DPSCLTD
India Power financials
- Market cap
- ₹695 Cr
- Sector
- Power
What India Power Corp does
India Power Corporation Limited (IPCL) has run the licensed electricity distribution business for a 798 sq. km area in the Asansol-Raniganj industrial belt of West Bengal since 1919, supplying power across voltage levels from 220 kV to 400 V to over 1,000 industrial units and a population of about 1.7 million. Beyond distribution, it generates renewable power through a 24.8 MW wind portfolio in Gujarat under long-term power purchase agreements and a 2 MW solar plant at Jamuria, West Bengal, whose output feeds directly into its Asansol distribution area. It holds a 200 MW power allocation from the Solar Energy Corporation of India (SECI) and, through a subsidiary, is executing a 133 MW AC distributed solar project in Maharashtra under the PM KUSUM scheme. The company is also rolling out large-scale smart metering, including an installation of 3.5 lakh smart meters in Madhya Pradesh.
Segments
- Power Distribution
- Renewable Energy
- Distribution license area
- 798 sq. km (Asansol-Raniganj, West Bengal)
- Distribution network infrastructure
- JK Nagar nodal substation, 17 substations, 10 switching stations, 628 distribution transformers
- Industrial units served
- 1,000+
- Population served
- ~1.7 million (Asansol-Raniganj region)
- Wind power capacity
- 24.8 MW (Rajkot, Jamnagar & Kutch, Gujarat)
- Operating solar power capacity
- 2 MW (Jamuria, West Bengal)
Quarterly results
Q4 FY26: revenue up 21.5%, net profit up 321.4% against the same quarter last year.
| Line item | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 172 | 153 | 159 | 137 | 164 −5% | 198 +29% | 155 −2% | 166 +21% |
| EBITDA | 8 | 4 | 9 | -92 | 6 −27% | 7 +63% | -6 −173% | -3 +97% |
| Net profit | 3 | 3 | 3 | -2 | 3 −2% | 4 +20% | 2 −30% | 4 +321% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −41.4% 1Y
1Y: ₹12.19 on 10 Sept 2025 → ₹7.14. High ₹13 (18 Sept 2025), low ₹7.05 (18 Aug 2026).
Financials, as filed
Revenue grew 3.1% a year over 3 years, FY23 to FY26. Operating margin widened to 0.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹623 Cr | ₹650 Cr | ₹620 Cr | ₹683 Cr |
| Operating profit | ₹-7 Cr | ₹42 Cr | ₹-71 Cr | ₹3 Cr |
| Operating margin | -1.2% | 6.5% | -11.5% | 0.5% |
| Interest | ₹38 Cr | ₹33 Cr | ₹27 Cr | ₹19 Cr |
| Depreciation | ₹29 Cr | ₹33 Cr | ₹36 Cr | ₹36 Cr |
| Net profit | ₹16 Cr | ₹17 Cr | ₹7 Cr | ₹13 Cr |
| Net margin | 2.5% | 2.6% | 1.1% | 1.9% |
| Cash from operations | ₹68 Cr | ₹85 Cr | ₹79 Cr | ₹75 Cr |
| Free cash flow | ₹75 Cr | ₹76 Cr | ₹66 Cr | ₹55 Cr |
| ROCE | 4.0% | 4.0% | 3.0% | 3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹97 Cr | ₹97 Cr | ₹97 Cr | ₹97 Cr | ₹97 Cr | ₹97 Cr |
| Reserves | ₹1.5k Cr | ₹1.3k Cr | ₹908 Cr | ₹919 Cr | ₹787 Cr | ₹793 Cr |
| Borrowings | ₹299 Cr | ₹328 Cr | ₹282 Cr | ₹213 Cr | ₹94 Cr | ₹127 Cr |
| Other liabilities | ₹568 Cr | ₹602 Cr | ₹732 Cr | ₹830 Cr | ₹840 Cr | ₹840 Cr |
| Total liabilities | ₹2.5k Cr | ₹2.3k Cr | ₹2.0k Cr | ₹2.1k Cr | ₹1.8k Cr | ₹1.9k Cr |
| Fixed assets | ₹950 Cr | ₹907 Cr | ₹897 Cr | ₹882 Cr | ₹952 Cr | ₹956 Cr |
| Capital work in progress | ₹22 Cr | ₹21 Cr | ₹15 Cr | ₹14 Cr | ₹16 Cr | ₹11 Cr |
| Investments | ₹100 Cr | ₹99 Cr | ₹3 Cr | ₹3 Cr | ₹1 Cr | ₹0 Cr |
| Other assets | ₹1.4k Cr | ₹1.3k Cr | ₹1.1k Cr | ₹1.2k Cr | ₹850 Cr | ₹891 Cr |
| Total assets | ₹2.5k Cr | ₹2.3k Cr | ₹2.0k Cr | ₹2.1k Cr | ₹1.8k Cr | ₹1.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.23 pp while promoters trimmed −0.21 pp. The shareholder count shrank 6% to 1,06,810.
- Promoters
- 59.1%
- FIIs
- 0.1%
- DIIs
- 0.1%
- Public
- 40.6%
Since Jun 2025
- Public +0.23 pp
- Promoters −0.21 pp
- FIIs −0.02 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 59.5%, FIIs 0.0%, DIIs 0.1%, Public 40.4%.Dec '23: Promoters 59.5%, DIIs 0.1%, Public 40.4%.Mar '24: Promoters 59.5%, FIIs 0.3%, DIIs 0.1%, Public 40.2%.Jun '24: Promoters 59.5%, FIIs 0.1%, DIIs 0.1%, Public 40.3%.Sep '24: Promoters 59.5%, FIIs 0.1%, DIIs 0.1%, Public 40.3%.Dec '24: Promoters 59.5%, FIIs 0.1%, DIIs 0.1%, Public 40.3%.Mar '25: Promoters 59.5%, FIIs 0.1%, DIIs 0.1%, Public 40.3%.Jun '25: Promoters 59.4%, FIIs 0.1%, DIIs 0.1%, Public 40.4%.Sep '25: Promoters 59.3%, FIIs 0.1%, DIIs 0.1%, Public 40.4%.Dec '25: Promoters 59.3%, FIIs 0.1%, DIIs 0.1%, Public 40.4%.Mar '26: Promoters 59.3%, FIIs 0.1%, DIIs 0.1%, Public 40.4%.Jun '26: Promoters 59.1%, FIIs 0.1%, DIIs 0.1%, Public 40.6%.
Who is on the register
Named in the Jun 2026 filing
Every holder of India Power Corp above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| India Power Corporation Limited (erstwhile) | 53.00% | unchanged |
| Aksara Commercial Private Limited | 6.14% | −0.18 pp |
| Investor Education and Protection Fund (IEPF) | 0.17% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse India Power Corp
Guides on how to read this kind of business and the numbers that matter.