Adani Power Ltd
ADANIPOWERAdani Power Ltd's price has outrun its earnings. +80.3% in a year against EPS −0.7% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +80.3% in a year while annual EPS moved −0.7% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (56 weeks in) while the P/E sits at the 83rd percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +47.3% year on year, and 121% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Adani Power Ltd trades at ₹214, in a confirmed uptrend and 56 weeks into that stage. That is +19.5% against its own 200-day average. It sits at 76% of a 52-week range of ₹122 to ₹243. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).
Today the stock is in a confirmed uptrend — week 56 of stage 2, confirmed. At ₹214 it trades +19.5% versus its 200-day average and sits at 76% of its 52-week range (₹122–₹243).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +3,492% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-06-25) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 83rd percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Adani Power Ltd trades at 28.9× P/E, at the pricey end of its own range (83rd percentile). Its long-run median P/E is 16.6×, measured across 10.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 28.9× is at the pricey end of its own range (83rd percentile), against a long-run median of 16.6× measured over 10.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved −0.7% against a +80.3% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +59.0%/yr price move, ~+62.1%/yr came from earnings growth and ~−3.1 pp from the multiple (compressing); over 10y, of the +43.5%/yr price move, ~+39.2%/yr came from earnings growth and ~+4.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Adani Power Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −38.8% at the trough to +19.7%, a 5-quarter improving streak, ROCE slipping at 17.3%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | −3.5% | +11.8% | +15.6% | +7.9% |
| Profit | +1.7% | +6.5% | +59.2% | +37.1% |
| EPS | −0.7% | +6.2% | +58.8% | +35.1% |
| Share price | +80.3% | +64.3% | +59.0% | +43.5% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
56.5/100 — rank 5 of 20 in Power - Generation/Distribution · 100% evidence confidence
Adani Power Ltd scores 56.5 out of 100 against the 20 companies it is compared with in Power - Generation/Distribution, ranking 5. Price leads the evidence: RS versus the benchmark is 29.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 14.7 + 16.4 + 11.5 + 13.9 = 56.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Adani Power Ltd reported ₹18,902 Cr of revenue in the Jun 26 quarter, +34.0% year on year. Over 10 years it has compounded at 7.9% a year. The last full year, FY26, came in at ₹54,241 Cr. The last four reported quarters add to ₹59,033 Cr.
Adani Power Ltd reported ₹18,902 Cr of revenue in the Jun 26 quarter, +34.0% year on year. Over 10 years it has compounded at 7.9% a year. The last full year, FY26, came in at ₹54,241 Cr. The last four reported quarters add to ₹59,033 Cr.
FY26 revenue came in at ₹54,241 Cr (−3.5% on the year), capping 10 years at 7.9% compound. The latest quarter (Jun 26) printed ₹18,902 Cr, +34.0% year on year.
Pace check: the last four quarters averaged +6.5% growth against the decade's 7.9% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +6.6% over the last 4 quarters against +4.3%/yr over the last 8 — stabilising; TTM profit +19.7% vs −4.6%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 42.0% this quarter (+2.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Adani Power Ltd's operating margin is 42.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 21.0% to 38.0%. The current quarter is running above every full year in that window.
Adani Power Ltd's operating margin is 42.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 21.0% to 38.0%. The current quarter is running above every full year in that window.
The latest quarter's operating margin is 42.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 21.0%–38.0%.
Why the margin moved: operating margin went +1.8 pp year on year while gross margin went +1.4 pp — the gain came mostly from the gross line: input costs and pricing.
→ Margins held — did that reach the bottom line? Next: profit +47.3% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Adani Power Ltd earned ₹4,867 Cr of net profit in the Jun 26 quarter, +47.3% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹12,971 Cr. The 10-year compound rate is 37.1%. That is 25.7% of the quarter's revenue. The same quarter a year earlier earned ₹3,305 Cr.
Adani Power Ltd earned ₹4,867 Cr of net profit in the Jun 26 quarter, +47.3% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹12,971 Cr. The 10-year compound rate is 37.1%. That is 25.7% of the quarter's revenue. The same quarter a year earlier earned ₹3,305 Cr.
Jun 26 profit was ₹4,867 Cr, +47.3% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹12,971 Cr (+1.7%), and the 10-year compound rate is 37.1%.
Why profit moved: revenue contributed +34.0% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +21.1% vs revenue +6.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 121% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 121% of Adani Power Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹20,514 Cr of operating cash against ₹12,971 Cr of profit. After ₹27,618 Cr of capital spending, ₹−7,104 Cr was left as free cash.
