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NSE: NTPC
Utilities · Utilities - Regulated Electric
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Research updated
Adani Power Ltd.
NSE: ADANIPOWERUtilitiesUtilities - Independent Power Producers
- Last close
- ₹189.00
- Day change
- −₹2.20 (−1.15%)vs
- Market cap
- ₹3.51 lakh crIndian rupees
- Research updated
- 2 reports
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About Adani Power
Adani Power Ltd. is an integral energy producer, primarily focusing on the generation of electricity across India. A member of the Adani Group, one of India's eminent conglomerates, this company plays a pivotal role in catering to the country's substantial energy demands. It operates both thermal and solar power plants, thus contributing significantly to the energy mix, which is crucial for meeting industrial and household electricity needs in a rapidly developing economy. Noted for its efficient and large-scale operations, Adani Power has facilities strategically located in various parts of India, which supports grid reliability and reduces transmission losses. The company’s ventures into renewable energy align with global and national sustainable energy goals. As a key player in India's energy sector, Adani Power Ltd. aids in driving economic growth by ensuring stable power supply and is actively involved in large-scale projects that aim to enhance its capacity and infrastructure to support the nation’s growing energy requirements.
- Sector
- Utilities
- Industry
- Utilities - Independent Power Producers
- Listing
- NSE: ADANIPOWER
- Chief executive
- Mr. Shersingh B. Khyalia
- Employees
- 3,967
- Headquarters
- Ahmedabad, India
- ISIN
- INE814H01029
- Website
- adanipower.com
Public research · Report of
Business model & financial foundation
Adani Power (NSE: ADANIPOWER), Power generation - thermal (coal-based IPP): revenue of ₹54,241 crore in FY26 (-3.5% on FY25), an EBITDA margin of 36.5%, net profit of ₹12,834 crore and net debt of ₹45,022 crore.
- Revenue, FY26 (₹ crore)
- 54,241
- consolidated
- Revenue growth, FY26
- -3.5%
- on FY25
- EBITDA margin, FY26
- 36.5%
- EBITDA (revenue less operating expenses) / revenue
- Net profit, FY26 (₹ crore)
- 12,834
- to owners
- Return on equity, FY26
- 21.2%
- on average equity
- Net debt, FY26 (₹ crore)
- 45,022
- Net debt as stated by the company
- Market capitalisation (₹ crore)
- 3,79,137
- at the close of 23 Oct 2026
Company profile
Adani Power is India's largest private thermal power producer with 18.3 GW of coal-fired capacity across 9 states plus the 1.6 GW Godda plant exporting to Bangladesh. About 95% of operating capacity is tied under long-term PPAs with fuel cost pass-through; the rest sells in the merchant market. It is building 23.7 GW of new thermal capacity to reach about 42 GW by FY32 at a capex of about INR 2 lakh crore.
| Item | Value |
|---|---|
| Legal name | Adani Power Limited |
| Exchange and ticker | NSE: ADANIPOWER; BSE: 533096 |
| ISIN | INE814H01029 |
| Sector | Utilities |
| Industry | Power generation - thermal (coal-based IPP) |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & CO LLP |
| Market capitalisation | ₹3,79,137 crore (23 Oct 2026) |
| Shares outstanding | 1,928 crore shares (FY26) |
| Price | ₹182.0 (close, 23 Oct 2026) |
| 52-week range | ₹128.1 - ₹254.2 (to 23 Oct 2026) |
| Website | https://www.adanipower.com |
Corporate structure and shareholding
Parent: Adani Group (promoter group holds 74.96%).
