growth initiatives.

India Power Corp. Ltd. Business Overview & Revenue Model

Company Description

India Power Corporation Limited, together with its subsidiaries, generates and distributes electricity in India. It operates 35.2 MW of wind assets in Gujarat and Karnataka; 2 MW of solar asset in West Bengal; and coal fired thermal power plants of 12 MW in Asansol, West Bengal. The company also has a distribution license of approximately 618 square kilometers in Asansol–Ranigunj area of West Bengal. It serves government utilities, hospitals, industries, mines, and commercial and domestic consumers. The company was formerly known as DPSC Limited and changed its name to India Power Corporation Limited in August 2013. India Power Corporation Limited was incorporated in 1919 and is headquartered in Kolkata, India.

How the Company Makes Money

India Power Corporation Limited primarily makes money by selling electricity generated from its power assets. Revenue is typically earned through (a) long-term contracted sales of power under power purchase agreements (PPAs) with utilities or other offtakers, where tariffs and payment terms are governed by contracts and relevant regulators, and/or (b) sales into market-based mechanisms where applicable, where realized prices depend on supply-demand dynamics and grid dispatch rules. Additional earnings may come from related utility/power-infrastructure activities connected to its generation business (for example, operating and maintaining generation facilities and any ancillary power services, if offered), but specific stream-level disclosures (e.g., exact split between contracted vs. market sales, named counterparties, capacity/tariffs, or material partnerships) are not available in the provided context and are therefore null.

India Power Corp. Ltd. Financial Statement Overview

Summary

India Power Corp. Ltd.'s financial performance shows a mix of strengths and weaknesses. While the company has managed to decrease its leverage and maintain decent cash flows, profitability and revenue growth remain concerns. The company needs to focus on improving operational efficiencies and stabilizing revenue streams to enhance its financial health.

Income Statement

India Power Corp. Ltd. shows mixed results in its income statement. The gross profit margin has decreased over the years, indicating rising costs or pricing challenges. The net profit margin has also been declining, affected by volatility in EBIT and EBITDA margins. Revenue growth is inconsistent, with fluctuations seen across the reporting periods, impacting overall profitability.

Balance Sheet

The balance sheet indicates moderate leverage with a debt-to-equity ratio that has decreased over time, suggesting improved financial stability. However, the equity ratio has been declining, which could pose a risk if liabilities continue to grow. Return on equity is also under pressure, reflecting challenges in generating returns for shareholders.

Cash Flow

Cash flow performance is somewhat positive, with a stable operating cash flow to net income ratio, indicating good cash generation from operations. However, free cash flow growth has been erratic, and the company's ability to convert net income to free cash flow is inconsistent, reflecting potential issues in capital efficiency.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	3.00B	6.20B	6.50B	6.23B	5.47B	5.10B
Gross Profit	80.96M	338.87M	1.54B	-18.26M	-201.47M	1.36B
EBITDA	289.00M	714.75M	880.38M	890.27M	830.35M	884.70M
Net Income	11.83M	70.30M	171.82M	158.36M	153.89M	262.06M
Balance Sheet
Total Assets	0.00	18.22B	20.59B	20.20B	22.98B	25.07B
Cash, Cash Equivalents and Short-Term Investments	407.00M	407.00M	205.96M	121.86M	46.34M	69.14M
Total Debt	0.00	1.56B	2.13B	2.82B	3.28B	2.99B
Total Liabilities	-8.80B	9.43B	10.43B	10.14B	9.30B	8.67B
Stockholders Equity	8.80B	8.80B	10.16B	10.06B	13.68B	16.40B
Cash Flow
Free Cash Flow	0.00	611.30M	716.81M	580.45M	-205.59M	95.25M
Operating Cash Flow	0.00	761.93M	846.53M	682.51M	-53.06M	326.53M
Investing Cash Flow	0.00	-97.49M	-178.88M	-5.50M	-109.37M	95.32M
Financing Cash Flow	0.00	-628.38M	-718.41M	-636.94M	152.89M	-844.20M

India Power Corp. Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.03
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DPSCLTD, the sentiment is Negative. The current price of 10.03 is above the 20-day moving average (MA) of 8.85, above the 50-day MA of 9.13, and below the 200-day MA of 11.33, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 34.54 is Neutral, neither overbought nor oversold. The STOCH value of 17.81 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DPSCLTD.

India Power Corp. Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
POWERGRID	72 Outperform	₹2.76T	14.70	―	3.37%	0.80%	-3.25%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
NHPC	65 Neutral	₹765.33B	90.79	―	2.44%	15.72%	6.45%
TATAPOWER	65 Neutral	₹1.27T	39.28	―	0.59%	4.06%	8.22%
RELINFRA	60 Neutral	₹31.00B	152.35	―	―	-10.55%	-5.08%
GIPCL	58 Neutral	₹20.30B	-189.78	―	2.60%	2.34%	-14.58%
DPSCLTD	49 Neutral	₹7.72B	132.32	―	0.50%	4.29%	-57.25%

India Power Corp. Ltd. Corporate Events

India Power Launches Postal Ballot for Appointment of Independent Director

India Power Corporation Limited has notified stock exchanges that it has published newspaper advertisements announcing a postal ballot and remote e-voting process. The exercise seeks shareholder approval for the appointment of Naveen Prakash as an independent director for a five-year term starting 1 January 2026, with details available on the company’s website.

The use of a postal ballot and remote e-voting underscores the company’s adherence to SEBI disclosure and governance norms and facilitates wider shareholder participation in board appointments. Formalizing Prakash’s appointment as an independent director is intended to strengthen the board’s oversight and governance framework, a factor of interest to investors and regulators alike.