FY26: operating cash of ₹20,514 Cr against reported profit of ₹12,971 Cr, leaving free cash of ₹−7,104 Cr after ₹27,618 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 121% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 121%: the cash cycle tightened 80 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 4.1× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹52,928 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Adani Power Ltd's cash conversion cycle runs 79 days in FY26, down from 159 days in FY21. Capital spending ran ₹52,928 Cr over the last 3 years. At FY26 sales of ₹54,241 Cr each day of that cycle holds about ₹149 Cr, so roughly ₹11,740 Cr sits inside the business at any moment.
FY26: debtors at 79 days (an asset-light business — no inventory to speak of) — for a full cycle of 79 days, tighter than FY21's 159.
In money terms: at FY26 sales of ₹54,241 Cr, each day of the cycle holds about ₹149 Cr — so the 79-day loop keeps roughly ₹11,740 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹52,928 Cr over the last 3 fiscal years against ₹12,805 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹35,053 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 17% and the ROIC − WACC spread is −2.0 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Adani Power Ltd earns a ROCE of 17% in FY26. That is up from a trough of 6% in FY14. Return on invested capital clears the cost of that capital by −2.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 23.9% net margin on 0.38× asset turns.
FY26 ROCE is 17%, recovered from a FY14 trough of 6% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 23.9% net margin × 0.38× asset turns × 2.18× balance-sheet leverage ≈ 19.8% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 10.0% − 12.0% = a −2.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.84.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Adani Power Ltd carries total debt of ₹54,670 Cr against shareholder equity of ₹66,402 Cr as of Mar 26, a debt-to-equity of 0.82. On the annual view that ratio went from 2.61 in FY22 to 0.82 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹54,670 Cr against shareholder equity of ₹66,402 Cr — a debt-to-equity of 0.82. On the annual view, debt-to-equity went from 2.61 (FY22) to 0.82 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 3.0 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions cut 3.0 points of Adani Power Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 11.8% of the company. Domestic institutions moved +2.7 points over the same window, to 4.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −3.0 points over 8 quarters to 11.8%; Domestic institutions: +2.7 points over 8 quarters to 4.1%; Promoters: +2.3 points over 8 quarters to 75.0%.
Why the register moved: rotation — foreign institutions −3.0 points against domestic institutions +2.7 points over 8 quarters, with promoters +2.3 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Adani Power Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Adani Power Ltd this page | 28.9× | ₹4.1L Cr | Improving | |||
| NTPC Ltd | 12.1× | ₹3.4L Cr | Mixed | |||
| Adani Green Energy Ltd | 119.0× | ₹2.3L Cr | Mixed | |||
| Tata Power Company Ltd | 31.1× | ₹1.2L Cr | Mixed | |||
| JSW Energy Ltd | 50.4× | ₹1L Cr | Mixed | |||
| NTPC Green Energy Ltd | 134.0× | ₹81,162 Cr | No read | |||
| NHPC Ltd | 21.2× | ₹79,748 Cr | Turning around | |||
| Torrent Power Ltd | 31.6× | ₹72,265 Cr | Mixed | |||
| NLC India Ltd | 11.5× | ₹40,601 Cr | Improving | |||
| SJVN Ltd | 41.4× | ₹26,558 Cr | Improving | |||
| CESC Ltd | 14.0× | ₹21,631 Cr | Mixed | |||
| Jaiprakash Power Ventures Ltd | 13.9× | ₹11,617 Cr | Turning around | |||
| Reliance Power Ltd | — | ₹9,951 Cr | No read | |||
| KPI Green Energy Ltd | 16.2× | ₹7,713 Cr | Mixed | |||
| RattanIndia Power Ltd | 41.6× | ₹4,634 Cr | No read | |||
| Gujarat Industries Power Co Ltd | 6.1× | ₹2,440 Cr | No read | |||
| BF Utilities Ltd | 14.3× | ₹2,186 Cr | Consistent | |||
| Orient Green Power Company Ltd | 22.0× | ₹1,177 Cr | Mixed | |||
| Mac Charles (India) Ltd | — | ₹938 Cr | No read | |||
| India Power Corporation Ltd | 54.5× | ₹698 Cr | Mixed |
Frequently asked questions
What is Adani Power Ltd's share price today?
Adani Power Ltd trades at ₹214, +80.3% over the past year. The company is valued at ₹4,12,037 Cr. The stock sits at 76% of its 52-week range of ₹122–₹243, +19.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 56 weeks in. — as of 24 July 2026.
What were Adani Power Ltd's latest quarterly results?
