Adani Power Limited (ADANIPOWER)
Large CapPower stocks · Large cap · NSE
Adani Power Limited is India's largest private thermal IPP, operating 18.33 GW across 9 states. It has 23.72 GW locked-in capacity and targets 45 GW by FY32. The company is expanding into nuclear and international hydroelectric power, aiming to meet India's growing base load demand with a focus on operational excellence and strategic growth.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +34% YoY · PAT +47% YoY · margin expansion · +33% QoQ · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 saw strong operational and financial performance with 26.6% YoY revenue growth and 47.2% YoY PAT growth. Higher dispatch volumes, improved realizations, and increased operating capacity drove results, while O&M availability and PLF also improved significantly.
The investment thesis remains intact, supported by consistent operational excellence and robust Q1 FY27 results. Strategic capacity expansion, including new ventures in nuclear and hydro, along with strong PPA tie-ups and brownfield advantages, position the company for sustained long-term growth despite rising fuel costs.
Sales Volume Mix (%)
Latest issuer-disclosed distribution across 2 reported categories.
Base Load Capacity Expansion
Ongoing capacity expansion of 23.7 GW thermal power plants with targeted completion by FY 2031-32, aiming for 45 GW total capacity.
Nuclear Power Entry
Adani Atomic Energy Ltd. established to invest in nuclear power, targeting 10 GW capacity by 2035 with identified project sites.
International Hydroelectric Power
Development of 5 GW hydroelectric power capacity in Bhutan in partnership with Druk Green Power Corporation for power supply to both countries.
Inorganic Growth
Acquisition of 180 MW power plant in Churk, Uttar Pradesh, from Jaiprakash Associates Ltd. for INR 4,194 Cr, to be revived.
Locked-in Growth Projects
23,720 MW of fully locked-in growth projects are in advanced stages of development, with 100% land available and 100% BTG ordering.
Churk Plant Revival
The acquired 180 MW Churk plant is slated for revival, adding to operational capacity.
Wangchhu Hydroelectric Project
First project of 570 MW to be set up under SPV Wangchhu Hydroelectric Power Ltd. in Bhutan.
Strong Power Demand
All-India power demand grew by 8.4% during Q1 FY27 vs Q1 FY26, with peak demand crossing 270 GW due to above-normal temperatures.
Government Policy Thrust
Government is boosting thermal and renewable investments, with coal allocations to states under SHAKTI policy for long-term thermal PPAs.
Brownfield Project Advantage
60% of upcoming capacity is brownfield, offering project cost advantages, faster clearances, and execution assurance.
Increased Fuel Costs
Fuel cost increase due to higher import fuel prices following energy market disruptions from the geopolitical situation in the Middle East.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The presentation explicitly compares Q1 FY27 results with Q1 FY26 for all key operational and financial metrics, indicating a year-on-year comparison is primary for assessing performance trends.
O&M Availability
O&M Availability improved to 96% in Q1 FY27 from 89% in Q1 FY26.
Plant Load Factor (PLF)
PLF increased to 78% in Q1 FY27 from 67% in Q1 FY26.
Dispatch Performance
Dispatch Performance grew 17% to 28.8 Billion Units in Q1 FY27 from 24.6 Billion Units in Q1 FY26.
Continuing Revenue
Continuing Revenue increased 26.60% YoY to INR 17,936 Cr in Q1 FY27 from INR 14,167 Cr in Q1 FY26.
Securing India's Long-term Energy Future
APL has set up Adani Atomic Energy Ltd. to invest in nuclear power, targeting 10 GW by 2035 to meet growing national demand.
Base Load Power Capacity Target
Management targets base load power capacity expansion to 45 GW by FY 2031-32, with 23.7 GW thermal power plants ongoing.
Self-Funded Capital Expenditure
Majority of the capital expenditure for growth projects will be funded through internal accruals, maintaining a robust capital structure.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Plant Load Factor (PLF) | 78% (Q1 FY27) | Sustained high PLF and further improvements, indicating efficient plant utilization and strong demand. |
| Net Debt to Continuing EBITDA (TTM) | 2.12x (Jun'26) | Disciplined leverage management and stability in the ratio, especially with significant ongoing capital expenditure. |
| Capacity Commissioning | 18,330 MW operating capacity | Timely commissioning and ramp-up of the 23.7 GW locked-in growth projects and new ventures. |
| PPA Tie-ups for New Capacity | 95% of operating capacity tied up | Securing long-term PPAs for upcoming capacity additions to ensure revenue visibility and reduce merchant exposure. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
49NeutralSMA20 -3.4% / mo · MACD + · near 52W low
Technical chart
ADANIPOWERdaily · 1Y · AUTO+47.9%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 48. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.5% over last month) — short-term momentum negative.
- RSI(14) at 48 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 71% off 52W high · 62% 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.
Relative Strength & Trend Stage
- Price is 5.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.7%.
Valuation & score drivers
U-Score 45 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 45 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -12.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter holding is 75%. Key concern: ROCE trend is -6.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Power: 73rd pctile, median 65 · Large: 41st pctile, median 73
95 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 28.00
- P/B
- 6.14
- EV/EBITDA
- 17.00
- Market Cap
- 399579.00Cr
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
- 4.83
- 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
- 65%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Power, ranked by similarity
Peers
Business-comparable names in Power, ranked by similarity
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.