IPO Price Range: Not Announced Yet
IPO Status
Upcoming
Listing Exchange
NSE
Product | Thermal Power Plants |
Known For | Electricity generation |
Top Products | BEL Power Plants, LPGCL Power Plant |
Promoters | 92.8% | |
Name | Role | Stakeholding |
Bajaj Power Ventures | Promoter | 100% |
Adani Power operates a vertically integrated business model focused on power generation, transmission, and distribution, leveraging coal, solar, and thermal energy sources.
Tata Power diversified power utility with renewable and conventional energy generation, transmission, distribution, and power trading services, emphasizing sustainability and green energy.
NTPC is India’s largest power producer, generating electricity from coal, gas, hydro, and renewables, with a focus on efficient, reliable, and sustainable power supply.
Sravanthi Energy specializes in natural gas-based power generation, offering efficient, environmentally friendly electricity solutions to industrial and commercial customers.
JITPL operates coal-based thermal power plants, focusing on cost-effective and reliable electricity generation for industrial and grid supply.
Essar Power engages in power generation using coal, gas, and renewables, providing reliable and efficient energy solutions across industrial and commercial sectors.
Strong PPA Agreements: Long-term PPAs ensure stable income with a two-part tariff structure and efficient receivables management, covering 100% of installed capacity.
Secured Fuel Supply: Long-term FSAs with Coal India ensure fuel stability, with cost pass-through mechanisms for imported or auctioned coal.
Proven Power Generation Expertise: Operates 450 MW and 1,980 MW plants with high availability, timely project execution, and efficient debt funding.
Strategic Market Position: Strongly positioned in Uttar Pradesh’s growing power market, driven by rising demand, electrification, and industrial growth.
Experienced Management Team: Management with 21+ years of experience, supported by a skilled 750-member technical team for efficient operations.
Dependence on Single Customer (UPPCL): BEL and LPGCL rely solely on UPPCL for income; payment delays or loss of UPPCL could severely impact their finances, with BEL’s 2018 income at ₹7,22 crore and LPGCL’s at ₹41,31.8 crore.
Disputes with UPPCL over Tariffs: LPGCL faces disputes with UPPCL over unpaid tariffs, risking a ₹7,53.8 crore write-off for coal shortages and ₹4,70.8 crore for equity returns, pending UPERC and APTEL rulings.
Audit Qualifications and Financial Risks: LPGCL’s 2018 audit flagged ₹24,96 crore in disputed income; adverse rulings could cut profits and equity by ₹5,16.4 crore, affecting BEL’s consolidated financials.
Contractual Risks with PPAs: UPPCL unilaterally terminated BEL’s PPAs in 2018, causing a 169-day shutdown and ₹54 crore loss; future cancellations could further harm BEL’s operations and revenue.
Loan Covenant Breaches: BEL and LPGCL breached loan terms, with debts of ₹1,901.35 crore and ₹1,55,65.15 crore as of 2018; defaults risk loan acceleration and credit rating drops to “D.”