Adani Power Ltd.
NSE: ADANIPOWER
Utilities · Utilities - Independent Power Producers
₹195.85 last close on 16 Oct 2026 −0.33%
Research updated
Jaiprakash Power Ventures Ltd.
NSE: JPPOWERUtilitiesUtilities - Independent Power Producers
- Last close
- ₹14.97
- Day change
- +₹0.07 (+0.47%)vs
- Market cap
- ₹10,260 crIndian rupees
- Research updated
- 1 report
About Jaiprakash Power Ventures
Jaiprakash Power Ventures Ltd. is a prominent player in the Indian energy sector, primarily engaged in the generation of thermal and hydroelectric power. The company focuses on constructing, commissioning, and operating power projects that contribute significantly to India's growing energy needs. With a diversification strategy involving both thermal and hydroelectric plants, Jaiprakash Power Ventures Ltd. ensures a balanced and sustainable approach to power generation. The company's thermal power plants are pivotal in supplying steady base-load electricity, while its hydro projects support peak-load requirements and enhance grid stability. As part of the broader Jaypee Group, a conglomerate with substantial interests in engineering, construction, and real estate, Jaiprakash Power Ventures Ltd. plays a vital role in bolstering infrastructure development in India. The company’s operations are integral to addressing energy scarcity and supporting economic growth, particularly in regions with expanding industrial activity.
- Sector
- Utilities
- Industry
- Utilities - Independent Power Producers
- Listing
- NSE: JPPOWER
- Chief executive
- Mr. Suren Jain
- Employees
- 1,932
- Headquarters
- New Delhi, India
- ISIN
- INE351F01018
- Website
- jppowerventures.com
Public research · Report of
Business model & financial foundation
JP Power (JPVL) (NSE: JPPOWER), Thermal and hydro power generation (IPP, part cost-plus PPA, part merchant): revenue of ₹5,563 crore in FY26 (+1.9% on FY25), an EBITDA margin of 24.6% and net profit of ₹450.6 crore.
- Revenue, FY26 (₹ crore)
- 5,563
- consolidated
- Revenue growth, FY26
- +1.9%
- on FY25
- EBITDA margin, FY26
- 24.6%
- EBITDA (revenue less operating costs, ex other income) / revenue
- Net profit, FY26 (₹ crore)
- 450.6
- to owners
- Return on equity, FY26
- 3.6%
- on average equity
- Market capitalisation (₹ crore)
- 10,561
- at the close of 19 Oct 2026
Company profile
Jaiprakash Power Ventures owns and operates 2,220 MW of generation: the 400 MW Vishnuprayag run-of-river hydro plant in Uttarakhand (fully tied to UPPCL), the 500 MW Bina thermal plant (about 70% PPA with MPPMCL) and the 1,320 MW Nigrie supercritical plant in Madhya Pradesh (37.5% PPA, the rest merchant). It also ran the Amelia (North) captive coal mine for Nigrie (surrender decided in FY27), a cement grinding unit and sand mining. After a 2017-2020 debt restructuring, it has deleveraged to Rs 3,391 cr of borrowings at FY26.
| Item | Value |
|---|---|
| Legal name | Jaiprakash Power Ventures Limited |
| Exchange and ticker | NSE: JPPOWER; BSE: 532627 |
| ISIN | INE351F01018 |
| Sector | Utilities |
| Industry | Thermal and hydro power generation (IPP, part cost-plus PPA, part merchant) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Lodha & Co. LLP |
| Market capitalisation | ₹10,561 crore (19 Oct 2026) |
| Shares outstanding | 911.06 crore shares (FY26) |
| Price | ₹14.97 (close, 19 Oct 2026) |
| 52-week range | ₹13.15 - ₹24.50 (to 19 Oct 2026) |
| Website | https://www.jppowerventures.com/ |
Corporate structure and shareholding
Parent: None (Adani Power Ltd holds 24% as single largest shareholder since 21 May 2026; JPVL is an associate of APL).
