Adani Power Ltd
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]
- Market Cap ₹ 2,33,692 Cr.
- Current Price ₹ 606
- High / Low ₹ 685 / 431
- Stock P/E 18.8
- Book Value ₹ 146
- Dividend Yield 0.00 %
- ROCE 22.5 %
- ROE 26.1 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 65.7% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 40.4%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Utilities Power Power Integrated Power Utilities
Part of BSE 500 BSE 100 BSE 200 Nifty Next 50 Nifty 500
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
15,328 | 18,683 | 25,377 | 22,616 | 20,304 | 23,884 | 26,468 | 26,221 | 27,711 | 38,773 | 50,351 | 56,203 | 55,357 | |
10,735 | 14,005 | 16,575 | 16,635 | 14,868 | 18,901 | 20,734 | 17,533 | 17,830 | 28,677 | 32,124 | 34,785 | 34,560 | |
Operating Profit | 4,593 | 4,678 | 8,802 | 5,980 | 5,436 | 4,983 | 5,734 | 8,688 | 9,881 | 10,096 | 18,228 | 21,418 | 20,796 |
OPM % | 30% | 25% | 35% | 26% | 27% | 21% | 22% | 33% | 36% | 26% | 36% | 38% | 38% |
137 | 1,188 | -201 | -3,666 | 754 | 2,448 | 323 | 1,909 | 3,908 | 4,216 | 9,883 | 2,590 | 2,649 | |
Interest | 4,162 | 4,864 | 5,560 | 5,902 | 5,570 | 5,657 | 5,315 | 5,106 | 4,095 | 3,334 | 3,388 | 3,340 | 3,385 |
Depreciation | 1,937 | 1,818 | 2,666 | 2,672 | 2,699 | 2,751 | 3,006 | 3,202 | 3,118 | 3,304 | 3,931 | 4,309 | 4,402 |
Profit before tax | -1,370 | -816 | 375 | -6,260 | -2,079 | -976 | -2,265 | 2,289 | 6,577 | 7,675 | 20,792 | 16,360 | 15,658 |
Tax % | -79% | 0% | -47% | -1% | -0% | 1% | 0% | 45% | 25% | -40% | -0% | 22% | |
-291 | -816 | 551 | -6,174 | -2,103 | -984 | -2,275 | 1,270 | 4,912 | 10,727 | 20,829 | 12,750 | 12,142 | |
EPS in Rs | -1.01 | -2.84 | 1.65 | -16.01 | -5.45 | -2.55 | -5.90 | 3.29 | 12.73 | 27.81 | 54.00 | 33.55 | 32.19 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 16% |
3 Years: | 27% |
TTM: | 2% |
Compounded Profit Growth | |
---|---|
10 Years: | 28% |
5 Years: | 66% |
3 Years: | 38% |
TTM: | -22% |
Stock Price CAGR | |
---|---|
10 Years: | 40% |
5 Years: | 73% |
3 Years: | 14% |
1 Year: | -5% |
Return on Equity | |
---|---|
10 Years: | 28% |
5 Years: | 37% |
3 Years: | 40% |
Last Year: | 26% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 2,872 | 2,872 | 3,334 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 |
Reserves | 3,671 | 2,853 | 4,134 | -857 | -2,968 | 3,855 | 2,624 | 9,256 | 14,600 | 26,019 | 39,042 | 52,490 |
44,150 | 44,742 | 52,729 | 52,484 | 52,835 | 46,980 | 55,199 | 52,519 | 49,145 | 42,350 | 34,862 | 39,495 | |
8,045 | 8,008 | 15,597 | 16,027 | 15,804 | 13,293 | 13,346 | 13,175 | 14,379 | 13,596 | 14,248 | 17,076 | |
Total Liabilities | 58,739 | 58,474 | 75,794 | 71,511 | 69,528 | 67,985 | 75,025 | 78,806 | 81,981 | 85,821 | 92,009 | 112,918 |
46,365 | 45,080 | 56,941 | 54,391 | 52,137 | 50,419 | 55,846 | 52,851 | 53,274 | 51,451 | 63,016 | 69,297 | |
CWIP | 3,660 | 191 | 88 | 125 | 120 | 350 | 2,347 | 6,439 | 10,270 | 12,880 | 925 | 12,104 |
Investments | 115 | 357 | 0 | 164 | 0 | 3 | 3 | 20 | 183 | 654 | 374 | 1,097 |
8,599 | 12,846 | 18,765 | 16,831 | 17,271 | 17,213 | 16,830 | 19,495 | 18,254 | 20,836 | 27,694 | 30,418 | |
Total Assets | 58,739 | 58,474 | 75,794 | 71,511 | 69,528 | 67,985 | 75,025 | 78,806 | 81,981 | 85,821 | 92,009 | 112,918 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
3,238 | 5,824 | 5,257 | 4,725 | 5,101 | 5,610 | 5,598 | 7,014 | 10,233 | 8,431 | 14,170 | 21,501 | |
-4,700 | -4,737 | -2,692 | -1,212 | -520 | -984 | -2,304 | -2,188 | 774 | 1,545 | 3,481 | -17,142 | |
1,631 | -1,144 | -2,713 | -3,539 | -4,600 | -4,663 | -2,377 | -5,655 | -10,338 | -10,408 | -16,864 | -5,175 | |
Net Cash Flow | 169 | -58 | -148 | -26 | -19 | -37 | 917 | -828 | 669 | -433 | 787 | -816 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 37 | 68 | 179 | 124 | 109 | 131 | 115 | 165 | 126 | 109 | 85 | 85 |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 37 | 68 | 179 | 124 | 109 | 131 | 115 | 165 | 126 | 109 | 85 | 85 |
Working Capital Days | -289 | -161 | -154 | -208 | -269 | -90 | -77 | -38 | -46 | -6 | 16 | 18 |
ROCE % | 6% | 7% | 11% | 6% | 6% | 9% | 7% | 12% | 16% | 16% | 32% | 23% |
Documents
Announcements
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Announcement Under Regulation 30 (LODR) - Update On Pending Litigation
1d - APTEL Aug 29, 2025 extinguished CTUIL's Rs.2632.54 crore relinquishment claim against Mahan Energen, Adani Power subsidiary.
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Announcement Under Regulation 30 (LODR) - Receipt Of Letter Of Award For 800 MW Thermal Power Project
1d - Received LoA to build 800MW Anuppur thermal plant; INR10,500 Cr investment; tariff Rs5.838/kWh; 54 months.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2d - Adani Power Limited has informed about Analyst/Investor Meet
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Announcement under Regulation 30 (LODR)-Investor Presentation
29 Aug - Adani Power Limited has informed about Investor Roadshow Presentation
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Announcement Under Regulation 30 (LODR) - Receipt Of Letter Of Award For 2400 MW Thermal Power Project
29 Aug - LoA for 2,400MW Pirpainti thermal plant; 25-year PPA at Rs6.075/kWh; ~$3bn investment; announced Aug 29, 2025.
Annual reports
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Concalls
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Aug 2025Transcript PPT
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Business Profile[1]
Adani Power operates under the broader Adani Group’s infrastructure and energy portfolio, which includes power generation, transmission, distribution, renewable energy, and international power exports. APL supplies power through long-term Power Purchase Agreements (PPAs) with state electricity boards and industrial consumers, while also engaging in merchant power sales with in-house coal logistics.