Adani Power Ltd
ADANIPOWER NSE
Adani Power Ltd
PowerNSE: ADANIPOWER BSE: 533096 Integrated Power Utilities
Key Fundamentals
LargecapIntegrated Power UtilitiesPowerMarket Cap
4.0L Cr
Volatility
Moderate
P/E Ratio
27.82
EBITDA
₹23,431 Cr
Return on Equity
19.53%
Debt to Equity
0.84
Book Value
₹32.19
EPS
₹41.44
52W High
₹254.2
52W Low
₹116.7
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Adani Power Ltd insights
56 extracted metrics + investor summaries across FY09–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
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 claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk high
Adani Power Ltd is India's largest private thermal power producer with 17,550 MW operational capacity as of FY25, reporting consolidated revenues of ₹56,473 crore (up 10.8% YoY) and a 3-year ROE of ~32%. The stock trades at a P/E of 27.3x and P/B of 6.4x with zero dividend payout, while the company pursues an aggressive expansion to 41.87 GW by FY32 requiring ~₹2 lakh crore capex.
Bull Case 8
- Strong ROE track record of 32% over 3 years and 33% over 5 years, indicating efficient capital deployment for a capital-intensive utility
- Aggressive capacity expansion plan from 17,550 MW to 41.87 GW by FY32 (2.4x growth), positioning the company to benefit from India's rising power demand
- FY25 consolidated revenues grew 10.8% YoY to ₹56,473 crore, with 9M FY25 EBITDA up 22% YoY to ₹16,478 crore showing operational leverage
- 9M FY25 Profit Before Tax surged 33% YoY to ₹10,679 crore from ₹8,006 crore, driven by improved EBITDA and lower finance costs
- Stock CAGR of 54% over 3 years and 65% over 5 years reflects sustained re-rating from historically distressed levels
- Compounded profit growth of 58% over 5 years demonstrates a dramatic earnings turnaround from loss-making years
- India's peak power deficit and rising electricity demand (projected 7-8% annual growth) provide a structural tailwind for base-load thermal capacity
- 94% of capacity tied to long-term PPAs provides revenue visibility and reduces merchant price volatility risk
Bear Case 8
- Zero dividend yield despite consistent profitability — company retains all earnings, offering no income return to shareholders
- Debt-to-equity ratio of ~0.81x with ₹2 lakh crore planned capex implies significant future leverage increase, raising financial risk
- P/B ratio of 6.4x is elevated for a thermal power utility, suggesting the stock prices in substantial future growth
- TTM revenue growth has decelerated to 7% from a 3-year CAGR of 12%, indicating slowing topline momentum
- Potential interest cost capitalization (as flagged in notes) may overstate reported profitability and asset quality
- Last year ROE declined to 21% from the 3-year average of 32%, suggesting returns may be normalizing as the base grows
- Heavy reliance on thermal/coal-based generation faces long-term ESG and regulatory headwinds as India targets 500 GW non-fossil capacity by 2030
- P/E of 27.3x is at a premium to the sector average for thermal generators, leaving limited margin of safety if earnings disappoint
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 8h ago Positives 3
- Q1FY26 profit jumps 47% YoY Jul 26
Adani Power reported consolidated net profit of ₹4,866.60 crore for Q1FY26, up 47% YoY, with total income growing to ₹19,322.30 crore.
- ₹1 lakh crore borrowing approved Aug 14
Shareholders approved increase in borrowing limits to ₹1,00,000 crore and ₹15,000 crore equity raise via QIP at the August 14 EGM, enabling significant capacity expansion.
- Nine subsidiaries merger approved Aug 5
NCLT Ahmedabad sanctioned amalgamation of nine subsidiaries with appointed date of April 1, 2025, simplifying corporate structure and reducing operational complexity.
Neutral 3
- Raipur plant site visit Aug 21 Aug 17
Adani Power scheduled an in-person site visit to its Raipur Power Plant on August 21, 2026, for analysts and investors.
- Investor interactions Aug 11-18 Aug 6
Series of investor and analyst interactions scheduled from August 11 to August 18, 2026, including a sell-side analyst meet in Mumbai on August 3.
- Q1FY27 earnings call hosted Jul 20
Q1FY27 earnings conference call held on July 23, 2026, led by CEO Shersingh B Khyalia and CFO Dilip Jha.
TL;DR: Adani Power is delivering strong earnings growth with Q1 profit up 47% YoY to ₹4,866 crore, and is aggressively positioning for expansion via a ₹1 lakh crore borrowing limit and ₹15,000 crore QIP. Corporate simplification through the nine-subsidiary merger is a structural positive. No visible headwinds in recent news, though the massive leverage increase warrants monitoring. The trend is clearly improving with strong operational momentum and active investor engagement.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
Documents
1
Clarification sought from Adani Power Ltd
13 May - Exchange has sought clarification from Adani Power Ltd on May 13, 2026, with reference to news appeared in https://www.moneycontrol.com dated May 12, 2026, quoting "Adani … 13 May - Exchange has sought clarification from Adani Power Ltd on May 13, 2026, with reference to news appeared in https://www.moneycontrol.com dated May 12, 2026, quoting "Adani …
2
Announcement under Regulation 30 (LODR)-Newspaper Publication
30 Apr - Adani Power Limited has submitted to the Exchange copy of Newspaper Publication 30 Apr - Adani Power Limited has submitted to the Exchange copy of Newspaper Publication
3
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
30 Apr - Adani Power shared audio recording of its April 30, 2026 post-results investor call. 30 Apr - Adani Power shared audio recording of its April 30, 2026 post-results investor call.
4
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
30 Apr - Adani Power filed large-corporate disclosure; outstanding borrowing was Rs 41,799.58 crore as of March 31, 2026. 30 Apr - Adani Power filed large-corporate disclosure; outstanding borrowing was Rs 41,799.58 crore as of March 31, 2026.
5
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
6 May - Adani Power to meet investors at Adani Annual Conference on June 3-4, 2026 in Mumbai. 6 May - Adani Power to meet investors at Adani Annual Conference on June 3-4, 2026 in Mumbai.
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 Power sector within the Integrated Power Utilities 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 ₹396030.49 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 27.82. 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 ₹116.7 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 19.53%. 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