MarketFriction

Adani Power Ltd

NSE ADANIPOWER · BSE 533096 · Integrated Power Utilities
₹196.21 -3.82%
NSE close2026-10-01
52 week range128.10 - 254.20
Market cap₹3,78,559 Cr.
P/E26.6
Results 23-10 Nifty Next 50Nifty 100Nifty 200Nifty 500Nifty EnergyNifty InfrastructureNifty Commodities No price band Delivery 41.4%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales12,99112,99113,36414,95613,33913,67114,23714,10913,45712,45114,22318,902
Expenses7,8198,3468,5148,7618,0638,6489,4258,4248,3078,2139,49110,953
Operating Profit5,1714,6454,8506,1945,2765,0234,8135,6855,1504,2384,7327,949
OPM %40%36%36%41%40%37%34%40%38%34%33%42%
Other Income1,9453645185187241,1622984658515431,766538
Interest888797820811807957765857842701967901
Depreciation1,0041,0029909961,0591,1701,0851,0891,1931,1351,1471,167
Profit before tax5,2243,2103,5584,9064,1344,0593,2614,2043,9662,9454,3846,418
Tax %-26%15%23%20%20%28%20%21%27%16%3%24%
Net Profit6,5942,7382,7373,9133,2982,9402,5993,3052,9062,4884,2714,867
EPS in Rs3.421.421.422.031.731.591.371.761.531.292.082.49
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales25,37722,61620,30423,88426,46826,22127,71138,77350,35156,20354,24159,033
Expenses16,57516,63514,86818,90120,73417,53317,83028,67732,12434,78534,43436,964
Operating Profit8,8025,9805,4364,9835,7348,6889,88110,09618,22821,41819,80622,070
OPM %35%26%27%21%22%33%36%26%36%38%37%37%
Other Income-201-3,6667542,4483231,9093,9084,2169,8832,5903,6253,698
Interest5,5605,9025,5705,6575,3155,1064,0953,3343,3883,3403,3673,411
Depreciation2,6662,6722,6992,7513,0063,2023,1183,3043,9314,3094,5654,643
Profit before tax375-6,260-2,079-976-2,2652,2896,5777,67520,79216,36015,50017,713
Tax %-47%-1%-0%1%0%45%25%-40%-0%22%16%
Net Profit551-6,174-2,103-984-2,2751,2704,91210,72720,82912,75012,97114,533
EPS in Rs0.33-3.20-1.09-0.51-1.180.662.555.5610.806.716.667.39
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth8%16%12%7%
Compounded Profit Growth37%58%6%15%
Stock Price CAGR44%59%38%36%
Return on Equity27%33%32%21%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital2,8723,3343,8573,8573,8573,8573,8573,8573,8573,8573,8573,857
Reserves2,8534,134-857-2,9683,8552,6249,25614,60025,77239,04252,49061,080
Borrowings44,74252,72952,48452,83546,98055,19952,41149,14542,59634,86239,49554,670
Other Liabilities8,00815,59716,02715,80413,29313,34613,01214,37913,59614,24817,07621,861
Total Liabilities58,47475,79471,51169,52867,98575,02578,53581,98185,82192,009112,918141,469
Fixed Assets45,08056,94154,39152,13750,41955,84652,85153,27451,45163,01669,29769,401
CWIP191881251203502,3476,43910,27012,88092512,10435,053
Investments3570164033201836543741,0971,516
Other Assets12,84618,76516,83117,27117,21316,83019,22518,25420,83627,69430,41835,498
Total Assets58,47475,79471,51169,52867,98575,02578,53581,98185,82192,009112,918141,469
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity5,8245,2574,7255,1015,6105,5987,01410,2338,43114,17021,50120,514
Cash from Investing Activity-4,737-2,692-1,212-520-984-2,304-2,1887741,5453,481-17,142-26,461
Cash from Financing Activity-1,144-2,713-3,539-4,600-4,663-2,377-5,655-10,338-10,408-16,864-5,1756,555
Net Cash Flow-58-148-26-19-37917-828669-433787-816608
Free Cash Flow3,0983,2893,8814,1744,6513,3783,4076,7995,18811,5689,957-2,817
CFO/OP125%60%79%94%113%99%81%106%84%78%100%103%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days68179124109131115159126109858579
Inventory Days
Days Payable
Cash Conversion Cycle68179124109131115159126109858579
Working Capital Days-161-154-208-269-90-77-38-46-61618-0
ROCE %7%11%6%6%9%7%12%16%16%32%23%17%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters70.02%71.75%71.75%72.71%74.96%74.96%74.96%74.96%74.96%74.96%74.96%74.96%
FIIs17.51%15.86%15.91%14.73%12.66%12.34%12.36%12.46%11.53%11.64%11.73%11.76%
DIIs0.76%1.18%1.41%1.42%1.52%1.60%1.64%1.76%2.70%3.41%3.69%4.07%
Public11.72%11.20%10.93%11.14%10.84%11.09%11.03%10.82%10.82%9.99%9.63%9.20%
No. of Shareholders15,03,34714,60,76714,26,24917,90,38417,42,78318,85,68418,91,23418,14,14220,12,64721,47,98120,87,01121,16,256

