RattanIndia Power Limited (RTNPOWER) AI Stock Analysis

• Market Cap: ₹43.82B
• Dividend Yield: N/A
• Average Volume (3M): 2.38M
• Price to Earnings (P/E): 23.4
• Beta (1Y): 0.81
• 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: ₹8.00 ▼(-18.03% 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 via PPAs

Long-term PPAs and contracted sale arrangements provide predictable revenue and reduce merchant exposure, supporting stable cash receipts and planning. Over a 2–6 month horizon these contracts underpin near-term cash generation and de-risk plant utilization from spot market swings.

Positive operating cash flow trend

A persistent positive operating cash flow trend indicates the company can convert operations into cash despite income volatility. This provides liquidity to service debt, fund maintenance and working capital, and supports operational continuity and refinancing options over the medium term.

Improvement in equity and assets

Measured gains in shareholders' equity and total assets signal incremental balance sheet repair after prior stress. While leverage remains elevated, these improvements enhance solvency headroom and reduce restructuring risk if improvements continue over coming quarters.

Negative Factors

High leverage and negative equity

Sustained high leverage and episodes of negative equity constrain financial flexibility, increase refinancing and interest risks, and limit ability to absorb operational shocks. Over months this raises solvency and covenant pressure, making capital structure a core medium-term risk.

Volatile revenue and profitability

Declining revenue and sharply negative EPS growth reflect unstable earnings generation and margin pressure. Persistent volatility hampers reinvestment capacity and debt servicing ability, reducing predictability of free cash flow and complicating operational planning across quarters.

Exposure to coal supply and fuel costs

A coal-based generation model is structurally exposed to fuel procurement, logistics and price volatility. Failure to secure competitive coal or rising fuel costs squeezes margins; contract pass-through limits may not fully offset cost shocks, creating persistent operational risk.

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

RTNPOWER primarily makes money by generating electricity at its coal-based thermal power plants and selling that power to off-takers. Its main revenue stream is income from the sale of electricity under power purchase agreements (PPAs) and other contracted sale arrangements, where tariffs typically compensate for energy supplied and may include components intended to recover fixed costs (such as plant availability/capacity) and variable costs (notably fuel). The company’s earnings are therefore driven by plant availability and generation levels, the contracted tariff structure, and the ability to secure and manage coal supply and related logistics at competitive cost. Additional contributing factors can include contractual receipts linked to operating performance under existing arrangements and any settlement/claim outcomes associated with its power supply contracts; if such items are not disclosed for a given period, they are null.

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	31.45B	32.84B	33.64B	32.31B	32.60B	15.60B
Gross Profit	6.60B	8.57B	8.91B	9.92B	10.09B	8.30B
EBITDA	7.30B	5.85B	116.22B	10.67B	7.75B	17.02B
Net Income	856.10M	2.22B	88.97B	-18.70B	-19.81B	-9.42B
Balance Sheet
Total Assets	99.71B	97.96B	95.66B	173.72B	176.58B	186.15B
Cash, Cash Equivalents and Short-Term Investments	6.95B	3.63B	4.62B	2.42B	2.74B	716.92M
Total Debt	38.54B	36.15B	35.62B	110.18B	115.52B	122.55B
Total Liabilities	54.31B	52.11B	52.02B	219.05B	203.20B	192.44B
Stockholders Equity	45.41B	45.85B	43.64B	-45.33B	-26.62B	-6.25B
Cash Flow
Free Cash Flow	3.01B	2.93B	12.07B	9.85B	9.19B	7.33B
Operating Cash Flow	3.74B	4.10B	13.06B	10.15B	9.34B	7.36B
Investing Cash Flow	60.50M	869.00M	-4.62B	-52.90M	550.90M	1.01B
Financing Cash Flow	136.60M	-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: Negative
• RSI: Neutral
• STOCH: Neutral

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 8.34, above the 50-day MA of 8.66, and below the 200-day MA of 11.15, indicating a bearish trend. The MACD of -0.18 indicates Negative momentum. The RSI at 44.32 is Neutral, neither overbought nor oversold. The STOCH value of 64.61 is Neutral, 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	₹121.89B	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	₹57.88B	79.81	―	―	24.33%	66.14%
GMRP&UI	51 Neutral	₹80.37B	9.73	―	―	18.74%	-58.19%
BORORENEW	49 Neutral	₹57.04B	18.86	―	―	7.68%	-114.23%
RTNPOWER	44 Neutral	₹43.82B	23.36	―	―	-5.68%	-99.16%
SWSOLAR	43 Neutral	₹39.50B	-446.21	―	―	112.24%	-474.43%