| Market Cap | ₹604.72 CrSmall Cap |
|---|---|
| P/E TTM | 47.2Sector PE 20.96 |
| RSI | 48.97Neutral Zone |
| Promoter Holding | 59.14%67.6% Pledged |
| Metric | Q1-27 | Q4-26 | Q1-26 |
|---|---|---|---|
| Revenue from Operations | 187 | 166 | 164 |
| Other Income | 1.3 | 4.9 | 4.0 |
| Total Income | 188 | 171 | 168 |
| Profit Before Tax | 6.3 | 3.7 | 4.5 |
| Net Profit | 4.2 | 4.1 | 3.0 |
| Operating Margin | 3.3% | 2.2% | 2.7% |
| Net Profit QoQ | +2.4% | ||
| Net Profit YoY | +40.0% | ||
| Adj. Profit QoQ | +554.5% | ||
| Adj. Profit YoY | +900.0% | ||
Key highlights
- Consolidated revenue from operations grew to ₹187 crore from ₹164 crore in the same period last year
- Net profit increased by 40% YoY to ₹4.2 crore, up from ₹3.0 crore in Q1-26
- Operating margins improved sequentially to 3.3% compared to 2.2% in the March 2026 quarter
- Company continues Corporate Insolvency Resolution Process (CIRP) following an NCLT order dated May 15, 2026
- Resolution Professional has admitted financial claims totaling ₹8,72,049.62 lakhs as of June 30, 2026
Operating Performance Under CIRP Management
India Power Corporation Limited reported consolidated revenue from operations of ₹187 crore for the quarter ended June 30, 2026, marking a 12.6% sequential increase from the ₹166 crore recorded in the preceding quarter. The company, formerly known as DPSC Limited, is currently managed by a Resolution Professional following the commencement of the Corporate Insolvency Resolution Process on May 15, 2026. Despite the suspension of board powers, the utility maintained its going concern status, reporting a net profit of ₹4.2 crore.
Operating margins saw a recovery to 3.3% from 2.2% in the previous quarter, reflecting improved efficiency in power distribution and generation segments.
Auditor Adverse Conclusion and Liability Risks
- Statutory auditors issued an adverse conclusion citing unrecognized liabilities of ₹8,72,049.62 lakhs representing admitted claims by creditors
- The audit report highlights an overstatement of profit before tax due to the non-recognition of these admitted financial claims
- Receivables of ₹199.70 crore from Power Trust are considered non-recoverable as the underlying asset is subject to insolvency proceedings
- The auditors noted that provision has not been made for loans worth ₹35.41 crore given to a body corporate currently under arbitration
- A Business Transfer Agreement involving the wind energy business is currently under review by the Resolution Professional for IBC implications
Resolution Process Status
The powers of the Board of Directors of the Company stands suspended. Consequently, the Resolution Professional (RP) at its Management Committee meeting held today has considered, approved and taken on record the Unaudited Standalone and Consolidated Financial Results.
Market Context and Project Execution
The company’s stock has faced significant volatility, recording a 46.79% decline over the past year and trading near its three-year low of ₹5.42. Market valuation currently stands at a P/E of 47.2, substantially higher than the sector average of 20.96. On the operational front, the company previously executed a significant smart metering rollout in Madhya Pradesh, with over 2.50 lakh meters installed by August 2025.
Future operations remain contingent on the approval of a viable resolution plan by the Committee of Creditors, as the company seeks to protect the value of its property while navigating the formal insolvency framework.
| Date | Announcement | Amount |
|---|---|---|
| 30 May 2026 | Audited Consolidated Revenue from Operations for FY 2025-26Source: livemint.com | ₹683.01 Cr |
| 13 Feb 2026 | Unaudited Consolidated Net Profit for Q3 FY 2025-26Source: economictimes.indiatimes.com | ₹1.85 Cr |
| 30 Oct 2025 | Unaudited Standalone Revenue from Operations for Q2 FY 2025-26Source: icicidirect.com | ₹187.45 Cr |
| 07 Jul 2025 | Unaudited Standalone Revenue from Operations for Q1 FY 2025-26Source: NSE filing | ₹158.39 Cr |
| 20 May 2025 | Audited Consolidated Revenue from Operations for FY 2024-25Source: livemint.com | ₹620.37 Cr |
| 08 Feb 2025 | Unaudited Standalone Revenue from Operations for Q3 FY 2024-25Source: jmfinancialservices.in | ₹159.06 Cr |
What to watch next
- Finalization of the resolution plan following the e-voting initiated at the 9th CoC meeting in October 2026
- Adjudication of the appeal filed against the NCLT insolvency order currently pending before the NCLAT
- Accounting adjustments for admitted claims totaling ₹8,72,049.62 lakhs upon the final outcome of the CIRP
“The RP is expected to make every endeavour to protect and preserve the value of the property of the Company and manage the operations of the Company as a going concern.”
| Share price | ₹6.21 |
|---|---|
| Market capitalisation | ₹604.72 Cr |
| Revenue (annual) | ₹683.01 Cr |
| Net profit (annual) | ₹12.81 Cr |
| Revenue (latest quarter) | ₹166.08 Cr+6.92% vs previous quarter |
| Net profit (latest quarter) | ₹4.14 Cr+123.64% vs previous quarter |
| P/E (TTM) | 47.2×Sector 20.96× |
| Promoter holding | 59.14%-0.01% QoQ |
| FII holding | 0.12%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Outcome of the Management Committee Meeting held on October 29, 2026, to approve the financial results for the quarter ended June 30, 2026. Market figures from a third-party data provider.