Fundamentals

Market Cap₹ 3,78,559 Cr.
Current Price₹ 196
Stock P/E26.6
Book Value₹ 33.7
ROCE17.2 %
ROE21.1 %
Dividend Yield0.00 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)7%
Compounded Profit Growth (TTM)15%
Consolidated figures.
Valuation
Market capRs 378,385 Cr
Enterprise valueRs 426,129 Cr
P/E (TTM)26.54x
Price to book5.83x
Price to sales6.41x
EV / EBITDA16.54x
EV / EBIT20.17x
EV / sales7.22x
Price to cash flow18.45x
Earnings yield3.77%
P/E, 3-year average9.21x
P/B, 3-year average2.04x
P/E, 5-year average6.38x
P/B, 5-year average1.48x
Profitability
Operating margin (excl. other income)36.52%
Operating margin (incl. other income)43.20%
EBITDA margin43.65%
Pre-tax margin30.01%
Net profit margin24.15%
Net margin, latest quarter25.42%
ROE21.16%
ROCE17.51%
ROA10.09%
ROE, 3-year average34.89%
ROCE, 3-year average24.15%
ROA, 3-year average15.38%
ROE, 5-year average36.08%
ROCE, 5-year average20.85%
ROA, 5-year average13.01%
ROIC (approx.)15.69%
Tax rate16.31%
Other income / net worth5.58%
Growth
Sales growth (latest year)-3.49%
Profit growth (latest year)-0.81%
Sales CAGR, 3 years11.84%
Sales CAGR, 5 years15.65%
Profit CAGR, 3 years6.16%
Profit CAGR, 5 years58.82%
Sales growth QoQ32.90%
Profit growth QoQ19.63%
Sales growth YoY (latest quarter)33.97%
Profit growth YoY (latest quarter)41.98%
Per share
EPS (TTM)Rs 7.39
EPS (latest year)Rs 6.66
EPS (latest quarter)Rs 2.49
EPS, 3-year averageRs 31.40
EPS, 5-year averageRs 26.95
Book value per shareRs 33.67
Sales per shareRs 30.61
Cash flow per shareRs 10.64
Free cash flow per shareRs -1.46
Efficiency
Asset turnover0.38x
Fixed asset turnover0.78x
Inventory turnover8.76x
Inventory days42 days
Debtor days79 days
Debtors turnover4.60x
Cash conversion cycle79 days
Working capital days-0 days
Leverage
Total debtRs 54,670 Cr
Cash and bankRs 6,926 Cr
Net debtRs 47,744 Cr
Debt to equity0.84x
Net debt / EBITDA1.85x
Interest coverage6.19x
Current ratio (filing 2026-03-31)1.41x
Quick ratio (filing 2026-03-31)1.23x
Trade payables (filing 2026-03-31)Rs 2,841 Cr
Owners' fund to total sources45.90%
Debt to assets38.64%
Cash flow
Cash from Operating Activity (latest year)Rs 20,514 Cr
Cash from Investing Activity (latest year)Rs -26,461 Cr
Cash from Financing Activity (latest year)Rs 6,555 Cr
Net Cash Flow (latest year)Rs 608 Cr
Free cash flow (latest year)Rs -2,817 Cr
FCFE (approx.: FCF + change in debt)Rs 12,358 Cr
Cash from ops / profit, 5 years1.20x
Sales to cash flow2.64x
Statement figures
Net sales (TTM)Rs 59,033 Cr
Net sales (latest year)Rs 54,241 Cr
