Whalesbook
Bank ne Manga NCLT ka Sahara
Export Import Bank of the United States (US Exim) ne Reliance Power Ltd. par India mein bankruptcy filing ki hai. Bank ka kehna hai ki Reliance Power ki subsidiary, Samalkot Power Ltd., ne $165.41 Million ka default kiya hai, aur parent company ne iske liye guarantee di thi. Yeh filing India ke Insolvency and Bankruptcy Code (IBC) ke under hai, matlab ab National Company Law Tribunal (NCLT) yeh decide karega ki kya case admit karna chahiye ya nahi, agar debt aur default prove hota hai.
Company ka Stand: Debt 'Due' Hi Nahi Hai!
Par Reliance Power ne saaf keh diya hai ki yeh bankruptcy application valid nahi hai aur wo iska vigorously virodh karenge. Company ka reason? Unka kehna hai ki yeh debt 'due' hi nahi hai! Yeh pura dispute abhi London Court of International Arbitration (LCIA) mein chal raha hai. Asal mein, Samalkot Power Ltd. ne toh khud June 2025 mein US Exim aur Citibank N.A. ke khilaaf arbitration case file kiya tha. Reliance Power ne July 2025 mein stock exchanges ko bhi iske baare mein inform kiya tha.
Stock Par Giraavat, Group Par Bhi Nazar
Is news ka asar Reliance Power ke stock par bhi dikh raha hai. Pichhle ek saal mein share 27% gir chuka hai aur is saal abhi tak 16% down hai. Wednesday ko toh share 1.9% toot gaya tha Nifty par, announcement se pehle hi. Aur baat yahaan rukti nahi, Anil Ambani Group ki dusri companies bhi Enforcement Directorate (ED) ke focus mein hain bank fraud aur fund diversion ke allegations ko lekar. Poora group hi pressure mein lag raha hai.
April 2026 tak, Reliance Power ki market cap lagbhag ₹12,171.66 Crore thi.
Debt, Leverage Aur Sector Ki Chinta
Company ka financial structure, khaas kar debt aur subsidiary guarantees, risks badha rahe hain. Haalanki, company ne debt kam karne par kaafi kaam kiya hai, standalone basis par June 2024 mein debt-free bhi ho gaye the. Lekin ye $165.41 Million wala US Exim debt dikhata hai ki abhi bhi leverage issues hain. Isse pehle company ne Rs 3,872 Crore related to Vidarbha Industries Power bhi settle kiya tha.
Reliance Power ka P/E ratio bhi bohot volatile raha hai, kabhi negative -128.57 toh kabhi 42.4 ya 56.8 (TTM) ke aas paas April 2026 tak, earning ki fluctuations ke karan. Return on Equity (ROE) bhi 0% ya negative -1.08% report hua hai, jo profitability issues dikhata hai.
Bade picture mein dekhein toh Indian power sector mein credit metrics sudhar rahe hain, par purane thermal plants ya complex debt wali companies abhi bhi vulnerable hain. India ki around 80% power sector debt abhi bhi bank loans par depend karti hai. Competitors jaise Adani Power aur Tata Power ki market cap kaafi badi hai, jo unki scale aur financial strength dikhati hai.
Aage Kya?
Reliance Power ki volatile earnings ke karan traditional valuation metrics ko judge karna mushkil ho raha hai. Analysts ka sentiment mostly 'Sell' bol raha hai technical indicators ke basis par, matlab caution rakho. Kuch analyses 'Hold/Accumulate' bhi keh rahe hain, par stock ki volatility ke karan high risk warn kar rahe hain. Average analyst target price around ₹37.00 hai, jisme potential upside dikh raha hai. Company ka focus power projects develop karne par hai, par in financial challenges ko clear karna bahut zaroori hoga.