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Adani Power Ltd (ADANIPOWER)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533096 NSE: ADANIPOWER Power Generation/Distribution | Large Cap | Adani Power Share Price

₹230.05 -2.45 (-1.05%)

As on 04-Jun'26 16:59

Adani Power Ltd (ADANIPOWER)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533096 NSE: ADANIPOWER Power Generation/Distribution | Large Cap | Adani Power Share Price

₹230.05 -2.45 (-1.05%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹4,43,644 Cr.
Current Price
₹230.1
52-Week Low / High
₹106 / 254
TTM EPS
₹5.7
TTM Sales
₹45,289 Cr.
Book Value per Share
₹27.5
P/E Ratio
40.38
Higher than its 5-year historical median
Industry PE
29.7
Price to Book (P/B)
8.37
Higher than its 5-year historical median
Price to Sales (P/S)
9.80
Higher than its 5-year historical median
EV/EBITDA
22.53
Higher than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
22.79%
Outperforms industry median
Return on Capital Employed (ROCE)
19.49%
Outperforms industry median
Return on Assets (ROA)
10.16%
Operating Profit Margin
38%
Net Profit Margin
24.26%
Gross Profit Margin
39.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-8.9%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-11.92%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-4.95%
Asset Quality
Promoter Holding
74.96%
Pledged shares (%) of Promoter's holding (%)
1.81%
Reserves
₹49,158 Cr.
Equity
₹3,856.9 Cr.
Face Value
₹2
All Time Low / High
₹3.04 / 254.15

Adani Power stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Adani Power Ltd a good quality company?
Adani Power Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does Adani Power Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Adani Power Ltd vs industry peers?
Adani Power Ltd revenue CAGR is 118.19%, compared to the industry median CAGR of 17.64%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Adani Power Ltd?
Promoters hold 74.96% of the Adani Power Ltd, with 1.81% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of Adani Power Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 44.2% based on the current price.
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10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Adani Power Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ-8.9%7.8%4.3%-0.7%0.6%26.3%18.1%33.9%23.7%19.5%-
Value Creation
Index ⓘ		-1.7-0.4-0.7-1.1-0.91.30.62.01.10.7-

Growth Parameters ⓘ
Sales ⓘ10,8688,1212,4041,00544727,71136,68146,45749,71145,28945,289
Sales YoY Gr.--25.3%-70.4%-58.2%-55.5%6,097%32.4%26.7%7%-8.9%-
Adj EPS ⓘ-3.1-0.6-0.1-0.3-0.32.65.310.15.95.45.7
YoY Gr.-NANANANANA105%89.3%-41.4%-9.2%-
BVPS (₹) ⓘ2.454.73.74.29.67.817.122.527.527.5
Adj Net
Profit ⓘ		-5,876-1,081-215-620-5034,99610,24919,37611,36810,31410,992
Cash Flow from Ops. ⓘ659-333-16794.7-28810,2647,93312,97618,45319,148-
Debt/CF from Ops. ⓘ41.4-28.8-116.6151.8-53.13.95.83.22.12.5-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ17.2%151.8%7.3%-8.9%
Adj EPS ⓘNANA0.3%-9.2%
BVPSⓘ31%45.8%52.3%22.2%
Share Price 44.2% 61.2% 64.3% 110.1%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		-85.8-15.2-2.3-7.6-6.637.761.280.929.821.420.7
Op. Profit
Mgn % ⓘ		11.610.90-1.28.735.825.63639.53837.9
Net Profit
Mgn % ⓘ		-54.1-13.3-9-61.7-112.41827.941.722.922.824.3
Debt to
Equity ⓘ		5.812.121.92.23.11.30.90.90.8
Working Cap
Days ⓘ		4124941,6792,6652,96912516615317526395
Cash Conv.
Cycle ⓘ		63-5-15-80-141489381778638

