Adani Power Ltd

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Adani Power Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Adani Power Ltd

₹ 207 -0.86%
21 Sep 4:01 p.m.
adani.com BSE: 533096 NSE: ADANIPOWER F&O
About

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]

Key Points

Business Profile:[1]
The company operates under the broader Adani Group’s Energy & Utility portfolio, which includes power generation, transmission, distribution, renewable energy, and international power exports.

Market Position:[2] [3]
The company is the largest private thermal power producer in India, accounting for 7.3% of India’s domestic coal-based power generation capacity.

Website BSE NSE F&O
  • Market Cap ₹ 3,99,579 Cr.
  • Current Price ₹ 207
  • High / Low ₹ 254 / 128
  • Stock P/E 28.1
  • Book Value ₹ 33.7
  • Dividend Yield 0.00 %
  • ROCE 17.2 %
  • ROE 21.1 %
  • Face Value ₹ 2.00
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Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.8%

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company might be capitalizing the interest cost

* 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

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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 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%
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
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% -26% 15% 23% 20% 20% 28% 20% 21% 27% 16% 3% 24%
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
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
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
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%
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
Profit before tax -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%
-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 -3.20 -1.09 -0.51 -1.18 0.66 2.55 5.56 10.80 6.71 6.66 7.39
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 8%
5 Years: 16%
3 Years: 12%
TTM: 7%
Compounded Profit Growth
10 Years: 37%
5 Years: 58%
3 Years: 6%
TTM: 15%
Stock Price CAGR
10 Years: 44%
5 Years: 61%
3 Years: 39%
1 Year: 46%
Return on Equity
10 Years: 27%
5 Years: 33%
3 Years: 32%
Last Year: 21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
44,742 52,729 52,484 52,835 46,980 55,199 52,411 49,145 42,596 34,862 39,495 54,670
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 92,009 112,918 141,469
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
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 92,009 112,918 141,469

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
5,824 5,257 4,725 5,101 5,610 5,598 7,014 10,233 8,431 14,170 21,501 20,514
-4,737 -2,692 -1,212 -520 -984 -2,304 -2,188 774 1,545 3,481 -17,142 -26,461
-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

Consolidated Figures in Rs. Crores / View Standalone

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
Inventory Days
Days Payable
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

In beta
Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Plant Load Factor (PLF)
%

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Power Sales Volume
Billion Units
Operating Capacity
MW
PPA Tied-up Capacity (Operating)
%
Plant Availability
%
New Long-term PPAs Tied-up for Expansion Pipeline
MW

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Shareholding Pattern

Numbers in percentages

3 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
70.02% 71.75% 71.75% 72.71% 74.96% 74.96% 74.96% 74.96% 74.96% 74.96% 74.96% 74.96%
17.51% 15.86% 15.91% 14.73% 12.66% 12.34% 12.36% 12.46% 11.53% 11.64% 11.73% 11.76%
0.76% 1.18% 1.41% 1.42% 1.52% 1.60% 1.64% 1.76% 2.70% 3.41% 3.69% 4.07%
11.72% 11.20% 10.93% 11.14% 10.84% 11.09% 11.03% 10.82% 10.82% 9.99% 9.63% 9.20%
No. of Shareholders 15,03,34714,60,76714,26,24917,90,38417,42,78318,85,68418,91,23418,14,14220,12,64721,47,98120,87,01121,16,256

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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