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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
₹209.50 -3.50 (-1.64%)
As on 11-Sep'26 15:15
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
₹209.50 -3.50 (-1.64%)
As on 11-Sep'26 15:15
Key Metrics
Valuation Multiples
Market Cap
₹4,10,764 Cr.
Current Price
₹209.5
52-Week Low / High
₹121 / 254
TTM EPS
₹7.4
TTM Sales
₹59,033 Cr.
Book Value per Share
₹36.1
P/E Ratio
28.82
Higher than its 5-year historical median
Industry PE
26.5
Price to Book (P/B)
5.89
Higher than its 5-year historical median
Price to Sales (P/S)
6.96
In line with its 5-year historical median
EV/EBITDA
17.83
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
21.94%
Outperforms industry median
Return on Capital Employed (ROCE)
17.79%
Outperforms industry median
Return on Assets (ROA)
10.20%
Operating Profit Margin
36.5%
Net Profit Margin
23.91%
Gross Profit Margin
37%
Growth Momentum
1-yr vs 3-yr growth
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
-7.04%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
1.74%
Asset Quality
Promoter Holding
74.96%
Pledged shares (%) of Promoter's holding (%)
1.81%
Reserves
₹65,829 Cr.
Equity
₹3,856.9 Cr.
Face Value
₹2
All Time Low / High
₹3.04 / 254.15
Check Before You Invest
Quality
Very GoodValuation
FairCheck Valuation charts
Price Trend
Semi Strong
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.
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.
How does Adani Power Ltd performance compare with that of its Peers?
Revenue growth of Adani Power Ltd vs industry peers?
Adani Power Ltd revenue CAGR is 151.83%, compared to the industry median CAGR of 23.33%, indicating faster growth and gaining its market share.
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.
Stock return of Adani Power Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 43.5% based on the current price.
10 Year X-Ray :
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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 majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.9 | 1.3 | 0.6 | 2.0 | 1.1 | 0.7 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 10,868 | 8,121 | 2,404 | 1,005 | 447 | 27,711 | 36,681 | 46,457 | 49,711 | 45,289 | 48,589 |
| 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 | -0.3 | 2.6 | 5.3 | 10.1 | 5.9 | 5.4 | 6.2 |
| YoY Gr. | - | NA | NA | NA | NA | NA | 105% | 89.3% | -41.4% | -9.2% | - |
| BVPS (₹) ⓘ | 2.4 | 5 | 4.7 | 3.7 | 4.2 | 9.6 | 7.8 | 17.1 | 22.5 | 27.5 | 29.6 |
| Adj Net Profit ⓘ | -5,876 | -1,081 | -215 | -620 | -503 | 4,996 | 10,249 | 19,376 | 11,368 | 10,314 | 11,976 |
| Cash Flow from Ops. ⓘ | 659 | -333 | -167 | 94.7 | -288 | 10,264 | 7,933 | 12,976 | 18,453 | 19,148 | - |
| Debt/CF from Ops. ⓘ | 41.4 | -28.8 | -116.6 | 151.8 | -53.1 | 3.9 | 5.8 | 3.2 | 2.1 | 2.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 17.2% | 151.8% | 7.3% | -8.9% | ||||
| Adj EPS ⓘ | NA | NA | 0.3% | -9.2% | ||||
| BVPSⓘ | 31% | 45.8% | 52.3% | 22.2% | ||||
| Share Price | 43.2% | 59.2% | 38% | 67.8% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -85.8 | -15.2 | -2.3 | -7.6 | -6.6 | 37.7 | 61.2 | 80.9 | 29.8 | 21.4 | 21.8 |
| Op. Profit Mgn % ⓘ | 11.6 | 10.9 | 0 | -1.2 | 8.7 | 35.8 | 25.6 | 36 | 39.5 | 38 | 38.3 |
| Net Profit Mgn % ⓘ | -54.1 | -13.3 | -9 | -61.7 | -112.4 | 18 | 27.9 | 41.7 | 22.9 | 22.8 | 24.7 |
| Debt to Equity ⓘ | 5.8 | 1 | 2.1 | 2 | 1.9 | 2.2 | 3.1 | 1.3 | 0.9 | 0.9 | - |
| Working Cap Days ⓘ | 412 | 494 | 1,679 | 2,665 | 2,969 | 125 | 166 | 153 | 175 | 263 | 95 |
| Cash Conv. Cycle ⓘ | 63 | -5 | -15 | -80 | -141 | 48 | 93 | 81 | 77 | 86 | 38 |
Valuation of Adani Power - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 16.10 | 0.45 | 1.46 | 1.81 | 1.81 | 1.81 | 1.81 | 1.81 | 1.81 | 1.81 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 22,616 | 20,304 | 23,884 | 26,468 | 26,221 | 27,711 | 38,773 | 50,351 | 56,203 | 54,241 |
| Operating Expenses ⓘ + | 16,644 | 14,903 | 18,930 | 20,782 | 17,553 | 17,897 | 28,729 | 32,171 | 34,898 | 34,434 |
| Operating Profit ⓘ | 5,972 | 5,401 | 4,954 | 5,685 | 8,669 | 9,814 | 10,045 | 18,181 | 21,305 | 19,806 |
| Operating Profit Margin (%) | 26.4% | 26.6% | 20.7% | 21.5% | 33.1% | 35.4% | 25.9% | 36.1% | 37.9% | 36.5% |