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales10,8688,1212,4041,00544727,71136,68146,45749,71145,289
Operating Expenses ⓘ + 9,6117,2442,4181,04440817,87427,36229,78930,20128,106
Manufacturing Costs9,1977,0562,22191335816,82326,07428,24228,16525,970
Material Costs0-69700000000
Employee Cost 167123414233470530589688717
Other Costs ⓘ 2461338689185817589571,3491,419
Operating Profit ⓘ 1,257877-14-38399,8379,31916,66819,50917,183
Operating Profit Margin (%) 11.6%10.8%-0.6%-3.8%8.7%35.5%25.4%35.9%39.2%37.9%
Other Income ⓘ + 7354631,0669131344,0744,66210,1282,8604,362
Exceptional Items ⓘ -3,9081,5050-1,003000000
Interest ⓘ 3,1022,0081,2391,1786444,0933,4493,4433,2073,465
Depreciation ⓘ 1,1218613835323,1163,1433,7723,8793,773
Profit Before Tax ⓘ -6,138-24-225-1,341-5036,7027,38919,58115,28414,306
Tax ⓘ -83000-41,666-2,857-513,7243,319
Profit After Tax -6,054-24-225-1,341-4995,03610,24619,63211,56010,988
PAT Margin (%) -55.7%-0.3%-9.4%-133.0%-111.0%18.2%27.9%42.3%23.3%24.3%
Adjusted EPS (₹)-3.1-0.0-0.1-0.7-0.32.65.310.26.05.7
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Adani Power - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 4,6739,5399,1287,1758,07018,46415,00932,90143,39253,015
Share Capital ⓘ 3,8573,8573,8573,8573,8573,8573,8573,8573,8573,857
Reserves ⓘ 8165,6825,2713,3184,21314,60711,15229,04439,53549,158
Debt +25,2749,53218,73914,31715,23937,58343,86540,30736,45046,423
Long Term Debt17,2272,24416,37511,7289,94630,46238,19433,91027,71340,229
Short Term Debt8,0477,2882,3652,5895,2937,1215,6726,3978,7376,195
Minority Interest0000000000
Trade Payables4,509250139712133,4492,3873,6952,4422,018
Others Liabilities ⓘ 7,3063859223261,08612,27111,57012,03314,39818,091
Total Liabilities ⓘ 41,76219,70728,92822,53024,40871,76672,83288,93796,6831,19,548

Fixed Assets

Net Fixed Assets ⓘ +22,71864260357054149,34246,58359,46758,14254,972
Gross Block25,48776576076276470,02770,38286,99489,35389,934
Accumulated Depreciation2,76912215719222320,68523,80027,52731,21234,962
CWIP ⓘ 6800011841887422,99415,064
Investments ⓘ 7,7407,76817,15718,21619,3594,8346,3731,9804,3304,805
Inventories1,085754432,2082,3243,8502,7972,792
Trade Receivables1,7444212367109,49011,38111,49512,14310,281
Cash Equivalents 338211129101872,0151,6925,7714,4236,126
Others Assets ⓘ 8,06910,96911,0233,2724,4093,6934,2905,63111,85525,508
Total Assets ⓘ 41,76219,70728,92822,53024,40871,76672,83288,93796,6831,19,548

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 659-333-16795-28810,2647,93312,97618,45319,148
PBT ⓘ -6,138-24-225-1,341-5036,7027,38919,58115,28414,306
Adjustment ⓘ 7,124732241,3305143,4481,593-2,3804,8213,864
Changes in Working Capital ⓘ -337-381-163106-312338-974-4174-1646849
Tax Paid ⓘ 11-0-3-113-225-75-51-5129
Cash Flow From Investing Activity ⓘ + -555-3,513-8,2856,8163901,3862,8243,144-10,811-23,364
Capex -590-10-1-7-642-920-1,649-6,611-13,973
Net Investments 18-13257651,748-305271-3,319-443-1,432
Others ⓘ 17-3,379-8,3426,752-1,3512,3323,4738,113-3,756-7,958
Cash Flow From Financing Activity ⓘ + -953,8458,457-6,907-105-11,182-11,138-15,751-8,0414,830
Net Proceeds from Shares ⓘ 1,702000000000
Net Proceeds from Borrowing ⓘ 1,9691,2396,190-5,279-2,601-5,667-6,670-6,676-1,75215,639
Interest Paid ⓘ -2,051-167-450-630-363-3,569-2,721-3,388-3,267-3,673
Dividend Paid ⓘ 0000000000
Others ⓘ -1,7142,7732,717-9982,858-1,947-1,747-5,687-3,022-7,136
Net Cash Flow ⓘ 10043-3468-381368-398614

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)-88.4-0.33-2.41-16.45-6.5428.3361.2281.9530.322.79
ROCE (%)-8.937.774.25-0.650.6326.2618.0833.9323.719.49
Asset Turnover Ratio0.250.260.10.040.020.580.510.570.540.42
PAT to CFO Conversion(x)N/AN/AN/AN/AN/A2.040.770.661.61.74
Working Capital Days
Receivable Days117.2040.104.1068.80153.6062.60103.8089.9086.8090.40
Inventory Days32.2026.1061.502.7014.6022.6024.3024.4022.50
Payable Days0-8,335.20822.400000000

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *15.8516.100.451.461.811.811.811.811.811.81
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Adani Power Ltd FAQs

The current trading price of Adani Power on 04-Jun-2026 16:59 is ₹230.1.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Adani Power stood at ₹4,43,644.4 Cr

The latest P/E ratio of Adani Power as of 03-Jun-2026 is 40.38.

The latest P/B ratio of Adani Power as of 03-Jun-2026 is 8.37.

The 52-week high of Adani Power is ₹254.2 and the 52-week low is ₹105.7.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Adani Power is ₹45,289 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Adani Power Ltd is a average quality company.

