India Power Corporation Limited (DPSC), established in 1919, is a century-old integrated power utility company that has solidified its position as a leading entity in India's power sector. Previously known as DPSC Limited, the company was renamed India Power Corporation Limited in August 2013 and is headquartered in Kolkata, India. It is recognized as one of the strongest players in West Bengal and ranks among the top-performing distribution companies (discoms) nationwide. India Power Corporation Limited, along with its subsidiaries, is involved in the generation and distribution of electricity across India, functioning as a full-spectrum power utility provider with operations extending to multiple states.
The company's operations are primarily divided into two key segments:
- Regulated Business (93%): This segment encompasses the power distribution business and thermal power generation. The power generated from thermal plants exclusively serves the distribution business in Asansol, West Bengal (within its licensed area). This segment is regulated by the West Bengal Electricity Regulatory Commission.
- Non-Regulated Business (7%): This segment includes all business activities that operate independently and are not directly tied to the Regulated business.
Currently, the company is active in thermal power generation in West Bengal and wind power generation across Gujarat and Rajasthan. It holds a license to distribute power in and around the Asansol region, establishing a significant foothold in West Bengal's industrial corridor.
India Power Corporation Limited manages a diversified portfolio of power generation assets:
- Wind Power: 24.8 MW in Gujarat
- Solar Power: 2 MW in West Bengal
- Thermal Power: 12 MW in West Bengal
This blend of conventional and renewable energy sources strategically positions the company to align with India's ongoing energy transition goals. The company serves a broad customer base, including government establishments, industrial houses, railways, and domestic consumers, reflecting a well-diversified market reach.
As of June 20, 2025, India Power Corporation Ltd (DPSCLTD) has a market capitalization of ₹1,299.04 crore.
Annual Performance (Year ended March 2025 vs. March 2024):
- Net Profit: Declined by 59.08% to ₹7.03 crore from ₹17.18 crore.
- Sales: Declined by 4.51% to ₹620.37 crore from ₹649.70 crore.
Quarterly Performance (Q4 FY2025 vs. Q4 FY2024):
- Net Profit/Loss: Recorded a net loss of ₹1.87 crore in Q4 FY2025, compared to a net profit of ₹7.56 crore in Q4 FY2024.
- Sales: Declined by 15.74% to ₹136.72 crore in Q4 FY2025 from ₹162.26 crore in Q4 FY2024.
Key Financial Metrics (Trailing 12 Months):
- Operating Revenue: ₹645.91 crore
- Annual Revenue Growth: 4%
- Pre-tax Margin: 3%
- Return on Equity (ROE): 3%
- Debt to Equity Ratio: 30%
- Promoter Holding: Stands at 59.5%, indicating substantial promoter commitment.
- Promoter Pledging: As of March 2025, promoter pledging was at 67.26%, a factor investors should monitor.
- Dividend: The Board of Directors recommended a final dividend of ₹0.05 per equity share (5%) for approval. The company has maintained a healthy dividend payout ratio of 42.8%.
- July 7, 2025: The company announced the approval of Q1 FY2026 results. Key decisions included addressing a ₹165.74 crore electricity duty liability and the transfer of its non-regulated business to a subsidiary. This strategic restructuring aims to streamline operations and bifurcate regulated and non-regulated business units.
- Awards: DPSC Limited received an award for "Excellence in Wind Energy for the year 2012-13," recognizing its contributions to renewable energy development.
India Power Corporation Ltd has demonstrated sales growth of 5.22% over the past five years, facing challenges such as a low interest coverage ratio. The stock has experienced volatility, with a 52-week high of ₹23.85 and a 52-week low of ₹10.52.
Despite these hurdles, the company's century-long legacy in the power sector, its diverse generation portfolio, and its robust regional presence in West Bengal provide a solid foundation for potential recovery and growth within India's expanding energy market.
