Adani Power Ltd
NSE: ADANIPOWER · Integrated Power Utilities · sector
₹186.55NSE close 2026-10-26
Key numbers
Market cap₹3,59,756 cr
Price₹186.55
52w high / low₹254 / ₹128
P/E25.2xSector median 25.1x
P/B5.5xSector median 2.7x
Book value₹33.7
Dividend yield–Sector median 1.43%
ROE23.5%Sector median 12.7%
ROCE17.7%Sector median 10.2%
OPM37.4%Sector median 19.2%
Debt / equity0.82xSector median 0.82x
EV/EBITDA18.4xSector median 12.5x
Interest cover6.2x
Current ratio1.41x
Sales growth 3y+11.8%Sector median +4.2%
Profit growth 3y+6.2%Sector median +4.6%
PEG2.41x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 5 companies in Integrated Power Utilities (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹8,418 cr vs borrowings ₹53,556 cr (FY26): borrowings are higher by ₹45,138 cr.
- Operating profit covered interest 6.2x in the last 12 months.
- 1.81% of the promoters' shares are pledged (1.4% of all shares).
- Operating cash flow was below net profit in 2 of the last 5 years (FY24, FY23).
- Revenue was higher than a year earlier in 2 of the last 4 quarters.
- Other income was 25% of net profit in the last 12 months.
- No dividend in the last 5 financial years.
- Price ₹186.55 on 2026-10-26: -26.6% from the 52-week high, +45.6% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹235.93 · low ₹135.38
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,339 | 13,671 | 14,237 | 14,109 | 13,457 | 12,451 | 14,223 | 18,902 |
| EBITDA | 5,276 | 5,023 | 4,813 | 5,685 | 5,150 | 4,238 | 4,732 | 7,949 |
| OPM % | 39.6% | 36.7% | 33.8% | 40.3% | 38.3% | 34.0% | 33.3% | 42.1% |
| Other income | 724 | 1,162 | 298 | 465 | 851 | 543 | 1,766 | 420 |
| Net profit | 3,332 | 3,057 | 2,637 | 3,385 | 2,953 | 2,480 | 4,017 | 4,806 |
| EPS (₹) | 1.64 | 1.53 | 1.32 | 1.72 | 1.53 | 1.29 | 2.08 | 2.49 |
| Revenue YoY | +0.9% | -8.9% | -0.1% | +34.0% | ||||
| Profit YoY | -11.4% | -18.9% | +52.3% | +42.0% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 27,711 | 38,773 | 50,351 | 56,203 | 54,241 | 59,033 |
| EBITDA | 9,814 | 10,045 | 18,181 | 21,305 | 19,806 | 22,070 |
| Net profit | 4,912 | 10,727 | 20,829 | 12,939 | 12,834 | 14,255 |
| EPS (₹) | 1.93 | 4.91 | 10.32 | 6.46 | 6.62 | 7.39 |
| Revenue growth | +39.9% | +29.9% | +11.6% | -3.5% | +6.6% | |
| Profit growth | +118.4% | +94.2% | -37.9% | -0.8% | +14.9% | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +11.8% | +15.6% | +6.6% |
| Net profit | +6.2% | +58.8% | +14.9% |
| EPS | +10.4% | +253.5% | – |
| Share price | – | +24.5% (2y) | +9.6% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 29,876 | 43,145 | 56,347 | 64,937 |
| Borrowings | – | 42,252 | 34,457 | 38,335 | 53,556 |
| Cash & equivalents | – | 2,485 | 7,585 | 7,158 | 8,418 |
| Total assets | – | 85,821 | 92,325 | 1,12,918 | 1,42,280 |
| Fixed assets | – | 50,544 | 62,813 | 69,027 | 69,076 |
| Capital work in progress | – | 12,880 | 925 | 12,104 | 35,053 |
| Investments | – | 43 | 0 | 60 | 25 |
| Receivables | – | 11,529 | 11,677 | 13,022 | 11,791 |
| Inventory | – | 3,075 | 4,142 | 3,317 | 3,623 |
| Payables | – | 3,079 | 3,636 | 2,978 | 2,841 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 10,233 | 8,431 | 14,170 | 21,501 | 20,514 |
| Cash from investing | 774 | 1,545 | 3,485 | -17,142 | -26,461 |
| Cash from financing | -10,338 | -10,408 | -16,864 | -5,175 | 6,555 |
| Capex | 3,435 | 3,244 | 2,602 | 11,559 | 23,307 |
| Free cash flow | 6,798 | 5,187 | 11,568 | 9,942 | -2,793 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 35.9% | 48.3% | 23.0% | 19.8% |
| ROCE % | – | 15.3% | 31.2% | 20.8% | 15.9% |
