In , Adani Power Ltd (Power - Generation/Distribution) is outperforming Nifty 500 with +48.9% relative strength. Fundamentals: Average. On a 9-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Capacity Addition: 2.9 GW next year
“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.”
What: Weighted Average Cost of Debt: <9%
“Weighted average cost will be less than 9% this year. ... our working capital rate is also near about 6.5% to 6.8%”
What: New PPA Wins: 3,200 MW (Assam)
“During the quarter, we received a Letter of Award for a 3,200-megawatt project in Assam.”
What: Continuing PBT of ₹2,800 Cr vs ₹2,659 Cr YoY
“Continuing profit before tax for quarter 3 FY '26 was INR 2,800 crores. This was higher than INR 2,659 crores in quarter 3 FY '25. The improvement was driven by lower finance costs”
Earnings deceleration risks from management commentary
Trigger: Lower global coal indices reduce the pass-through energy charge component of revenue.
Impact: PAT impact: ₹120 Cr EBITDA hit at Godda
Management view: Management notes this is a pass-through and reduces absolute revenue but protects margins.
Monitor: commodity
Trigger: Regulator felt the full capacity might not be required based on current resource adequacy plans.
Management view: DISCOM is re-presenting the case to prove demand necessity.
Monitor: regulatory
Trigger: Hardship and turmoil in the country during August last year.
Management view: Payments are now regular; dues are equal to approximately 2 months.
Monitor: geopolitical
Key quotes from recent conference calls
“Now, we are set firmly on our path to raise our generation capacity from 18 GW to 42 GW by 2032, with an even faster growth in earnings and cash flows. [Previous Capacity Expansion guidance]”
“what we have strategized that we are minimizing our portfolio open capacity, resulting into ensuring the assured Revenue and EBITDA irrespective of market volatility. [Initiative: PPA Portfolio De-risking]”
“During the quarter, we received a Letter of Award for a 3,200-megawatt project in Assam. This project will be developed on a greenfield basis under the DBFOO model [Initiative: Assam Greenfield Project]”
“this quarter, the reduction is close to INR120 crores on a Y-o-Y basis -- and EBITDA level? Yes. ... for imported coal, indices will reduce, our revenue will also reduce. [Risk (commodity): MEDIUM]”
Headline numbers from the latest earnings call
Revenue
₹12,717 Cr
Why: Lower power selling rates and merchant prices year-on-year, alongside lower energy charges in import coal-linked PPAs due to reduced fuel costs.
Revenue was impacted by a subdued merchant market and lower pass-through energy charges.
EBITDA
₹4,636 Cr
Why: Lower realization in the merchant market was partly offset by cost control and operating efficiency.
Profitability remained resilient despite revenue headwinds due to efficient fuel logistics.
PAT
₹2,488 Cr
Why: Prior year PAT was higher due to ₹1,400 crore in one-time prior period income compared to only ₹278 crore this quarter.
Underlying profitability improved as continuing profit before tax rose to ₹2,800 crore from ₹2,659 crore.
Other Highlights
• Installed capacity reached 18.15 GW following the acquisition and revival of the 600 MW Butibori plant.
• Power sales volume increased to 23.6 billion units in Q3 FY26 from 23.3 billion units YoY.
• Net debt stood at ₹38,679 crore as of December 31, 2025, supporting ongoing capacity expansion.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Plant Load Factor (Overall)
62.6%
Why: Weaker demand due to extended monsoons and higher renewable generation.
Merchant Tariff Realisation
₹4.37
Why: Subdued market clearing prices in the day-ahead market due to cooler weather.
Capacity Under Long-term PPA
90%
Why: Strategic shift to minimize merchant exposure; recently signed 570 MW Karnataka and 500 MW Maharashtra PPAs.
Godda Plant PLF
68%
Why: Increased supply of units to Bangladesh compared to the previous year.
Total Installed Capacity
18.15 GW
Why: Acquisition and operationalization of the 600 MW Butibori plant.
Merchant Sales Volume
4.3 BU
Weighted Average Cost of Debt
9%
Why: Refinancing and rating upgrades to AA.
HBA Coal Index
$104
Why: Global commodity price cooling.
Forward-looking targets from management
₹2 lakh Cr
To add 24 GW of capacity over the next 5-6 years.
Guidance Changes
Interest Cost: Not Given → less than 9%
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | 0% | +12% | Stable |
| PAT (Net Profit) | +64% | +7% | Inflection Up |
| OPM | 33.0% | -100 bps | Contracting |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Adani Power Ltd's latest quarterly results (Mar 2026) show
Adani Power Ltd's profit is growing with an turning around (inflection up) trend.
Adani Power Ltd's revenue growth trend is stable.
Adani Power Ltd's operating margin is contracting.
Adani Power Ltd's long-term compounding rates
Adani Power Ltd's earnings growth is turning around (inflection up) with mixed signals 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 33.9x.
Adani Power Ltd's current PE is 33.9x.
Adani Power Ltd's price-to-book ratio is 6.7x.
Adani Power Ltd is rated Average with a fundamental score of 45.89/100. 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 (FY2026).
Adani Power Ltd currently does not pay a significant dividend (yield 0.00%).
Adani Power Ltd's shareholding pattern (Mar 2026)
Adani Power Ltd's promoter holding has remained stable recently.
Adani Power Ltd has been outperforming Nifty 500 for 9 consecutive weeks, indicating consistent outperformance.
Adani Power Ltd is an established outperformer with 9 weeks of consecutive Nifty 500 outperformance.
Adani Power Ltd has 4 key growth catalysts identified from recent earnings analysis
Adani Power Ltd has 3 key risks worth monitoring
In Q3 FY26, Adani Power Ltd's management highlighted
Adani Power Ltd's management has provided the following forward guidance
Adani Power Ltd's most important sub-sector-specific KPIs from the latest concall
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.
