Adani Power Limited (ADANIPOWER)

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Adani Power Limited (ADANIPOWER) · mywealthgrid

About

Adani Power Limited operates integrated power utilities within India's Utilities sector, with a market capitalization of ₹3,95,818 crore. Recent quarters show net profits ranging from ₹2,046 crore to ₹4,866 crore, with operating margins typically 33–42%. The company has delivered 77.26% returns over the past year.

Founded: 1996
Face value: ₹2

Market cap

₹3,78,385 Cr

P/E

26.5×

P/B

5.8×

Dividend yield

ROE

21.2%

ROCE

17.3%

Debt / equity

0.82

OPM

36.5%

EPS (TTM)

₹7.4

Book value

₹33.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin compression: fell from 42% (Jun 2026) to 33% (Mar 2026)—verify if structural or seasonal and whether margins revert

Quarterly revenue volatility (₹10k–₹19k Cr range) suggests demand or utilization variability; verify capacity factors and volume drivers

Valuation at PE 27.77 assumes sustained growth; verify if profit trajectory justifies current multiples

Power sector risks including fuel cost volatility, tariff regulation changes, and demand cycles—assess regulatory environment and fuel exposure

Generated analysis · source review pending

Growth drivers

Operating margin of 42% in Jun 2026 indicates strong operational control; verify if sustainable or cyclical peak

ROE of 21.16% demonstrates capital efficiency; verify if consistent with recent quarters and future expected returns

Debt-to-equity ratio 0.82 provides headroom for growth investment; verify capital allocation priorities and planned capex

Recent net profits exceeding ₹4,800 crore enable organic reinvestment; verify cash deployment trajectory

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹196.2-0%1Y

Quick read

rule-based

Pros

+Strong return on equity of 34.7% (3-yr avg)
+High return on capital employed of 24.5%
+Healthy operating margin of 36.5%
+Profit CAGR of 58.8% over the last 5 years
+Revenue CAGR of 15.6% over the last 5 years
+High promoter holding of 75% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