| Entity | Holding | Business |
|---|---|---|
| Mahan Energen Limited | 94.43% | 1,200 MW Mahan plant (MP) plus 1,600 MW Phase-II under construction |
| Korba Power Limited | 100% | 600 MW Korba plant plus 1,320 MW Phase-II (first unit synchronised Oct 2026) |
| Vidarbha Industries Power Limited | 100% | 600 MW Butibori plant, acquired Jul 2025 (4,000 cr) |
| Moxie Power Generation Limited | 49% | 1,200 MW Mutiara plant (Tamil Nadu), consolidated |
| Jaiprakash Power Ventures Limited | 24% | Associate, acquired May 2026 with Churk 180 MW |
Godda (Bangladesh export, 1,600 MW), Raipur, Raigarh, Udupi, Tiroda, Kawai, Mundra sit in the parent after amalgamations. The company states it has no material subsidiary at 31 Mar 2026 (S24:p308).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 74.96% | 74.96% | 74.96% | 74.96% |
| Promoter holding pledged | 1.81% | 1.81% | 1.81% | 1.81% |
| Foreign institutions | 11.64% | 11.74% | 11.76% | 11.03% |
| Domestic institutions | 3.42% | 3.69% | 4.08% | 4.47% |
| of which mutual funds | 3.39% | 3.62% | 3.92% | 4.31% |
| Retail | 4.85% | 4.52% | 4.33% | 4.57% |
| Other | 5.13% | 5.11% | 4.87% | 4.97% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Adani Power is India's largest private thermal generator: 18,150 MW at FY26 and 18,330 MW after Churk (180 MW) in Q1 FY27, across 9 states plus the Godda export plant for Bangladesh. About 95% of operating capacity is tied under long-term PPAs with two-part tariffs: a capacity charge on availability plus an energy charge that passes fuel through, so imported coal prices move revenue more than margin. The remaining ~5% sells short-term/merchant. The company controls plant availability, coal logistics (group ports and mines) and project execution. It does not control discom payment discipline, regulatory orders on change-in-law claims, or merchant prices. FY26 units sold were 99.15 BU at 66.5% PLF.
| Peer | Why the dossier compares them |
|---|---|
| NTPC (NTPC) | Largest Indian thermal generator; regulated-return comparator for coal PPAs |
| JSW Energy (JSWENERGY) | Private IPP with thermal base and expansion programme |
| Tata Power (TATAPOWER) | Integrated private utility with large thermal fleet (Mundra) |
| Torrent Power (TORRENTPOWER) | Private utility with generation and distribution |
| NLC India (NLCINDIA) | Lignite/coal thermal generator with expansion pipeline |
| NHPC (NHPC) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 27,655 | 38,717 | 50,284 | 56,203 | 54,241 |
| Cost of revenue (vendor classification) * | 16,823 | 27,189 | 30,293 | 32,490 | 31,721 |
| Other operating costs (vendor classification) * | 446.2 | 784.0 | 1,162 | 1,457 | 1,772 |
| EBITDA (vendor classification) * | 13,668 | 13,937 | 27,818 | 23,940 | 22,964 |
| EBIT * | 10,449 | 10,715 | 23,871 | 19,432 | 18,453 |
| Finance cost | 3,340 | 3,367 | |||
| Profit before tax | 6,577 | 7,675 | 20,792 | 16,360 | 15,500 |
| Tax expense | 1,666 | -3,052 | -37.3 | 3,610 | 2,528 |
| Profit after tax | 4,912 | 10,727 | 20,829 | 12,750 | 12,971 |
| Diluted EPS (₹) | 32.32 | 6.62 | |||
| Other income | 2,703 | 3,625 | |||
| Cost of materials (consumed, traded goods bought, inventory change) | 30,630 | 29,378 | |||
| Employee benefit expense | 784.4 | 855.2 | |||
| Other expenses | 3,483 | 4,202 | |||
| EBITDA (revenue less operating expenses) | 21,305 | 19,806 | |||
| Depreciation and amortisation | 4,309 | 4,565 | |||
| Non-controlling interests' share of profit | -189.2 | 136.8 | |||
| Profit attributable to owners | 12,939 | 12,834 | |||
| Basic EPS (₹) | 32.32 | 6.62 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 18,703 | 29,876 | 43,145 | 56,347 | 64,937 |
| Borrowings (non-current and current) | 48,744 | 42,181 | 34,431 | 38,335 | 53,556 |
| Cash and cash equivalents | 782.4 | 349.2 | 1,136 | 319.9 | 927.9 |
| Trade receivables (current) | 9,561 | 11,529 | 11,677 | 13,022 | 11,791 |
