Adani Power Ltd.

NSE: ADANIPOWER · Integrated Power Utilities

52W Range₹128 ₹723

Snapshot

Unlock Adani Power Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Adani Power Limited is an integrated power utility company primarily engaged in the generation of electricity through thermal and solar energy sources. The company operates a diverse portfolio of power projects across India and is also involved in coal trading activities.

Business Model

The company generates revenue through the sale of electricity under long-term, medium-term, and short-term power purchase agreements, as well as through merchant power sales. Additionally, it supplements its income through coal trading operations.

  • Installed Capacity:13,650 MW

Growth Outlook

Growth is driven by the operational efficiency of its existing thermal and solar power assets and the strategic expansion of its generation capacity. The company continues to leverage its presence in key Indian states to meet rising electricity demand.

Key Risks

  • Regulatory and Policy Risk. Changes in government regulations regarding power tariffs and environmental compliance can significantly impact profitability.
  • Fuel Supply Volatility. Fluctuations in the availability and cost of coal, both domestically and internationally, pose a risk to operational margins.
  • Counterparty Credit Risk. The company faces potential payment delays from state-owned distribution companies (DISCOMs) which may affect cash flow liquidity.
  • Environmental and ESG Concerns. Increasing global and domestic pressure to transition away from coal-based thermal power may necessitate significant capital expenditure for cleaner energy alternatives.

Price

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Key Metrics

REVENUE

₹54,241 Cr

TTM · consolidated

-3.5%YoY

NET PROFIT

₹12,971 Cr

TTM · consolidated

+1.7%YoY

EPS

₹13.52

TTM · consolidated

-58.0%YoY

RETURN ON EQUITY

22.2%

TTM · consolidated

-5.3 ppYoY

RETURN ON CAPITAL EMPLOYED

18.3%

TTM · consolidated

-5.9 ppYoY

P/E

16.0x

Q4 FY26 · consolidated

16.0 vs -6.2x5Y avg

EV/EBITDA

20.1x

Q4 FY26 · consolidated

20.1 vs 210.7x5Y avg

EBITDA MARGIN

43.2%

TTM · consolidated

+0.5 ppYoY

NET PROFIT MARGIN

30.0%

Q4 FY26 · consolidated

+11.7 ppYoY

DEBT TO EQUITY

0.8x

Q4 FY26 · consolidated

+0.14xYoY

Peers · Integrated Power Utilities

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Adani Power Ltd.ADANIPOWER
2,91,39116.0220.07-3.5%43.2%22.2%18.3%-64.2%
Tata Power Co. Ltd.TATAPOWER
1,23,56332.1812.62-4.7%23.8%13.9%8.4%-9.1%
Torrent Power Ltd.TORNTPOWER
68,68729.6314.42-0.7%20.2%13.7%13.9%+1.9%
CESC Ltd.CESC
19,95611.446.6639.8%24.7%16.6%13.0%-8.4%
Reliance Infrastructure Ltd.RELINFRA
2,9890.932.12-13.4%13.4%31.6%6.2%-83.4%

As of Q4 FY26

Financials