59/100

Business quality: 59
Growth: 67
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Adani Power LimitedADANIPOWERADANIPOWER	₹3,78,385 Cr	₹4,31,941 Cr	₹59,033 Cr	₹22,070 Cr	36.5%	₹14,255 Cr	23.9%	17.3%	21.2%	89
Adani Energy Solutions LimitedADANIENSOLADANIENSOL	₹1,59,340 Cr	₹2,08,239 Cr	₹30,480 Cr	₹9,778 Cr	32.9%	₹2,919 Cr	8.7%	11.1%	9.6%	-139
Jsw Energy LimitedJSWENERGYJSWENERGY	₹88,925 Cr	₹1,64,771 Cr	₹18,965 Cr	₹10,149 Cr	53.3%	₹1,967 Cr	14.6%	8.6%	7.7%	28
Ntpc Green Energy LimitedNTPCGREENNTPCGREEN	₹76,755 Cr	₹1,06,013 Cr	₹3,285 Cr	₹2,860 Cr	86.6%	₹607 Cr	18.2%	3.3%	2.8%	-32
Nhpc LimitedNHPCNHPC	₹72,073 Cr	₹1,24,207 Cr	₹12,210 Cr	₹5,787 Cr	45.1%	₹3,797 Cr	36.3%	4.4%	9.3%	77
Torrent Power LimitedTORNTPOWERTORNTPOWER	₹62,630 Cr	₹76,363 Cr	₹29,184 Cr	₹5,596 Cr	19.1%	₹2,324 Cr	8.5%	13.2%	13.2%	-285
Nlc India LimitedNLCINDIANLCINDIA	₹35,109 Cr	₹62,911 Cr	₹18,381 Cr	₹6,125 Cr	32%	₹3,367 Cr	21.6%	8.2%	17.5%	171
Acme Solar Holdings LimitedACMESOLARACMESOLAR	₹30,577 Cr	₹49,565 Cr	₹2,370 Cr	₹2,058 Cr	88%	₹603 Cr	24.6%	8.5%	10.4%	63
Sjvn LimitedSJVNSJVN	₹22,757 Cr	₹54,860 Cr	₹5,005 Cr	₹3,492 Cr	74%	₹639 Cr	14.2%	5.9%	4.5%	100
Cesc LimitedCESCCESC	₹17,448 Cr	₹38,767 Cr	₹18,853 Cr	₹3,478 Cr	18.6%	₹1,551 Cr	8.7%	10.2%	12.6%	11
Nava LimitedNAVANAVA	₹15,652 Cr	₹17,873 Cr	₹4,310 Cr	₹1,656 Cr	40%	₹756 Cr	24.2%	12.5%	9.6%	178
Juniper Green Energy LimitedJNPRJNPR	₹15,263 Cr	₹28,184 Cr	₹719 Cr	₹606 Cr	84.3%	₹40 Cr	5.6%	—	1.2%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	20,611	23,884	26,468	26,221	27,711	38,773	50,351	56,203	54,241
COGS	12,858	16,759	18,047	15,146	15,308	25,695	28,675	30,630	29,378
Gross profit	7,753	7,125	8,420	11,075	12,403	13,078	21,676	25,573	24,863
	2,091	2,171	2,735	2,407	2,589	3,034	3,496	4,267	5,057
	5,662	4,954	5,685	8,669	9,814	10,045	18,181	21,305	19,806
OPM %	27.5%	20.7%	21.5%	33.1%	35.4%	25.9%	36.1%	37.9%	36.5%
Depreciation	2,699	2,751	3,007	3,202	3,118	3,304	3,931	4,309	4,565
Interest	5,570	5,657	5,315	5,106	4,095	3,334	3,388	3,340	3,367
	482	2,477	371	1,928	3,975	4,267	9,930	2,703	3,625
Profit before tax	-2,125	-976	-2,265	2,289	6,577	7,675	20,792	16,360	15,500
Tax	-5	9	10	1,019	1,666	-3,052	-37	3,610	2,528
Tax %	-0.2%	0.9%	0.4%	44.5%	25.3%	-39.8%	-0.2%	22.1%	16.3%
	-2,119	-984	-2,275	1,270	4,912	10,727	20,829	12,750	12,971
PAT margin %	-10.3%	-4.1%	-8.6%	4.8%	17.7%	27.7%	41.4%	22.7%	23.9%
EPS (₹)	-5.4	-3.2	-8.2	0.1	9.6	24.6	51.6	32.3	6.6
EPS adjusted (₹)	-1.1	-0.5	-1.2	0.7	2.6	5.6	10.8	6.7	6.7
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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
Reserves	2,827	4,134	-869	-4,145	-5,992	9,256	14,847	26,019	39,288	52,490	61,080
Minority interest	—	—	—	8,000	8,615	0	—	—	—	1,326	1,465
	41,216	48,853	49,231	43,484	52,368	52,411	48,796	42,252	34,457	38,335	53,556
	18,136	19,473	19,281	16,789	16,176	13,282	14,482	13,694	14,723	16,909	22,322
Total equity & liabilities	65,051	75,794	71,499	67,985	75,025	78,806	81,981	85,821	92,325	1,12,918	1,42,280
	51,662	56,941	54,391	50,419	55,846	52,851	53,274	50,746	63,016	69,249	69,309
CWIP	191	88	125	350	2,347	6,439	10,270	12,880	925	12,104	35,053
Investments	358	0	164	3	3	20	183	1,359	374	1,146	1,608
	12,840	18,765	16,820	17,213	16,830	19,495	18,254	20,836	28,010	30,418	36,309
Total assets	65,051	75,794	71,499	67,985	75,025	78,806	81,981	85,821	92,325	1,12,918	1,42,280

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Power Generation and related activities	54,240.52	15,757.55	1,39,777.31	67,240.97	72,536.34	21.72
Trading, investment and other activities	0	13.68

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	29.8%	31.8%	42.2%	44.8%	33.7%	43.1%	45.5%	45.8%
EBITDA margin %	20.7%	21.5%	33.1%	35.4%	25.9%	36.1%	37.9%	36.5%
EBIT margin %	9.2%	10.1%	20.8%	24.2%	17.4%	28.3%	30.2%	28.1%
PAT margin %	-4.1%	-8.6%	4.8%	17.7%	27.7%	41.4%	22.7%	23.9%
Working capital
Receivable days	131	115	165	126	109	85	85	79
Inventory days	27	51	49	54	44	53	40	45
Payable days	0	1	92	84	44	46	35	35
NWC days	157	166	122	96	108	91	89	89
Leverage
Current ratio	0.73	0.8	0.9	0.95	1.1	1.62	1.6	1.41
Debt to EBITDA	8.78	9.21	6.05	4.97	4.21	1.9	1.8	2.7
Debt to equity	-151.14	-24.53	4	2.61	1.41	0.8	0.68	0.82
Interest coverage	0.8	0.8	1.4	2.6	3.3	7.1	5.9	5.6
Asset turnover	0.35	0.35	0.33	0.34	0.45	0.55	0.5	0.38
Return ratios
Return on assets %	-1.4%	-3%	1.6%	6%	12.5%	22.6%	11.3%	9.1%
Return on capital employed %	9.8%	7.6%	12.7%	17.1%	16.6%	33.4%	22.8%	17.3%
Return on equity %	342.2%	106.6%	9.7%	26.3%	35.9%	48.3%	22.6%	20%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	69.56%	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%	12.35%	12.37%	12.46%	11.53%	11.64%	11.74%	11.76%
	0.76%	1.18%	1.41%	1.43%	1.53%	1.61%	1.65%	1.76%	2.69%	3.42%	3.69%	4.08%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	12.17%	11.21%	10.93%	11.13%	10.85%	11.08%	11.02%	10.82%	10.82%	9.98%	9.61%	9.2%
No. of shareholders	—	—	—	—	—	—	—	—	20,12,647	21,47,981	20,87,011	21,16,256