Adani Power Ltd reported revenue of ₹18,902 Cr and net profit of ₹4,867 Cr for the Jun 26 quarter. Revenue rose 34.0% and profit rose 47.3% year on year. Earnings per share were ₹2.49. The operating margin was 42.0%, 2.0 pp higher than a year earlier. — as of 24 July 2026.
What is Adani Power Ltd's revenue?
Adani Power Ltd reported revenue of ₹18,902 Cr in the Jun 26 quarter, +34.0% year on year. For the full FY26 fiscal year, revenue was ₹54,241 Cr (−3.5%). Over the last 10 years revenue compounded at 7.9% a year. — as of 24 July 2026.
What is Adani Power Ltd's profit?
Adani Power Ltd earned ₹4,867 Cr of net profit in the Jun 26 quarter, +47.3% year on year — the 2nd straight quarter of growth. Full-year FY26 profit was ₹12,971 Cr. The operating margin ran 42.0% in the latest quarter. — as of 24 July 2026.
What is Adani Power Ltd's market cap?
Adani Power Ltd's market capitalisation is ₹4,12,037 Cr at a share price of ₹214. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Adani Power Ltd's P/E ratio?
Adani Power Ltd trades at a P/E of 28.9×, at the 83rd percentile of its own 10-year range, against a long-run median of 16.6×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Adani Power Ltd pay a dividend?
No — Adani Power Ltd has recorded a dividend payout of 0% of profit in each of its last 13 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 24 July 2026.
Is Adani Power Ltd overvalued?
On its own history, Adani Power Ltd looks expensive against its own history: its P/E of 28.9× sits at the 83rd percentile of its 10-year range (long-run median 16.6×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Adani Power Ltd growing?
Yes — Adani Power Ltd is growing: latest-quarter revenue +34.0% year on year, profit +47.3%, and the margin +2.0 pp at 42.0%. The 10-year compound rates are 7.9% (revenue) and 37.1% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Adani Power Ltd performing?
Adani Power Ltd is in a confirmed uptrend, 56 weeks in. Its latest quarter's revenue rose 34.0% and profit rose 47.3% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Adani Power Ltd in?
Turning around — profit growth swung from −38.8% at the trough to +19.7%, a 5-quarter improving streak, ROCE slipping at 17.3%. The read comes from the last 12 quarters of growth (revenue growth +6.6% latest, profit growth +19.7% latest, eps growth +14.6% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Adani Power Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 56 of stage 2), trading +19.5% versus its 200-day average and at 76% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Adani Power Ltd beating the market?
Not lately — on a trailing-13-week view Adani Power Ltd is currently behind the NIFTY 500 (4 weeks and counting; last ahead the week of 2026-06-25), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +3,492% against the NIFTY 500's +274% — ahead of the index over the full window. — as of 24 July 2026.
Will Adani Power Ltd's share price go up?
This page publishes no price forecast for Adani Power Ltd. What it measures instead: the share price is ₹214, the price is in a confirmed uptrend 56 weeks in. Its P/E of 28.9× sits at the 83rd percentile of its own 10-year range. — as of 24 July 2026.
Who owns Adani Power Ltd?
Promoters hold 75.0% of Adani Power Ltd, foreign institutions 11.8%, domestic institutions 4.1% and the public 9.2% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 3.0 points over 8 quarters. — as of 24 July 2026.
Does Adani Power Ltd have too much debt?
It is moderate — Adani Power Ltd's debt-to-equity is 0.84, and operating profit covers the interest bill 6×. FY26 borrowings were ₹54,670 Cr against equity of ₹64,937 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Adani Power Ltd's capex?
Adani Power Ltd spent ₹52,928 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹27,618 Cr, with ₹35,053 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Adani Power Ltd's cash flow?
Adani Power Ltd generated ₹20,514 Cr of operating cash flow in FY26 and ₹−7,104 Cr of free cash flow after ₹27,618 Cr of capital spending. Reported profit that year was ₹12,971 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Adani Power Ltd's profit real cash?
Yes — over the last 3 fiscal years, 121% of Adani Power Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹20,514 Cr against reported profit of ₹12,971 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Adani Power Ltd in its business cycle?
Adani Power Ltd's FY26 operating margin was 37.0%, against a 13-year band of 21.0%–38.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 42.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Adani Power Ltd story?
The sharpest disagreement: the price moved +80.3% in a year while annual EPS moved −0.7% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Adani Power Ltd a stock worth studying right now?
This is not investment advice. The machine read: Adani Power Ltd's price has outrun its earnings. +80.3% in a year against EPS −0.7% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.