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Adani Power

ADANIPOWER NSE
₹201.71 +6.21 (+3.18%)
P/E
21.34
View as Markdown
MCP
Close 4 Nov 2026 ₹201.71 +48.54 +31.7% 1Y
Start ₹153.17

Key Fundamentals

LargecapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
17.20%
Debt to Equity
0.82
EPS (TTM)
₹9.45
Book Value
₹39.80
Market Cap
—
P/E (TTM)
21.34
P/B
5.07
ROE
21.10%
Dividend Yield
0.00%
EBITDA
₹23,431 Cr
52W High
₹254.20
52W Low
₹128.10
Day Range
₹194.03 – ₹201.88
Volume
1,97,98,561

Peer Comparison

Utilities › Power › Integrated Power Utilities

Adani Power peer comparison
Adani Power (this company)
₹201.7121.34₹3,86,658 Cr5.070.00%21.10%17.20%₹65,015 Cr₹18,645 Cr
Tata Power
₹360.0029.75₹1,14,233 Cr2.910.70%10.20%10.50%₹63,445 Cr₹5,256 Cr
Torrent Power
₹1,234.4026.77₹61,139 Cr3.261.66%12.50%13.70%₹29,184 Cr₹2,390 Cr
CESC
₹130.9411.17₹17,179 Cr1.394.67%12.00%10.90%₹18,853 Cr₹1,630 Cr
Reliance Infrastructure
₹49.130.62₹1,961 Cr0.120.00%14.30%15.40%₹20,877 Cr₹5,300 Cr
DPSC
₹6.3148.54₹634 Cr0.690.78%1.45%3.49%₹771 Cr₹13 Cr
Median 6 companies₹166.3324.06₹39,159 Cr2.150.74%12.25%12.30%₹25,031 Cr₹3,823 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

51 Average

Data confidence 100/100

Category scores

Quality
64
Good
Returns, margins, earnings quality 22% weight
Valuation
41
Weak
Cheap vs sector & own history 24% weight
Growth
52
Average
Sales & profit trajectory 9% weight
Financial Health
61
Good
Solvency, leverage, coverage 9% weight
Momentum
54
Average
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • 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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4411
OscillatorsBearish342
Moving AveragesStrong Bullish109

Key readings

RSI (14)
57.74
Neutral
MACD (12,26,9)
−1.30
Bullish
SMA (50)
199.39
Bullish
SMA (200)
192.39
Bullish

As of

Analyst Rating

Based on 11 analysts
BUY91%

10 of 11 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
10
91%
HOLD
1
9%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+7.89%
5Y+15.65%
3Y+11.84%
1Y−3.49%
TTM+17.20%

Net profit

Net profit growth by window
10Y+37.15%
5Y+59.16%
3Y+6.54%
1Y+1.73%
TTM+58.68%

Operating cash flow

Operating cash flow growth by window
10Y+14.59%
5Y+23.94%
3Y+34.50%
1Y−4.59%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+1.83 pp
5Y+3.38 pp
3Y+10.47 pp
1Y−1.60 pp
TTM+1.42 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹22,616 Cr
Mar 2018₹20,304 Cr
Mar 2019₹23,884 Cr
Mar 2020₹26,468 Cr
Mar 2021₹26,221 Cr
Mar 2022₹27,711 Cr
Mar 2023₹38,773 Cr
Mar 2024₹50,351 Cr
Mar 2025₹56,203 Cr
Mar 2026₹54,241 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹6,174 Cr
Mar 2018−₹2,103 Cr
Mar 2019−₹984 Cr
Mar 2020−₹2,275 Cr
Mar 2021₹1,270 Cr
Mar 2022₹4,912 Cr
Mar 2023₹10,727 Cr
Mar 2024₹20,829 Cr
Mar 2025₹12,750 Cr
Mar 2026₹12,971 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹4,933 Cr −43.6% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Adani Power Ltd trades at ₹195.5 as of 2026-11-03 with a market cap of ₹3,79,812 crore and a P/E (TTM) of 20.69. The company has delivered strong long-term profit compounding at 37% over 10 years and maintains a healthy 3-year ROE of 32%, though it pays no dividend and carries a debt-to-equity ratio of 0.84.

