Adani Power
Adani Power
Power F&OKey Fundamentals
LargecapIntegrated Power UtilitiesPowerTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has a good return on equity (ROE) track record: 3 Years ROE 31.8%
Weaknesses
2- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
Adani Power Ltd has a market capitalisation of about ₹3,80,564 crore and trades at 26.5 times earnings and 6.2 times book value. Its return on equity averaged 32% over 3 years and 33% over 5 years, but fell to 21% last year. Profit grew 15% over the trailing twelve months against sales growth of 7%, and the company pays no dividend (0% yield).
- Return on equity has stayed high for a long time: 32% over 3 years, 33% over 5 years and 27% over 10 years. The company has earned strong returns on shareholder capital through more than one power-sector cycle.
- Profit has compounded at 58% a year over 5 years and 37% a year over 10 years. That is far faster than sales growth of 16% (5-year) and 8% (10-year), which suggests large gains in operating efficiency, plant utilisation and cost control.
- Profit growth has picked up in the trailing twelve months to 15%, more than double TTM sales growth of 7%. This points to margins widening in the latest period.
- Sales have grown at 12% a year over 3 years and 16% a year over 5 years. This shows the company has been adding operating capacity and dispatch volumes in a market where electricity demand is growing.
- The stock has compounded at 39% a year over both 1 and 3 years, 60% over 5 years and 44% over 10 years. Returns have held up across every period shown.
- At a P/E of 26.5 and a P/B of 6.2, the implied return on equity is about 23%, roughly in line with last year's 21%. The valuation is at least backed by the profitability the company has actually reported.
- With a market cap of about ₹3,80,564 crore, the company is one of India's largest listed power generators. That size gives it access to capital and weight in negotiations with fuel suppliers and power buyers.
- Return on equity has fallen to 21% last year, well below the 32% 3-year and 33% 5-year averages. This suggests returns are weakening as the equity base grows or earnings normalise.
- Profit grew only 6% a year over 3 years, against 58% over 5 years. Most of the long-term profit growth happened earlier, and recent growth has been much slower.
- The stock trades at 6.2 times book value and 26.5 times earnings, which is an earnings yield of about 3.8%. That is a high multiple for a capital-heavy, largely coal-based power utility, and it leaves little room for disappointment if returns keep falling from 21%.
- The company pays no dividend (0% yield) despite reporting repeated profits and having a market cap of about ₹3,80,564 crore. Shareholders see no cash return, and all value depends on reinvestment and price appreciation.
- The company may be capitalising interest cost. If so, reported profit, including the 15% TTM profit growth, may overstate the underlying economics, and depreciation could rise once capitalised projects start operating.
- Sales grew only 7% in the TTM and 8% a year over 10 years, compared with 16% over 5 years. Topline growth is slowing, and much of the recent profit growth has come from margins rather than volumes.
- Debt-to-equity, ROCE and EPS were not available in the data provided (all null). Without them, balance-sheet leverage and the quality of the 21% ROE cannot be checked, which matters for a capital-heavy business valued at 6.2 times book.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- GVK deal awaits NCLT approval Sep 7
The Letter of Intent for GVK Energy came on Sep 7, 2026, but the deal still needs approval from NCLT Hyderabad and other regulators. One report says shares closed at ₹208, down 1.72% (₹3.51), amid doubts about completion.
- 2,500 MW RE contract transferred out Sep 9
Adani Power is handing MSEDCL's 25-year, 2,500 MW round-the-clock renewable Letter of Award (dated Apr 2, 2026) to Powerpulse Trading, a wholly owned subsidiary of Adani Energy Solutions. This is a related-party transfer, and it gives up renewable diversification to stay focused on thermal baseload.
- SEBI listing violation settlement Sep 28
The company and three directors settled SEBI proceedings over listing regulation violations for ₹37.05 lakh. Management says there is no material financial impact, but the case keeps governance under scrutiny.
- Q1 FY27 profit jumps 47% Sep 7
Revenue rose 34% YoY to ₹18,902 crore and net profit rose 47.3% to ₹4,867 crore, with ROCE of 17.2%, ROE of 21.1% and debt-to-equity of 0.84. One report gives lower growth figures (33% profit growth to $514 million on 20% revenue growth), so the exact numbers should be checked against the filing.
- GVK 330 MW hydro acquisition Sep 9
Creditors approved Adani Power's ₹5,725 crore resolution plan for GVK Energy, which owns a 330 MW hydro plant in Uttarakhand. It is the company's eighth acquisition through insolvency proceedings, and CCI approved the deal in May.
- Analysts bullish, consensus ₹252 Sep 9
Bernstein rates it Outperform with a ₹220 target, Antique rates it Buy at ₹282 and MOFSL initiated coverage with Buy at ₹250. The Bloomberg consensus target of ₹252.30 implies 23.4% upside.
- Motilal top weekly pick Sep 7
Motilal Oswal Wealth recommended the stock at ₹207 with a ₹250 target (21% upside), noting that about 95% of capacity is under long or medium-term PPAs. The stock has crossed its 200-day moving average at ₹206.89.