| Other Income ⓘ + | 419 | 789 | 2,503 | 1,621 | 1,928 | 3,981 | 4,409 | 9,969 | 2,703 | 3,718 |
| Interest ⓘ | 5,902 | 5,570 | 5,682 | 5,562 | 5,106 | 4,101 | 3,476 | 3,427 | 3,340 | 3,460 |
| Depreciation ⓘ | 2,672 | 2,699 | 2,751 | 3,007 | 3,202 | 3,118 | 3,304 | 3,931 | 4,309 | 4,565 |
| Profit Before Tax ⓘ | -6,260 | -2,079 | -976 | -2,265 | 2,289 | 6,577 | 7,675 | 20,792 | 16,360 | 15,500 |
| Tax ⓘ | -86 | -5 | 9 | 10 | 1,019 | 1,666 | -3,052 | -37 | 3,610 | 2,528 |
| Profit After Tax | -6,174 | -2,074 | -984 | -2,275 | 1,270 | 4,912 | 10,727 | 20,829 | 12,750 | 12,971 |
| PAT Margin (%) | -27.3% | -10.2% | -4.1% | -8.6% | 4.8% | 17.7% | 27.7% | 41.4% | 22.7% | 23.9% |
| Adjusted EPS (₹) | -3.2 | -1.1 | -0.5 | -1.2 | 0.7 | 2.6 | 5.6 | 10.8 | 6.7 | 6.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 3,000 | 889 | -288 | -2,135 | 498 | 5,488 | 16,661 | 35,830 | 53,290 | 64,937 | |
| Debt + | 49,231 | 49,120 | 51,484 | 60,983 | 62,255 | 58,327 | 52,589 | 40,307 | 39,791 | 51,895 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1326 | 1465 | |
| Trade Payables | 7,400 | 7,626 | 6,362 | 5,596 | 3,803 | 3,508 | 3,079 | 3,609 | 2,978 | 2,841 | |
| Others Liabilities ⓘ | 11,890 | 11,913 | 10,430 | 10,593 | 12,250 | 14,658 | 13,492 | 12,203 | 15,532 | 20,331 | |
| Total Liabilities ⓘ | 71,520 | 69,549 | 67,988 | 75,037 | 78,806 | 81,981 | 85,821 | 91,948 | 1,12,918 | 1,41,469 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 54,391 | 52,137 | 50,419 | 55,846 | 52,851 | 53,274 | 50,746 | 63,016 | 69,249 | 69,309 | |
| CWIP ⓘ | 125 | 120 | 350 | 2,347 | 6,439 | 10,270 | 12,880 | 925 | 12,104 | 35,053 | |
| Investments ⓘ | 164 | 0 | 3 | 3 | 20 | 183 | 654 | 374 | 1,097 | 1,516 | |
| Inventories | 1,760 | 874 | 1,224 | 2,523 | 2,025 | 2,258 | 3,075 | 4,142 | 3,317 | 3,623 | |
| Trade Receivables | 7,704 | 6,070 | 8,551 | 8,366 | 11,839 | 9,561 | 11,529 | 11,677 | 13,022 | 11,791 | |
| Cash Equivalents | 604 | 857 | 916 | 1,979 | 1,607 | 2,365 | 1,874 | 7,212 | 6,120 | 6,926 | |
| Others Assets ⓘ | 6,771 | 9,491 | 6,525 | 3,973 | 4,023 | 4,070 | 5,063 | 4,603 | 8,008 | 13,249 | |
| Total Assets ⓘ | 71,520 | 69,549 | 67,988 | 75,037 | 78,806 | 81,981 | 85,821 | 91,948 | 1,12,918 | 1,41,469 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 4,725 | 5,101 | 5,610 | 5,598 | 7,014 | 10,233 | 8,431 | 14,170 | 21,501 | 20,514 |
| Cash Flow From Investing Activity ⓘ + | -1,212 | -520 | -984 | -2,328 | -2,188 | 572 | 1,544 | 3,482 | -17,142 | -26,461 |
| Cash Flow From Financing Activity ⓘ + | -3,539 | -4,600 | -4,663 | -2,377 | -5,655 | -10,338 | -10,408 | -16,864 | -5,175 | 6,555 |
| Net Cash Flow ⓘ | -26 | -19 | -37 | 892 | -828 | 467 | -434 | 788 | -816 | 608 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -117.97 | -106.65 | N/A | N/A | 0 | 164.1 | 96.86 | 79.36 | 28.61 | 21.94 |
| ROCE (%) | -0.62 | 6.39 | N/A | N/A | 11.63 | 16.05 | 15.97 | 32.35 | 22.87 | 17.79 |
| Asset Turnover Ratio | 0.31 | 0.29 | 0.35 | 0.37 | 0.34 | 0.34 | 0.46 | 0.57 | 0.55 | 0.43 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | 5.52 | 2.08 | 0.79 | 0.68 | 1.69 | 1.58 |
| Working Capital Days | ||||||||||
| Receivable Days | 162.90 | 123.80 | 111.70 | 116.70 | 140.60 | 140.90 | 99.30 | 84.10 | 80.20 | 83.50 |
| Inventory Days | 27.30 | 23.70 | 16 | 25.80 | 31.70 | 28.20 | 25.10 | 26.20 | 24.20 | 23.40 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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Adani Power Ltd FAQs
The current trading price of Adani Power on 11-Sep-2026 15:15 is ₹209.5.
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 10-Sep-2026 the market cap of Adani Power stood at ₹4,10,764 Cr
The latest P/E ratio of Adani Power as of 10-Sep-2026 is 34.31.
The latest P/B ratio of Adani Power as of 10-Sep-2026 is 7.19.
The 52-week high of Adani Power is ₹254.2 and the 52-week low is ₹120.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Adani Power is ₹48,589 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Adani Power Ltd is a good 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 Semi Strong which suggest that the price of Adani Power Ltd is likely to Rise-somewhat 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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