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 a good return on equity (ROE) track record: 3 Years ROE 45.0%
- Company has a healthy return on capital (ROCE) of 25.7%
- Company has delivered good sales growth of 151.8% CAGR over last 5 years
- Latest quarter profit grew 31.6% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.20x)
CONS
- A large part of profit comes from other income (30.5% of PBT)
- Valuation is stretched - P/E of 34.3 is well above its own 5-year median (3.4)
- Stock is trading at 5.5x its book value
- Though reporting repeated profits, the company pays out little dividend (0.0%)
- Expensive relative to growth - PEG of 14.6
* 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,511 | 10,337 | 10,217 | 12,238 | 13,567 | 11,901 | 12,042 | 12,201 | 12,462 | 11,243 | 10,011 | 11,573 | 15,761 | |
| 5,985 | 5,690 | 6,749 | 7,784 | 8,112 | 7,053 | 7,169 | 7,868 | 7,238 | 6,724 | 6,429 | 7,715 | 10,893 | |
| Operating Profit | 2,526 | 4,647 | 3,467 | 4,454 | 5,455 | 4,848 | 4,873 | 4,333 | 5,224 | 4,519 | 3,582 | 3,858 | 4,868 |
| OPM % | 29.68% | 44.96% | 33.94% | 36.40% | 40.21% | 40.73% | 40.47% | 35.51% | 41.92% | 40.19% | 35.78% | 33.34% | 30.89% |
| 7,136 | 2,033 | 431 | 622 | 525 | 741 | 1,206 | 389 | 566 | 1,076 | 586 | 2,042 | 666 | |
| Interest | 741 | 616 | 536 | 918 | 818 | 802 | 904 | 683 | 830 | 857 | 719 | 969 | 854 |
| Depreciation | 787 | 801 | 797 | 952 | 958 | 974 | 990 | 958 | 940 | 950 | 951 | 932 | 942 |
| Profit before Tax | 8,133 | 5,262 | 2,564 | 3,206 | 4,204 | 3,813 | 4,185 | 3,082 | 4,020 | 3,789 | 2,498 | 3,999 | 5,534 |
| Tax % | 0.00% | -25.90% | 15.79% | 25.16% | 23.61% | 22.51% | 27.47% | 23.46% | 22.40% | 27.82% | 18.08% | 22.82% | 25.81% |
| Net Profit | 8,133 | 6,625 | 2,160 | 2,399 | 3,211 | 2,955 | 3,035 | 2,359 | 3,119 | 2,735 | 2,047 | 3,087 | 4,105 |
| 20.28 | 16.56 | 5.11 | 5.76 | 7.91 | 1.46 | 1.52 | 1.18 | 7.94 | 1.42 | 1.06 | 1.60 | 2.13 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,868 | 8,121 | 2,404 | 1,005 | 447 | 27,711 | 36,681 | 46,456 | 49,711 | 45,289 | 48,589 | |
| 9,611 | 7,244 | 2,418 | 1,044 | 408 | 17,874 | 27,362 | 29,789 | 30,201 | 28,106 | 31,762 | |
| Operating Profit | 1,257 | 877 | -14 | -38 | 39 | 9,837 | 9,319 | 16,668 | 19,509 | 17,183 | 16,827 |
| OPM % | 11.57% | 10.80% | -0.57% | -3.82% | 8.74% | 35.50% | 25.41% | 35.88% | 39.25% | 37.94% | 34.63% |
| -3,173 | 1,968 | 1,066 | -90 | 134 | 4,074 | 4,662 | 10,128 | 2,860 | 4,362 | 4,371 | |
| Interest | 3,102 | 2,008 | 1,239 | 1,178 | 644 | 4,093 | 3,449 | 3,443 | 3,207 | 3,465 | 3,399 |
| Depreciation | 1,121 | 861 | 38 | 35 | 32 | 3,116 | 3,143 | 3,772 | 3,879 | 3,773 | 3,774 |
| Profit before Tax | -6,138 | -24 | -225 | -1,341 | -503 | 6,702 | 7,389 | 19,581 | 15,284 | 14,306 | 15,820 |
| Tax % | 1.36% | -0.00% | -0.00% | -0.00% | 0.85% | 24.85% | -38.66% | -0.26% | 24.36% | 23.20% | 24.31% |
| Net Profit | -6,054 | -24 | -225 | -1,341 | -499 | 5,036 | 10,246 | 19,632 | 11,560 | 10,988 | 11,974 |
| EPS | -17.48 | -0.06 | -1.24 | -5.77 | -3.75 | 9.95 | 23.32 | 50.90 | 29.97 | 5.70 | — |
| 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:
- 13%
- 5 Years:
- 152%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 61%
- 5 Years:
- —
- 3 Years:
- 2%
STOCK PRICE CAGR
- 10 Years:
- 44%
- 5 Years:
- 59%
- 3 Years:
- 40%
- 1 Year:
- 68%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 45%
- 3 Years:
- 45%
- Last Year:
- 23%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 816 | 5,682 | 5,271 | 3,318 | 4,213 | 14,607 | 11,152 | 29,044 | 39,535 | 49,158 | |
| 29,989 | 9,816 | 18,941 | 14,577 | 15,526 | 45,182 | 50,578 | 46,550 | 43,175 | 52,982 | |
| Trade Payables | 4,509 | 250 | 139 | 712 | 13 | 3,449 | 2,387 | 3,695 | 2,442 | 2,018 |
| 2,591 | 101 | 721 | 65 | 799 | 4,672 | 4,857 | 5,790 | 7,674 | 11,533 | |
| Total Liabilities | 41,762 | 19,707 | 28,928 | 22,530 | 24,408 | 71,766 | 72,832 | 88,936 | 96,683 | 1,19,548 |
| 22,718 | 642 | 603 | 570 | 541 | 49,342 | 46,583 | 59,467 | 58,142 | 54,972 | |
| Capital Work in Progress | 68 | 0 | 0 | 0 | 1 | 184 | 188 | 742 | 2,994 | 15,064 |
| 7,740 | 7,768 | 17,157 | 18,216 | 19,359 | 4,834 | 6,373 | 1,980 | 4,330 | 4,805 | |
| 1,085 | 75 | 4 | 4 | 3 | 2,208 | 2,324 | 3,850 | 2,797 | 2,792 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11,495 | 12,143 | 10,281 | |
| Cash & Bank | 338 | 211 | 129 | 101 | 87 | 2,015 | 1,692 | 5,771 | 4,423 | 6,126 |
| 9,813 | 11,011 | 11,035 | 3,639 | 4,419 | 13,183 | 15,671 | 5,631 | 11,855 | 25,508 | |
| Total Assets | 41,762 | 19,707 | 28,928 | 22,530 | 24,408 | 71,766 | 72,832 | 88,936 | 96,683 | 1,19,548 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 649 | -332 | -164 | 96 | -301 | 10,488 | 8,008 | 12,976 | 18,453 | 19,148 | |
| Cash from Investing | -555 | -3,513 | -8,285 | 6,816 | 390 | 1,386 | 2,824 | 3,144 | -10,811 | -23,364 |
| Cash from Financing | -95 | 3,845 | 8,457 | -6,907 | -105 | -11,182 | -11,138 | -15,751 | -8,041 | 4,830 |
| 10 | 0 | 4 | 3 | -3 | 468 | -381 | 368 | -398 | 614 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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