Press Release

Press Release

September 02, 2026

MB POWER (MADHYA PRADESH) LIMITED
Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Commercial Paper (CP)	0.00	50.00	-	ACUITE A1+ \| Assigned	RBI
Total Outstanding	0.00	50.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuite has assigned its short-term rating of 'ACUITE A1+' (read as ACUITE A one plus) on the Rs.50.00 Crore proposed Commercial Paper (CP) of MB Power (Madhya Pradesh) Limited (MBPL).

Rationale for rating:
The rating assigned reflects company's established operating track record, extensive management experience and low offtake risk, supported by fully tied-up long-term Power Purchase Agreements (PPAs) with state discoms of Madhya Pradesh, Uttar Pradesh, Assam, and Karnataka, with tenures up to 25 years. The risk profile is further strengthened by fuel supply arrangements with Southeastern Coalfields Limited (SECL) along with presence of coal cost pass-through mechanisms under PPAs, which help mitigate supply risks and volatility in margins. The rating also derives comfort from the company's stable operating performance, reflected in a plant availability of around 91% during FY2026 and a PLF of approximately 78%-79%, indicating efficient operations and reliable generation. Further, tariff realizations improved in Q1 FY2026-27, with the average tariff increasing to Rs. 5.60/unit from Rs. 5.03/unit. The rating is also supported by a healthy financial risk profile, efficient working capital management and strong liquidity position which has further strengthened due to reduced debt servicing requirements and finance cost and maintenance of the DSRA reserve in the form of fixed deposits equivalent to two-quarters repayment obligations enhancing overall liquidity position. However, rating remains constrained by a moderate counterparty risk profile, execution risk in ongoing solar power project of 300 MW since it is at nascent stage and exposure to climatic conditions impacting PLF level.

About the Company

Incorporated in 2008, Madhya Pradesh-based MB Power (Madhya Pradesh) Limited (MBPL) is a subsidiary of Hindustan Thermal Projects Limited (HTPL), which in turn, is a subsidiary of Hindustan Power Projects Private Limited (HPPL) – the flagship entity of the Hindustan Power group. MBPL has set up a 1,250-MW (2 x 625 MW) coal-based sub-critical thermal power plant in the Anuppur district of Madhya Pradesh, of which 600 MW (Unit-I) became operational in May 2015. The synchronization of Unit II was completed in March 2016. At present, the capacity of 1250 MW is fully tied up with long-term PPAs. Further, company is in the process of setting up solar plant of 300 MW, which is expected to be commissioned in FY2028. The company is managed by Mrs. Jasmeen Kaur, Mr. Hemant Sahai, Mrs. Seema Joshi, Mr. Rajarangamani Gopalan, Mr. Anand Deshpande, Mr. Deepak Amitabh and Mr. Edward Michael Bourgoin.

Unsupported Rating

Not applicable.

Analytical Approach

Acuite has considered the standalone business and financial risk profile of MB Power (Madhya Pradesh) Limited to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management and long operational track record
MB Power (Madhya Pradesh) Limited (MBPL), incorporated in 2008, is a Madhya Pradesh-based power generation company and a subsidiary of Hindustan Power Limited (HPL) (formally known as Hindustan ThermalProjects Limited (HTPL), which is part of the Hindustan Power Group. The company was established to develop and operate thermal power assets and currently operates a 1,250 MW coal-based thermal power plant in Anuppur, Madhya Pradesh. MBPL is overseen by an experienced management team comprising Mrs. Jasmeen Kaur, Mr. Hemant Sahai, Mrs. Seema Joshi, Mr. Rajarangamani Gopalan, Mr. Anand Deshpande, Mr. Deepak Amitabh and Mr. Edward Michael Bourgoin. Backed by the promoter group's support and its long-standing presence in the power sector, the company has developed significant operational expertise in plant management, fuel procurement, regulatory compliance, and stakeholder relations. The management's industry experience, coupled with the company's established operational track record, supports efficient plant operations, operational stability, and sustained business performance. Acuité believes that the Group’s long operating track record, industry positioning, and promoter experience are expected to support a stable flow of revenues over the medium term.