| Entity | Holding | Business |
|---|---|---|
| Sangam Power Generation Company Ltd | 100% | 1,320 MW Karchana (UP) thermal project, stalled on land issues, Supreme Court pending |
| Jaypee Arunachal Power Ltd | 100% | Hydro projects in Arunachal Pradesh (2,700 MW + 500 MW), written off |
| Jaypee Meghalaya Power Ltd | 100% | Hydro projects in Meghalaya (270 MW + 450 MW), non-feasible, written off |
| Bina Mines and Supply Ltd | 100% | Aviation/helicopter services; contract terminated |
Former promoter Jaiprakash Associates (JAL, 24%) went through CIRP; Adani Enterprises' resolution plan approved by NCLT 17 Mar 2026 and Adani Power acquired the 24% stake for Rs 2,993.6 cr (Rs 12.4/share implied).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 24.00% | 24.00% | 24.00% | 24.00% |
| Promoter holding pledged | 72.99% | 72.99% | 72.99% | 72.99% |
| Foreign institutions | 6.34% | 6.51% | 6.58% | 6.75% |
| Domestic institutions | 17.19% | 17.03% | 17.03% | 11.15% |
| of which mutual funds | 0.32% | 0.34% | 0.41% | 0.48% |
| Retail | 52.48% | 52.45% | 52.38% | 58.08% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
JPVL sells power from three plants with 2,220 MW between them. Vishnuprayag is a 400 MW run-of-river hydro plant whose whole output is tied to UPPCL (88%), with 12% going to Uttarakhand as free power. Bina is 500 MW thermal; about 350 MW is on a PPA with MPPMCL and the rest is merchant. Nigrie is a 1,320 MW supercritical plant; 495 MW (37.5%) is tied to MP and roughly 825 MW is merchant. That leaves about 44% of capacity untied, sold on IEX and in bilateral deals. The Amelia (North) captive mine supplied about 3.92 MTPA of Nigrie's roughly 5.7 MTPA coal need at a reverse-bid price of Rs 712/t. The board decided in May 2026 to surrender it, together with Bandha North, and Q1FY27 carries a Rs 193.6 cr exceptional provision for this. Cement grinding and sand mining are dormant. JPVL controls plant availability, which was 93-99% in FY26. It does not control merchant prices, coal prices or the legal claims it inherited from the Jaypee group. Adani Power bought JAL's 24% on 21 May 2026 for Rs 2,993.6 cr (about Rs 18.2/share on 164.5 cr shares) and reconstituted the board.
| Segment | revenue, FY26 (₹ crore) | Share | pbdit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Power | 5,564 | 87.2% | 1,606 | 100.7% |
| Coal (captive mining, Amelia North) | 816.8 | 12.8% | 31.1 | 2.0% |
| Sand mining (AP; contracts ended 2023) | 0.00 | 0.0% | 0.00 | 0.0% |
| Others incl. cement grinding | 0.00 | 0.0% | -42.1 | -2.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Adani Power (ADANIPOWER) | Largest private thermal IPP and now JPVL's largest shareholder; merchant + PPA thermal mix |
| JSW Energy (JSWENERGY) | Private IPP with thermal plus hydro, partial merchant exposure |
| NTPC (NTPC) | Regulated cost-plus thermal benchmark |
| Tata Power (TATAPOWER) | Integrated private utility with thermal generation |
| CESC (CESC) | Private thermal generator and distributor, similar size |
| NLC India (NLCINDIA) | Pit-head thermal generator with captive mines |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,625 | 5,779 | 6,763 | 5,462 | 5,563 |
| Cost of revenue (vendor classification) * | 3,306 | 4,378 | 4,239 | 3,250 | 3,645 |
| Other operating costs (vendor classification) * | 106.6 | 3.64 | 148.2 | 164.7 | 352.3 |
| EBITDA (vendor classification) * | 1,348 | 1,291 | 2,271 | 2,113 | 1,572 |
| EBIT * | 866.6 | 776.6 | 1,691 | 1,613 | 1,106 |
| Finance costs | 556.1 | 551.2 | 449.2 | 414.2 | 374.9 |
| Profit before tax | 310.5 | 225.4 | 1,249 | 1,216 | 747.4 |
| Tax expense (net) | 203.0 | 170.0 | 227.2 | 402.1 | 296.8 |
| Net profit after tax | 107.5 | 55.4 | 1,022 | 813.6 | 450.6 |
| Diluted EPS (₹) | 0.10 | 0.05 | 1.09 | 0.89 | 0.49 |
| Other income | 388.5 | 245.4 | 228.2 | ||
| Cost of material and operation expenses (incl. inventory change, purchases) | 4,239 | 3,250 | 3,645 | ||
| Employee benefits expense | 133.2 | 152.3 | 173.1 | ||
| Other expenses | 154.5 | 205.0 | 378.9 | ||
| EBITDA (revenue less operating costs, ex other income) | 2,236 | 1,855 | 1,367 | ||
| Depreciation and amortisation | 465.1 | 470.2 | 472.8 | ||
| Exceptional items (loss negative) | -461.1 | 0.00 | 0.00 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners of the parent | 1,022 | 813.6 | 450.6 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 10,389 | 10,446 | 11,468 | 12,281 | 12,732 |
