Company Valuation: Reliance Power Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Capitalization 1 3,506 12,202 45,902 37,165 107,666 172,649
Change - 248% 276.17% -19.03% 189.69% 60.36%
Enterprise Value (EV) 1 288,702 265,114 270,295 242,673 290,097 319,782
Change - -8.17% 1.95% -10.22% 19.54% 10.23%
P/E ratio -0.09x 5.34x -7.2x -7.36x -5.18x 5.97x
PBR 0.03x 0.1x 0.37x 0.32x 0.98x 1.06x
PEG - -0x 0x 0.3x -0x -0x
Capitalization / Revenue 0.05x 0.15x 0.61x 0.49x 1.36x 2.28x
EV / Revenue 3.75x 3.34x 3.6x 3.22x 3.68x 4.22x
EV / EBITDA 8.09x 5.65x 9.24x 11.5x 21.2x 12.3x
EV / EBIT 11.2x 10.5x 16.4x 28.1x 256x 21.3x
EV / FCF 32.3x 18.8x 12.4x 19.3x -115x -13.2x
FCF Yield 3.1% 5.31% 8.05% 5.18% -0.87% -7.59%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -14.53 0.815 -1.876 -1.353 -5.459 7.197
Distribution rate - - - - - -
Net sales 1 77,032 79,340 75,031 75,427 78,926 75,829
EBITDA 1 35,695 46,962 29,258 21,083 13,699 25,956
EBIT 1 25,846 25,276 16,508 8,645 1,132 14,996
Net income 1 -40,766 2,286 -6,059 -4,708 -20,684 29,478
Net Debt 1 285,195 252,911 224,394 205,508 182,431 147,133
Reference price 2 1.25 4.35 13.50 9.95 28.25 42.98
Nbr of stocks (in thousands) 2,805,126 2,805,126 3,400,126 3,735,206 3,811,183 4,016,971
Announcement Date 5/30/20 8/23/21 6/10/22 7/6/23 7/11/24 7/16/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.28B
18.24x3.11x11.84x2.29% 40.73B
36.59x7.67x20.15x - 40.04B
17.76x5.83x12.56x0.06% 16.45B
14.62x4.85x9.75x3.99% 15.64B
6.8x2.94x7.36x5.78% 12.47B
29.22x4.49x10.2x4.12% 7.71B
10.88x1.49x8.61x3.87% 7.64B
12.59x - - - 4.84B
Average 18.34x 4.34x 11.50x 3.35% 16.31B
Weighted average by Cap. 21.87x 4.89x 13.39x 2.88%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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