Low off take risk supported by long term PPA with 100 per cent tied up capacity
MBPL has entered into long-term PPAs with discoms of Madhya Pradesh, Uttar Pradesh, Assam and Karnataka. The company has fully (100 per cent) tied up its capacity with long-term Power Purchase Agreements (PPAs) with MP discoms for 423 MW, UP discoms for 383 MW, Assam discoms for 139 MW and Karnataka discoms for 305 MW for 25 years. Both Assam and Karnataka PPAs have fixed and variable charges as per the bid tariff. The company has also entered into a long-term open access agreement with the Power Grid Corporation of India (PGCIL) and is well connected with dedicated transmission lines that are connected to the National Grid. Power supply to off takers (UP, MP, Assam and Karnataka) is done through the National Grid. Acuité believes that the presence of assured off-take, long-term PPAs, and low counterparty receivable risk is expected to support the business risk profile over the medium term.

Stable operating performance albeit moderation in revenues which are expected to recover in current fiscal
The company has reported revenue of Rs.4,066.35 Cr. in FY2026 as against Rs. 4,219.19 Cr. in FY2025. Furthermore, in Q1FY2027 revenue stood at Rs. 1210.00 Cr. Company has also sold the balance untied capacity in exchange market during FY 2026 at an average realization rate of Rs.5.11/Unit. The tariffs have been revised in Q1FY27 from Rs. 5.60/unit to Rs. 5.03/unit which would support the operating scale going forward. The EBTIDA margin stood at 38.14 percent in FY2026 as against 38.40 percent in FY2025. The PAT margin stood at 16.84 per cent in FY2026 as against 13.87 per cent in FY2025. The plant has consistently maintained an average annual plant availability factor of ~91 per cent in FY2026, which has ensured the recovery of capacity charges under PPAs. The PLF has remained at around 78 percent and 83 percent during FY2026 and Q1FY2027, respectively. Given the adequate fuel tie-up, the plant was able to achieve a higher-than-normative PAF and sustained PLF over the medium term. Acuité believes that due to the presence of long-term PPAs and a stable track record of PLF, operating performance will remain stable over the long term.

Low fuel supply risk owing to Fuel supply arrangements and Coal Cost Pass-through in PPA's
Company has long-term fuel supply arrangements with Southeastern Coalfields Limited for the supply of 4.99 million tonnes per annum (MTPA). Subsequently, the annual contracted quantity has been revised to 5.55MTPA, of which, around 3.89MTPA is available for MP and UP. Further, an FSA is signed under Shakti Scheme for Assam (0.63MTPA) and Karnataka (1.41MTPA) taking the total supply to 5.94MTPA. Company coal requirement is around 53.59 lakhs metric tonnes per annum in FY2026. Company contracted for supply of 3.55 lakhs MTPA; total coal requirement balance coal is procured from e-auction/ open markets. Company’s plant is well connected with National railway network through dedicated railway siding in the plant. The company's long-term PPAs with the discoms of Madhya Pradesh, Assam, and Karnataka provide effective protection against fuel cost volatility, as coal costs are treated as a pass-through item. Under these agreements, the company is reimbursed for eligible expenses upon submission and verification of the requisite documents, subject to the achievement of prescribed normative parameters. Tariffs are determined by the respective State Electricity Regulatory Commissions through annual tariff orders, with fixed and variable charges payable for long-term contracted capacity in accordance with applicable tariff regulations. In the case of the UP PPA, any increase in coal procurement or transportation costs arising from shortages or price escalations is recoverable under the Change in Law provisions, over and above the stipulated variable charges. Consequently, the coal cost pass-through framework across the PPAs largely insulates the project from fuel cost escalation risks. Acuité believes that the company's exposure to fuel cost volatility remains significantly mitigated, supported by the coal cost pass-through mechanisms embedded in its long-term PPAs with the discoms of Madhya Pradesh, Assam, Karnataka, and Uttar Pradesh. Acuité believes that the company's fuel supply risk is adequately mitigated by its long-term fuel supply arrangements.

