Adani Power Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Power: 100.0%
AI Sector View
AI GENERATEDPower
Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.
PROS
- Company has delivered good profit growth of 59.2% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 43.3%
- Company has a healthy return on capital (ROCE) of 24.3%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 47.2% YoY, showing strong momentum
- Company has delivered good sales growth of 15.6% CAGR over last 5 years
CONS
- Valuation is stretched - P/E of 28.8 is well above its own 5-year median (3.0)
- Growth is decelerating - 3Y profit CAGR (6.5%) trails the 5Y trend (59.2%)
- Though reporting repeated profits, the company pays out little dividend (0.0%)
- Expensive relative to growth - PEG of 4.4
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 213.00 | 28.82 | 410764.00 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 337.00 | 11.77 | 326777.65 | 2.67 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 272.00 | 15.91 | 252976.42 | 3.31 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1308.00 | 120.77 | 215450.64 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1393.00 | 58.36 | 170357.56 | 0.00 | 12365.60 | 2194.43 | 97110.80 | 1324.06 | 9.71 | 31.27 |
| TATAPOWER | 367.00 | 30.35 | 117268.96 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 532.00 | 49.58 | 97541.28 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.40 | 20.21 | 76744.07 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 87.74 | 121.81 | 73932.62 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1295.65 | 28.09 | 65288.26 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 270.40 | 11.68 | 37494.65 | 1.42 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| ACMESOLAR | 396.95 | 46.50 | 28059.38 | 0.05 | 235.33 | 79.88 | 857.50 | 67.81 | 9.23 | 85.63 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 7,491 | 7,819 | 8,346 | 8,514 | 8,761 | 8,063 | 8,648 | 9,425 | 8,424 | 8,307 | 8,213 | 9,491 | 13,022 | |
| 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 | 5,880 |
| OPM % | 31.93% | 39.81% | 35.76% | 36.29% | 41.42% | 39.55% | 36.74% | 33.80% | 40.29% | 38.27% | 34.04% | 33.27% | 31.11% |
| 7,103 | 1,945 | 364 | 518 | 518 | 724 | 1,162 | 298 | 465 | 851 | 543 | 1,766 | 420 | |
| 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 |
| Profit before Tax | 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 % | 0.46% | -26.24% | 14.72% | 23.07% | 20.24% | 20.24% | 27.56% | 20.30% | 21.39% | 26.72% | 15.52% | 2.57% | 24.17% |
| Net Profit | 0 | 0 | 0 | 0 | 3,913 | 3,298 | 2,940 | 2,599 | 3,305 | 2,906 | 2,488 | 4,271 | 4,867 |
| 21.90 | 16.48 | 6.61 | 6.63 | 9.72 | 1.66 | 1.53 | 1.32 | 8.62 | 1.53 | 1.29 | 2.08 | 2.49 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 22,616 | 20,304 | 23,884 | 26,468 | 26,221 | 27,711 | 38,773 | 50,351 | 56,203 | 54,241 | 59,033 | |
| 16,644 | 14,903 | 18,930 | 20,782 | 17,553 | 17,897 | 28,729 | 32,171 | 34,898 | 34,434 | 39,032 | |
| Operating Profit | 5,972 | 5,401 | 4,954 | 5,685 | 8,669 | 9,814 | 10,045 | 18,181 | 21,305 | 19,806 | 20,001 |
| OPM % | 26.41% | 26.60% | 20.74% | 21.48% | 33.06% | 35.42% | 25.91% | 36.11% | 37.91% | 36.52% | 33.88% |
| -3,658 | 789 | 2,503 | 618 | 1,928 | 3,981 | 4,409 | 9,969 | 2,703 | 3,718 | 3,581 | |
| Interest | 5,902 | 5,570 | 5,682 | 5,562 | 5,106 | 4,101 | 3,476 | 3,427 | 3,340 | 3,460 | 3,411 |
| Depreciation | 2,672 | 2,699 | 2,751 | 3,006 | 3,202 | 3,118 | 3,304 | 3,931 | 4,309 | 4,565 | 4,643 |
| Profit before Tax | -6,260 | -2,079 | -976 | -2,265 | 2,289 | 6,577 | 7,675 | 20,792 | 16,360 | 15,500 | 17,713 |