Sales (latest quarter)Rs 18,902 Cr
Operating profit excl. other income (latest year)Rs 19,806 Cr
Operating profit (latest quarter)Rs 7,949 Cr
Other income (TTM)Rs 3,698 Cr
EBITDA (TTM)Rs 25,768 Cr
PBDT (TTM)Rs 22,357 Cr
Profit before tax (TTM)Rs 17,713 Cr
Tax (latest year)Rs 2,528 Cr
Net profit (TTM)Rs 14,255 Cr
Net profit (latest year)Rs 12,834 Cr
Net profit (latest quarter)Rs 4,806 Cr
Depreciation (TTM)Rs 4,643 Cr
Depreciation (latest quarter)Rs 1,167 Cr
Interest (TTM)Rs 3,411 Cr
Cost of goods sold (latest year)Rs 31,733 Cr
Total expenditure (latest year)Rs 34,434 Cr
Total income (latest year)Rs 57,865 Cr
Share capitalRs 3,857 Cr
ReservesRs 61,080 Cr
Shareholders' fundsRs 64,937 Cr
Total assetsRs 141,469 Cr
Net blockRs 69,401 Cr
Capital work in progressRs 35,053 Cr
InvestmentsRs 1,516 Cr
ReceivablesRs 11,791 Cr
InventoryRs 3,623 Cr
Other liabilitiesRs 21,861 Cr
Shares outstanding (crore)1,928.47
Ownership
Promoter holding74.96% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 26.5 is at the 66th percentile of its own 5.4-year range (median 22.0, low 9.0, high 98.2).
P/B 5.83 is at the 68th percentile (median 4.76).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodADANIPOWERNifty 50Difference
1 week-1.6%-2.8% +1.1 pts
1 month-4.0%-6.8% +2.8 pts
3 months-11.5%-7.6% -3.9 pts
6 months+30.4%+0.4% +30.0 pts
1 year+31.7%-9.9% +41.6 pts
2 years+46.0%-13.6% +59.5 pts
3 years+159.9%+14.2% +145.7 pts
5 years+911.9%+27.9% +884.0 pts
172 mutual fund schemes hold about ₹14,743 Cr. Over three months 44 bought more and 30 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Aggressive Hybrid Fund2.90%2,574 -3%
SBI Focused Fund4.25%2,178 -8%
Quant Small Cap Fund3.34%1,187 -8%
Quant ELSS Tax Saver Fund7.70%1,036 -2%
Kotak Arbitrage Fund(M1.29%976 +70%
SBI Multicap Fund3.39%832 -22%
Quant Flexi Cap Fund7.72%568 -3%
Quant Multi Cap Fund4.83%373 +0%
ICICI Pru Arbitrage Fund1.05%368 +77%
SBI Arbitrage Fund0.78%367 +86%
UTI Nifty200 Momentum 30 Index Fund4.22%356 -1%
ICICI Pru Nifty Next 50 Index Fund3.23%327 -4%
Tata Arbitrage Fund1.07%268 +36%
UTI Nifty Next 50 Index Fund3.24%244 -4%
Quant Infrastructure Fund6.78%215 +10%
Aditya Birla SL ELSS Tax Saver Fund1.44%209 -0%
Quant Large & Mid Cap Fund5.16%180 -26%
Quant Value Fund7.89%153 +16%
Edelweiss Arbitrage Fund1.02%152 +8%
Quant Aggressive Hybrid Fund6.33%137 -1%
Aditya Birla SL Large Cap Fund0.45%133 -2%
HDFC NIFTY Next 50 Index Fund3.23%88 -4%
HSBC Arbitrage Fund(M2.65%87 +75%
SBI Nifty Next 50 Index Fund3.24%77 -3%
Aditya Birla SL Balanced Advantage Fund0.68%69 -7%

