Reliance Power Limited has filed its mandatory Security Cover Certificate for Non-Convertible Debentures with BSE Limited, demonstrating compliance with regulatory requirements for its outstanding debt securities. The submission covers the company's Rs. 250 crore Series III (2017) NCDs as on December 31, 2025.

Regulatory Compliance and Certification

The Security Cover Certificate was prepared in accordance with Regulation 54 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pathak H.D. & Associates LLP, the company's statutory auditors, certified the statement based on unaudited books of accounts for the quarter and nine months ended December 31, 2025.

The certificate specifically relates to Series III (2017) Rated, Listed, Secured, Redeemable, Non-Convertible Debentures with ISIN INE614G07089, originally issued on July 10, 2017, with maturity extended till June 30, 2035.

Asset Coverage Analysis

The Statement of Asset Coverage Ratio reveals comprehensive details of the company's asset position:

The most significant component comprises investments totaling Rs. 16,259.14 crore, primarily consisting of 60,30,44,493 equity shares of Dhirubhai Ambani Green Tech Park Limited (formerly Coastal Andhra Power Limited).

Liability Structure and Coverage Ratios

The company's liability structure under the certificate includes:

Market Valuation and Coverage Metrics

The certificate demonstrates strong asset coverage with key metrics:

The market value assessment for equity shares of Dhirubhai Ambani Green Tech Park Limited, valued at Rs. 506.56 crore, was based on a valuation certificate issued by H. Ashar & Co., Chartered Accountants dated January 28, 2026.

Debenture Details and Modifications

The Series III (2017) NCDs have undergone several modifications since their original Debenture Trust Deed dated August 01, 2017. Subsequent modifications were executed on June 29, 2018, April 25, 2019, August 09, 2020, February 26, 2021, and September 29, 2023, reflecting the company's ongoing debt management strategies.

The certificate was signed by Neeraj Parakh, Executive Director, Chief Executive Officer and Chief Financial Officer (DIN: 07002249), and submitted by Company Secretary Ramandeep Kaur on January 30, 2026.

Source:

Reliance Power Limited has announced its consolidated financial results for the third quarter ended December 31, 2025, showing strong operational performance with significant EBITDA growth and margin expansion, despite a decline in net profit. The Anil Ambani-led power generation company also made key senior management appointments during the quarter.

Q3 FY26 Financial Performance

The company delivered robust operational metrics with substantial EBITDA improvement and margin expansion:

The company's EBITDA performance demonstrates strong operational efficiency with margins expanding by 572 basis points year-on-year. Total income for the quarter stood at ₹1,94,978 lakhs compared to ₹2,15,944 lakhs in the corresponding period last year.

Nine-Month Performance

For the nine-month period ended December 31, 2025, the company reported revenue from operations of ₹5,73,245 lakhs compared to ₹5,60,488 lakhs in the corresponding period last year, marking a growth of 2.28%. The improved EBITDA margins reflect better cost management and operational efficiency across the company's power generation assets.

Senior Management Appointments

The Board of Directors approved strategic senior management appointments to strengthen operational capabilities:

Shri Sudhakar Tandon brings over 37 years of extensive experience in the power sector, with expertise in P&L management, power plant operations, and business development. He has previously worked with reputed organizations including Tata Power, Torrent Power, NTPC, and Adani Power.

Operational and Cost Management

The company's consolidated results show total expenses of ₹1,84,965 lakhs for Q3 FY26, with cost of fuel consumed being the major component at ₹92,048 lakhs. Finance costs decreased significantly to ₹37,126 lakhs from ₹54,416 lakhs in the corresponding quarter last year, indicating improved debt management and contributing to the enhanced EBITDA performance.

Shri Abhimanyu Das has about 18 years of experience in the power sector, spanning business development, regulatory affairs, and project management. His association with Reliance Power spans over 15 years, and he holds expertise in power purchase agreements and contract management.