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    Independent Power Producers
Banpu Power Public Company Limited

Banpu Power Public Company Limited

BPP-R.BK
Banpu Power Public Company LimitedTH flagStock Exchange of Thailand
11.50
THB
+0.10
- -
35.05BMarket Cap
Banpu Power Public Company Limited
BPP-R.BK
(Stock Exchange of Thailand)

Recent

price

11.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.87
1.71
6.69
2.33
2.11
2.07
1.86
1.81
2.23
8.04
9.31
8.47
9.14
8.48
Revenue per Share
0.59
0.69
2.46
1.74
1.36
1.25
0.97
1.21
1.03
1.88
1.75
0.57
0.99
2.73
Basic EPS, GAAP
0.38
0.11
1.8
-0.79
-0.63
-0.68
-0.55
-0.01
-0.21
0.07
0.9
-0.28
0.03
0.19
Free Cash Flow per Basic Share
0.88
0.62
7.99
0.68
0.55
0.6
0.65
0.6
0.65
0.75
0.7
0.7
0.55
0.55
Dividend per Share
2.17
2.07
15.34
13.73
11.45
12.01
12.2
13.14
13.49
14.59
15.68
15.38
15.84
17.81
Book Value per Share
4.3
4.51
13.55
15.87
12.97
13.41
12.97
13.75
16.25
17.31
17.93
17.86
17.52
18.76
Tangible Book Value per Share
3,046
3,046
842
2,375
3,047
3,051
3,051
3,049
3,048
3,048
3,048
3,048
3,048
3,048
Basic Weighted Avg Shares
5,689
5,200
5,630
5,542
6,419
6,322
5,687
5,506
6,784
24,501
28,380
25,827
27,850
25,837
Sales/Revenue/Turnover
11.67
12.64
21.66
15.09
5.78
0.66
-11.8
3
-16.85
2.14
21.15
-0.11
8.93
10.83
Operating Margin (%)
448
546
546
428
510
625
613
402
581
1,246
1,582
1,798
1,692
1,468
Depreciation Expense
1,787
2,092
2,075
4,138
4,155
3,813
2,969
3,702
3,127
5,739
5,319
1,746
3,026
8,329
Net Income, GAAP
12.79
12.05
15.95
8.45
7.86
7.06
6.36
7.36
1.77
0.72
5.88
16.24
9.24
17.73
Effective Tax Rate (%)
31.41
40.23
36.85
74.67
64.72
60.31
52.21
67.25
46.09
23.42
18.74
6.76
10.87
32.24
Profit Margin (%)
-744
-802
-11,143
974
-847
-562
5,055
3,452
-1,086
2,285
3,955
2,076
-875
5,885
Working Capital
- -
204
173
107
2,550
5,465
5,029
3,489
13,983
15,357
34,233
32,310
27,341
13,118
LT Debt
13,129
13,766
11,470
37,881
39,785
41,181
39,816
41,978
49,579
52,792
54,677
54,490
53,446
57,230
Total Equity
- -
4.02
4.88
2.26
0.8
0.08
-1.31
0.32
-1.88
0.71
6.73
-0.03
2.43
2.65
Return on Invested Capital (%)
- -
8.03
6.33
13.5
10.83
9.25
7.08
8.36
5.83
9.06
7.63
4.72
5.2
10.8
Return on Capital (%)
- -
32.44
21.6
18.18
12.31
10.66
8.04
9.58
7.7
13.41
11.53
3.69
6.36
16.37
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
8,448
10,867
9,268
LT Borrowings
28,562
27,338
12,995
LT Finance Leases
6
3
123
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,048
3,048
3,048
Market Capitalization
24,839
38,401
38,097

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
12,725
12,507
17,573
Cash, Cash Equivalents & STI
6,228
7,319
11,853
Accounts Receivable, Net
2,347
2,177
1,520
Inventories
1,480
1,329
210
Total Current Liabilities
12,499
13,382
11,688
Payables & Accruals
2,513
1,932
2,351
ST Debt
8,448
10,867
9,268
Deferred Revenue
17
275
38

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
26.68%
5.18%
-1.91%
Free Cash Flow
196.19%
458.28%
-111.52%
Net Income, GAAP
16.1%
13.36%
73.29%
Sales/Revenue/Turnover
29.86%
59.81%
7.83%
Total Cash Common Dividend
- -
- -
-21.43%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,746
7,021
6,882
5,178
25,827
2025
7,106
6,557
7,450
6,737
27,850
2026
5,093
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.22
0.32
0.37
- -
0.57
2025
0.19
0.42
0.38
- -
0.99
2026
1.93
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.4
0.3
- -
0.7
2025
- -
0.3
0.25
- -
0.55
2026
- -
- -
- -
- -
- -
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Business
Banpu Power Public Company Limited (BPP-R.BK) is a Thailand-based power generation company engaged in the development, ownership, and operation of electricity generating facilities, primarily focusing on renewable energy sources including solar, wind, and biomass; it also operates natural gas-fired power plants and provides energy management services. The company offers a diverse portfolio of power projects such as utility-scale solar farms, onshore and offshore wind farms, and cogeneration plants; key brands and assets include its subsidiaries like Banpu Power Vietnam, Banpu Power Thailand, and international ventures in Laos, China, and Australia. Founded in 2015 as a spin-off from Banpu Public Company Limited, Banpu Power is headquartered in Bangkok, Thailand, and operates across Southeast Asia, East Asia, and Australia, targeting utility companies, industrial customers, and government off-takers in the clean energy transition market. In recent developments, the company expanded its renewable capacity through strategic acquisitions and partnerships, including a 2024 joint venture for offshore wind projects in Vietnam and new solar farm launches in Thailand adding over 200 MW; it secured a major funding round in late 2024 from international green investors to support battery storage integrations and reported a significant operational shift toward net-zero goals with 40% portfolio renewables by end-2025. No major name changes or reorganizations have occurred in the last two years, but Banpu Power announced alliances with technology providers for hydrogen-ready power plants in 2025.