- NCLT clears VIPL merger Sep 25
NCLT Mumbai approved the merger of Vidarbha Industries Power with Adani Power on Sep 24, 2026. That completes approvals for all ten subsidiaries and simplifies the group structure.
- ESG score rises to 66 Sep 7
NSE Sustainability raised the company's ESG score to 66 from 65, keeping it in the 'Aspiring' category and ahead of other Indian thermal peers. Other ratings include S&P Global CSA 71/100, FTSE Russell 4.3/5 and CareEdge 80/100 ('Leadership' category).
- 45 GW target, ₹2 lakh crore capex Sep 29
The company targets 45 GW of capacity by FY31, with capex of ₹23,000 crore in FY27 and ₹30,000 crore in FY28 within a ₹2 lakh crore plan. A Sep 7 report cites about 42 GW by FY32 instead, and executing either target requires heavy funding.
- ₹48,000 crore Assam project starts Sep 21
Work has begun on a ₹48,000 crore power project in Assam. Capacity, timelines and funding details were not disclosed.
- Investor meetings in Sept and Oct Sep 28
After investor sessions in Gurgaon, Hong Kong and Ahmedabad in September 2026, an analyst and investor meeting is set for Oct 26. It could give an update on capex and the project pipeline.
TL;DR: Adani Power is executing well: Q1 FY27 profit rose about 47% to ₹4,867 crore, it is adding a 330 MW hydro asset through insolvency proceedings, its subsidiary mergers are fully approved, and analysts see about 23% upside to a consensus target near ₹252. The main risks are the ₹2 lakh crore expansion plan and its funding needs, the GVK deal still awaiting NCLT approval, related-party contract transfers within the Adani group, and lingering governance scrutiny from the minor SEBI settlement. The trend is improving, and the Oct 26 investor meeting and the NCLT Hyderabad ruling on GVK are the next things to watch.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 11,006 | 12,991 | 12,991 | 13,364 | 14,956 | 13,339 | 13,671 | 14,237 | 14,109 | 13,457 | 12,451 | 14,223 | 18,902 |
| Expenses | 7,491 | 7,819 | 8,346 | 8,514 | 8,761 | 8,063 | 8,648 | 9,425 | 8,424 | 8,307 | 8,213 | 9,491 | 10,953 |
| Operating Profit | 3,514 | 5,171 | 4,645 | 4,850 | 6,194 | 5,276 | 5,023 | 4,813 | 5,685 | 5,150 | 4,238 | 4,732 | 7,949 |
| OPM % | 32% | 40% | 36% | 36% | 41% | 40% | 37% | 34% | 40% | 38% | 34% | 33% | 42% |
| Other Income | 7,103 | 1,945 | 364 | 518 | 518 | 724 | 1,162 | 298 | 465 | 851 | 543 | 1,766 | 538 |
| Interest | 883 | 888 | 797 | 820 | 811 | 807 | 957 | 765 | 857 | 842 | 701 | 967 | 901 |
| Depreciation | 935 | 1,004 | 1,002 | 990 | 996 | 1,059 | 1,170 | 1,085 | 1,089 | 1,193 | 1,135 | 1,147 | 1,167 |
| PBT | 8,800 | 5,224 | 3,210 | 3,558 | 4,906 | 4,134 | 4,059 | 3,261 | 4,204 | 3,966 | 2,945 | 4,384 | 6,418 |
| Tax % | 0% | -26% | 15% | 23% | 20% | 20% | 28% | 20% | 21% | 27% | 16% | 3% | 24% |
| Net Profit | 8,759 | 6,594 | 2,738 | 2,737 | 3,913 | 3,298 | 2,940 | 2,599 | 3,305 | 2,906 | 2,488 | 4,271 | 4,867 |
| EPS in Rs | 4.54 | 3.42 | 1.42 | 1.42 | 2.03 | 1.73 | 1.59 | 1.37 | 1.76 | 1.53 | 1.29 | 2.08 | 2.49 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 18,683 | 25,377 | 22,616 | 20,304 | 23,884 | 26,468 | 26,221 | 27,711 | 38,773 | 50,351 | 56,203 | 54,241 | 59,033 |
| Expenses | 14,005 | 16,575 | 16,635 | 14,868 | 18,901 | 20,734 | 17,533 | 17,830 | 28,677 | 32,124 | 34,785 | 34,434 | 36,964 |
| Operating Profit | 4,678 | 8,802 | 5,980 | 5,436 | 4,983 | 5,734 | 8,688 | 9,881 | 10,096 | 18,228 | 21,418 | 19,806 | 22,070 |
| OPM % | 25% | 35% | 26% | 27% | 21% | 22% | 33% | 36% | 26% | 36% | 38% | 37% | 37% |