Promoter holding up 5.4 percentage points since Sep 2023.

38 deals · 18 Jul 2022 – 18 Nov 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
18 Nov 2025	RELIANCE TRUST INSTITUTIONAL RETIREMENT TRUST SERIES ELEVEN	Block	NSE	Sell	4,51,44,262	₹153.28	₹691.97 Cr
18 Nov 2025	GQG PARTNERS INTERNATIONAL EQUITY CIT	Block	NSE	Buy	4,51,44,262	₹153.28	₹691.97 Cr
18 Nov 2025	RELIANCE TRUST INSTITUTIONAL RETIREMENT TRUST SERIES TWELVE	Block	NSE	Sell	2,23,08,465	₹153.28	₹341.94 Cr
18 Nov 2025	GQG PARTNERS EMERGING MARKETS EQUITY CIT	Block	NSE	Buy	2,23,08,465	₹153.28	₹341.94 Cr
18 Nov 2025	GQG PARTNERS GLOBAL EQUITY CIT	Block	NSE	Buy	1,61,57,595	₹153.28	₹247.66 Cr
18 Nov 2025	RELIANCE TRUST INSTITUTIONAL RETIREMENT TRUST SERIES TEN	Block	NSE	Sell	1,61,57,595	₹153.28	₹247.66 Cr
7 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE	Block	NSE	Sell	41,50,207	₹151.99	₹63.08 Cr
7 Oct 2025	GOLDMAN SACHS BANK EUROPESE	Block	NSE	Buy	41,50,207	₹151.99	₹63.08 Cr
26 Aug 2024	CITIGROUP GLOBAL MARKETS SINGAPORE PTE LIMITED	Block	NSE	Buy	8,38,000	₹662.50	₹55.52 Cr
26 Aug 2024	CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED	Block	NSE	Sell	8,38,000	₹662.50	₹55.52 Cr

1–10 of 38

1 / 4

Mr. Gautam S. AdaniNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Rajesh S. AdaniNon-Executive - Non Independent Director
Mr. Anil Kumar SardanaExecutive Director-MD
Mr. Shersingh KhyaliaExecutive Director-CEO
Mrs. Sangeeta SinghNon-Executive - Independent Director
Mr. Manmohan SrivastavaNon-Executive - Independent Director
Mr. Shailesh HaribhaktiNon-Executive - Independent Director
Mr. Narendra Nath MisraNon-Executive - Independent Director
Mr. Shersingh B. KhyaliaChief Executive Officer
Mr. Dilip Kumar JhaChief Financial Officer
Mr. Puneet BansalCompany Secretary & Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹204.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹204.1	+3.7	+1.8%	₹204.1	59,238	+46	4,275	3550
23 Nov 2026	₹205.0	+3.7	+1.8%	₹205.0	1,692	+26	236	3550
29 Dec 2026	₹206.6	+7.4	+3.7%	₹206.6	19	+19	21	3550

