Announcement
Announcement Under Regulation 30 (LODR) - Letter Of Award 14 Oct - Adani Power received LoA from UPCL for 1,234 MW thermal supply under a 25-year PSA.
Source: Bse
Adani Power Limited (ADANIPOWER)
Large CapPower stocks · Large cap · NSE
Adani Power Limited (APL) is India's largest private base load power company, operating an 18.33 GW thermal IPP portfolio across 9 states. It focuses on organic and inorganic growth, aiming for 42.05 GW capacity, leveraging operational excellence and a strong project execution engine.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result22 Jul, 07:19 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
30BearishSMA20 -5.3% / mo · MACD −
Stock trend: 30
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ADANIPOWERD candles · FIT view-14.2%Latest close ₹187.09 on 2026-10-21
Bar
-3.6%
RSI
39
MACD hist
-0.11
52W pos
47%
2026-10-21O ₹194.08H ₹194.77L ₹185.90C ₹187.09Vol 1.9Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ADANIPOWERNifty PowerNifty 500
- ADANIPOWER
- -15.1%
- Nifty 500
- -6.5%
- Nifty Power
- -14.5%
- Vs Nifty 500
- -8.6 pp
Chart stats
21 Oct 2026- From 52W high
- -26.4%
- 52W range position
- 47%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.89x
- Avg traded value
- ₹420 Cr
- 20D price channel
- ₹182.9 - ₹210
₹254.2
₹128.1 - ₹254.2
₹6.6
Latest completed session
20-session average
40.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST45
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +34.0% · PAT +47.3% YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model-0.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +34% YoY · PAT +47% YoY · margin expansion · +33% QoQ · operating leverage
Filed 22 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹18,902 Cr | +34.0% | +32.9% |
| EBITDA | ₹7,949 Cr | +39.8% | +68.0% |
| Operating margin | 42.0% | +200 bps | +900 bps |
| PAT | ₹4,867 Cr | +47.3% | +13.9% |
| PAT margin | 25.8% | +233 bps | -428 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 26.50
- P/B
- 5.82
- EV/EBITDA
- 16.19
- Market Cap
- 377691.00Cr
Profitability
- ROE
- 21.10%
- ROCE
- 17.20%
- ROA
- 10.27%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 58.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.84
- Interest Coverage
- 6.47×
- Altman Z
- 4.66
- Book Value
- 33.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 11/5
- OCF
- 20514.00 Cr
- EPS TTM
- 7.39
Shareholding
- Promoter Hold
- 74.96%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 54%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 18.9k+32.9% vs prev
Net Profit
₹ CrLatest: 4,867+14.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 39. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.6% over last month) — short-term momentum negative.
- RSI(14) at 39 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 26% off 52W high · 46% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
70
RS percentile
Stage 1 Base / Transition
1M return
-9.4%
3M return
-15.1%
6M return
-12.6%
1Y return
+15.4%
RS 1D
-1
RS 20D
-13
Sector rank
#17
Industry rank
#26
Stage evidence
- Price is 10.0% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +3.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 132.84-2.70%
RS vs Nifty 500133
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth18/25
Quality11/20
Balance Sheet7/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
45
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
45/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 18/25 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Fair-value margin of safety is negative at -0.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
26.5
PB
5.8
EV/EBITDA
16.2
ROE
21.1%
ROCE
17.2%
FCF Yield
—
Debt/Equity
0.8
MoS
-0.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
45
Previous: 45
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-0.8%
Previous: -4.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
45
45
45
47
47
45
45
45
45
45
45
45
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹74.86
-149.9% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹185.71
-0.8% MoS
PEG
0.71
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NTPC
Large
NTPC Limited
Power Generation
match 164
67
11.0
15.1%
+57%
UNDERVALUED
TATAPOWER
Large
Tata Power Company Limited
Power Generation
match 159
26
28.6
10.2%
-16%
OVERVALUED
TORNTPOWER
Large
Torrent Power Limited
Power Generation
match 159
36
26.2
12.5%
+13%
WATCHLIST
NLCINDIA
Large
NLC India Limited
Power Generation
match 158
52
11.1
11.9%
+58%
FAIR VALUE
JPPOWER
Large
Jaiprakash Power Ventures Limited
Power Generation
match 158
42
32.3
3.6%
-29%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T06:10:47.982Z
Management commentary snapshot
Q1 FY27 revenue grew 20% YoY to $2,040 Mn, with PAT up 33% YoY to $514 Mn. FY26 saw a 5% YoY decline in revenue to $6,553 Mn and PAT to $1,469 Mn.
APL demonstrates strong Q1 FY27 performance with robust PAT growth, supported by significant locked-in capacity and a clear expansion pipeline. The company's strong capital structure and self-funding capability for future capex reinforce its long-term growth thesis, despite a slight dip in FY26.
Current business mix
Operating Capacity by PPA Tie-up
Latest issuer-disclosed distribution across 2 reported categories.
PPA95.0%
Open5.0%
Growth engines
Capacity Expansion
Target capacity of 42,050 MW, with 23,720 MW locked-in capacity across 13 projects by FY32.
Acquisition & Turnaround
Proven capabilities in acquiring, integrating, and turning around 7.45 GW of stressed assets.
Long-term PPAs
95% of existing capacity tied up in long-term PPAs, with 13.32 GW new PPAs for upcoming projects.
