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Reliance Power Limited (RPOWER) Fair Value & Analysis

Utilities · IN · Market cap ₹110B

RP Reliance Power Limited RPOWER · NSE
Price₹22.72
Fair Value₹22.79
Upside+0.3%
Quality43/100
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Weak Growth
Loss-making · -4.4% net margin
Moderate debt · generates free cash flow
Mixed vs. peers (7/12)
Narrow moat 27/100
Evidence: High Range ₹13.28 – ₹36.70 Share as image

Fair value as of: Aug 13, 2026

From 16 valuation models · updated 4 days ago

Share price −7.0% over the past month.

Below-average quality, currently priced close to our fair value.

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What matters now

  • The model range is unusually wide (₹13.28 to ₹36.70). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
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Price vs Fair Value (5 years)

₹71.27 ₹5.05 Fair Value ₹22.79 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹5.05 – ₹71.27 · fair‑value band ₹13.28 – ₹36.70 · the ₹22.72 price screens below the ₹22.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Reliance Power Limited (RPOWER) currently trades at ₹22.72, while our model-based Fair Value estimate is ₹22.79, implying the stock looks roughly 0.3% fairly valued today. The Quality Score stands at 43/100 (below-average quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Reliance Power Limited generated revenue of ₹76.2B at a net margin of -4.4%. Revenue declined 4.6% year over year. It earns a return on equity of -2.1%. Net debt stands at ₹136B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹13.28 (bear case) to ₹36.70 (bull case); at ₹22.72, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 66% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -55% fair-value upside, at 0%, RPOWER screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹33.10 ₹90.06 ₹180.98 80
Rev-Margin DCF ₹18.67 ₹50.31 ₹94.84 74
ROIC Compounder ₹9.80 ₹14.95 ₹19.46 72
All 16 models by family
DCF Models
FCF DCF ₹34.74 ₹81.35 ₹200.27 38
Owner Earnings ₹19.06 ₹59.30 31
5Y Revenue Exit ₹18.67 ₹51.44 ₹97.72 39
5Y EBITDA Exit ₹26.44 ₹68.81 ₹124.89 41
10Y Revenue Exit ₹22.18 ₹56.58 ₹113.87 36
10Y EBITDA Exit ₹28.73 ₹69.93 ₹138.52 37
Earnings-Based
EPV ₹9.80 ₹14.95 ₹19.46 59
Dividend Discount
Gordon GGM ₹6.21 ₹12.91 ₹20.48 70
DDM Multi-Stage ₹6.21 ₹10.89 ₹13.55 61
Multiples
EV/EBIT ₹20.62 ₹34.53 ₹48.44 53
EV/EBITDA ₹25.02 ₹40.40 ₹55.78 54
EV/Revenue ₹11.13 ₹24.95 ₹38.77 43
Asset-Based
NCAV (Graham) ₹19.39 ₹25.98 ₹38.78 50
Growth DCF
Growth DCF ₹33.10 ₹90.06 ₹180.98 80
Rev-Margin DCF ₹18.67 ₹50.31 ₹94.84 74
Economic Profit
ROIC Compounder ₹9.80 ₹14.95 ₹19.46 72

Widest divergence: DCF Models (₹56.58) versus Dividend Discount (₹10.89). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹76.2B
Revenue growth (YoY) -4.6%
Net margin -4.4%
Return on equity -2.1%
Free cash flow ₹16.0B FY2026
Operating margin 19.7%
More key figures
EPS (TTM) ₹-0.8200
EPS growth (YoY) -38.1%
Net debt ₹136B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 44 · Market factors (momentum, volatility) 23

Profitability 9
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 88
Earnings quality: real cash, not paper profit
Fin. Strength 24
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 52
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 48
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Reliance Power Limited, together with its subsidiaries, engages in the development, construction, and operation of power projects in India and internationally. Its portfolio of power projects is based on coal, gas, hydro, wind, and solar energy.

Full company description

Reliance Power Limited, together with its subsidiaries, engages in the development, construction, and operation of power projects in India and internationally. Its portfolio of power projects is based on coal, gas, hydro, wind, and solar energy. The company owns and operates Sasan ultra mega power project, a coal-based power plant with a capacity of 3,960 megawatts; Rosa coal-based power project, with a capacity of 1,200; Butibori power project, a coal-based thermal plant with a capacity of 600 megawatts; Dhursar solar photovoltaic power project with a capacity of 40 megawatts; a concentrated solar power project with a capacity of 100 megawatts; and Ultra Mega power project, a coal-based power plant with a capacity of 3,960 megawatts. It also engages in the development of coal mines in India, including The Moher and Moher Amlohri Extension coal block, as well as the operation of a coal mine concessions in Indonesia. Reliance Power Limited was incorporated in 1995 and is based in Mumbai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Reliance Power Limited reported revenue of ₹76.2B in FY2026 versus ₹75.0B in FY2022, a compound +0.4%/yr. Reported net income was −₹3.4B in FY2026.

Growth Quality 32/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
₹76.2B
Latest YoY
+0.5%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.8%
Avg. growth/yr (16Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+44.7%
Revenue +0.4%/yr
FY22 ₹75.0B
FY23 ₹75.1B
FY24 ₹78.9B
FY25 ₹75.8B
FY26 ₹76.2B
Net income
FY22 −₹9.6B
FY23 −₹4.7B
FY24 −₹20.7B
FY25 ₹29.5B
FY26 −₹3.4B

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Cite: Fair Value Calculator (2026). "Reliance Power Limited Fair Value". https://www.fairvalue-calculator.com/stock/RPOWER

Peer Group

Utilities - Independent Power Producers · 76 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 43 · Below median
Fair Value upside +0% · Above median
Return on assets 3% · Above median
Net margin (TTM) -4% · Bottom 25%
Operating margin (TTM) 20% · Above median
Revenue growth -5% · Above median
Dividend yield (TTM) 2.6% · Below median
Debt / equity 0.62× · Higher than median

Valuation Multiples vs Utilities - Independent Power Producers median · lower = cheaper

P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 3.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 34 · sector 18
FUTURE 0 · sector 0
PAST 0 · sector 29
HEALTH 69 · sector 69
DIVIDEND 51 · sector 55

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Constellation Energy Corporation CEG $278.68 $88.09 -68%
Vistra Corp VST $146.68 $50.39 -66%
Adani Power Limited ADANIPOWER ₹206.10 ₹75.57 -63%
CGN Power Co 003816 ¥3.93 ¥2.79 -29%
Gulf Development Public Company GULF 65.00 THB 39.25 THB -40%
NRG Energy, Inc NRG $120.66 $53.91 -55%
Adani Energy Solutions Limited ADANIENSOL ₹1,583 ₹342.02 -78%
Talen Energy Corporation TLN $365.07 $43.55 -88%
Datang International Power Generation Co 601991 ¥6.29 ¥4.95 -21%
Power Assets Holdings 0006 HK$57.30 HK$30.76 -46%

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Frequently asked questions

Is Reliance Power Limited (RPOWER) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹22.79 versus a price of ₹22.72, about +0% (fairly valued).
What is the fair value of RPOWER?
Our model-based fair value for Reliance Power Limited is ₹22.79 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹22.72.
What is the quality score of RPOWER?
Reliance Power Limited has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Reliance Power Limited (RPOWER)?
Reliance Power Limited reported trailing-twelve-month revenue of about ₹76.2B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of RPOWER?
The net profit margin of Reliance Power Limited is about -4.4%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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