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

27

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
—	—	—	—	160

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

109

across 18 fund houses

Held by these funds

2.06%

of the company's equity

All mutual funds

3.92%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

109 schemes · 18 fund houses

		Shares
Aggressive Hybrid FundNEW	SBI Mutual Fund	13 Cr	2,574	2.9%	0.674%	—
Focused Fund	SBI Mutual Fund	11 Cr	2,178	4.25%	0.57%	-0
MultiCap Fund	SBI Mutual Fund	4.2 Cr	831.6	3.39%	0.218%	-70 L
Arbitrage FundNEW	SBI Mutual Fund	1.85 Cr	367.2	0.78%	0.096%	—
Nifty Next 50 Index Fund	ICICI Prudential Mutual Fund	1.65 Cr	327.05	3.23%	0.086%	+2.64 L
ETF NIFTY NEXT 50 JUNIOR BEES	Nippon India Mutual Fund	1.46 Cr	289.97	3.23%	0.076%	+4.71 L
Arbitrage Fund	Axis Mutual Fund	55.03 L	108.95	1.03%	0.029%	-0
Nifty Next 50 ETF	SBI Mutual Fund	49.95 L	98.9	3.23%	0.026%	+11,338

1–8 of 109

1 / 14

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results23 Oct 2026 · in 22 daysresults

2

Board meeting to consider results23 Oct 2026
Board meeting to consider results22 Jul 2026

1

Face value ₹10 → ₹222 Sept 2025 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

12 announcementsExport CSV

29 Sept 2026, 1:59 amCompany Update

Announcement Under Regulation 30 (LODR) -Update

General PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	29.8%	31.8%	42.2%	44.8%	33.7%	43.1%	45.5%	45.8%
EBITDA margin %	20.7%	21.5%	33.1%	35.4%	25.9%	36.1%	37.9%	36.5%
EBIT margin %	9.2%	10.1%	20.8%	24.2%	17.4%	28.3%	30.2%	28.1%
PAT margin %	-4.1%	-8.6%	4.8%	17.7%	27.7%	41.4%	22.7%	23.9%
Working capital
Receivable days	131	115	165	126	109	85	85	79
Inventory days	27	51	49	54	44	53	40	45
Payable days	0	1	92	84	44	46	35	35
NWC days	157	166	122	96	108	91	89	89
Leverage
Current ratio	0.73	0.8	0.9	0.95	1.1	1.62	1.6	1.41
Debt to EBITDA	8.78	9.21	6.05	4.97	4.21	1.9	1.8	2.7
Debt to equity	-151.14	-24.53	4	2.61	1.41	0.8	0.68	0.82
Interest coverage	0.8	0.8	1.4	2.6	3.3	7.1	5.9	5.6
Asset turnover	0.35	0.35	0.33	0.34	0.45	0.55	0.5	0.38
Return ratios
Return on assets %	-1.4%	-3%	1.6%	6%	12.5%	22.6%	11.3%	9.1%
Return on capital employed %	9.8%	7.6%	12.7%	17.1%	16.6%	33.4%	22.8%	17.3%
Return on equity %	342.2%	106.6%	9.7%	26.3%	35.9%	48.3%	22.6%	20%

Calls	Strike	Puts
—	—	—	—	160

Date	Category	Subject	Filing
29 Sept 2026, 1:59 am	Company Update General	Announcement Under Regulation 30 (LODR) -Update	PDF
28 Sept 2026, 5:19 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 5:12 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
28 Sept 2026, 4:40 pm	Board Meeting	Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026	PDF
18 Sept 2026, 11:57 pm	Company Update General	Clarification On News Item Appearing In Media Article	PDF
14 Sept 2026, 12:59 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
8 Sept 2026, 11:01 pm	Company Update General	Announcement Under Regulation 30 (LODR)- Assignment Of Maharashtra State Electricity Distribution Co. Limited'S 2500 MW RE RTC Power Supply Contract By Adani Power Limited To Powerpulse Trading Solutions Limited	PDF
7 Sept 2026, 5:21 pm	Company Update General	Investor Presentation September 2026 In USD	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,819	4,725	5,101	5,610	5,598	7,014	10,233	8,431	14,170	21,501	20,514
	-3,703	-1,212	-520	-984	-2,328	-2,188	774	1,545	3,485	-17,142	-26,461
	-2,261	-3,539	-4,600	-4,663	-2,377	-5,655	-10,338	-10,408	-16,864	-5,175	6,555
Net cash flow	-1,144	-26	-19	-37	892	-828	669	-433	791	-816	608
Free cash flow	—	—	—	—	—	3,397	6,798	5,187	11,568	9,942	-2,785
CFO / Operating profit %	—	—	89.6%	113.3%	98.5%	80.9%	104.3%	83.9%	77.9%	100.9%	103.6%

Adani Power Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain27

Fund holders

Documents

Announcements

Events

Upcoming and recent1

Board meetings2

Stock splits1

Announcements

Upcoming and recent1

Board meetings2

Stock splits1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain27

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Power Generation and related activities · revenue

3

27

1

2

1

1

2

1

3

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