Power stock crashes 7% after company’s net profit declines 98% QoQ

SYNOPSIS: Q3 FY26 saw revenue remain largely flat year-on-year but decline sequentially, while profits and margins fell sharply due to weaker operating performance, with power continuing to dominate the revenue mix.

Shares of a company involved in coal mining, sand mining, cement grinding, and production of thermal and hydroelectric electricity slipped over 7 percent on Thursday, after reporting muted Q3 FY26 results with a decline in net profit of around 98 percent QoQ and 97 percent YoY.

With a market cap of Rs. 10,294 crores, shares of Jaiprakash Power Ventures Limited were trading in the red at Rs. 15.02 on BSE, down by around 7 percent, compared to its previous closing price of Rs. 16.11. So far in 2026, the stock has delivered negative returns of over 14 percent, but has fallen by nearly 22 percent in the last six months.

Financials Q3 FY26

Jaiprakash Power Ventures Limited announced the financial results for the third quarter of FY26 on Wednesday after market hours, as per the latest regulatory filings with the stock exchanges.

For Q3 FY26, the company posted a consolidated revenue from operations of Rs. 1,155.6 crores, reflecting a sequential decline of around 20 percent QoQ compared to Rs. 1,438.3 crores in Q2 FY26. In contrast, on a year-on-year basis, revenue increased by just around 1 percent from Rs. 1,140.2 crores recorded in Q3 FY25.

Net profit for the quarter stood at Rs. 3.77 crore, indicating a decrease of around 98 percent QoQ from Rs. 182 crores in Q2 FY26, as well as a decline on a year-on-year basis by about 97 percent from Rs. 126.6 crores reported in Q3 FY25.

Additionally, operating performance declined during the quarter, with EBITDA falling sharply by over 40 to Rs. 173.56 crore from Rs. 290 crore in Q3 FY25. The EBITDA margins for the quarter stood at 15.01 percent, reflecting a decrease of 1041 bps from 25.43 percent over the previous quarter.

Revenue Mix

For the quarter ended December 2025, the total segment revenue is largely driven by the Power segment, which contributed Rs. 1,155.6 crore, accounting for about 86.5 percent of overall revenue. Coal operations added Rs. 180.5 crore, making up the remaining 13.5 percent.

On a year-on-year basis, Power segment revenue increased marginally by around 1.3 percent YoY from Rs. 1,140.3 crore, while Coal revenue declined by nearly 8.4 percent YoY from Rs. 197 crore, reflecting softer performance in the coal segment during the period. Jaiprakash Power Ventures Limited is engaged in the business of generation of power, cement grinding and captive coal mining.

As of FY25, the company owns and operates 400 MW Jaypee Vishnuprayag Hydro Electric Plant at Chamoli (Uttarakhand), 1.32 GW JaypeeNigrie Super Thermal Power Plant at Nigrie (MP), and 500 MW Jaypee Bina Thermal Power Plant at Sirchopi (MP). Additionally, Jaiprakash Power operates Cement Grinding Unit (2 MTPA) at Nigrie, and is also engaged in captive coal mining operations at Amelia Coal Block allotted by the Government of India for the supply of Coal to Jaypee Nigrie Super Thermal Power Plant. 

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