1. Thailand Stocks

  2. •

    Utilities

  3. •

    Electric utilities
Banpu Power Public Company Ltd

Banpu Power Public Company Ltd

12.00
THB
+0.10
(+0.84%)
3.07EPS
4.57P/E
38.10BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
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
Basic EPS, GAAP
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
Free Cash Flow per Basic Share
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
Dividend per 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
Book Value per Share
1.9
1.81
3.56
12.2
12.8
13.24
12.81
13.49
14.97
15.91
16.47
16.28
15.88
18.44
Tangible Book Value per Share
1.89
1.79
3.54
12.14
12.71
13.16
12.73
13.48
14.96
15.89
16.45
16.27
15.87
18.43
Basic Weighted Avg Shares
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
Sales/Revenue/Turnover
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
Operating Margin (%)
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
Depreciation Expense
448
546
546
428
510
625
613
402
581
1,246
1,582
1,798
1,692
1,468
Net Income, GAAP
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
Effective Tax Rate (%)
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
Profit Margin (%)
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
Working Capital
-744
-802
-11,143
974
-847
-562
5,055
3,452
-1,086
2,285
3,955
2,076
-875
5,885
LT Debt
- -
204
173
107
2,550
5,465
5,029
3,489
13,983
15,357
34,233
32,310
27,341
13,118
Total Equity
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
Return on Invested Capital (%)
- -
4.02
4.88
2.26
0.8
0.08
-1.31
-0.8
-1.88
0.71
6.73
-1.47
2.43
8.5
Return on Capital (%)
- -
8.48
6.76
13
9.73
8.47
6.67
8.11
5.56
8.53
7.34
4.58
5.12
10.49
Return on Common Equity (%)
- -
37.04
25.38
17.24
10.91
9.6
7.47
9.23
7.21
12.19
10.78
3.5
6.17
15.63

Capital Structure

THB

•

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

THB

•

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

THB

•

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

THB

•

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

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.22
0.32
0.37
-0.34
0.57
2025
0.19
0.42
0.38
0.01
0.99
2026
1.93
- -
- -
- -
- -

Quarterly Dividends Per Share

THB

•

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
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Issara Niropas
Full Time Employees
1,755
Sector
Utilities
Industry
Electric utilities
Address
1550, Thanapoom Tower Bangkok BM Thailand 10400
IPO Date
Oct 28, 2016
Website
banpupower.com
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Business
Banpu Power Public Company Limited (BPP.BK) is a leading independent power producer in Thailand, developing, owning, and operating electricity generating facilities powered by coal, natural gas, solar, wind, and biomass sources. The company offers power generation services through long-term power purchase agreements with the Electricity Generating Authority of Thailand (EGAT) and Provincial Electricity Authority (PEA); renewable energy solutions including solar photovoltaic projects and wind farms; energy management services such as operations and maintenance for power plants; and emerging businesses in battery energy storage systems and green hydrogen production. Banpu Power operates across Thailand, Laos, Vietnam, the Philippines, Indonesia, China, and Australia, targeting utility-scale power supply to national grids and industrial customers in the Asia-Pacific region. Founded in 2015 as a spin-off from Banpu Public Company Limited, the company maintains its headquarters in Bangkok, Thailand, with key subsidiaries including Banpu Power Vietnam Co., Ltd., Banpu Power Public (Lao) Co., Ltd., and Banpu Next Century Renewable Energy Co., Ltd. It segments its business into thermal power, renewable energy, and emerging growth areas, serving primarily state-owned utilities and large industrial off-takers. In recent developments, Banpu Power expanded its renewable portfolio through the commercial operation of the 140 MW Sop Khem solar project in Thailand in 2024 and secured a 20-year power purchase agreement for the 168 MW Kaeng Krachan solar-wind hybrid project. The company formed a strategic partnership with Gulf Energy Development Plc for joint development of gas-fired power plants in Vietnam in early 2025 and acquired a 49% stake in the 600 MW Van Phong 1 coal-fired power plant to bolster its thermal capacity. Additionally, Banpu Power launched its first battery energy storage system pilot project in Thailand and announced plans for green hydrogen production facilities in Laos, reflecting a major strategic shift toward net-zero emissions by 2050 amid Thailand's energy transition policies.