| Other Income | 1,188 | -201 | -3,666 | 754 | 2,448 | 323 | 1,909 | 3,908 | 4,216 | 9,883 | 2,590 | 3,625 | 3,698 |
| Interest | 4,864 | 5,560 | 5,902 | 5,570 | 5,657 | 5,315 | 5,106 | 4,095 | 3,334 | 3,388 | 3,340 | 3,367 | 3,411 |
| Depreciation | 1,818 | 2,666 | 2,672 | 2,699 | 2,751 | 3,006 | 3,202 | 3,118 | 3,304 | 3,931 | 4,309 | 4,565 | 4,643 |
| PBT | -816 | 375 | -6,260 | -2,079 | -976 | -2,265 | 2,289 | 6,577 | 7,675 | 20,792 | 16,360 | 15,500 | 17,713 |
| Tax % | 0% | -47% | -1% | 0% | 1% | 0% | 45% | 25% | -40% | 0% | 22% | 16% | — |
| Net Profit | -816 | 551 | -6,174 | -2,103 | -984 | -2,275 | 1,270 | 4,912 | 10,727 | 20,829 | 12,750 | 12,971 | 14,533 |
| EPS in Rs | -0.57 | 0.33 | -3.2 | -1.09 | -0.51 | -1.18 | 0.66 | 2.55 | 5.56 | 10.8 | 6.71 | 6.66 | 7.39 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2,872 | 3,334 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 |
| Reserves | 2,853 | 4,134 | -857 | -2,968 | 3,855 | 2,624 | 9,256 | 14,600 | 25,772 | 39,042 | 52,490 | 61,080 |
| Borrowings | 44,742 | 52,729 | 52,484 | 52,835 | 46,980 | 55,199 | 52,411 | 49,145 | 42,596 | 34,862 | 39,495 | 54,670 |
| Other Liabilities | 8,008 | 15,597 | 16,027 | 15,804 | 13,293 | 13,346 | 13,012 | 14,379 | 13,596 | 14,248 | 17,076 | 21,861 |
| Total Liabilities | 58,474 | 75,794 | 71,511 | 69,528 | 67,985 | 75,025 | 78,535 | 81,981 | 85,821 | 92,009 | 1,12,918 | 1,41,469 |
| Fixed Assets | 45,080 | 56,941 | 54,391 | 52,137 | 50,419 | 55,846 | 52,851 | 53,274 | 51,451 | 63,016 | 69,297 | 69,401 |
| CWIP | 191 | 88 | 125 | 120 | 350 | 2,347 | 6,439 | 10,270 | 12,880 | 925 | 12,104 | 35,053 |
| Investments | 357 | 0 | 164 | 0 | 3 | 3 | 20 | 183 | 654 | 374 | 1,097 | 1,516 |
| Other Assets | 12,846 | 18,765 | 16,831 | 17,271 | 17,213 | 16,830 | 19,225 | 18,254 | 20,836 | 27,694 | 30,418 | 35,498 |
| Total Assets | 58,474 | 75,794 | 71,511 | 69,528 | 67,985 | 75,025 | 78,535 | 81,981 | 85,821 | 92,009 | 1,12,918 | 1,41,469 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 5,824 | 5,257 | 4,725 | 5,101 | 5,610 | 5,598 | 7,014 | 10,233 | 8,431 | 14,170 | 21,501 | 20,514 |
| Investing | -4,737 | -2,692 | -1,212 | -520 | -984 | -2,304 | -2,188 | 774 | 1,545 | 3,481 | -17,142 | -26,461 |
| Financing | -1,144 | -2,713 | -3,539 | -4,600 | -4,663 | -2,377 | -5,655 | -10,338 | -10,408 | -16,864 | -5,175 | 6,555 |
| Net Cash Flow | -58 | -148 | -26 | -19 | -37 | 917 | -828 | 669 | -433 | 787 | -816 | 608 |
| Free Cash Flow | 3,098 | 3,289 | 3,881 | 4,174 | 4,651 | 3,378 | 3,407 | 6,799 | 5,188 | 11,568 | 9,957 | -2,817 |
| CFO/OP | 125 | 60 | 79 | 94 | 113 | 99 | 81 | 106 | 84 | 78 | 100 | 103 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 68 | 179 | 124 | 109 | 131 | 115 | 159 | 126 | 109 | 85 | 85 | 79 |
| Cash Conversion Cycle | 68 | 179 | 124 | 109 | 131 | 115 | 159 | 126 | 109 | 85 | 85 | 79 |
| Working Capital Days | -161 | -154 | -208 | -269 | -90 | -77 | -38 | -46 | -6 | 16 | 18 | 0 |
| ROCE % | 7% | 11% | 6% | 6% | 9% | 7% | 12% | 16% | 16% | 32% | 23% | 17% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY09–FY27.
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Company Information
Adani Power (APL), a part of the diversified Adani Group, is the largest private thermal power producer in India. The co along with its subsidiaries sell power generated from these projects under a combination of long term Power Purchase Agreements, Short term PPA and on merchant basis. [1][2]
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