Healthy financial risk profile
The company’s financial risk profile is healthy, marked by a strong net worth, low gearing, and healthy debt protection metrics. The net worth of the company stood at Rs.3703.24 Cr. and Rs.3019.42 Cr. as on March 31, 2026, and 2025, respectively. The improvement in net worth is due to the accretion of reserves. The company’s gearing level stood low at 0.84 times on March 31, 2026, as against 1.14 times as on March 31, 2025. Debt protection metrics—interest coverage ratio (ICR) and debt service coverage ratio (DSCR)—stood healthy at 5.10 times and 2.30 times as on March 31, 2026, respectively, as against 4.02 times and 1.99 times as on March 31, 2025, respectively. TOL/TNW (Total outside liabilities/Total net worth) stood at 1.37 times and 1.72 times as on March 31, 2026, and 2025, respectively. The debt to EBITDA of the company stood at 1.82 times as on March 31, 2026, as against 1.97 times as on March 31, 2025. The improvement is on account of repayment of debt. The company is currently in the process of refinancing its existing debt to reduce its overall borrowing costs and the development of a solar power project. Acuité believes that, despite the proposed debt infusion, the company's financial risk profile is expected to improve over the medium term on account of healthy cash accruals and refinancing of existing debt which will reduce the debt obligations substantially.

Efficient Working capital operations
MBPL’s working capital operations remained efficient marked by gross current Asset (GCA) of 176 days in FY2026, as against 129 days in FY2025. The high GCA days in FY2026 is on account of increase in other current assets i.e. cash and bank balances. Inventory days stood at 50 days in FY2026 as against 60 days in FY2025. Company's strategy is to maintain sufficient coal reserves at the plant to ensure uninterrupted operations during the coal deficit season, particularly the rainy season. Debtor days stood at 14 days in FY2026 as against 10 days in FY2025. The healthy debtor days can be attributed to a significant increase in the financial health of discoms, this enhanced financial stability allows them to make earlier payments and take rebates. Acuité believes that the company’s operations will continue to remain efficient over the medium term. Furthermore, the company has not availed the fund-based facilities for the past several years.

Weaknesses

Execution risk in ongoing solar power project
MBPL remains exposed to execution risk associated with the 300 MW solar power project in Lalitpur, Uttar Pradesh, considering the project is currently at a nascent stage of development. Total cost of the project is Rs. 1418.92 Cr, which is funded through loan of Rs. 1135.14 Cr and rest though internal accruals. Nevertheless, the risk is partially mitigated by the tie-up of the entire project capacity under a long-term Power Purchase Agreement (PPA) with Uttar Pradesh Power Corporation Limited (UPPCL) for 25 years, providing revenue visibility upon commissioning. Further, the debt required for the project has already been tied up, thereby mitigating funding risk and providing adequate financial visibility for project implementation. Timely completion and commissioning of the project within the envisaged cost and schedule will remain a key rating monitorable. However, the execution risk is partly mitigated by the group's established track record of over a decade, with successful execution of over 40 renewable projects, demonstrating its ability to undertake projects of similar scale and complexity.

Moderate counterparty credit profile
Madhya Pradesh, Uttar Pradesh discoms, Assam Power Distribution Company and Karnataka discoms are major off-takers of the company. The financial risk profile of these companies is moderate; however, the company has been receiving payments in a timely manner. Exchange sales are realized within 2 to 3 days. Going forward, any significant deterioration in the credit risk profile of the off-takers, leading to an impact on the liquidity position and financial risk profile of the company, shall remain a key monitorable.

Exposure to climatic conditions impacting PLF
The company remains exposed to climatic risks inherent in thermal power generation, as adverse weather events and variations in water availability can impact plant operations and PLF levels. Sustained deterioration in PLF may adversely affect generation, cash flows, and debt protection metrics. The risk is partly mitigated by the company's operational experience and established maintenance practices; however, its ability to maintain stable operating performance across weather cycles remains a key rating sensitivity.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

MBPL maintains a Debt Service Reserve Account (DSRA) for six months’ worth repayment obligation (Repayment plus Interest) .

Stress case Scenario

Acuite believes that, given the presence of DSRA mechanism MBPL will be able to service its debt on time, even in a stress scenario.

ESG Factors Relevant for Rating

Acuite Has considered material ESG factors in its credit rating of MB power ( Madhya Pradesh) limited. The environmental risks remain moderately high due to the company's reliance on coal based power generation, which is inherently carbon- intensive. However, the company's compliance with environmental regulations- including norms related to emissions, ash disposal, and water usage- provides partial mitigation. Further, in compliance of MOEF requirements, the company has successfully installed the Fuel Gas Desulfurization Technology (FGD project) to reduce the harmful emission (with respect to SOx and NOx levels) etc.