| Borrowings (non-current + current) | 5,078 | 4,761 | 4,242 | 3,766 | 3,380 |
| Cash and cash equivalents | 61.9 | 58.6 | 31.0 | 892.5 | 755.0 |
| Trade receivables (current) | 930.2 | 1,167 | 1,186 | 943.2 | 1,091 |
| Inventories | 518.7 | 712.2 | 523.6 | 582.5 | 488.8 |
| Trade payables (MSME + others) | 331.5 | 419.5 | 361.7 | 221.5 | 276.8 |
| Net property, plant and equipment * | 291.7 | 291.7 | 291.7 | 301.5 | 12,449 |
| Capital work in progress * | 427.6 | 413.0 | 307.7 | 400.5 | 265.3 |
| Total assets * | 17,347 | 17,307 | 17,303 | 17,786 | 17,958 |
| Bank balances other than cash and cash equivalents | 926.2 | 668.8 | 1,254 | ||
| Current investments | 0.00 | 0.00 | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities | 481.4 | 364.5 | 1,927 | 1,714 | 1,301 |
| Free cash flow (vendor definition) * | 742.0 | 647.6 | 1,729 | 1,472 | 1,293 |
| Purchase of PPE/intangibles/CWIP incl. capital advances (outflow negative) | -102.8 | -119.7 | -198.7 | -242.8 | -7.86 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 685.35 | 1,066 | 934.56 | 910.66 | 911.06 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,226 | 1,140 | 1,341 | 1,583 | 1,438 | 1,156 | 1,386 | 1,776 |
| Cost of revenue (vendor classification) * | 771.1 | 782.8 | 809.4 | 884.8 | 850.8 | 1,068 | 882.6 | |
| Other operating costs (vendor classification) * | 32.6 | 30.9 | 29.4 | 60.5 | 81.0 | 152.1 | 96.9 | |
| EBITDA (vendor classification) * | 465.1 | 406.4 | 427.0 | 649.1 | 229.4 | 205.7 | 789.8 | |
| EBIT * | 344.8 | 289.9 | 281.6 | 531.8 | 110.0 | 88.9 | 478.9 | |
| Finance costs | 110.4 | 97.4 | 97.4 | 96.9 | 99.8 | 91.4 | 86.9 | 102.1 |
| Profit before tax | 234.4 | 192.5 | 200.9 | 434.8 | 292.0 | 18.6 | 1.98 | 376.8 |
| Tax expense (net) | 51.8 | 65.8 | 45.3 | 156.7 | 109.9 | 14.9 | 15.4 | -92.0 |
| Net profit after tax | 182.7 | 126.7 | 155.7 | 278.1 | 182.1 | 3.77 | -13.4 | 468.8 |
| Diluted EPS (₹) | 0.21 | 0.14 | 0.15 | 0.31 | 0.20 | 0.00 | -0.02 | 0.52 |
| Other income | 78.8 | 116.5 | 25.8 | 47.7 | 40.2 | 55.9 | 84.4 | 30.8 |
| Cost of material and operation expenses (incl. inventory change, purchases) | 771.1 | 782.8 | 809.4 | 884.8 | 840.5 | 850.8 | 1,068 | 882.6 |
| Employee benefits expense | 36.5 | 36.6 | 45.3 | 36.5 | 41.8 | 50.2 | 44.7 | 37.2 |
| Other expenses | 32.6 | 30.9 | 97.7 | 60.5 | 85.3 | 81.0 | 152.1 | 96.9 |
| Depreciation and amortisation | 120.3 | 116.5 | 115.9 | 117.3 | 119.2 | 119.5 | 116.9 | 117.3 |
| Exceptional items (loss negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -193.6 |
| EBITDA (revenue less operating costs, ex other income) | 386.3 | 290.0 | 388.4 | 601.4 | 470.7 | 173.6 | 121.4 | 759.0 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners of the parent | 182.7 | 126.7 | 155.7 | 278.1 | 182.1 | 3.77 | -13.4 | 468.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 40.8% | 25.0% | 17.0% | -19.2% | 1.9% |
| EBITDA margin | 33.1% | 34.0% | 24.6% | ||
| Net margin | 15.1% | 14.9% | 8.1% | ||
| Return on equity | 9.3% | 6.9% | 3.6% | ||
| Return on capital employed | 5.6% | 5.1% | 10.9% | 10.2% | 6.9% |
| Return on assets | 5.9% | 4.6% | 2.5% | ||
| Borrowings less cash (₹ crore) | 5,016 | 4,702 | 4,211 | 2,873 | 2,625 |
| Borrowings less cash / EBITDA | 1.88x | 1.55x | 1.92x | ||
| Interest cover | 1.56x | 1.41x | 3.76x | 3.89x | 2.95x |
| Asset turnover | 0.27x | 0.33x | 0.39x | 0.31x | 0.31x |
| Receivable days | 73 | 74 | 64 | 63 | 72 |
| Inventory days (on revenue) | 41 | 45 | 28 | 39 | 32 |
| Payable days (on revenue) | 26 | 26 | 20 | 15 | 18 |
| Cash conversion | 1.89x | 2.11x | 2.89x | ||
| Capex intensity | 2.2% | 2.1% | 2.9% | 4.4% | 0.1% |
| Free cash flow (₹ crore) | 378.6 | 244.8 | 1,729 | 1,472 | 1,293 |
| EPS, diluted (₹) | 0.10 | 0.05 | 1.09 | 0.89 | 0.49 |
| Book value per share (₹) | 15.16 | 9.80 | 12.27 | 13.49 | 13.98 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating costs, ex other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (revenue less operating costs, ex other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 19 Oct 2026); market data at the close of 19 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Jaiprakash Power Ventures
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