Red flags

F-score 4 of 8
explainDebt up, profit down Borrowings up 38% while net profit fell in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2024-08-07Hibiscus Trade and Investment Ltd.Promoter Groupbuy3,100,000Rs 215.60 CrMarket Purchase
2024-08-06Hibiscus Trade and Investment Ltd.Promoter Groupbuy4,100,000Rs 285.80 CrMarket Purchase
2024-08-05Hibiscus Trade and Investment Ltd.Promoter Groupbuy5,100,000Rs 357.53 CrMarket Purchase
2024-05-07Gautam S. Adani & Rajesh S. Adani Promoter Groupother148,797,834Rs 8638.46 CrRevokation of Pledge
2023-09-27Ardour Investment Holding Ltd.Promoter Groupbuy9,100,000Rs 341.16 CrMarket Purchase
2023-09-26Ardour Investment Holding Ltd.Promoter Groupbuy9,000,000Rs 340.84 CrMarket Purchase
2023-09-05Fortitude Trade and Investment LtdPromoter Groupbuy3,600,000Rs 122.88 CrMarket Purchase
2023-09-01Gautam S. Adani & Rajesh S. Adani Promoter Groupother258,141,741Rs 8525.13 CrRevokation of Pledge
2023-02-24Mukesh ShahDirectorbuy500Rs 0.01 CrMarket Purchase
2023-02-23Mukesh ShahDirectorbuy1,000Rs 0.02 CrMarket Purchase
2022-07-07Adani Tradeline Private LimitedPromoter Groupother377,180,885Others
2021-07-17Gautam s. Adani / Rajesh S. Adani Promoter Groupother35,500,000Rs 375.06 CrRevokation of Pledge
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹18,902 Cr +34.0% vs Jun 2025. Net profit ₹4,867 Cr +47.3%.

Activity

Compare
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India Power Corporation Ltd67252.43.49 %
No bulk or block deals on record.
Ex-dateActionFactor
2025-09-22Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2024-06-14Annual General Meeting
2023-07-11Annual General Meeting
2022-07-18Annual General Meeting
2021-07-02 Annual General Meeting
2020-06-16 Annual General Meeting
2019-07-30 Annual General Meeting
2018-07-26 Annual General Meeting
2017-08-01 Annual General Meeting
2016-07-29 Annual General Meeting
2015-07-31Annual General Meeting
2014-07-31Annual General Meeting
2013-07-30Annual General Meeting
2012-08-02Annual General Meeting
2011-08-03Annual General Meeting
2010-08-12Annual General Meeting
DateTypeWhat it says
2026-09-29General UpdatesGeneral Updates
2026-09-28Concall / analyst meetSchedule of meet
2026-09-25General UpdatesUpdate on the Scheme of Amalgamation
2026-09-25General UpdatesUpdate on the Scheme of Amalgamation
2026-09-18UpdatesClarification on news item appearing in media article.
2026-09-14Concall / analyst meetSchedule of meet
2026-09-08General UpdatesAssignment of Maharashtra State Electricity Distribution Co. Limited s 2500 MW RE RTC Power Supply Contract by Adani Power Limited to Powerpulse Tradi...
2026-09-07Concall / analyst meetInvestor Presentation in USD
2026-09-07Concall / analyst meetInvestor Presentation in INR
2026-09-07General UpdatesDeclaration of the Successful Resolution Applicant and issuance of Letter of Intent for acquiring GVK Energy Limited
2026-09-07Press ReleaseA press release dated September 07, 2026, titled "Adani Power Recognized for Outstanding ESG Performance by NSE Sustainability".
2026-09-01Credit RatingCredit Rating
2026-08-27General UpdatesSigning of Agreement for sale of a Subsidiary
2026-08-22Investor PresentationInvestor Presentation
2026-08-21Concall / analyst meetSchedule of meet
2026-08-20General UpdatesUpdate on pending litigation
2026-08-18Credit RatingCredit Rating
2026-08-17Concall / analyst meetSchedule of meet
2026-08-14Shareholder meetingVoting results.
2026-08-14Shareholder meetingProceedings of Extraordinary General Meeting held on August 14, 2026
2026-08-06Concall / analyst meetSchedule of meet
2026-08-05General UpdatesUpdate on the Scheme of Amalgamation.
2026-08-01Investor PresentationInvestor Presentation
2026-08-01Investor PresentationInvestor Presentation
2026-07-29Concall / analyst meetTranscript
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.76
Max pain (expiry 2026-10-27)200
Largest call open interest at210
Largest put open interest at200
Implied volatility, at the money34.3%
Underlying at snapshot196.21
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-305,001
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2020-02-17CESTATADANI POWER MUNDRA LTD ---VS.--- ALWAR
2020-01-31CESTATADANI POWER MUNDRA LIMITED ---VS.--- DELHI NORTH
2019-09-26CESTATADANI POWER MUNDRA LTD ---VS.--- ALWAR
2019-08-16CESTATADANI POWER MUNDRA LTD ---VS.--- ALWAR
2019-07-30CESTATADANI POWER (MUNDRA) LTD ---VS.--- BHOPAL
2019-07-11CESTATADANI POWER (MUNDRA) LTD ---VS.--- BHOPAL
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03