Utilities—Independent Power Producers (Thermal Power Generation)
Strategic Profile
The company counts marquee funds like Goldman Sachs and VardePartners, USA as investors in the business. RattanIndia Power Limited is one of India's largest private power generation companies, leveraging long-term power purchase agreements with state utilities while actively trading in open markets to optimize asset utilization.
Cyborg Score Rationale
The company has low interest coverage ratio and high debtors of 271 days, indicating operational and liquidity challenges. Recent results show profitability but with concerns around debt servicing capacity and working capital management.
Top Insights
Q3 FY26 results show Total income Rs835.9Cr, EBITDA Rs226Cr, profit Rs52.76Cr
Amravati power plant was in debt and Goldman Sachs Varde partners took over the Rs 4050 crores against 15 percent equity in 2019
The company exited the solar business after selling its solar energy component to GIP for Rs 1067 crore in September 2020
Company has 522 full-time employees and headquarters at Worldmark-I Aerocity, New Delhi
Named Competitors
Thermal Power Generation — Major independent power producer in India
Power Trading & Distribution — Leading power trading company in India
Diversified Power & Infrastructure — Multi-utility power and infrastructure provider
Recent Developments
(January 2026) Q3 FY26 results announced with Rs835.9Cr total income and Rs52.76Cr profit
(2020) Exited solar business following strategic divestment
(2019) Goldman Sachs Varde Partners took equity stake in Amravati power plant
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