India Power Corporation Limited was listed on the NSE on April 21, 2008. It is one of the oldest power generation and distribution companies of India. On July 2, 1919, India Power Corporation Limited (IPCL) was founded as Dishergarh Power Supply Company Limited. In 2008, it changed its name to DPSC Ltd., and in August 2013, it changed it to India Power Corporation Ltd. Let’s explore India Power Corporation’s growth potential and the India Power Corporation share price target 2025 to 2050 in this article.
India Power Corporation Business Model
- Power Distribution Business: India Power Corporation distributes electricity to domestic, commercial, and industrial consumers in licensed areas such as Asansol, West Bengal. It operates on a regulated model under the West Bengal Electricity Regulatory Commission (WBERC), ensuring stable and recurring revenue through long-term consumer relationships and tariff-based returns.
- Making thermal power: The business runs a 12 MW thermal power plant in Asansol, West Bengal.
- Wind Power Generation: IPCL has put money into wind power projects as a source of clean energy. It manages 24.8 MW of wind farms in Gujarat and Rajasthan. Along with that, the company runs about 95.4 MW of wind assets in Rajasthan, Gujarat, and Karnataka.
- Solar Power: The business has a 2 MW solar power plant in Asansol, West Bengal.
India Power Corporation Fundamental Analysis
| Stock Name | India Power Corporation Ltd. |
|---|---|
| NSE Symbol | DPSCLTD |
| Market Cap | ₹ 1268 Cr. |
| 52W High | ₹ 23.8 |
| 52W Low | ₹ 10.5 |
| Stock P/E | 180 |
| Book Value | ₹ 9.04 |
| Dividend Yield | 0.38 % |
| ROCE | 3.17 % |
| ROE | 0.74 % |
| Face Value | ₹ 1.00 |
| Industry PE | 26.5 |
| Price to book value | 1.44 |
| Debt to equity | 0.18 |
| PEG Ratio | -17.3 |
| Quick ratio | 0.90 |
| Shareholders | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
| Promoters + | 59.49% | 59.47% | 59.47% |
| FIIs + | 0.00% | 0.25% | 0.15% |
| DIIs + | 0.12% | 0.12% | 0.12% |
| Public + | 40.38% | 40.16% | 40.25% |
| No. of Shareholders | 34,523 | 92,956 | 1,14,196 |
Key Factors Driving India Power Corporation Future Growth
- Government Push for Renewable Energy Transition: India aims to achieve 500 GW of non-fossil fuel energy capacity by 2030 and reach net-zero emissions by 2070. To meet these targets, the government is promoting solar, wind, and other renewables through schemes like the PM-KUSUM, PLI for solar modules (₹24,000 crore budget), and Green Energy Corridor projects. India Power Corporation, with an existing renewable capacity of approximately 100+ MW, can expand by aligning with these national schemes.
- Expansion of Renewable Energy Capacity: India Power Corporation currently operates wind and solar projects across Rajasthan, Gujarat, Karnataka, and Tamil Nadu. As of FY24, the company has planned capital expenditure to further augment its green energy portfolio, targeting to double its renewable capacity in the medium term.
- Increasing Power Demand and Urbanization: India’s electricity demand is expected to grow at a CAGR of 5–6% till 2030, driven by rising urbanization, electric mobility, and digital infrastructure. IPCL’s licensed distribution area in Asansol (West Bengal), which includes industrial and residential zones, ensures a stable and growing consumer base.
- Focus on Cost-Efficient Power Distribution: IPCL operates with Transmission & Distribution losses below 10%, among the lowest in the private distribution segment. For context, the all-India average T&D loss stands at around 17%. This operational efficiency enhances profit margins and ensures better regulatory outcomes, especially under the UDAY and RDSS schemes, promoting DISCOM efficiency.
- Making smart purchases to increase power production: India Power Corporation wants to make a big difference in its power production by buying overworked thermal plants. The company wants to buy three to four of these plants, which will give it a total of about 500 to 750 MW. As part of this plan, Meenakshi Energy’s 89% stake will be bought, which will add 300 MW right away and another 700 MW soon after.
- Use of Smart Grid Technologies: India Power Corporation is working with a public-private partnership to put 350,000 smart meters in five towns in Madhya Pradesh through its subsidiary, MP Smart Grid Private Limited. The goal of this project is to make operations more efficient and improve customer service in the distribution sector.
- Expanding into international markets: India Power Corporation has grown its reach beyond India. The company worked with a partner to build a 100 MW solar project in Albania through its subsidiary, IPCL Pte Limited. This was its first step into the international market for renewable energy.
Pros of India Power Corporation
- Low Debt Levels: India Power Corporation debt to equity ratio is 0.18, which indicates that the company is less dependent on debt, which reduces its financial risk.
- Increase in FIIs Holding: Foreign Institutional Investors (FIIs) have increased their holding to 0.15% in March 2025 from 0.14% in December 2024, which indicates growing confidence in the India Power Corporation future potential by the FIIs.
