“150% profit surge… but why did the stock slip?”

📊 Q3 FY26 Results Highlights - Net Profit: ₹420 crore vs ₹168 crore last year (+150% YoY) - Revenue: ₹4,081–4,255 crore vs ₹2,438–2,640 crore last year (+61–67% YoY) - EBITDA: ₹2,030 crore vs ₹914 crore last year (+122% YoY) - EBITDA Margin: 49.7% vs 37.5% last year - Power Sales: 11.1 BU (+65% YoY) - Thermal: +55% - Renewables: +96% - Milestone: Commissioned India’s largest green hydrogen plant (3,800 TPA) at Vijayanagar - Acquisitions: Added 4.7 GW renewable capacity via 02 Power Midco Holdings Pte. Ltd. 📉 Stock Market Impact - Current Price (NSE): ₹477.65 - Change: -2.99% (-₹14.70) vs previous close ₹492.35 - Reason for Dip: - Profit-booking after strong results - Valuation concerns (stock has rallied significantly in past year) - Market cautious on execution of large renewable/green hydrogen projects ⚠️ Investor Watchouts - Execution Risks: Scaling green hydrogen and renewable projects requires heavy capex and regulatory clarity. - Debt & Funding: Expansion may stretch balance sheet; monitor leverage ratios. - Power Demand Cyclicality: Thermal segment still contributes significantly; demand slowdown could impact margins. - Policy Dependence: Renewable and hydrogen projects rely on government incentives and carbon credit frameworks. 🚀 Strategic Outlook - Renewable Focus: Targeting 20 GW capacity by 2030, with majority from solar, wind, and hydro. - Green Hydrogen: Early mover advantage with India’s largest plant; potential to supply industrial decarbonization. - Diversification: Balanced portfolio of thermal + renewable assets reduces volatility. - Long-Term Growth: Positioned as a key player in India’s energy transition, but execution pace and profitability of new ventures will determine valuation upside.