Adani Power Ltd.

ADANIPOWERNSEPowerPower Generation/DistributionLarge Cap

₹231.76

▲ 0.52%

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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

Profitability

Valuation

Quality

Solvency

Earnings

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

PEG

5.65x

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

Metric	1Y	3Y	5Y	10Y
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

Valuation

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

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›RevenueCr	22,616	20,304	23,884	26,468	26,221	27,711	38,773	50,351	56,203	54,241
›EBITDACr	2,314	6,190	7,457	6,304	10,597	13,796	14,454	28,149	24,008	23,524
›EBITDA margin	28.3%	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	-2,275	1,270	4,912	10,727	20,829	12,750	12,971
›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/E	0x	0x	0x	0x	5.2x	2.9x	1.4x	2x	3x	22.6x
›P/B	5.1x	10.3x	-64.6x	-5x	65.9x	13x	4.4x	5.7x	3.7x	4.5x
›D/E	17.5	59.4	-191.1	-29.9	130.7	11.3	3.3	1.2	0.8	0.8
›Current ratio	0.5x	0.5x	0.7x	0.8x	0.9x	0.9x	1.1x	1.6x	1.6x	1.4x
›Interest cover	-0.1x	0.6x	0.8x	0.6x	1.4x	2.6x	3.2x	7.1x	5.9x	5.5x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	12,991	13,364	14,956	13,339	13,671	14,237	14,109	13,457	12,451	14,223
›Rev growth YoY	67.3%	30.5%	35.9%	2.7%	5.2%	6.5%	-5.7%	0.9%	-8.9%	-0.1%
›EBITDACr	4,645	4,850	6,194	5,276	5,023	4,813	5,685	5,150	4,238	4,732
›EBITDA margin	35.8%	36.3%	41.4%	39.6%	36.7%	33.8%	40.3%	38.3%	34%	33.3%
›Net profitCr	2,738	2,737	3,913	3,298	2,940	2,599	3,305	2,906	2,488	4,271
›PAT growth YoY	31,119.6%	-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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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Shareholders' equityCr	3,000	889	-288	-2,135	498	5,488	16,661	35,830	53,290	64,937
›ReservesCr	-857	-2,968	-4,145	-5,991	-3,359	1,632	12,804	31,973	49,433	61,080
›Total borrowingsCr	0	0	0	0	0	0	0	0	0	0
›InvestmentsCr	3,633	3,328	4,016	2,242	1,893	2,392	2,549	2,794	6,224	9,817
›Total assetsCr	45,629	41,291	49,646	56,570	58,750	62,338	68,077	76,220	92,454	1,16,125
›Current assetsCr	13,535	13,963	13,202	14,605	16,849	16,228	19,553	25,587	26,313	28,688
›Current liabilitiesCr	25,666	28,045	18,163	18,201	18,727	17,144	17,745	15,789	16,441	20,328
›Trade payablesCr	7,400	7,626	6,362	5,596	3,803	3,508	3,079	3,609	2,978	2,841
›Gross blockCr	60,402	60,836	61,860	70,277	70,464	73,945	74,609	90,709	1,01,062	1,05,628

Cash flow statement (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Operating CF (CFO)Cr	4,725	5,101	5,610	5,598	7,014	10,233	8,431	14,170	21,501	20,514
›Investing CF (CFI)Cr	-1,212	-520	-984	-2,328	-2,188	572	1,544	3,482	-17,142	-26,461
›Financing CF (CFF)Cr	-3,539	-4,600	-4,663	-2,377	-5,655	-10,338	-10,408	-16,864	-5,175	6,555
›Net cash changeCr	-26	-19	-37	892	-828	467	-433	788	-816	608
›Closing cashCr	81	62	25	941	113	782	349	1,136	320	928

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

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

0.072

0.526

0.163

0.559

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

22.6x

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%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	71.8%	72.7%	75%	75%	75%	75%	75%	75%	75%
›FII / FPI	15.9%	14.7%	12.7%	12.3%	12.4%	12.5%	11.5%	11.6%	11.7%
›DII	1.4%	1.4%	1.5%	1.6%	1.7%	1.8%	2.7%	3.4%	3.7%
›Public / Retail	28.3%	27.3%	25%	25%	25%	25%	25%	25.1%	25%
›Promoter pledge	16.1%	0.5%	1.5%	1.8%	1.8%	1.8%	1.8%	1.8%	1.8%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
NTPC Ltd.	3,54,656	1,87,385	27,146	13.1x	1.7x	13.9	11	1.35
Power Grid Corporation Of India Ltd.	2,71,950	46,733	18,835	17.1x	2.7x	17.3	12.9	1.41
Adani Green Energy Ltd.	2,47,282	12,928	1,570	149.7x	12.8x	14.4	9.9	5.24
Adani Energy Solutions Ltd.	1,80,961	27,588	2,343	79.3x	7.1x	10.1	9.7	2.02
Tata Power Company Ltd.	1,28,485	62,429	4,410	34.3x	3.3x	13.6	11.6	1.81
JSW Energy Ltd.	1,04,573	18,901	2,751	46.7x	3.1x	9.7	8.5	2.53
NTPC Green Energy Ltd.	80,977	2,858	502	155x	4.3x	3.8	5.1	0.97