RattanIndia Power gets Rs 115 crore under Supreme Court stay

RattanIndia Power received Rs 115 crore from MSEDCL towards change-in-law claims after the Supreme Court admitted MSEDCL’s appeal and stayed the Appellate Tribunal for Electricity ruling, subject to payment of 25% of the principal amount. The payment followed RPL’s July 10, 2025 remand petition before MERC, while the underlying matter remains unresolved.

Why did RPL receive Rs 115 crore from MSEDCL?

RPL received Rs 115 crore because the Supreme Court’s stay of the APTEL judgment was subject to MSEDCL paying 25% of the principal amount. MSEDCL filed its civil appeal on August 4, 2025, challenging APTEL’s May 8, 2025 order, which was modified on May 15, 2025. The presentation says the Supreme Court admitted the appeal and stayed the challenged judgment on that payment condition.

The Rs 115 crore payment was made towards RPL’s change-in-law claims, rather than being described as a final settlement. RPL does not disclose the total principal amount underlying the 25% condition, the amount attributable to each claim category, any interest amount, or the balance that may remain recoverable. The disclosed payment therefore confirms a partial recovery, not the final value of the regulatory receivable.

What did APTEL decide on RPL’s change-in-law claims?

APTEL allowed RPL’s appeal in Appeal No. 345 of 2021 and held that specified ash-utilisation requirements and coal-related charges constituted change in law. Its judgment was dated May 8, 2025 and was modified on May 15, 2025. The ruling identified three categories that formed the basis of RPL’s subsequent recovery proceedings.

First, APTEL held that Ministry of Environment, Forest and Climate Change notifications dated January 25, 2016, December 31, 2021, December 30, 2022 and January 1, 2024 were change in law. Those notifications mandated 100% utilisation of ash. RPL subsequently sought directions concerning payment for ash transportation in its July 10, 2025 petition before the Maharashtra Electricity Regulatory Commission, or MERC.

Second, APTEL held that the levy and increase in surface transportation charges, or STC, imposed by South Eastern Coalfields Limited through notifications issued by Coal India Limited and its subsidiaries were change in law. It reached the same conclusion on sizing charges levied and increased by South Eastern Coalfields Limited through that notification route. The presentation groups ash transportation, STC and sizing charges as the components of RPL’s claim.

What is the legal status of RPL’s recovery claim?

RPL’s recovery remains legally unresolved because the Supreme Court has stayed the May 2025 APTEL judgment while hearing MSEDCL’s admitted appeal. MSEDCL filed the appeal on August 4, 2025, after RPL filed its MERC remand petition on July 10, 2025. The presentation gives no hearing date, disposal timetable or final amount payable under either proceeding.

RPL’s MERC petition seeks directions to MSEDCL to release payment for ash transportation and increases in STC and sizing charges. The company describes this matter as sub judice, meaning it remains before the regulatory forum. RPL says it continues to pursue regulatory receivables through appropriate legal and regulatory forums, but does not quantify receivables beyond the Rs 115 crore payment.

The sequence separates the appellate finding from collection and final resolution. APTEL’s May 8, 2025 ruling was favourable to RPL, but the Supreme Court stay means that ruling is under challenge. The Rs 115 crore payment followed an interim court condition and does not establish whether RPL will recover any additional principal, interest or other amount.

How did RPL’s H1 FY27 financial results change?

RPL reported a profit after tax of Rs 81.26 crore for H1 FY27, compared with a loss of Rs 47.62 crore in H1 FY26. The presentation does not state whether the Rs 115 crore payment was recognised in revenue, other income or profit for the six months ended September 30, 2026. A direct link between the recovery and reported earnings therefore cannot be determined from the disclosed figures.

Revenue from operations increased by Rs 25.75 crore year on year, while total income declined by Rs 10.11 crore because other income fell by Rs 35.86 crore. Finance costs declined by Rs 91.45 crore and total expenses decreased by Rs 139.02 crore. Those changes coincided with RPL’s movement from a Rs 47.62 crore loss in H1 FY26 to an Rs 81.26 crore profit in H1 FY27.

What operating data did RPL report for H1 FY27?

RPL reported an 85% plant load factor and 91% availability at its Amravati plant in H1 FY27. Plant load factor, or PLF, measures generation relative to capacity, while availability measures the plant’s readiness to generate. RPL described Amravati as among the better-performing plants in Maharashtra and the country during the six-month period.

RPL also sold 20.26 million units on the power exchange in H1 FY27, generating Rs 16.94 crore in addition to revenue earned through its power purchase agreement, or PPA. This exchange-sale figure is separately identified from the regulatory claims involving ash transportation, STC and sizing charges. The presentation does not state what proportion of the Rs 1,501.40 crore H1 FY27 operating revenue was linked to MSEDCL.

The presentation also cites all-India generation of 1,073 billion units in H1 FY27, with renewable energy sources accounting for 219 billion units, or about 20% of the total. It states that generation growth increased by 12.0% from the corresponding H1 FY26 period. RPL’s presentation says coal-based thermal plants would continue to be the backbone of national electricity generation.

Conclusion

The Rs 115 crore payment gives RPL a disclosed partial recovery on its change-in-law claims covering ash transportation, surface transportation charges and sizing charges. However, APTEL’s May 2025 findings remain stayed in MSEDCL’s Supreme Court appeal, and the presentation does not disclose the total claim, the remaining balance or any interest entitlement. Separately, RPL’s H1 FY27 profit of Rs 81.26 crore compared with a Rs 47.62 crore loss a year earlier.

The next developments are the Supreme Court appeal filed by MSEDCL on August 4, 2025 and RPL’s MERC remand petition filed on July 10, 2025. RPL has said it will continue pursuing regulatory receivables through legal and regulatory forums, but has not disclosed a timetable for final recovery or the amount that could remain after the Rs 115 crore payment.