Fuel Management & Logistics
Only IPP in India with in-house, mine-to-plant logistics capability and entry into commercial mining with 14 MTPA capacity.
Capacity and execution
Operating Capacity
18,330 MW as of Q1 FY27.
Locked-in Capacity
23,720 MW across 13 projects by FY32, with 100% land availability and 100% BTG sets ordered.
Target Capacity
42,050 MW, including ongoing organic thermal expansion.
Upcoming Projects
Includes Korba Ph-II (1,320 MW), Mahan Ph-II (1,600 MW), Raipur Ph-II (1,600 MW), Raigarh Ph-II (1,600 MW), Mirzapur (1,600 MW), Pirpainti (2,400 MW), Anuppur (2,400 MW), Chapar (3,200 MW), Kawai Ph-III (1,600 MW), Raigarh Ph-III (1,600 MW).
Tailwinds
India's Economic Growth
India's real GDP grew 7.8% in FY26 and targets ~$35 Tn GDP by 2047, driving significant power demand.
Electricity Demand Growth
India's electricity consumption per capita is ~1/3rd of the global average, with installed capacity targeted to reach ~1,000 GW by FY32.
Government Policy Support
Strong policy thrust for additional thermal capacity (97 GW required by FY35) and coal allocation under the SHAKTI policy.
Decarbonisation & Atmanirbhar Bharat
Driving demand for green hydrogen, primary industry, and indigenization, contributing to overall industrial growth.
Risk radar
Fuel Price Volatility
Reliance on imported fuel for some plants (e.g., Mundra, Udupi) could expose capacity to global price fluctuations, despite pass-through mechanisms.
Regulatory & Policy Changes
The highly regulated power sector faces risks from changes in tariff structures, environmental norms, or coal allocation policies.
Project Execution Risk
Large-scale capacity additions (23.7 GW locked-in, 42 GW target) inherently carry execution risks, despite brownfield focus and PMAG.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation explicitly provides YoY comparisons for both Q1 FY27 and FY26 financial results, indicating this is the preferred basis for evaluating performance trends and growth.
Sector KPIs management disclosed
Operating Capacity
18,330 MW (Q1 FY27)
Plant Availability
96% (Q1 FY27)
Plant Load Factor (PLF)
78% (Q1 FY27)
PPA Realisation
₹5.93/kWh (Q1 FY27)
Management forward view
Self-Funded Growth
Management states the majority of expansion capex will be funded through internal accruals, with $16 Bn FFO from the existing fleet over 7 years.
Operational Excellence
Focus on maintaining 90%+ plant availability and leveraging AI/ML for O&M to ensure high dispatch and profitability.
Strategic Partnerships
Integrated vendor ecosystem and strategic partnerships are in place to mitigate execution and supply chain risks.
ESG Commitment
Targeting a reduction in GHG emission intensity to 0.84 tCO2e/MWh by FY27 and maintaining zero health & safety related injuries.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt to Continuing EBITDA | 2.12x (Jun’26 TTM) | Sustained low leverage amidst aggressive capex and expansion plans. |
| Plant Availability / PLF | 96% / 78% (Q1 FY27) | Consistent high operational performance across the expanding fleet. |
| Capacity Commissioning | 18,330 MW operating | Timely commissioning and ramp-up of the 23.7 GW locked-in capacity. |
| New PPA Tie-ups | 13.32 GW for upcoming projects | Securing PPAs for remaining untied capacity and new bids to ensure revenue visibility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 73rd percentile within Power. Main check: results consistency is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
119 docs text-extracted · 32 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Power: 73rd pctile, median 65 · Large: 40th pctile, median 73
Evidence depth
Financial-only
119 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸11 years of positive FCF.
Trust risks
- ▸ROCE trend is -6.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Adani Power Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Oct - Adani Power to meet investors and analysts at Adani Annual Conference 2026 in Singapore on 18-19 November.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 6 Oct - Adani Power signs SHA with DGPC for 770 MW Bhutan hydropower project; 49:51 JV planned.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 LODR Declaration Of Successful Resolution Applicant And Issuance Of Letter Of Intent For Acquiring GVK Energy Limited 7 Sep - Adani Power received LOI on Sept 7, 2026 to acquire GVK Energy’s 330 MW hydro plant.
Source: Bse
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Sep - Adani Power to meet investors at forums in Gurgaon, Hong Kong, Ahmedabad and virtual sessions on 17-29 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 (LODR)- Update On The Scheme Of Amalgamation 25 Sep - Scheme of amalgamation became effective on September 25, 2026; ten wholly owned subsidiaries merged into Adani Power.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 (LODR)- Update On The Scheme Of Amalgamation 25 Sep - NCLT Mumbai sanctioned merger of Vidarbha Industries Power into Adani Power; scheme now fully approved on September 24, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 (LODR) -Update 29 Sep - SEBI passed settlement order on September 28, 2026; Adani Power and directors to pay ₹37.05 lakh.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 28 Sep - Adani Power Limited has informed about Earnings Call / Analyst Investor Meet
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR)- Assignment Of Maharashtra State Electricity Distribution Co. Limited'S 2500 MW RE RTC Power Supply Contract By Adani Power Limited To Powerpulse Trading Solutions Limited 8 Sep - Adani Power assigns 2,500 MW MSEDCL RE RTC contract to Powerpulse Trading Solutions.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.