The key valuation ratios of Adani Power Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Adani Power Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Adani Power Ltd

Adani Power Limited (APL), a part of the diversified Adani Group, is the largest private thermal power producer in India. The company has a huge power generation capacity comprising thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, and Chhattisgarh and a solar power project in Gujarat.

The company was the world’s first company to set up a coal-based Supercritical thermal power project registered under the Clean Development Mechanism (CDM) of the Kyoto protocol. Being a new entrant to power generation in 2006, it leveraged the project management skills of the Adani Group to set up its first power plant at Mundra successfully and efficiently.

The power sector in India has undergone a challenging period in the past few years, which put to test the resilience of its business model. By navigating the challenges through prudence, persistence and discipline, it has implemented the best available technologies and practices that can serve as benchmarks for the power industry.

Business area of the company

The company is engaged in the business of generation, accumulation, distribution and supply of power and to generally deal in electricity and to explore, develop, generate, accumulate, supply and distribute or to deal in other forms of energy from any source whatsoever.

Awards and recognitions

FY 2016-17

  • ISO 50001 Certification for Energy management System by TuV, Nord Germany;
  • JUSE 5S Certification for Work Place management System by JUSE, which is first ever in the group;
  • QCFI: Quality Leadership Award (Private Sector) - 2016 given on the recommendations from QCFI representatives and the data of the respective organization, and the contribution of Chief Executives from various Private Sector Organizations practicing Quality Concepts at 30th National Convention on Quality Concepts;
  • 5S case study in Competition at National Conclave on 5S Quality Circle Forum of India.( Highest Level of
    Recognition)

FY 2017-18

  • ISO 9001:2015- Certification for Quality Management System by TuV, Nord Germany
  • ISO 14001:2015- Certification for Environment Management System by TuV, Nord Germany
  • OHSAS 18001:2007- Certification for Occupational Health & Safety Assessment System by TuV, Nord
    Germany
  • Power Awards 2017 - Recognition and appreciation of the contributions by UPCL for meeting almost 12% of total power requirement of Karnataka, by Government of Karnataka
  • IPPAI Power Awards 2017 - The Most Innovative Young Power Professional by IPPAI (Independent Power Producers Association of India) at the 18th Regulators & Policymakers Retreat
  • Finalist - Asia Sustainability Reporting Awards(ASRA) 2017 - Recognition for best sustainability reporting in Asia by CSR Works International with support of British Chamber of Commerce and High Commission of Canada at Singapore.
  • Srishti Environment Award 2018 - Recognition for best Environment Management practices by Srishti Publications

FY 2018-19

  • The company’s wholly owned subsidiary Company namely Adani Power Rajasthan Limited has obtained: Srishti Environment Award 2018 - Recognition for best Environment Management practices.

FY 2019-20

  • Sword of Honour awarded to Adani Power Rajasthan Limited (APRL) by British Safety Council
  • Excellence award during 5S Conclave at Varanasi to two teams from APRL
  • Udupi Power Corporation Limited (UPCL) won Platinum prize at FICCI Safety Systems Excellence Awards
  • Adani Power (Mundra) Limited (APMuL) certified for ISO 45000:2018 (OHSAS) and ISO 50001:2018 (EMS) in December 2019
  • 5-star certificate from Maharashtra Pollution Control Board to Adani Power Maharashtra Limited (APML) for stack emissions for 3rd consecutive year
  • APML, APRL, UPCL certified with ISO45001:2018 (OHS), ISO50001:2018 (Environment Management System)
  • APMuL, APML, APRL and UPCL certified for 5S (Workplace Management System)
  • APML won the IMC Ramakrishna Bajaj National Quality Awards Trust Performance Excellence Trophy 2019

Milestones

2013

  • Adani Power’s Mundra plant sets a record in power generation
  • Adani Power Maharashtra Commissions 3rd Super Critical
  • Adani begins integrated coal MDO operations in India

2014

  • Adani Power commissions Kawai power project
  • Adani Power emerges as India’s largest private power producer
  • Adani Power to acquire Lanco Infratech’s Udupi project for Rs 6000 crore, Installed capacity to rise to 10,440 mw
  • Adani Power to acquire Avantha Power’s Korba West Power Project in Chattisgarh

2015

  • Adani Power completes acquisition of Lanco Infratech’s Udupi Power plant
  • Adani Power emerges as the largest private thermal power player in the country with a generation capacity of 10440 MW

2016

  • Adani unveils the world’s largest solar power plant in Tamil Nadu and dedicates it to the nation

2017

  • A 330 MW unit at Adani Power’s Mundra plant creates a new national record by running continuously for 600 days
  • Adani Group Ensures Energy Security at Competitive Tariff; Refutes Allegation

2019

  • APL completed the acquisition of GMR Chhattisgarh Energy Ltd. (GCEL)
  • APL completed the acquisition of Korba West Power Company Ltd. (KWPCL).
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