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Reliance Power Ltd

Q2 FY26

Reliance Power Q2 FY26: Revenue ₹8,257 Cr

Q2 FY26 investor presentation: what the company reported on revenue, margins and projects.

Price₹19

Market cap₹7.7K Cr

P/E2,153.1

Updated16 Oct 2026

Read5 min read

Based on Reliance Power Ltd's Q2 FY26 investor presentation. The company has not published an earnings-call transcript for this quarter, so figures here are what the investor presentation reports, not management guidance.

The short version

Revenue for H1 FY26: ₹8,257 crore - Revenue for H1 FY25: ₹8,138 crore (approximate from 1.5% increase) - Revenue growth: 1.5% increase in H1 FY26 vs H1 FY25 - Normative EBITDA for H1 FY26: ₹2,405 crore - Normative EBITDA for H1 FY25: ₹2,219 crore (approximate from 8.4% increase) - EBITDA growth: 8.4% increase in H1 FY26 vs H1 FY25 - No explicit outlook or future guidance on revenue or volumes is stated in the presentation. EBITDA (Normative): ₹1,416 Cr for H1 FY26, increased by 8.4% YoY compared to H1 FY25 (Page 14).

From Reliance Power Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Revenue for H1 FY26: ₹8,257 crore
Revenue for H1 FY25: ₹8,138 crore (approximate from 1.5% increase)
Revenue growth: 1.5% increase in H1 FY26 vs H1 FY25
Normative EBITDA for H1 FY26: ₹2,405 crore
Normative EBITDA for H1 FY25: ₹2,219 crore (approximate from 8.4% increase)
EBITDA growth: 8.4% increase in H1 FY26 vs H1 FY25

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Profitability & Margins

EBITDA (Normative): ₹1,416 Cr for H1 FY26, increased by 8.4% YoY compared to H1 FY25 (Page 14).
Revenue: ₹8,257 Cr for H1 FY26, increased by 1.5% YoY compared to H1 FY25 (Page 14).
Operating Margin: Not explicitly stated as a percentage, but EBITDA growth (8.4%) outpaces revenue growth (1.5%), indicating margin improvement (Page 14).

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Capital Expenditure Plans

Reliance Nu Energies (New Growth Engine):
Anchor portfolio locked: 4.0 GW solar + 6.5 GWh BESS + 0.77 MW hydro.
Expansion planned into FDRE, pumped storage, and wind.
Key projects secured via PPAs with 25-year terms.
930 MW Solar + 1860 MWh BESS (FY27-28), AAA rated.
350 MW Solar + 700 MWh BESS (FY30-31), AA+ rated.
510 MW Solar + 770 MWh Hydro in Bhutan (FY30-31).
750 MW Solar + 3000 MWh BESS (FY27-28), AA+ rated.
Solar and stationary BESS growth targets:
India target: 280 GW solar and 250 GWh BESS by 2030-32.
Thermal power assets:
Sasan Power: 3960 MW, COD Mar 2015.
Rosa Power: 1200 MW, COD Apr 2012.
Other:
Sale of 1508 MW gas projects planned by 2031.
Sale of 5 coal subsidiaries targeted by Dec 2025.

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Fundraising & Capital Structure

The presentation mentions a strengthened balance sheet with clear cash flow visibility driving profitable growth (Page 14).
Zero net debt is reported at the standalone level from April 2024 (Page 24).
There has been a 34% reduction in consolidated debt since FY22, with total debt at ₹15,232 Cr in H1 FY26 compared to ₹23,129 Cr in FY22 (Page 14).
Debt-to-Equity ratio at consolidated level is 0.87, among the lowest in the industry (Page 14).
Net worth increased by 42% in H1 FY26 over FY24, standing at ₹16,516 Cr as of H1 FY26 (Page 14).

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Order Book & Pipeline

The investor presentation reports the following on order book, order inflow, or pending orders: - Portfolio locked in last 1 year includes: - 930 MW Solar + 1860 MWh BESS with 25-year PPA, assured 4 hrs/day peak power supply (FY27-28) - 350 MW Solar + 700 MWh BESS with 25-year PPA, assured 4 hrs/day peak power supply (FY30-31) - 510 MW Solar + 770 MWh Hydro strategic partnership with Bhutan’s DHI (FY30-31) - 750 MW Solar + 3000 MWh BESS with 25-year PPA, assured 4 hrs/day peak power supply (FY27-28) - Anchor portfolio locked: - 4.0 GW solar - 6.5 GWh battery energy storage system (BESS)

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Reliance Power Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.9K Cr, net loss ₹494 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

Others in Power this season

Reliance Infrastructure Ltd (Q2 FY26)
Revenue: ₹12,345 Crore . Key investor presentation takeaways from Reliance Infrastructure Ltd's Q2 FY26 investor presentation — and how it ranks against sector
GMR Urban (Q2 FY26)
Consolidated Total Income: INR 19.2bn, up 28% YoY and 9% QoQ (Page 10). Key investor presentation takeaways from GMR Power & Urban Infra Ltd's Q2 FY26 investor
Adani Energy Solutions Ltd (Q2 FY26)
Distribution business capex around INR 1,500-1,600 crores, translating to INR 250-275 crores EBITDA. Key concall takeaways from Adani Energy Solutions Ltd's Q2…
CESC (Q2 FY26)
For H1 FY26, consolidated revenue was Rs 10,636 Cr, up from Rs 9,688 Cr in H1 FY25, a ~9.8% YoY increase. Key concall takeaways from CESC Ltd's Q2 FY26…

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Frequently Asked Questions

What were Reliance Power Ltd Q2 FY26 results?

Revenue for H1 FY26: ₹8,257 crore - Revenue for H1 FY25: ₹8,138 crore (approximate from 1.5% increase) - Revenue growth: 1.5% increase in H1 FY26 vs H1 FY25 - Normative EBITDA for H1 FY26: ₹2,405 crore - Normative EBITDA for H1 FY25: ₹2,219 crore (approximate from 8.4% increase) - EBITDA growth: 8.4% increase in H1 FY26 vs H1 FY25 - No explicit outlook or future guidance on revenue or volumes is stated in the presentation. EBITDA (Normative): ₹1,416 Cr for H1 FY26, increased by 8.4% YoY compared to H1 FY25 (Page 14).

What is Reliance Power Ltd share price analysis?

Reliance Power Ltd currently shows a neutral. The stock trades at a P/E of 2153.1 with a market cap of ₹7,730 Cr. Investors should review the full earnings analysis for detailed insights.

Is Reliance Power Ltd planning capital expenditure?

Reliance Nu Energies (New Growth Engine): - Anchor portfolio locked: 4.0 GW solar + 6.5 GWh BESS + 0.77 MW hydro.

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This analysis is AI-generated based on publicly available earnings data and the company's investor presentation. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.