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Swing Capital

India Power Corporation Ltd

NSE: DPSCLTDEnergy

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

₹9.66
52W: ₹7 — ₹15.5
PE 355 · Book ₹6.6 · +46% vs book
Market Cap₹941 Cr
Stock P/E355Price to Earnings
ROCE2.88%Return on Capital
ROE0.44%Return on Equity
Div. Yield0.51%Face Value ₹1

Strengths

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

Weaknesses

  • −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 67.4% of their holding.
  • −Company's cost of borrowing seems high

Shareholding Pattern

Promoters59.33%
FIIs0.13%
DIIs0.12%
Public40.42%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters59.47%59.47%59.47%59.47%59.36%▼0.159.33%▼0.059.33%59.33%
FIIs0.14%0.12%▼0.00.14%▲0.00.15%▲0.00.14%▼0.00.14%0.13%▼0.00.13%
DIIs0.12%0.12%0.12%0.12%0.12%0.12%0.12%0.12%
Public40.27%40.28%▲0.040.27%▼0.040.25%▼0.040.38%▲0.140.41%▲0.040.42%▲0.040.42%

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales161.22135.9157.71168.37149.47150.12131.95158.39187.45144.36
Expenses154.78123.77151.89160.59145.47142.02228.86152.62180.66148.88
Operating Profit6.4412.135.827.7848.1-96.915.776.79-4.52
OPM %3.99%8.93%3.69%4.62%2.68%5.4%-73.44%3.64%3.62%-3.13%
Net Profit3.764.153.843.94.053.23-6.96-241.463.763.48
EPS ₹0.040.040.040.040.040.03-0.07-2.480.040.04

AI Insights

Revenue Trend

TTM revenue at ₹622Cr, up 3.7% YoY. OPM at -14%.

Debt Position

Borrowings at ₹92Cr. Debt-to-equity ratio: 0.17x. Healthy balance sheet.

Capex Cycle

CWIP at ₹16Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.12% (+0.00pp change). FIIs: 0.13% (+0.13pp change). Promoters hold 59.33%.

Margin & Efficiency

ROCE declining from 6% (Mar 2014) to 3% (Mar 2025). Working capital days: -46.

Valuation

PE 355x with 2.88% ROCE. Price is 46% above book value of ₹6.6. Dividend yield: 0.51%.

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