On the social front, MB power has maintained adequate health and safety and has undertaken community engagement initiatives in surrounding area. Labour practices remain stable, with no major disruptions reported. Governance risk is low, supported by experienced management, transparent financial disclosures, and adherence to statutory compliance requirements . The company's structured debt servicing framework and robust internal controls further enhance governance strength.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Sustained improvement in operating performance
Significant improvements in financial risk profile leading to higher than envisaged improvement in leverage and coverage ratios with debt to EBITDA below 1.50 times consistently
Substantial improvement in PLF while maintaining profitability margins over the medium term

Potential triggers (individual or collective) for a downward rating action:

Deterioration in the operating performance with net cash accruals falling below Rs. 1000 Cr
Deterioration in financial risk profile
Any significant delays in receipt of payments from counterparties, thereby impacting the liquidity position of the company or weakening the liquidity position
Deterioration in PAF and PLF levels

Liquidity Position:

Strong

MBPL liquidity is Strong, marked by strong net cash accruals (NCAs) of Rs.1142.11 Cr. in FY2026, as against its maturing debt obligations of Rs. 307.50 Cr. during the same period. Going forward the company is expected to generate net cash accruals of Rs. 1,219.32 Cr. in FY 2027 against Rs.378.19 Cr. debt obligations and net cash accruals of Rs. 1246.17 Cr. as against Rs. 75 Cr. of debt obligations in FY2028. The company has unencumbered cash and cash equivalents in the form of FDRs and mutual fund investments worth Rs. 1296.07 Cr. and cash and bank balance of Rs.1175.69 Cr. as on March 31st, 2026. In addition, company has maintained a DSRA deposit of Rs. 272.06 Cr. as on March 31, 2026. The current ratio stood at 1.47 times as on March 31, 2026. The company is not utilising its working capital limits, thus having adequate buffer available. Acuite believes that the liquidity position of the company will continue to remain strong, backed by healthy cash accrual generation, liquid investments, and unutilized working capital limits.

Outlook: Not applicable

Other Factors affecting Rating

None.

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	4066.35	4219.19
PAT	Rs. Cr.	684.61	585.30
PAT Margin	(%)	16.84	13.87
Total Debt/Tangible Net Worth	Times	0.84	1.14
PBDIT/Interest	Times	5.10	4.02

Status of non-cooperation with previous CRA (if applicable)

None.

Any other information

None.

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Commercial Paper: https://www.acuite.in/view-rating-criteria-54.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
23 Jan 2026	Term Loan	Long Term	458.52	ACUITE AA (Reaffirmed & Withdrawn)
	Term Loan	Long Term	862.36	ACUITE AA (Reaffirmed & Withdrawn)
	Foreign Currency Term Loan	Long Term	148.61	ACUITE AA (Reaffirmed & Withdrawn)
	Cash Credit	Long Term	75.00	ACUITE AA (Reaffirmed & Withdrawn)
	Proposed Long Term Bank Facility	Long Term	455.51	ACUITE Not Applicable (Withdrawn)
31 Oct 2025	Proposed Long Term Bank Facility	Long Term	455.51	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	458.52	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Term Loan	Long Term	862.36	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Foreign Currency Term Loan	Long Term	148.61	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
	Cash Credit	Long Term	75.00	ACUITE AA \| Stable (Upgraded from ACUITE AA- \| Stable)
04 Jun 2025	Cash Credit	Long Term	75.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	455.51	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	458.52	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	862.36	ACUITE AA- \| Stable (Reaffirmed)
	Foreign Currency Term Loan	Long Term	148.61	ACUITE AA- \| Stable (Reaffirmed)
11 Jun 2024	Proposed Long Term Bank Facility	Long Term	500.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	484.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	934.24	ACUITE AA- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	81.76	ACUITE AA- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	Not avl. / Not appl.	Proposed Commercial Paper Program	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE A1+ \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Moparthi Anuradha Devi
Senior Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹ ⁶	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts ⁶	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) ⁷	+
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁸	Not applicable

⁸ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

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