India Power Corporation Ltd

₹ 13.2 0.99%

23 May - close price

About

Incorporated in 1919, India Power Corporation Ltd is engaged in business of Power Distribution, Renewable Power Generation and Smart Grid.

Key Points

Business Overview 9M FY24
The company is among the strongest players in West Bengal and the best-performing discoms in the country. ^[1]

The company's business activities consist of two segments viz.,
a) Regulated Business (93%), which consists of a power distribution business (including thermal power generation which exclusively supplies power for distribution business) in Asansol, West Bengal (licensed area) regulated by West Bengal Electricity Regulatory Commission.

b) Non-Regulated business (7%), consists of all business that is independent and has no bearing with the Regulated business. ^[2]

Website NSE

Market Cap ₹ 1,285 Cr.
Current Price ₹ 13.2
High / Low ₹ 23.8 / 10.5
Stock P/E 305
Book Value ₹ 9.06
Dividend Yield 0.38 %
ROCE 2.88 %
ROE 0.44 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Company has been maintaining a healthy dividend payout of 61.1%

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 4.51% over past five years.
Company has a low return on equity of 1.04% over last 3 years.
Promoters have pledged 67.3% of their holding.
Earnings include an other income of Rs.145 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Power Generation & Distribution Industry: Power Generation And Supply

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	156.54	143.71	158.27	144.92	152.32	172.18	161.22	135.90	157.71	168.37	149.47	150.12	131.95
	165.05	156.53	160.63	142.06	151.10	157.60	154.78	123.77	151.89	160.59	145.47	142.02	228.86
Operating Profit	-8.51	-12.82	-2.36	2.86	1.22	14.58	6.44	12.13	5.82	7.78	4.00	8.10	-96.91
OPM %	-5.44%	-8.92%	-1.49%	1.97%	0.80%	8.47%	3.99%	8.93%	3.69%	4.62%	2.68%	5.40%	-73.44%
	36.15	34.58	23.70	17.84	20.54	7.55	15.02	9.67	14.77	13.93	16.85	11.77	102.62
Interest	6.43	10.23	9.16	8.73	9.75	9.31	8.32	7.76	7.14	7.76	6.61	6.22	6.16
Depreciation	7.13	7.22	7.24	7.22	7.36	8.33	8.12	8.48	8.51	8.76	8.87	8.90	8.99
Profit before tax	14.08	4.31	4.94	4.75	4.65	4.49	5.02	5.56	4.94	5.19	5.37	4.75	-9.44
Tax %	27.63%	26.22%	26.32%	26.32%	29.25%	25.61%	24.90%	25.36%	22.27%	24.86%	24.77%	32.00%	-26.27%
	10.19	3.18	3.64	3.51	3.28	3.34	3.76	4.15	3.84	3.90	4.05	3.23	-6.96
EPS in Rs	0.10	0.03	0.04	0.04	0.03	0.03	0.04	0.04	0.04	0.04	0.04	0.03	-0.07
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	695	627	562	450	481	523	481	500	560	599	627	600
	603	533	477	355	392	450	429	430	551	542	571	677
Operating Profit	91	95	85	95	89	74	52	69	9	58	56	-77
OPM %	13%	15%	15%	21%	19%	14%	11%	14%	2%	10%	9%	-13%
	3	2	18	42	40	45	51	19	74	28	30	145
Interest	35	45	41	58	78	74	46	38	33	38	33	27
Depreciation	15	15	18	18	17	16	29	30	29	29	33	36
Profit before tax	45	37	44	61	35	28	28	21	22	19	20	6
Tax %	35%	34%	27%	36%	38%	33%	41%	-29%	27%	27%	25%	28%
	29	24	32	39	21	19	17	27	16	14	15	4
EPS in Rs	0.30	0.25	0.33	0.40	0.22	0.19	0.17	0.27	0.17	0.14	0.15	0.04
Dividend Payout %	17%	20%	15%	12%	23%	26%	29%	18%	30%	36%	32%	115%

Compounded Sales Growth
10 Years:	0%
5 Years:	5%
3 Years:	2%
TTM:	-4%

Compounded Profit Growth
10 Years:	-16%
5 Years:	-23%
3 Years:	-25%
TTM:	-72%

Stock Price CAGR
10 Years:	-1%
5 Years:	13%
3 Years:	2%
1 Year:	-25%

Return on Equity
10 Years:	1%
5 Years:	1%
3 Years:	1%
Last Year:	0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	97	97	97	97	97	97	97	97	97	97	97	97
Reserves	847	933	983	1,022	1,044	1,066	1,527	1,551	1,280	916	924	785
	392	538	853	589	645	338	342	299	328	282	209	153
	377	308	308	366	372	412	606	561	602	729	824	776
Total Liabilities	1,713	1,877	2,241	2,075	2,158	1,913	2,573	2,508	2,307	2,024	2,055	1,812
	308	385	367	343	341	348	902	950	907	897	882	969
CWIP	51	18	9	15	38	68	84	22	21	15	14	10
Investments	208	318	605	322	116	107	101	102	101	3	4	2
	1,146	1,157	1,260	1,394	1,663	1,390	1,486	1,435	1,277	1,109	1,155	831
Total Assets	1,713	1,877	2,241	2,075	2,158	1,913	2,573	2,508	2,307	2,024	2,055	1,812

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	152	36	25	136	63	139	94	33	-2	70	100	83
	-257	-126	-245	307	-7	254	-19	9	-15	-1	-30	-10
	110	92	222	-448	-54	-397	-36	-84	15	-64	-75	-73
Net Cash Flow	5	2	3	-5	2	-4	39	-42	-2	5	-5	-0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	48	45	60	48	42	36	49	45	54	62	65	63
Inventory Days
Days Payable
Cash Conversion Cycle	48	45	60	48	42	36	49	45	54	62	65	63
Working Capital Days	33	43	108	131	331	132	100	132	74	4	16	-29
ROCE %	6%	6%	5%	5%	6%	6%	4%	3%	3%	4%	4%	3%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	59.49%	59.49%	59.49%	59.49%	59.49%	59.49%	59.49%	59.47%	59.47%	59.47%	59.47%	59.47%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.25%	0.14%	0.12%	0.14%	0.15%
	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%
	40.38%	40.38%	40.38%	40.38%	40.38%	40.37%	40.38%	40.16%	40.27%	40.28%	40.27%	40.25%
No. of Shareholders	33,524	34,117	34,447	34,523	34,661	41,049	59,233	92,956	98,434	1,13,133	1,14,482	1,14,196

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	59.49%	59.49%	59.49%	59.49%	59.49%	59.49%	59.49%	59.47%	59.47%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	0.15%
	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%	0.12%
	39.46%	40.38%	40.38%	40.38%	40.38%	40.38%	40.38%	40.16%	40.25%
No. of Shareholders	2,427	3,930	3,801	4,106	6,032	31,841	34,523	92,956	1,14,196

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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India Power Corporation Ltd

India Power Corporation Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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