Adani Power
Adani Power
Power F&OKey Fundamentals
LargecapIntegrated Power UtilitiesPowerTapetide Score
Data-driven rating, 0–100. How it works →
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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAdani Power Ltd, with a market cap of approximately ₹4,05,750 crore and a P/E of 28.3x, is a large-cap thermal power producer that has delivered strong long-term profit growth (5-year CAGR of 58%) and robust historical ROE (3-year average of 32%). However, recent growth metrics show deceleration with TTM sales growth at 7% and last-year ROE declining to 21%, while the company pays zero dividends and trades at a P/B of 6.62x.
- Exceptional 5-year compounded profit growth of 58% CAGR indicates a sharp turnaround in earnings power over the medium term
- Strong 3-year ROE track record of approximately 32%, well above the cost of equity for most Indian power utilities
- 10-year compounded profit CAGR of 37% demonstrates the company's ability to generate long-term earnings growth through cycles
- Stock has delivered a 5-year price CAGR of 60%, reflecting sustained re-rating driven by improving fundamentals
- 5-year compounded sales CAGR of 16% shows meaningful topline expansion, supported by rising power demand in India
- Market cap of ₹4,05,750 crore provides significant scale, liquidity, and index inclusion benefits for institutional investors
- Even the 10-year ROE of 27% is well above the broader market average, suggesting durable competitive advantages in its asset base
- Zero dividend yield despite reporting repeated profits raises concerns about capital allocation priorities and free cash flow availability
- P/B ratio of 6.62x is elevated for a capital-intensive thermal power company, pricing in substantial future growth
- Potential capitalization of interest costs, as flagged in known concerns, could mean reported profits overstate true operating performance
- Last-year ROE has declined to 21% from the 3-year average of 32%, indicating a deteriorating return profile
- TTM sales growth has decelerated sharply to 7% compared to the 5-year CAGR of 16%, suggesting slowing revenue momentum
- TTM profit growth of 15% is significantly lower than the 5-year CAGR of 58%, pointing to normalizing earnings after a high-growth phase
- P/E of 28.3x is at a premium to many traditional thermal power peers in India, leaving limited margin of safety
- 3-year compounded profit CAGR of only 6% versus the 5-year figure of 58% suggests recent profit growth has stalled materially
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- 44% new capacity lacks PPAs Sep 3
Motilal Oswal flagged that 44% of upcoming capacity remains without power purchase agreements, alongside risks of project delays, cost overruns, and stricter environmental regulations.
- 2,500 MW contract transferred out Sep 9
Adani Power transferred its 2,500 MW round-the-clock renewable power LoA from MSEDCL (awarded April 2, 2026, 25-year term) to group company Powerpulse Trading Solutions, reducing its direct renewable exposure.
- Stock down 1.72% on uncertainty Sep 7
Shares closed at ₹208, down ₹3.51 (1.72%), reflecting investor uncertainty over the GVK Energy acquisition timeline pending NCLT Hyderabad and other regulatory approvals.
- Stock in corrective phase Aug 18
After hitting a lifetime high of ₹254.15 on May 29, 2026, the stock entered a corrective phase with RSI near 37 indicating weak momentum and potential consolidation between ₹195-205.
- Q1FY27 profit surges 47% YoY Sep 7
Net profit jumped 47.3% YoY to ₹4,867 crore in Q1FY27 on revenue of ₹18,902 crore (up 34% YoY), with ROCE of 17.2%, ROE of 21.1%, and debt-to-equity at 0.84.
- GVK Energy 330 MW acquisition Sep 7
Adani Power's ₹5,725 crore resolution plan for GVK Energy (330 MW hydroelectric plant in Uttarakhand) was approved by creditors, with LoI received September 7, 2026—its eighth CIRP acquisition.
- CARE upgrades rating to AA+ Aug 18
CARE Ratings upgraded Adani Power's long-term rating to CARE AA+ (stable) from CARE AA, reflecting strong operational performance with 96% plant availability in Q1FY27 and 95% PPA coverage.
- APTEL rules in favor on MERC Aug 20
APTEL set aside MERC's order and directed recomputation of Change in Law compensation, removing a regulatory overhang on the stock.
- Motilal Oswal initiates at Buy ₹250 Sep 3
MOFSL initiated coverage with a Buy rating and ₹250 target (20% upside), projecting 21% EBITDA CAGR over FY26-29 and capacity reaching 24.5 GW by FY29. Bernstein targets ₹220, Antique targets ₹282.
- ESG score rises to 66 Sep 7
NSE Sustainability ESG score improved to 66 from 65 in FY26, with S&P Global CSA at 71/100 and CareEdge ESG at 80/100 (Leadership category), leading the thermal power sector.
- 42 GW capacity target by FY32 Sep 3
Current operating capacity stands at 18.33 GW with 3,200 MW under development, targeting 42 GW by FY32 with ~₹2 trillion capex and 100% land availability secured.
- Investor meets in London, Abu Dhabi Aug 21
Adani Power scheduled institutional investor and analyst meetings at the Adani Annual Conference 2026 in London and Abu Dhabi for September 7-9, 2026.
- Raipur plant site visit Aug 17
Adani Power announced an in-person analyst and investor site visit to its Raipur Power Plant on August 21, 2026.
- Weekly stock pick by Motilal Oswal Sep 7
Motilal Oswal Wealth Management recommended Adani Power at ₹207 with a ₹250 target (21% upside) as a top pick for the week of September 7, noting the stock has crossed its 200-DMA.
TL;DR: Adani Power is executing well on growth and profitability—Q1FY27 profit surged 47% YoY to ₹4,867 crore, the CARE rating upgrade to AA+ lowers funding costs, and the GVK hydro acquisition adds diversification beyond thermal. Multiple brokerages are bullish with targets of ₹220-282 and consensus at ₹252. Key risks center on 44% of upcoming capacity lacking PPAs, regulatory approvals pending for GVK, and the stock's corrective phase after its May high. The fundamental trend is improving with strong earnings momentum and capacity expansion, though near-term price action may stay range-bound until the broader expansion pipeline de-risks further.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY09–FY27.
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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]
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