ADANIPOWER

Adani Power Limited

India's largest private thermal power generator, selling on long-term PPAs and the spot market

Utilities›Power›Power›Integrated Power Utilities

adanipower.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹194.08
Market cap
3,74,574 Cr
Stock P/E
26.3
P/B
5.76
ROE (FY26)
19.3%
ROCE (FY26)
15.7%
Operating margin (FY26)
28.1%
Debt / equity (FY26)
0.82
OCF / EBITDA (FY26)
103.6%
OCF / EBITDA (3Y)
94.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Adani Power generates electricity from coal-fired power plants in India and sells it to state power distribution companies under long-term power purchase agreements (PPAs) and to the short-term merchant market.

Company snapshot

1stBy market cap

Ranked among 6 companies in Integrated Power Utilities.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 100.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Power Generation and related activities
100.0%
13,339 Cr4,134 Cr1,10,204 Cr
Trading, investment and Other activities—0 Cr0 Cr206 Cr

What we see

Positives
  • ✓Net margin of 23.9% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales12,991 Cr12,991 Cr13,364 Cr14,956 Cr13,339 Cr13,671 Cr14,237 Cr14,109 Cr13,457 Cr12,451 Cr14,223 Cr18,902 Cr
Operating expenses (approx.)7,819 Cr8,346 Cr8,514 Cr8,761 Cr8,063 Cr8,648 Cr9,425 Cr8,424 Cr8,307 Cr8,213 Cr9,491 Cr10,953 Cr
EBITDA5,171 Cr4,645 Cr4,850 Cr6,194 Cr5,276 Cr5,023 Cr4,813 Cr5,685 Cr5,150 Cr4,238 Cr4,732 Cr7,949 Cr
OPM %39.8%35.8%36.3%41.4%39.6%36.7%33.8%40.3%38.3%34.0%33.3%42.1%
Other income1,945 Cr364 Cr518 Cr518 Cr724 Cr1,162 Cr298 Cr465 Cr851 Cr543 Cr1,766 Cr420 Cr
Interest888 Cr797 Cr820 Cr811 Cr807 Cr957 Cr765 Cr857 Cr842 Cr701 Cr967 Cr901 Cr
Depreciation1,004 Cr1,002 Cr990 Cr996 Cr1,059 Cr1,170 Cr1,085 Cr1,089 Cr1,193 Cr1,135 Cr1,147 Cr1,167 Cr
Profit before tax5,224 Cr3,210 Cr3,558 Cr4,906 Cr4,134 Cr4,059 Cr3,261 Cr4,204 Cr3,966 Cr2,945 Cr4,384 Cr6,418 Cr
Tax %-26.2%14.7%23.1%20.2%20.2%27.6%20.3%21.4%26.7%15.5%2.6%24.2%
Net profit6,594 Cr2,738 Cr2,737 Cr3,913 Cr3,298 Cr2,940 Cr2,599 Cr3,305 Cr2,906 Cr2,488 Cr4,271 Cr4,867 Cr
EPS (₹)₹16.48₹6.61₹6.63₹9.72₹8.21₹7.67₹6.62₹8.62₹1.53₹1.29₹2.08₹2.49

