In Week of Mar 28, 2026, Adani Power Ltd (Power - Generation/Distribution) is outperforming Nifty 500 with +19.9% relative strength. Fundamentals: Weak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Mar 14, 2026
What: Greenfield project under DBFOT model with Shakti policy fuel linkage starting Q3 FY27
Impact: +₹3200 Cr revenue
“Letter of award received in Q3 FY26 for 3,200 MW Assam project under DBFOT model with Shakti policy fuel linkage”
What: Acquired plant now supplying at full capacity under 5-year EPA with Maharashtra Discom
Impact: +₹450 Cr revenue
“Management confirmed Bhutiburi plant fully operational after acquisition in July 2025, now supplying at full capacity under 5-year EPA”
What: Reduced merchant exposure from 20% to 10% improving revenue stability
Impact: +₹800 Cr revenue
“Management stated capacity mix shifted from 80:20 to 84:16 to current 90:10 contracted vs merchant”
Earnings deceleration risks from management commentary
Trigger: Prices remain below ₹4.50/kWh
Impact: -250 bps margin impact
Management view: Management acknowledged lower merchant prices but expects improvement in current quarter
Monitor: Monthly merchant power realization
Trigger: Interest rates rise above 8.5%
Impact: -100 bps margin impact
Management view: Management states leverage remains comfortable despite debt increase
Monitor: Net debt to EBITDA ratio
Key quotes from recent conference calls
“During the quarter we received a letter of award for a 3200 megawatt project in Assam. This project will be developed on greenfield basis under the DBFOT model. Fuel linkage will be arranged under Shakti policy. — Management”
“This decline reflects lower realization harbor and cost control and operating efficiency helped protect margin contribution from newly acquired assets. — Management”
“Its key strength for us remain our contracted revenue profile. — Management”
“These new PPAs have much better higher capacity charges than our legacy PPAs. This will lead to much better per megawatt EBITDA in the coming years. — Management”
Forward-looking targets from management for Next 2-4 quarters
Revenue Growth Target
12%
Implied PAT Growth
15%
OPM Guidance
38.5%
Capex Plan
₹15000 Cr
Key Milestones
• Assam project commissioning by Q3 FY27
• Maintain 90:10 contracted ratio
• Merchant price recovery in Q4 FY26
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | -9% | +27% | Inflection Down |
| PAT (Net Profit) | -15% | +37% | Stable |
| OPM | 34.0% | -300 bps | Contracting |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Mar 14, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Adani Power Ltd's latest quarterly results (Dec 2025) show
Adani Power Ltd's profit is declining with an stable trend.
Adani Power Ltd's revenue growth trend is inflecting downward.
Adani Power Ltd's operating margin is contracting.
Adani Power Ltd's long-term compounding rates
Adani Power Ltd's earnings growth is stable with weakening on a sequential basis.
Adani Power Ltd's trailing twelve month (TTM) performance
Adani Power Ltd appears significantly overvalued based on our fair value analysis.
Adani Power Ltd's current PE ratio is 25.9x.
Adani Power Ltd's current PE is 25.9x.
Adani Power Ltd's price-to-book ratio is 5.1x.
Adani Power Ltd is rated Weak with a fundamental score of 33/100. This score is calculated from objective financial metrics
Adani Power Ltd has a debt-to-equity ratio of N/A.
Adani Power Ltd's return ratios over recent years
Adani Power Ltd's operating cash flow is positive (FY2025).
Adani Power Ltd currently does not pay a significant dividend (yield 0.00%).
Adani Power Ltd's shareholding pattern (Dec 2025)
Adani Power Ltd's promoter holding has remained stable recently.
Adani Power Ltd has been outperforming Nifty 500 for 3 consecutive weeks, indicating early-stage outperformance.
Adani Power Ltd is an established outperformer with 3 weeks of consecutive Nifty 500 outperformance.
Adani Power Ltd has 3 key growth catalysts identified from recent earnings analysis
Adani Power Ltd has 2 key risks worth monitoring
In Q3 FY26, Adani Power Ltd's management highlighted
Adani Power Ltd's management has provided the following forward guidance for Next 2-4 quarters
Based on quantitative research signals, here is why Adani Power Ltd may be worth studying
Adani Power Ltd investment thesis summary:
Adani Power Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
