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RattanIndia Power Limited (RTNPOWER) Fair Value & Analysis

Utilities · IN · Market cap ₹49.5B

RP RattanIndia Power Limited RTNPOWER · NSE
Price₹8.35
Fair Value₹4.27
Upside-48.9%
Quality50/100
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Mixed Growth
Thin margins · 1.8% net margin
Moderate debt · generates free cash flow
Trails peers (5/13)
Narrow moat 23/100
Evidence: High Range ₹2.39 – ₹4.27 Share as image

Fair value as of: Aug 13, 2026

From 21 valuation models · updated 4 days ago

Share price −4.1% over the past month.

A solid business, but screening 49% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹4.27). The favourable scenario is already priced in.
  • Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

₹20.10 ₹2.80 Fair Value ₹4.27 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 ₹2.80 – ₹20.10 · fair‑value band ₹2.39 – ₹4.27 · the ₹8.35 price screens above the ₹4.27 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

RattanIndia Power Limited (RTNPOWER) currently trades at ₹8.35, while our model-based Fair Value estimate is ₹4.27, implying the stock looks roughly 48.9% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, RattanIndia Power Limited generated revenue of ₹29.9B at a net margin of 1.8%. Revenue declined 15.9% year over year. It earns a return on equity of 1.1%. Net debt stands at ₹37.0B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹2.39 (bear case) to ₹4.27 (bull case); at ₹8.35, the current price sits above 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 51% below its 52-week high and 11% 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 -49%, RTNPOWER 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 ₹3.61 ₹12.16 ₹26.16 80
Rev-Margin DCF ₹0.0900 ₹3.40 ₹10.40 74
Growth-Adj P/E ₹2.99 ₹4.27 ₹5.55 68
All 21 models by family
DCF Models
FCF DCF ₹4.16 ₹9.45 ₹26.30 38
Owner Earnings ₹1.40 ₹9.63 ₹26.93 31
5Y Revenue Exit ₹2.33 ₹7.88 39
5Y EBITDA Exit ₹1.74 ₹6.56 ₹16.00 41
5Y P/E Exit ₹0.9500 ₹4.02 38
10Y Revenue Exit ₹0.9200 ₹6.30 ₹9.17 36
10Y EBITDA Exit ₹2.57 ₹10.81 ₹24.83 37
10Y P/E Exit ₹0.1700 ₹3.75 ₹8.88 35
Earnings-Based
Graham-Dodd ₹0.6600 ₹4.63 ₹6.50 54
Lynch FV ₹2.39 ₹3.42 ₹4.44 50
PEG = 1.0 ₹2.39 ₹3.42 ₹4.44 46
Multiples
P/E Multiple ₹1.32 ₹1.76 ₹2.20 63
P/S Multiple ₹1.25 ₹1.66 ₹2.08 58
P/B Multiple ₹1.25 ₹1.66 ₹2.08 55
EV/EBIT ₹0.5000 53
EV/EBITDA ₹0.6000 ₹2.49 ₹4.38 54
Asset-Based
NCAV (Graham) ₹4.32 ₹5.79 ₹8.64 50
Growth DCF
Growth DCF ₹3.61 ₹12.16 ₹26.16 80
Rev-Margin DCF ₹0.0900 ₹3.40 ₹10.40 74
Economic Profit
Residual Income ₹5.92 ₹5.50 ₹4.06 61
Growth Earnings
Growth-Adj P/E ₹2.99 ₹4.27 ₹5.55 68

Widest divergence: DCF Models (₹6.30) versus Multiples (₹1.66). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹29.9B
Revenue growth (YoY) -15.9%
Net margin 1.8%
Return on equity 1.1%
Free cash flow ₹2.9B FY2026
P/E ratio 83.5
More key figures
Operating margin 8.4%
EPS (TTM) ₹0.1000
EPS growth (YoY) -64.7%
Net debt ₹37.0B FY2026

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

Quality Score breakdown

Overall quality 50/100

Of which business quality 49 · Market factors (momentum, volatility) 36

Profitability 16
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 68
Earnings quality: real cash, not paper profit
Fin. Strength 27
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 96
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

RattanIndia Power Limited, together with its subsidiary, Poena Power Development Limited, engages in power generation, distribution, trading and transmission, and other ancillary and incidental activities in India. It generates electricity through coal-based thermal power plants with an installed capacity of 2,700 MW located in Amravati and Nasik cities.

Full company description

RattanIndia Power Limited, together with its subsidiary, Poena Power Development Limited, engages in power generation, distribution, trading and transmission, and other ancillary and incidental activities in India. It generates electricity through coal-based thermal power plants with an installed capacity of 2,700 MW located in Amravati and Nasik cities. The company also trades electricity in the open market. 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 based in New Delhi, India.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

RattanIndia Power Limited reported revenue of ₹29.9B in FY2026 versus ₹32.6B in FY2022, a compound −2.1%/yr. Reported net income was ₹524M in FY2026.

Growth Quality 76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹29.9B
Latest YoY
−8.9%
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.
−2.5%
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.
+13.9%
Avg. growth/yr (15Y) 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.
+81.2%
Revenue −2.1%/yr
FY22 ₹32.6B
FY23 ₹32.3B
FY24 ₹33.6B
FY25 ₹32.8B
FY26 ₹29.9B
Net income
FY22 −₹19.8B
FY23 −₹18.7B
FY24 ₹89.0B
FY25 ₹2.2B
FY26 ₹524M

RTNPOWER screens 49% overvalued. Compare with Constellation Energy Corporation →

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

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 50 · Above median
Fair Value upside −49% · Below median
Return on equity (TTM) 1% · Below median
Return on assets 1% · Bottom 25%
Net margin (TTM) 2% · Below median
Operating margin (TTM) 8% · Below median
Revenue growth -16% · Bottom 25%
Debt / equity 0.59× · Lower than median

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

P/E (TTM) 83.5× · Pricier than 75% of peers
P/B 1.07× · Cheaper than median
P/S (TTM) 1.66× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 18.9× · Pricier 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 0 · sector 18
FUTURE 0 · sector 0
PAST 5 · sector 29
HEALTH 71 · sector 69
DIVIDEND 0 · sector 55

VALUE 0: the price sits above our fair-value range.

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 RattanIndia Power Limited (RTNPOWER) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹4.27 versus a price of ₹8.35, about −49% (overvalued).
What is the fair value of RTNPOWER?
Our model-based fair value for RattanIndia Power Limited is ₹4.27 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹8.35.
What is the quality score of RTNPOWER?
RattanIndia Power Limited has a Quality Score of 50/100. 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 RattanIndia Power Limited (RTNPOWER)?
RattanIndia Power Limited reported trailing-twelve-month revenue of about ₹29.9B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of RTNPOWER?
The net profit margin of RattanIndia Power Limited is about 1.8%, meaning it keeps roughly 1.8% of revenue as net income. 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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