DPSC Limited

NSE: DPSCLTD · Integrated Power Utilities

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52W Range₹6 – ₹12

Snapshot

Unlock DPSC Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

India Power Corporation Limited is an integrated power utility company involved in power distribution, renewable energy generation, and smart grid solutions. It maintains a significant operational presence in West Bengal, focusing on efficient distribution services.

Business Model

The company generates revenue primarily through the distribution of electricity to industrial and domestic consumers, alongside investments in renewable power projects. It leverages smart grid technology to enhance operational efficiency and service delivery.

Management Commentary

Management highlights the company's position as one of the best-performing distribution companies in India, emphasising its strong operational footprint in West Bengal.

Growth Outlook

Growth is expected to be driven by the expansion of renewable energy capacity and the continued modernisation of distribution infrastructure through smart grid initiatives.

Key Risks

  • Regulatory Risk. Changes in state-level electricity tariffs and regulatory policies can significantly impact the company's profitability.
  • Operational Concentration. The company's heavy reliance on the West Bengal market exposes it to regional economic and political fluctuations.
  • Counterparty Risk. Delays in payments from state-owned distribution entities or industrial consumers can adversely affect cash flow.
  • Technological Obsolescence. Failure to keep pace with evolving smart grid and renewable energy technologies may reduce competitive advantage.

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Key Metrics

REVENUE

₹683 Cr

TTM · consolidated

+5.7%YoY

NET PROFIT

₹14 Cr

TTM · consolidated

+93.2%YoY

EPS

₹0.08

TTM · consolidated

+14.3%YoY

RETURN ON EQUITY

1.5%

TTM · consolidated

+0.8 ppYoY

RETURN ON CAPITAL EMPLOYED

-1.2%

TTM · consolidated

-3.4 ppYoY

P/E

85.0x

Q4 FY26 · consolidated

85.0 vs 58.9x5Y avg

EV/EBITDA

39.5x

Q4 FY26 · consolidated

39.5 vs 17.3x5Y avg

EBITDA MARGIN

3.0%

TTM · consolidated

-7.2 ppYoY

NET PROFIT MARGIN

2.5%

Q4 FY26 · consolidated

+3.7 ppYoY

DEBT TO EQUITY

0.1x

Q4 FY26 · consolidated

-0.04xYoY

Peers · Integrated Power Utilities

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
DPSC LimitedDPSCLTD
₹690 Cr85.0039.505.7%3.0%1.5%-1.2%-43.8%
Adani Power Ltd.ADANIPOWER
₹3.95L Cr26.5517.456.6%43.5%24.0%19.2%+28.7%
Tata Power Co. Ltd.TATAPOWER
₹1.18L Cr28.9612.53-4.2%23.2%14.0%7.9%-10.5%
Torrent Power Ltd.TORNTPOWER
₹63,462 Cr26.9612.974.1%20.2%13.0%13.3%+2.2%
CESC Ltd.CESC
₹18,897 Cr11.257.718.7%24.8%13.3%10.1%-18.9%
Reliance Infrastructure Ltd.RELINFRA
₹1,923 Cr0.651.84-13.4%13.4%30.0%6.0%-80.9%

As of Q4 FY26

Financials