Adani Power Ltd.

•

adanipower.comBSE: 533096NSE: ADANIPOWER

Market Cap₹ 4,04,689 Cr.

Current Price

High / Low₹ 254 / 125

Stock P/E28.4

Book Value₹ 36

Price to Book4.47

Dividend Yield0.00 %

ROCE17.8 %

ROE21.9 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Power: 100.0%

AI Sector View

AI GENERATED

Power

Buy

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.

Confidence

71%

View full sector analysis →

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 28.4 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 4.3

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

PowerPowerPower Generation/Distribution

Part ofNIFTY NEXT 50 NIFTY ALPHA 50 NIFTY500MOMENTM50 NIFTYLARGEMIDCAP250 NIFTY CONSUMPTION

S.No.	Name
1.	ADANIPOWER	209.85	28.39	404689.32	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	333.30	11.64	323189.88	2.70	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	269.10	15.74	250279.25	3.34	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1282.00	118.37	211167.98	0.00	983.00	19.30	4431.00	16.61	9.90	91.24
5.	ADANIENSOL	1373.75	57.55	168003.37	0.00	12365.60	2194.43	97110.80	1324.06	9.71	31.27
6.	TATAPOWER	365.00	30.19	116629.89	0.68	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	525.45	48.97	96340.35	0.38	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	76.30	20.19	76643.62	2.11	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	86.90	120.64	73224.80	0.00	304.84	38.26	1106.86	62.72	3.73	91.95
10.	TORNTPOWER	1298.20	28.15	65416.76	1.54	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	264.25	11.42	36641.87	1.46	436.33	-48.01	4716.75	23.29	11.27	32.83
12.	ACMESOLAR	401.85	47.07	28405.75	0.05	235.33	79.88	857.50	67.81	9.23	85.63

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.96	74.96	74.96	74.96	74.96	74.96	74.96	74.96
	12.66	12.34	12.36	12.46	11.53	11.64	11.73	11.76
	1.52	1.60	1.64	1.76	2.70	3.41	3.69	4.07
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	10.85	11.09	11.03	10.82	10.81	9.99	9.62	9.20

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

General Updates

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Adani Power Limited has informed the Exchange about Investor Presentation in USD

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Adani Power Limited has informed the Exchange about Investor Presentation in INR

2026-09-07

General Updates

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

Press Release

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

Credit Rating

2026-09-01 - Adani Power Limited has informed the Exchange about Credit Rating

2026-08-27

General Updates

2026-08-27 - Adani Power Limited has informed the Exchange about Signing of Agreement for sale of a Subsidiary

2026-08-22

Investor Presentation

2026-08-22 - Adani Power Limited has informed the Exchange about Investor Presentation

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

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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Name

ADANIPOWER

209.85

28.39

404689.32

0.00

4866.60

47.24

18901.89

33.97

17.79

42.67

NTPC

333.30

11.64

323189.88

2.70

6896.44

-88.71

50740.96

7.81

8.52

33.23

POWERGRID

269.10

15.74

250279.25

3.34

3598.42

-0.89

11496.72

2.68

9.74

82.97

ADANIGREEN

1282.00

118.37

211167.98

0.00

983.00

19.30

4431.00

16.61

9.90

91.24

ADANIENSOL

1373.75

57.55

168003.37

0.00

12365.60

2194.43

97110.80

1324.06

9.71

31.27

TATAPOWER

365.00

30.19

116629.89

0.68

1400.86

10.98

19051.26

5.63

11.63

21.53

JSWENERGY

525.45

48.97

96340.35

0.38

532.70

-36.27

5207.13

1.24

8.50

55.22

NHPC

76.30

20.19

76643.62

2.11

1178.09

4.15

3808.31

18.50

6.16

61.80

NTPCGREEN

86.90

120.64

73224.80

0.00

304.84

38.26

1106.86

62.72

3.73

91.95

TORNTPOWER

1298.20

28.15

65416.76

1.54

661.85

-10.75

8124.15

2.75

14.37

18.93

NLCINDIA

264.25

11.42

36641.87

1.46

436.33

-48.01

4716.75

23.29

11.27

32.83

ACMESOLAR

401.85

47.07

28405.75

0.05

235.33

79.88

857.50

67.81

9.23

85.63

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

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

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%

27.56%

20.30%

21.39%

26.72%

15.52%

2.57%

24.17%

Net Profit

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

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

3,857

Minority Interest

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

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

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

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

74.96

12.66

12.34

12.36

12.46

11.53

11.64

11.73

11.76

1.52

1.60

1.64

1.76

2.70

3.41

3.69

4.07

Government

0.00

10.85

11.09

11.03

10.82

10.81

9.99

9.62

9.20

Adani Power Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Adani Power Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI