Adani Power Ltd logo

Adani Power Ltd

ADANIPOWER NSE

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]

AI Verdict: HOLD Confidence: 5%

Adani Power delivers strong ROE of 21-32% and has seen exceptional stock CAGR of 68% over 3 years, but the current PE of 34.4x is rich for a utility with declining TTM sales (-3%) and profits (-1%). The zero dividend payout despite repeated profitability and potential interest capitalization raise governance concerns that warrant caution at current valuations.

Key Fundamentals

LargecapIntegrated Power UtilitiesPower
Market Cap
4.4L Cr
Volatility
Moderate
P/E Ratio
34.42
EBITDA
₹23,431 Cr
Return on Equity
48.28%
Debt to Equity
0.77
Book Value
₹32.19
EPS
₹41.44
52W High
₹254.2
52W Low
₹107.74

Technical Indicators

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

Revenue Growth
-1.77% ↘
Net Income Growth
1.74% ↘
Cash Flow Change
-4.59% ↘
ROE
-11.67% ↘
ROCE
-24.24% ↘
EBITDA Margin (Avg.)
-0.66% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
HOLD
Risk high

Adani Power delivers strong ROE of 21-32% and has seen exceptional stock CAGR of 68% over 3 years, but the current PE of 34.4x is rich for a utility with declining TTM sales (-3%) and profits (-1%). The zero dividend payout despite repeated profitability and potential interest capitalization raise governance concerns that warrant caution at current valuations.

Bull Case 7
  • Exceptional 3-year ROE of 32% and 5-year ROE of 33%, significantly above utility sector averages of 12-15%
  • Stock CAGR of 68% over 3 years and 56% over 5 years demonstrates sustained investor confidence and momentum
  • 75% of analysts (6 out of 8) rate the stock a Buy, indicating strong institutional conviction
  • Compounded profit growth of 58% over 5 years shows the company has dramatically improved its earnings power
  • 10-year compounded profit growth of 37% reflects long-term structural improvement in the business
  • Large market cap of Rs 4,43,934 crore provides liquidity and index inclusion benefits
  • Compounded sales growth of 16% over 5 years indicates healthy top-line expansion in a capital-intensive sector
Bear Case 8
  • TTM sales growth has turned negative at -3%, signaling potential demand slowdown or tariff headwinds
  • TTM profit growth is also negative at -1%, suggesting the earnings cycle may have peaked
  • PE ratio of 34.4x is expensive for a thermal power utility where sector average is 15-20x
  • Zero dividend yield despite repeated profits indicates poor capital return policy for shareholders
  • Price-to-book ratio of 7.19x is extremely elevated for an asset-heavy utility business
  • Company might be capitalizing interest costs, which flatters reported profits and understates true debt servicing burden
  • 1-year stock CAGR of 119% suggests the stock may have run ahead of fundamentals, increasing downside risk
  • Last year ROE declined to 21% from 3-year average of 32%, indicating deteriorating return profile

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2d ago
Positives 5
  • JPVL stake & Churk plant deal May 27

    Adani Power signed definitive agreements to acquire 24% stake in Jaiprakash Power Ventures for ₹2,993.6 crore plus 180 MW Churk thermal plant and 11.49% stake in Prayagraj Power for ₹1,200 crore, totaling ~₹4,194 crore. Transaction expected to close within 90 days of NCLT approval granted March 17, 2026.

  • Stock surges 89% from Feb low May 26

    Adani Power hit ₹245.40 high, up 89% from February low of ₹130.15 and delivering 126% returns over one year. Average trading volumes jumped nearly two-fold with 66.49 million shares traded.

  • Strong Q4 EBITDA up 27% YoY May 26

    Q4 FY26 EBITDA reached ₹6,498 crore, a 27% year-over-year increase. Management expects strong demand revival with peak demand recently hitting 256 GW and higher PPA offtake in FY27.

  • 42,050 MW capacity growth target Jun 2

    Adani Power targets 42,050 MW total capacity, leveraging its current 18,330 MW operating base. Mahan Phase-II is 86% complete, Raipur Phase-II at 54%, and Korba Phase-II expected to commission this year.

  • Multi-session rally with high volumes May 27

    Stock rose for third consecutive session to ₹249.62, up 2.08%, with 613.85 lakh shares traded versus 460.14 lakh daily average. Hit fresh 52-week high of ₹252 with 13% gain in one week.

Neutral 2
  • FY26 BRSR report filed May 30

    Adani Power filed its Business Responsibility and Sustainability Report for FY26, detailing ESG performance including 100% ash utilisation and zero liquid discharge.

  • 30th AGM scheduled June 25 May 28

    Adani Power will hold its 30th Annual General Meeting on June 25, 2026 via video conferencing, with annual report for FY 2025-26 to be sent to members.