| Tax % | 1.37% | 0.25% | -0.88% | -0.43% | 44.51% | 25.32% | -39.77% | -0.18% | 22.07% | 16.31% | 17.96% |
| Net Profit | -6,174 | -2,074 | -984 | -2,275 | 1,270 | 4,912 | 10,727 | 20,829 | 12,750 | 12,971 | 14,533 |
| EPS | -17.82 | -5.45 | -3.21 | -8.19 | 0.06 | 9.63 | 24.57 | 54.00 | 33.55 | 6.66 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 16%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 37%
- 5 Years:
- 59%
- 3 Years:
- 6%
STOCK PRICE CAGR
- 10 Years:
- 44%
- 5 Years:
- 59%
- 3 Years:
- 40%
- 1 Year:
- 68%
RETURN ON EQUITY
- 10 Years:
- -16%
- 5 Years:
- 78%
- 3 Years:
- 43%
- Last Year:
- 22%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,326 | 1,465 |
| -857 | -2,968 | -4,145 | -5,992 | -3,359 | 1,632 | 12,804 | 31,973 | 49,433 | 61,080 | |
| 57,812 | 58,025 | 59,362 | 69,248 | 70,620 | 67,553 | 59,739 | 46,550 | 46,585 | 58,428 | |
| Trade Payables | 7,400 | 7,626 | 6,362 | 5,596 | 3,803 | 3,508 | 3,079 | 3,609 | 2,978 | 2,841 |
| 3,308 | 3,008 | 2,552 | 2,328 | 3,885 | 5,432 | 6,343 | 5,960 | 8,738 | 13,798 | |
| Total Liabilities | 71,520 | 69,549 | 67,988 | 75,037 | 78,806 | 81,981 | 85,821 | 91,948 | 1,12,918 | 1,41,469 |
| 54,391 | 52,137 | 50,419 | 55,846 | 52,851 | 53,274 | 50,746 | 63,016 | 69,249 | 69,309 | |
| Capital Work in Progress | 125 | 120 | 350 | 2,347 | 6,439 | 10,270 | 12,880 | 925 | 12,104 | 35,053 |
| 164 | 0 | 3 | 3 | 20 | 183 | 654 | 374 | 1,097 | 1,516 | |
| 1,760 | 874 | 1,224 | 2,523 | 2,025 | 2,258 | 3,075 | 4,142 | 3,317 | 3,623 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11,677 | 13,022 | 11,791 | |
| Cash & Bank | 604 | 857 | 916 | 1,979 | 1,607 | 2,365 | 1,874 | 7,212 | 6,120 | 6,926 |
| 14,475 | 15,561 | 15,076 | 12,340 | 15,863 | 13,631 | 16,592 | 4,603 | 8,008 | 13,249 | |
| Total Assets | 71,520 | 69,549 | 67,988 | 75,037 | 78,806 | 81,981 | 85,821 | 91,948 | 1,12,918 | 1,41,469 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4,729 | 5,114 | 5,619 | 5,655 | 7,020 | 10,457 | 8,509 | 14,170 | 21,501 | 20,514 | |
| Cash from Investing | -1,212 | -520 | -984 | -2,328 | -2,188 | 572 | 1,544 | 3,482 | -17,142 | -26,461 |
| Cash from Financing | -3,539 | -4,600 | -4,663 | -2,377 | -5,655 | -10,338 | -10,408 | -16,864 | -5,175 | 6,555 |
| -26 | -19 | -37 | 892 | -828 | 467 | -434 | 788 | -816 | 608 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Adani Power Limited has informed the Exchange about Assignment of Maharashtra State Electricity Distribution Co. Limited s 2500 MW RE RTC Power Supply Contract by Adani Power Limited to Powerpulse Trading Solutions Limited
2026-09-07 - Adani Power Limited has informed the Exchange about Investor Presentation in USD
2026-09-07 - Adani Power Limited has informed the Exchange about Investor Presentation in INR
2026-09-07 - Adani Power Limited has informed the Exchange about Declaration of the Successful Resolution Applicant and issuance of Letter of Intent for acquiring GVK Energy Limited
2026-09-07 - Adani Power Limited has informed the Exchange regarding a press release dated September 07, 2026, titled "Adani Power Recognized for Outstanding ESG Performance by NSE Sustainability".
2026-09-01 - Adani Power Limited has informed the Exchange about Credit Rating
2026-08-27 - Adani Power Limited has informed the Exchange about Signing of Agreement for sale of a Subsidiary
2026-08-22 - Adani Power Limited has informed the Exchange about Investor Presentation
2026-08-21 - Adani Power Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for ADANIPOWER
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Adani Power Ltd.
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