RattanIndia Power Limited (RTNPOWER) AI Stock Analysis

• Market Cap: ₹42.85B
• Dividend Yield: N/A
• Average Volume (3M): 2.38M
• Price to Earnings (P/E): 23.4
• Beta (1Y): 0.91
• Revenue Growth: -5.68%
• EPS Growth: -99.16%
• Country: IN
• Employees: 524
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): 0.10
• Shares Outstanding: 5,370,106,000
• 10 Day Avg. Volume: 2,461,653
• 30 Day Avg. Volume: 2,381,068
• PEG Ratio: -0.25
• Price to Book (P/B): 1.18
• Price to Sales (P/S): 1.65
• P/FCF Ratio: 18.51
• 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: 44 Neutral
• Price Target: ₹7.50 ▼(-23.16% Downside)
• Action: Reiterated Date: 11/04/25
• Date: Action: Reiterated 11/04/25

RattanIndia Power Limited's overall stock score is primarily influenced by financial instability and bearish technical indicators. High leverage and negative equity weigh heavily on the financial performance, while technical analysis suggests a bearish trend. The high P/E ratio indicates potential overvaluation, further impacting the stock's attractiveness.

Positive Factors

Contracted revenue from PPAs

Long-term PPAs and contracted mechanisms provide predictable cash flows tied to capacity and energy receipts. This reduces exposure to short-term merchant pricing, supports scheduled debt servicing and planning of maintenance/capex, and increases bankability of projects over multiple quarters.

Positive operating cash flow trend

A sustained positive trend in operating cash flow shows core generation assets produce cash despite net income volatility. This strengthens liquidity, helps meet interest and working capital needs, and provides capacity to fund essential coal procurement and maintenance without immediate external financing.

Established thermal generation platform

An established operating footprint and subsidiary structure gives operational control over generation, procurement and maintenance. Scale in coal-fired assets and existing off-taker relationships support reliability and potential efficiency gains that can sustain generation and contracted deliveries over time.

Negative Factors

High leverage and negative equity

Material leverage and recurring negative equity limit financial flexibility and increase refinancing and covenant risk. Elevated debt burdens raise financing costs and constrain the company's ability to invest in plant upgrades or absorb operational shocks, threatening long-term solvency if trends persist.

Inconsistent profitability and revenue decline

Fluctuating revenues and repeated negative net income indicate unstable earnings generation. This volatility undermines retained earnings and internal funding for capital needs, increases dependence on external financing, and complicates long-term planning for maintenance and efficiency improvements.

Coal supply and fuel-cost exposure

Heavy reliance on coal creates structural exposure to fuel-price swings, logistics bottlenecks and evolving regulatory pressure on thermal generation. Those factors can materially raise operating costs or reduce dispatch, pressuring margins and complicating contracted revenue recovery over the medium term.

RattanIndia Power Limited Business Overview & Revenue Model

Company Description

RattanIndia Power Limited engages in power generation, distribution, trading and transmission, and other ancillary and related activities in India. It is involved in the development of 2 coal based thermal power projects with an aggregate capacity of 5,400 MW, including 2,700 MW project at Nandgaonpeth in Amravati district and 2,700 MW project at Sinnar in Nasik district, in the State of Maharashtra. The company was formerly known as Indiabulls Power Limited and changed its name to RattanIndia Power Limited in October 2014. RattanIndia Power Limited was incorporated in 2007 and is headquartered in New Delhi, India.

How the Company Makes Money

RattanIndia Power Limited generates revenue primarily through the sale of electricity produced at its power plants. The company enters into power purchase agreements (PPAs) with various state and central electricity distribution companies, ensuring a steady income stream from the sale of generated power. Additionally, RTNPOWER may engage in ancillary services and the trading of renewable energy certificates (RECs), which can provide supplementary income. Strategic partnerships with government agencies and private sector players enhance its market position and can lead to joint ventures in new projects, thereby diversifying its revenue streams and reducing operational risks. Factors such as electricity demand, regulatory changes, and the company's ability to secure contracts play crucial roles in its overall earnings.

RattanIndia Power Limited Financial Statement Overview

Summary

RattanIndia Power Limited faces financial volatility with mixed income statement performance, high leverage, and negative equity. Positive cash flow trends are a strength, but profitability and balance sheet stability remain concerns.

Income Statement

RattanIndia Power Limited shows a mixed performance in its income statement. The company has experienced fluctuations in revenue, with a slight decline in the most recent period. Gross Profit Margin and Net Profit Margin are relatively stable, but the company has faced challenges in maintaining consistent profitability, as evidenced by negative net income in several periods. EBIT and EBITDA margins have shown volatility, indicating potential operational efficiency issues.

Balance Sheet

The balance sheet reflects significant leverage, with a high debt-to-equity ratio due to substantial debt levels. The company has a negative equity in several periods, indicating potential solvency issues. Despite this, there has been some improvement in stockholders' equity and total assets. Return on Equity (ROE) is not meaningful due to negative equity values in recent years.

Cash Flow

Cash flow analysis reveals a positive trend in operating cash flow, which is a strength for the company. However, free cash flow growth has been inconsistent. The operating and free cash flow to net income ratios highlight the company's ability to generate cash despite net income challenges.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	31.74B	32.84B	33.64B	32.31B	32.60B	15.60B
Gross Profit	7.01B	8.57B	8.91B	9.92B	10.09B	8.30B
EBITDA	7.72B	5.85B	116.22B	10.67B	7.75B	17.02B
Net Income	1.16B	2.22B	88.97B	-18.70B	-19.81B	-9.42B
Balance Sheet
Total Assets	0.00	97.96B	95.66B	173.72B	176.58B	186.15B
Cash, Cash Equivalents and Short-Term Investments	3.63B	3.63B	4.62B	2.42B	2.74B	716.92M
Total Debt	0.00	36.15B	35.62B	110.18B	115.52B	122.55B
Total Liabilities	-45.85B	52.11B	52.02B	219.05B	203.20B	192.44B
Stockholders Equity	45.85B	45.85B	43.64B	-45.33B	-26.62B	-6.25B
Cash Flow
Free Cash Flow	0.00	2.93B	12.07B	9.85B	9.19B	7.33B
Operating Cash Flow	0.00	4.10B	13.06B	10.15B	9.34B	7.36B
Investing Cash Flow	0.00	869.00M	-4.62B	-52.90M	550.90M	1.01B
Financing Cash Flow	0.00	-4.40B	-9.02B	-9.77B	-9.52B	-7.95B

RattanIndia Power Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.76
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RTNPOWER, the sentiment is Negative. The current price of 9.76 is above the 20-day moving average (MA) of 8.68, above the 50-day MA of 8.86, and below the 200-day MA of 11.24, indicating a bearish trend. The MACD of -0.23 indicates Positive momentum. The RSI at 26.91 is Positive, neither overbought nor oversold. The STOCH value of 11.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:RTNPOWER.

RattanIndia Power Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TDPOWERSYS	70 Outperform	₹139.37B	48.62	―	0.23%	40.14%	53.51%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
INOXGREEN	55 Neutral	₹57.05B	79.81	―	―	24.33%	66.14%
GMRP&UI	51 Neutral	₹88.18B	10.24	―	―	18.74%	-58.19%
BORORENEW	46 Neutral	₹61.76B	18.86	―	―	7.68%	-114.23%
RTNPOWER	44 Neutral	₹42.85B	23.36	―	―	-5.68%	-99.16%
SWSOLAR	43 Neutral	₹44.32B	-446.21	―	―	112.24%	-474.43%