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales22,616 Cr20,611 Cr23,884 Cr26,468 Cr26,221 Cr27,711 Cr38,773 Cr50,351 Cr56,203 Cr54,241 CrSign in free for the trailing twelve months
Operating expenses (approx.)16,644 Cr14,920 Cr18,930 Cr20,782 Cr17,553 Cr17,897 Cr28,729 Cr32,171 Cr34,898 Cr34,434 CrSign in free for the trailing twelve months
EBITDA5,972 Cr5,691 Cr4,954 Cr5,685 Cr8,669 Cr9,814 Cr10,045 Cr18,181 Cr21,305 Cr19,806 CrSign in free for the trailing twelve months
OPM %26.4%27.6%20.7%21.5%33.1%35.4%25.9%36.1%37.9%36.5%Sign in free for the trailing twelve months
Other income419 Cr482 Cr2,477 Cr1,374 Cr1,928 Cr3,975 Cr4,267 Cr9,930 Cr2,703 Cr3,625 CrSign in free for the trailing twelve months
Interest5,902 Cr5,570 Cr5,657 Cr5,315 Cr5,106 Cr4,095 Cr3,334 Cr3,388 Cr3,340 Cr3,367 CrSign in free for the trailing twelve months
Depreciation2,672 Cr2,699 Cr2,751 Cr3,007 Cr3,202 Cr3,118 Cr3,304 Cr3,931 Cr4,309 Cr4,565 CrSign in free for the trailing twelve months
Profit before tax-6,260 Cr-2,125 Cr-976 Cr-2,265 Cr2,289 Cr6,577 Cr7,675 Cr20,792 Cr16,360 Cr15,500 CrSign in free for the trailing twelve months
Tax %1.4%0.2%-0.9%-0.4%44.5%25.3%-39.8%-0.2%22.1%16.3%Sign in free for the trailing twelve months
Net profit-6,174 Cr-2,119 Cr-984 Cr-2,275 Cr1,270 Cr4,912 Cr10,727 Cr20,829 Cr12,750 Cr12,971 CrSign in free for the trailing twelve months
EPS (₹)₹-17.82₹-5.42₹-3.21₹-8.19₹0.06₹9.63₹24.57₹51.62₹32.32₹6.62Sign in free for the trailing twelve months
Dividend payout %————0.0%0.0%0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital3,857 Cr3,857 Cr3,857 Cr3,857 Cr3,857 Cr3,857 Cr3,857 Cr3,857 Cr3,857 Cr3,857 Cr
Reserves-857 Cr-2,972 Cr3,855 Cr2,624 Cr9,256 Cr14,847 Cr26,019 Cr39,288 Cr52,490 Cr61,080 Cr
Borrowings49,231 Cr49,120 Cr43,484 Cr52,368 Cr49,640 Cr48,796 Cr42,252 Cr34,457 Cr38,335 Cr53,556 Cr
Other liabilities19,281 Cr19,519 Cr16,789 Cr16,176 Cr15,783 Cr14,482 Cr13,694 Cr14,723 Cr16,909 Cr22,322 Cr
Total liabilities71,511 Cr69,523 Cr67,985 Cr75,025 Cr78,535 Cr81,981 Cr85,821 Cr92,325 Cr1,12,918 Cr1,42,280 Cr
Fixed assets (net)54,193 Cr51,940 Cr50,224 Cr55,571 Cr52,575 Cr53,072 Cr50,544 Cr62,813 Cr69,027 Cr69,076 Cr
CWIP125 Cr120 Cr350 Cr2,347 Cr6,439 Cr10,270 Cr12,880 Cr925 Cr12,104 Cr35,053 Cr
Investments164 Cr0.01 Cr3 Cr3 Cr20 Cr183 Cr1,359 Cr374 Cr1,146 Cr1,608 Cr
Loans & advances——6 Cr3 Cr9 Cr8 Cr3 Cr3 Cr7 Cr11 Cr
Inventories1,760 Cr869 Cr1,224 Cr2,523 Cr2,025 Cr2,258 Cr3,075 Cr4,142 Cr3,317 Cr3,623 Cr
Trade receivables7,704 Cr6,070 Cr8,551 Cr8,366 Cr11,438 Cr9,561 Cr11,529 Cr11,677 Cr13,022 Cr11,791 Cr
Cash & bank81 Cr62 Cr25 Cr941 Cr113 Cr782 Cr349 Cr1,136 Cr320 Cr928 Cr
Other assets7,483 Cr10,462 Cr7,602 Cr5,271 Cr5,916 Cr5,847 Cr6,082 Cr11,254 Cr13,974 Cr20,189 Cr
Total assets71,511 Cr69,523 Cr67,985 Cr75,025 Cr78,535 Cr81,981 Cr85,821 Cr92,325 Cr1,12,918 Cr1,42,280 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity4,725 Cr5,100 Cr5,610 Cr5,598 Cr7,014 Cr10,233 Cr8,431 Cr14,170 Cr21,501 Cr20,514 Cr
Cash from investing-1,212 Cr-519 Cr-984 Cr-2,328 Cr-2,188 Cr774 Cr1,545 Cr3,485 Cr-17,142 Cr-26,461 Cr
Cash from financing-3,539 Cr-4,600 Cr-4,663 Cr-2,377 Cr-5,655 Cr-10,338 Cr-10,408 Cr-16,864 Cr-5,175 Cr6,555 Cr
Net cash flow-26 Cr-19 Cr-37 Cr892 Cr-828 Cr669 Cr-433 Cr787 Cr-816 Cr608 Cr
Free cash flow (OCF − Capex)3,871 Cr4,159 Cr4,399 Cr3,371 Cr3,397 Cr6,798 Cr5,187 Cr11,568 Cr9,942 Cr-2,793 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %-0.7%6.9%9.1%5.2%11.8%15.8%15.3%31.2%20.5%15.7%
ROE %-205.8%-239.6%-12.8%-35.1%9.7%26.3%35.9%48.3%22.4%19.3%
Debtor days124107130115159126108858479
Inventory days44252852505644534045
Days payable184221145116948744473635
Cash conversion cycle-16-89135211595108918889
OCF / EBITDA %79.1%89.6%113.3%98.5%80.9%104.3%83.9%77.9%100.9%103.6%
OCF / EBITDA % (3 years)——92.9%99.9%94.4%94.5%90.0%86.3%89.0%94.8%
Debt / equity16.4155.535.648.083.792.611.410.800.680.82
Current ratio0.530.500.730.800.900.951.101.621.601.41
Net debt / EBITDA8.23—8.779.055.714.894.171.831.782.66