Bull Case 7
  • 10-year compounded profit growth of 37% reflects a strong long-term earnings trajectory for a power utility
  • 5-year stock CAGR of 53% demonstrates sustained wealth creation over a meaningful period
  • 3-year average ROE of 32% and 5-year average ROE of 33% indicate consistently high returns on shareholder equity
  • TTM profit growth of 51% signals continued strong earnings momentum in the most recent period
  • TTM sales growth of 17% and 5-year compounded sales growth of 16% show steady top-line expansion
  • ROCE of 15.47% as of 2026-11-03 suggests reasonable capital efficiency across both equity and debt
  • P/E (TTM) of 20.69 is moderate for a company delivering 51% TTM profit growth, implying a PEG well below 1
Bear Case 6
  • Despite reporting repeated profits, the company pays zero dividend (yield 0%), returning no cash to shareholders
  • 3-year compounded profit growth has slowed sharply to 6% compared to 37% over 10 years and 58% over 5 years, suggesting decelerating earnings
  • Debt-to-equity ratio of 0.84 represents meaningful leverage for a capital-intensive power business
  • Price-to-book ratio of 4.91 as of 2026-11-03 is elevated, pricing in significant future growth expectations
  • There are indications the company might be capitalizing interest costs, which could overstate reported profitability and asset values
  • Last year ROE of 21% has declined from the 3-year average of 32% and 5-year average of 33%, signalling a potential downward trend in return quality

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Adani Power delivered a blowout Q2 FY27 with profit surging ~138% YoY to ~₹7,000 crore, driven by 11.5% volume growth, improved tariff realisation, and significant prior-period revenue recognition. The credit upgrade to AA+ and 62% PPA coverage on its 24 GW expansion pipeline provide strong visibility, while the Bhutan hydropower JVs signal diversification beyond thermal. Key risks include elevated coal costs, heavy capex funding needs with ₹458.5 billion net debt, and analyst caution that much of the growth story is already in the price after a 27% rally. The operational trajectory is firmly positive, but execution on the massive capacity buildout and sustaining margins amid fuel volatility will be the key watchpoints over the next 12-18 months.

Headwinds 2
  • Net debt stable at ₹458.5B Oct 27

    Net debt remained broadly stable at ₹458.5 billion as of September 2026 with a net debt-to-EBITDA ratio of 2x, as the company funds a massive 24 GW expansion pipeline.

  • Higher fuel costs persist Oct 27

    Higher imported coal prices drove up tariffs under PPAs and pressured costs, though strong volumes and merchant realisation offset the impact during Q2.

Positives 6
  • Q2 profit surges 138% YoY Oct 23

    Consolidated net profit jumped ~138% YoY to ₹6,900-7,019 crore in Q2 FY27, beating consensus estimates of ₹3,100 crore by approximately 123%, driven by higher volumes, improved tariffs, and a ₹2,422 crore prior-period revenue recognition.

  • Revenue up 44%, EBITDA up 46% Oct 23

    Operating revenue surged 44% to ₹19,439 crore and EBITDA rose 46% to ₹8,743 crore with margins expanding 410 bps to 42.34%, while power sales volumes grew 11.5% YoY to 26.4 billion units.

  • Credit rating upgraded to AA+ Oct 23

    CARE Ratings and India Ratings both upgraded Adani Power's credit rating from AA to AA+ Stable, reflecting financial discipline, robust liquidity, and a debt-to-equity ratio of 0.79x with interest coverage of 8.86x.

