Reliance Power Ltd.

“Reliance Power is a weak, coal-heavy IPP with chronically poor returns on capital, an overleveraged balance sheet, thin and eroding competitive advantages, and a promoter-dominated governance structure, leaving equity holders exposed to a high probability of permanent capital impairment; even at a superficially low multiple, the upside relies on a favorable deleveraging and regulatory path that history does not support as a base case, so long-term capital is better deployed in stronger Indian power franchises.”