TL;DR: Adani Power is in a strong momentum phase, driven by a major ₹4,194 crore acquisition expanding its thermal portfolio, robust Q4 FY26 earnings with 27% EBITDA growth, and aggressive capacity expansion toward 42,050 MW. The stock has surged 89% from its February low with no visible headwinds in recent news flow. Key risks to monitor include execution on multiple under-construction projects, integration of JPVL assets, and potential merchant power price softness noted by management. The trend is decisively improving with demand tailwinds from heatwave conditions and new PPA signings expected to sustain earnings momentum into FY27.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
10,242
11,006
12,991
12,991
13,364
14,956
13,339
13,671
14,237
14,109
13,457
12,451
14,223
Expenses
8,335
7,491
7,819
8,346
8,514
8,761
8,063
8,648
9,425
8,424
8,307
8,213
9,491
Operating Profit
1,907
3,514
5,171
4,645
4,850
6,194
5,276
5,023
4,813
5,685
5,150
4,238
4,732
OPM %
19%
32%
40%
36%
36%
41%
40%
37%
34%
40%
38%
34%
33%
Other Income
553
7,103
1,945
364
518
518
724
1,162
298
465
851
543
1,766
Interest
746
883
888
797
820
811
807
957
765
857
842
701
967
Depreciation
817
935
1,004
1,002
990
996
1,059
1,170
1,085
1,089
1,193
1,135
1,147
PBT
898
8,800
5,224
3,210
3,558
4,906
4,134
4,059
3,261
4,204
3,966
2,945
4,384
Tax %
-484%
0%
-26%
15%
23%
20%
20%
28%
20%
21%
27%
16%
3%
Net Profit
5,242
8,759
6,594
2,738
2,737
3,913
3,298
2,940
2,599
3,305
2,906
2,488
4,271
EPS in Rs
2.72
4.54
3.42
1.42
1.42
2.03
1.73
1.59
1.37
1.76
1.53
1.29
2.08
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
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
OPM %
25%
35%
26%
27%
21%
22%
33%
36%
26%
36%
38%
37%
Other Income
1,188
-201
-3,666
754
2,448
323
1,909
3,908
4,216
9,883
2,590
3,625
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
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
PBT
-816
375
-6,260
-2,079
-976
-2,265
2,289
6,577
7,675
20,792
16,360
15,500
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
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
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
26,019
39,042
52,490
61,080
Borrowings
44,742
52,729
52,484
52,835
46,980
55,199
52,411
49,145
42,350
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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Mar 2026
Promoters 74.96%
FIIs 11.74%
Public 5.23%
Others 4.39%
DIIs 3.69%
Total 100.01%
  Dec 1899Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
74.96%
74.97%
74.97%
74.97%
74.97%
74.97%
74.97%
74.97%
74.97%
74.97%
74.97%
70.02%
71.75%
71.75%
72.71%
74.96%
74.96%
74.96%
74.96%
74.96%
74.96%
74.96%
FIIs
12.66%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
17.51%
15.86%
15.91%
14.73%
12.66%
12.35%
12.37%
12.46%
11.53%
11.64%
11.74%
DIIs
1.53%
1.56%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.04%
0.76%
1.18%
1.41%
1.43%
1.53%
1.61%
1.65%
1.76%
2.69%
3.42%
3.69%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
5.53%
5.36%
7.22%
7.71%
7.92%
0.00%
6.99%
6.40%
6.72%
7.90%
7.52%
5.99%
5.73%
5.49%
5.78%
5.53%
5.77%
5.69%
5.45%
5.46%
5.55%
5.23%
Others
5.32%
18.11%
17.81%
17.32%
17.10%
25.02%
18.03%
18.63%
18.31%
17.11%
17.47%
5.72%
5.47%
5.44%
5.35%
5.31%
5.32%
5.34%
5.37%
5.35%
4.43%
4.39%
No. of Shareholders
17,42,780
5,55,590
9,81,561
10,05,560
11,42,700
11,74,860
15,02,710
14,76,870
14,88,300
17,90,680
16,70,040
15,03,350
14,60,770
14,26,250
17,90,380
17,42,780
18,85,680
18,91,230
18,14,140
20,12,650
21,47,980
20,87,010

Documents

Frequently Asked Questions about Adani Power Ltd

What does Adani Power Ltd do?
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]
Where is Adani Power Ltd (ADANIPOWER) listed?
Adani Power Ltd is listed on the Indian stock exchanges. It is listed on NSE: ADANIPOWER and BSE: 533096. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Adani Power Ltd belong to?
Adani Power Ltd operates in the Utilities sector within the Power industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Adani Power Ltd?
Adani Power Ltd has a market capitalisation of approximately ₹443779.39 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Adani Power Ltd?
The Price-to-Earnings (PE) ratio of Adani Power Ltd is 34.42. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Adani Power Ltd?
Over the past 52 weeks, Adani Power Ltd has traded between a low of ₹107.74 and a high of ₹254.2. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Adani Power Ltd?
Adani Power Ltd has a Return on Equity (ROE) of 48.28%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Adani Power Ltd on Tapetide?
On Tapetide, you can view Adani Power Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website adani.com
CEO Mr. Gautambhai Shantilal Adani S.Y. B.Com
Employees 4,176
Listed 2009-08-20
Face Value ₹ 2
Issued Size 19,28,46,94,705

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