Cons of India Power Corporation
- Decreasing Sales – India Power Corporation sales have been decreasing at a CAGR of -1% over the last ten years.
- Decreasing Profits – India Power Corporation profits have been decreasing at a CAGR of -12%. over the last ten Years.
- Low Return on Equity (ROE): India Power Corporation 5-years average ROE is 1.21%, which shows that India Power Corporation is not using shareholders funds efficiently to generate profits.
- Low Return on Capital Employed (ROCE): India Power Corporation 5-years average ROCE is 3.40%, which shows that India Power Corporation is not using its capital efficiently to generate profits.
- Overvaluation Concern: India Power Corporation stock is trading at a PE ratio of 180, which is relatively higher than the industry average of 26.5, which indicates that the stock is overvalued compared to its peers.
- Low Interest Coverage Ratio: The interest coverage ratio of India Power Corporation is 1.32, which shows that the company is struggling to pay interest.
- High Promoter Pledge: India Power Corporation promoters have pledged 67.3% of their holding, which can be risky. If they fail to repay their loans, lenders might sell these shares, causing the stock price to fall.
India Power Corporation Ltd Balance Sheet
| Particulars | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
| Equity Capital | 97 | 97 | 97 |
| Reserves | 908 | 919 | 782 |
| Borrowings | 282 | 213 | 156 |
| Other Liabilities | 732 | 830 | 786 |
| Total Liabilities | 2,020 | 2,059 | 1,822 |
| Fixed Assets | 897 | 882 | 969 |
| CWIP | 15 | 14 | 10 |
| Investments | 3 | 3 | 1 |
| Other Assets | 1,105 | 1,160 | 843 |
| Total Assets | 2,020 | 2,059 | 1,822 |
By the end of 2025, the India Power Corporation share price is expected to be around ₹17 in normal conditions. In a bear market, it might be ₹12, and in a bull market, it may go up to ₹20.
| India Power Corporation Share Price Target 2025 | Rupees (₹) |
|---|---|
| Bear Market | 12 |
| Normal Market | 17 |
| Bull Market | 20 |
In 2026, the India Power Corporation share price is expected to be around ₹20 in a normal situation. In a bear market, it might be ₹12.8, and in a bull market, it may cross ₹26.
| India Power Corporationl Share Price Target 2026 | Rupees (₹) |
|---|---|
| Bear Market | 12.8 |
| Normal Market | 20 |
| Bull Market | 26 |
According to our analysis, the India Power Corporation share price is expected to be around ₹24 in 2027. In a bear market, it might be ₹14, and in a bull market, it may cross ₹34.
| India Power Corporation Share Price Target 2027 | Rupees (₹) |
|---|---|
| Bear Market | 14 |
| Normal Market | 24 |
| Bull Market | 34 |
According to our analysis, the India Power Corporation share price may trade near ₹16 by 2028; bearish conditions could pull it down to ₹28, while a strong bull run might lift it to ₹44.
| India Power Corporation Share Price Target 2028 | Rupees (₹) |
|---|---|
| Bear Market | 16 |
| Normal Market | 28 |
| Bull Market | 44 |
Under normal conditions, the India Power Corporation share price might hit ₹35 by 2029. A bearish trend could lower it to ₹18, whereas a bullish surge could raise it to ₹57.
| India Power Corporation Share Price Target 2029 | Rupees (₹) |
|---|---|
| Bear Market | 18 |
| Normal Market | 35 |
| Bull Market | 57 |
In a normal situation, the India Power Corporation share price is projected to be approximately ₹40 in 2030. In a bear market, the value may be as low as ₹20, while in a bull market, it may rise to ₹70.
| India Power Corporation Share Price Target 2030 | Rupees (₹) |
|---|---|
| Bear Market | 20 |
| Normal Market | 40 |
| Bull Market | 70 |
By 2035, the India Power Corporation share price is projected to be around ₹80 under normal conditions. In adverse markets, the price could fall to ₹30, while favorable conditions might push it up to ₹200.
| India Power Corporation Share Price Target 2035 | Rupees (₹) |
|---|---|
| Bear Market | 30 |
| Normal Market | 80 |
| Bull Market | 200 |
Under normal conditions, the India Power Corporation share price might hit ₹150 by 2040. A bearish trend could lower it to ₹50, whereas a bullish surge could raise it to ₹650.
| India Power Corporation Share Price Target 2040 | Rupees (₹) |
|---|---|
| Bear Market | 50 |
| Normal Market | 150 |
| Bull Market | 650 |
In 2050, the India Power Corporation share price is expected to be around ₹500 in a normal situation. In a bear market, it might be ₹150, and in a bull market, it may go up to ₹3500.
| India Power Corporation Share Price Target 2050 | Rupees (₹) |
|---|---|
| Bear Market | 150 |
| Normal Market | 500 |
| Bull Market | 3500 |
Disclaimer
This article is for educational purposes only. It is not a stock recommendation and should not be treated as such. Please ask your financial advisor before making any investment decision.
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