| Inventories | 2,258 | 3,075 | 4,142 | 3,317 | 3,623 |
| Trade payables (current) | 3,508 | 3,079 | 3,636 | 2,978 | 2,841 |
| Property, plant and equipment | 827.9 | 914.2 | 62,813 | 69,027 | 69,076 |
| Capital work in progress | 10,270 | 12,880 | 925.1 | 12,104 | 35,053 |
| Total assets | 81,981 | 85,821 | 92,325 | 1,12,918 | 1,42,280 |
| Net debt as stated by the company | 45,022 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 21,501 | 20,514 | |||
| Capital expenditure (an outflow is negative) | -11,559 | -23,307 | |||
| Free cash flow (vendor definition) * | 6,798 | 5,187 | 11,568 | 9,942 | -2,836 |
| Dividends paid (an outflow is negative) | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 385.69 | 1,928 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 13,671 | 14,237 | 14,109 | 13,457 | 12,451 | 14,223 | 18,902 | 19,439 |
| Cost of revenue (vendor classification) * | 7,649 | 8,160 | 7,434 | 7,038 | 8,158 | 9,679 | ||
| Other operating costs (vendor classification) * | 787.9 | 1,075 | 768.6 | 959.5 | 1,102 | 1,033 | ||
| EBITDA (vendor classification) * | 5,765 | 5,111 | 6,150 | 4,543 | 6,498 | 8,487 | ||
| EBIT * | 5,015 | 4,026 | 5,061 | 3,646 | 5,351 | 7,320 | ||
| Finance cost | 764.9 | 856.9 | 841.6 | 701.0 | 967.3 | 901.4 | 760.2 | |
| Profit before tax | 4,059 | 3,261 | 4,204 | 3,966 | 2,945 | 4,384 | 6,300 | 6,792 |
| Tax expense | 1,119 | 662.1 | 899.2 | 1,060 | 456.9 | 112.6 | 1,552 | -230.6 |
| Profit after tax | 2,940 | 2,599 | 3,305 | 2,906 | 2,488 | 4,271 | 4,867 | 7,019 |
| Diluted EPS (₹) | 6.62 | 8.62 | 1.53 | 1.29 | 2.08 | 2.49 | 3.59 | |
| Other income | 298.2 | 464.6 | 851.0 | 543.3 | 1,766 | 420.4 | 511.9 | |
| Cost of materials (consumed, traded goods bought, inventory change) | 8,074 | 7,319 | 7,216 | 6,800 | 8,042 | 9,539 | 10,229 | |
| Employee benefit expense | 189.6 | 221.7 | 186.9 | 216.0 | 230.6 | 241.8 | 191.1 | |
| Other expenses | 1,161 | 883.3 | 903.5 | 1,197 | 1,218 | 1,172 | 786.9 | |
| EBITDA (revenue less operating expenses) | 4,813 | 5,685 | 5,150 | 4,238 | 4,732 | 7,949 | 8,231 | |
| Depreciation and amortisation | 1,085 | 1,089 | 1,193 | 1,135 | 1,147 | 1,167 | 1,191 | |
| Share of associates and joint ventures | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 117.7 | -3.04 | |
| Non-controlling interests' share of profit | -37.7 | -79.7 | -46.3 | 8.51 | 254.3 | 60.9 | 99.9 | |
| Profit attributable to owners | 2,637 | 3,385 | 2,953 | 2,480 | 4,017 | 4,806 | 6,919 | |
| Basic EPS (₹) | 6.62 | 8.62 | 1.53 | 1.29 | 2.08 | 2.49 | 3.59 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 5.8% | 40.0% | 29.9% | 11.8% | -3.5% |
| EBITDA margin | 37.9% | 36.5% | |||
| Net margin | 23.0% | 23.7% | |||
| Return on equity | 26.0% | 21.2% | |||
| Return on capital employed | 15.7% | 15.4% | 31.9% | 22.6% | 17.3% |
| Return on assets | 12.6% | 10.1% | |||
| Net debt (₹ crore) | 45,022 | ||||
| Net debt / EBITDA | 2.27x | ||||
| Interest cover | 5.82x | 5.48x | |||
| Asset turnover | 0.34x | 0.46x | 0.56x | 0.55x | 0.43x |
| Receivable days | 126 | 109 | 85 | 85 | 79 |
| Inventory days (on revenue) | 30 | 29 | 30 | 22 | 24 |
| Payable days (on revenue) | 46 | 29 | 26 | 19 | 19 |
| Cash conversion | 1.66x | 1.60x | |||
| Capex intensity | 20.6% | 43.0% | |||
| Free cash flow (₹ crore) | 9,942 | -2,793 | |||
| Dividend payout | 0.0% | 0.0% | |||
| EPS, diluted (₹) | 32.32 | 6.62 | |||
| Book value per share (₹) | 146.1 | 33.67 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt as stated by the company; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less operating expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Adani Power includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Adani Power
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 2 Nov 2026.
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