QQ-DITS FMSS
ADANIPOWER

Adani Power Ltd.

ADANIPOWERNSEPowerPower Generation/DistributionLarge Cap
₹231.76
▲ 0.52%
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47
Composite

The company is India’s largest and fast-growing thermal power producer in the private sector. APL operates thermal power plants across Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu. The company is harnessing technology and innovation to transform India into a power-surplus nation and provide quality and affordable electricity for all.

www.adanipower.comSector: PowerIndustry: Power Generation/Distribution

Q-DITS fundamental score

47Composite
Growth
20
Profitability
76
Valuation
41
Quality
68
Solvency
60
Earnings
90

Key metrics

MCap
₹4.46L Cr
TTM PE
34.8x
Industry PE
26.7x
TTM EPS
₹6.66
Book Value
₹33.67
Face Value
₹2
Div Yield
0%
PEG
5.65x
PB
4.5x
ROE
21.9%
ROCE
17.8%
EBITDA mgn
43.4%
D/E
0.82
Int. Cover
5.5x
Curr. Ratio
1.41x
EPS
₹6.66

Growth — CAGR across horizons

Metric1Y3Y5Y10Y
Net Sales-3.5%11.8%15.7%7.8%
EBITDA-7%25.4%18%8.5%
Net Profit-0.8%6.2%58.8%37%

Score snapshot

Piotroski
4/9
Altman Z
1.71
Quality
68.3
Growth
20
Valuation
41
Earn. Qual
89.5
PEAD
-2
SURGE
-1
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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)
RevenueNet Profit
Margins (%)
EBITDA%PAT%
Return ratios (%)
ROEROCEROA

Annual financials — last 10 years

Tap a row to expand the full chart
MetricTrend2017201820192020202120222023202420252026
›RevenueCr22,61620,30423,88426,46826,22127,71138,77350,35156,20354,241
›EBITDACr2,3146,1907,4576,30410,59713,79614,45428,14924,00823,524
›EBITDA margin28.3%30.5%31.2%27.6%40.4%49.8%37.3%55.9%42.7%43.4%
›Net profitCr-6,174-2,074-984-2,2751,2704,91210,72720,82912,75012,971
›PAT margin-27.3%-10.2%-4.1%-8.6%4.8%17.7%27.7%41.4%22.7%23.9%
›EPS₹₹-3.2₹-1.09₹-0.51₹-1.18₹0.66₹2.55₹5.56₹10.8₹6.71₹6.66
›Revenue growth-11.4%-10.2%17.6%10.8%-0.9%5.7%39.9%29.9%11.6%-3.5%
›PAT growth-1,220.9%66.4%52.5%-131.1%155.8%286.7%118.4%94.2%-38.8%1.7%
›ROE-118%-106.7%-327.2%0%0%164.1%96.9%79.4%28.6%21.9%
›ROCE-0.6%6.4%8.7%5.7%11.6%16.1%16%32.3%22.9%17.8%
›ROA-8.4%-2.9%-1.4%-3.2%1.7%6.1%12.8%23.4%12.4%10.2%
›P/E0x0x0x0x5.2x2.9x1.4x2x3x22.6x
›P/B5.1x10.3x-64.6x-5x65.9x13x4.4x5.7x3.7x4.5x
›D/E17.559.4-191.1-29.9130.711.33.31.20.80.8
›Current ratio0.5x0.5x0.7x0.8x0.9x0.9x1.1x1.6x1.6x1.4x
›Interest cover-0.1x0.6x0.8x0.6x1.4x2.6x3.2x7.1x5.9x5.5x

Quarterly results

Tap a row to expand the full chart
MetricTrend2023-122024-032024-062024-092024-122025-032025-062025-092025-122026-03
›RevenueCr12,99113,36414,95613,33913,67114,23714,10913,45712,45114,223
›Rev growth YoY67.3%30.5%35.9%2.7%5.2%6.5%-5.7%0.9%-8.9%-0.1%
›EBITDACr4,6454,8506,1945,2765,0234,8135,6855,1504,2384,732
›EBITDA margin35.8%36.3%41.4%39.6%36.7%33.8%40.3%38.3%34%33.3%
›Net profitCr2,7382,7373,9133,2982,9402,5993,3052,9062,4884,271
›PAT growth YoY31,119.6%-47.8%-55.3%-50%7.4%-5%-15.5%-11.9%-15.4%64.3%
›EPS₹₹7.1₹7.1₹10.14₹8.64₹7.93₹6.84₹8.78₹1.53₹1.29₹2.08

Balance sheet — last 10 years (₹ Cr)