Quarterly Results

₹ Cr
ADANIPOWER quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
12,991
12,991
13,364
14,956
13,339
13,671
14,237
14,109
13,457
12,451
14,223
18,902
19,439
Expenses
7,819
8,346
8,514
8,761
8,063
8,648
9,425
8,424
8,307
8,213
9,491
10,953
11,210
Operating Profit
5,171
4,645
4,850
6,194
5,276
5,023
4,813
5,685
5,150
4,238
4,732
7,949
8,228
OPM %
40%
36%
36%
41%
40%
37%
34%
40%
38%
34%
33%
42%
42%
Other Income
1,945
364
518
518
724
1,162
298
465
851
543
1,766
538
512
Interest
888
797
820
811
807
957
765
857
842
701
967
901
760
Depreciation
1,004
1,002
990
996
1,059
1,170
1,085
1,089
1,193
1,135
1,147
1,167
1,191
PBT
5,224
3,210
3,558
4,906
4,134
4,059
3,261
4,204
3,966
2,945
4,384
6,418
6,789
Tax %
−26%
15%
23%
20%
20%
28%
20%
21%
27%
16%
3%
24%
−3%
Net Profit
6,594
2,738
2,737
3,913
3,298
2,940
2,599
3,305
2,906
2,488
4,271
4,867
7,019
EPS (₹)
3.42
1.42
1.42
2.03
1.73
1.59
1.37
1.76
1.53
1.29
2.08
2.49
3.59

Profit & Loss

₹ Cr
ADANIPOWER profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
65,015
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
39,868
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
25,147
OPM %
25%
35%
26%
27%
21%
22%
33%
36%
26%
36%
38%
37%
39%
Other Income
1,188
−201
−3,666
754
2,448
323
1,909
3,908
4,216
9,883
2,590
3,625
3,359
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
3,330
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
4,641
PBT
−816
375
−6,260
−2,079
−976
−2,265
2,289
6,577
7,675
20,792
16,360
15,500
20,536
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
18,645
EPS (₹)
−0.57
0.33
−3.2
−1.09
−0.51
−1.18
0.66
2.55
5.56
10.8
6.71
6.66
9.45
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
ADANIPOWER balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 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
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
72,901
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
63,061
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
25,821
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
1,65,640
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
68,530
CWIP
191
88
125
120
350
2,347
6,439
10,270
12,880
925
12,104
35,053
45,539
Investments
357
0
164
0
3
3
20
183
654
374
1,097
1,516
8,569
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
43,001
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
1,65,640

Cash Flow

₹ Cr
ADANIPOWER cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
125
60
79
94
113
99
81
106
84
78
100
103

Ratios

ADANIPOWER financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Adani Power insights

65 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 74.96%
  • FIIs 11.03%
  • Public 5.24%
  • DIIs 4.47%
  • Others 4.30%

1.81% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Q2 FY27 concall · Oct 2026
    PPT
  • Concall · Sep 2026
    PPT
  • Q1 FY27 concall · Sep 2026
    PPT
  • Q1 FY27 concall · Aug 2026
    PPT
  • Q1 FY27 concall · Aug 2026
    PPT

Frequently Asked Questions about Adani Power

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.
Where is Adani Power Ltd (ADANIPOWER) listed?
Adani Power Ltd trades as ADANIPOWER on the NSE and under code 533096 on the BSE.
Which sector does Adani Power Ltd belong to?
Adani Power Ltd is classified under the Power sector, in the Integrated Power Utilities industry.
What is the PE ratio of Adani Power Ltd?
Adani Power Ltd trades at a PE ratio of 21.34 as of 4 Nov 2026, on earnings per share of ₹9.45, against a book value of ₹39.8 per share.
What is the 52-week high and low of Adani Power Ltd?
Over the last 52 weeks Adani Power Ltd has traded between ₹128.1 and ₹254.2 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Adani Power Ltd?
Adani Power Ltd reported a return on equity of 21.10%. Its debt-to-equity ratio is 0.82.

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.

Website adani.com
CEO Mr. Gautambhai Shantilal Adani S.Y. B.Com
Employees 4,176
Listed 20 Aug 2009
Face Value ₹2

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