| Debtor days | – | 109 | 85 | 85 | 79 |
| Inventory days | – | 44 | 53 | 40 | 45 |
| Payable days | – | 44 | 46 | 35 | 35 |
| Cash conversion cycle (days) | – | 109 | 92 | 90 | 89 |
| Working capital days | – | 17 | 71 | 64 | 56 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 74.96% |
| FIIs | 11.03% |
| DIIs | 4.47% |
| of which Mutual funds | 4.31% |
| of which Insurance | 0.11% |
| Government | 0.00% |
| Public (non-institutions) | 9.54% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% |
| Promoter group | % |
|---|---|
| Gautambhai Shantilal Adani & Rajeshbhai Shantilal Adani (On Behalf of S. B. Adani Family Trust) | 36.86% |
| Flourishing Trade and Investment Ltd | 11.46% |
| Adani Tradeline Private Limited | 10.34% |
| Emerging Market Investment DMCC | 6.74% |
| Worldwide Emerging Market Holding Limited | 3.79% |
| Ardour Investment Holding Ltd | 3.03% |
| Fortitude Trade and Investment Ltd | 1.71% |
| Adani Infra (India) Limited | 0.65% |
| Hibiscus Trade and Investment Ltd | 0.38% |
| Gautambhai Shantilal Adani | 0.00% |
| Rajeshbhai Shantilal Adani | 0.00% |
| Pranav Vinod Adani | 0.00% |
| Sagar Rajeshbhai Adani | 0.00% |
| Karan Gautam Adani | 0.00% |
| Jeet Gautam Adani | 0.00% |
| Public holders above 1% | % |
|---|---|
| Opal Investment PVT Ltd | 3.52% |
| Goldman Sachs Trust II - Goldman Sachs GQG Partner | 2.90% |
| SBI Arbitrage Fund | 1.62% |
| Quant Mutual Fund - Quant Small CAP Fund | 1.07% |
| GQG Partners Emerging Markets Equity Fund | 1.04% |
21,80,320 shareholders. Pledged: 1.81% of promoter shares.
Peers in Integrated Power Utilities
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | ₹3,59,756 cr | 25.2x | 5.5x | 23.5% | 17.7% | 37.4% | +11.8% | – |
| TATAPOWER | ₹1,08,171 cr | 28.0x | 2.7x | 10.3% | 8.8% | 20.3% | +4.2% | 1.03% |
| TORNTPOWER | ₹58,331 cr | 25.1x | 3.1x | 12.7% | 13.0% | 19.2% | +4.1% | 1.75% |
| CESC | ₹16,592 cr | 10.7x | 1.3x | 12.6% | 10.2% | 18.4% | +9.2% | 4.84% |
| RELINFRA | ₹1,982 cr | 0.6x | 0.1x | 19.9% | 9.0% | 14.9% | -0.3% | 1.10% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Power Generation and related activities | ₹54,240 cr | 100.0% | ₹15,758 cr | 29.1% |
| Trading, investment and other activities | ₹0 cr | – | ₹14 cr | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2025-09-22 | Split | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share |
| 2024-06-14 | Other | Annual General Meeting |
| 2023-07-11 | Other | Annual General Meeting |
| 2022-07-18 | Other | Annual General Meeting |
| 2021-07-02 | Other | Annual General Meeting |
| 2020-06-16 | Other | Annual General Meeting |
| 2019-07-30 | Other | Annual General Meeting |
| 2018-07-26 | Other | Annual General Meeting |
| 2017-08-01 | Other | Annual General Meeting |
| 2016-07-29 | Other | Annual General Meeting |
| 2015-07-31 | Other | Annual General Meeting |
| 2014-07-31 | Other | Annual General Meeting |
| 2013-07-30 | Other | Annual General Meeting |
| 2012-08-02 | Other | Annual General Meeting |
| 2011-08-03 | Other | Annual General Meeting |
| 2010-08-12 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Power Generation: Power Generation by Coal Based Thermal Power Plant and Solar Power Plant
| Sector | Utilities |
| Industry | Integrated Power Utilities |
| Sub-industry | Integrated Power Utilities |
| Symbol | ADANIPOWER |
| BSE code | 533096 |
| ISIN | INE814H01029 |
| Face value | ₹2.0 |
| Incorporated | 1996-08-22 |
| Website | www.adanipower.com |
| Plants (India / abroad) | 13 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.