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MetricTrend2017201820192020202120222023202420252026
›Shareholders' equityCr3,000889-288-2,1354985,48816,66135,83053,29064,937
›ReservesCr-857-2,968-4,145-5,991-3,3591,63212,80431,97349,43361,080
›Total borrowingsCr0000000000
›InvestmentsCr3,6333,3284,0162,2421,8932,3922,5492,7946,2249,817
›Total assetsCr45,62941,29149,64656,57058,75062,33868,07776,22092,4541,16,125
›Current assetsCr13,53513,96313,20214,60516,84916,22819,55325,58726,31328,688
›Current liabilitiesCr25,66628,04518,16318,20118,72717,14417,74515,78916,44120,328
›Trade payablesCr7,4007,6266,3625,5963,8033,5083,0793,6092,9782,841
›Gross blockCr60,40260,83661,86070,27770,46473,94574,60990,7091,01,0621,05,628

Cash flow statement (₹ Cr)

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MetricTrend2017201820192020202120222023202420252026
›Operating CF (CFO)Cr4,7255,1015,6105,5987,01410,2338,43114,17021,50120,514
›Investing CF (CFI)Cr-1,212-520-984-2,328-2,1885721,5443,482-17,142-26,461
›Financing CF (CFF)Cr-3,539-4,600-4,663-2,377-5,655-10,338-10,408-16,864-5,1756,555
›Net cash changeCr-26-19-37892-828467-433788-816608
›Closing cashCr8162259411137823491,136320928

Cash flow components

CFO · CFI · CFF (₹ Cr)
CFOCFICFF

Q-DITS scorecard

Composite score
47
Quality (25%)68.3
Growth (25%)20
Valuation (20%)41
Piotroski (15%)44
Earnings Quality (10%)89.5
Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score
4/9
✓ROA positiveROA 10.2%
✓CFO positiveCFO ₹20513.65 Cr
✗ROA improving12.45% → 10.2%
✓CFO > PAT (low accruals)CFO 20513.65 vs PAT 12971.08
✗Leverage decreasedD/E 0.78 → 0.82
✗Liquidity improvedCR 1.6 → 1.41
✗No share dilutionEPS 6.71 → 6.66
✓Margin improvedEBITDA mgn 42.72% → 43.37%
✗Asset turnover upAsset TO 0.55 → 0.43
Altman Z-Scoregrey
1.71
X1
0.072
X2
0.526
X3
0.163
X4
0.559
X5
0.467

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality
68.3/100
ROE
21.9%
ROCE
17.8%
Margin
23.9%
Debt
0.8
Int. cover
5.5x
Growth
20/100
Revenue 3Y
11.8%
Profit 3Y
6.2%
EPS
-0.8%
Valuation
41/100
PE
22.6x
PB
4.5x
EV/EBITDA
14.3x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality
89.5/100
CFO₹20,514 Cr
PAT₹12,971 Cr
Accrual ratio-0.065
CFO/PAT1.58x
PEAD · SURGE
-2 / -1
Revenue SUE-0.64
EPS SUE-1.53
Latest quarter2026-03
Rev growth YoY-0.1%

Shareholding pattern

Promoter75%
FII/FPI11.7%
DII3.7%
Public25%
Tap a row to expand the full chart
MetricTrend2024-032024-062024-092024-122025-032025-062025-092025-122026-03
›Promoter71.8%72.7%75%75%75%75%75%75%75%
›FII / FPI15.9%14.7%12.7%12.3%12.4%12.5%11.5%11.6%11.7%
›DII1.4%1.4%1.5%1.6%1.7%1.8%2.7%3.4%3.7%
›Public / Retail28.3%27.3%25%25%25%25%25%25.1%25%
›Promoter pledge16.1%0.5%1.5%1.8%1.8%1.8%1.8%1.8%1.8%

Documents & filings

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Peer comparison

CompanyMCap (Cr)RevenuePATPEPBROE%ROCE%D/E
NTPC Ltd.3,54,6561,87,38527,14613.1x1.7x13.9111.35
Power Grid Corporation Of India Ltd.2,71,95046,73318,83517.1x2.7x17.312.91.41
Adani Green Energy Ltd.2,47,28212,9281,570149.7x12.8x14.49.95.24
Adani Energy Solutions Ltd.1,80,96127,5882,34379.3x7.1x10.19.72.02
Tata Power Company Ltd.1,28,48562,4294,41034.3x3.3x13.611.61.81
JSW Energy Ltd.1,04,57318,9012,75146.7x3.1x9.78.52.53
NTPC Green Energy Ltd.80,9772,858502155x4.3x3.85.10.97