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ADANIPOWER · NSE

Adani Power Limited

₹206.6

+0.33% (+₹0.68)

Prev. close

₹205.92

Volume

1,81,85,888

Delivery %

44.6%

As of

18 Sept 2026

Price history

Bullish

IIFL Capital Analysis · IIFL Capital · 07 Jul 2026

“IIFL Capital initiates coverage on Adani Power with a 'buy' rating and a 12-month target price of ₹240, implying a 9% upside. The firm expects Adani Power to quadruple EBITDA by FY33-35E, driven by its strategy of capturing countercyclical arbitrage in asset creation, a large growth pipeline, and industry-leading execution. They forecast a 20% EBITDA CAGR over FY26–29E as under-construction projects commission, despite the stock trading at a rich 4.6x FY28E P/BV.”

Published mid-session at 11:08 IST. Tracking counts only prices printed after publication — the chart's dashed divider marks that moment; earlier prices never count toward entry or results.

Target ₹240PENDINGCall pageClear
₹206.6-₹11.47 (-5.26%) · CALL
07 Jul 2026 → 18 Sept 2026
₹198Target ₹240Entry ₹218.0707 Jul23 Jul17 Aug01 Sept18 SeptCall published 11:08
IIFL Capital Analysis's call · 07 Jul 2026

Analyst sentiment

Analysts lean bullish

9 analyst stances · last 90 days · one per analyst

Trackable

7 · 7 bull / 0 neutral / 0 bear

Long-Horizon

none in window

Commentary

2 · 2 bull / 0 neutral / 0 bear

Trackable = verdict-bearing calls · Long-Horizon = 1yr+ horizon, verdict pending · Commentary = context, not graded

Bullish 100% (9)Neutral 0% (0)Bearish 0% (0)
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Analyst opinions

CallAnalystInstrumentVerdictActions
“IIFL Capital initiates coverage on Adani Power with a 'buy' rating and a 12-month target price of ₹240, implying a 9% up…”IIFL Capital AnalysisIIFL CapitalAdani PowerPENDING
“IIFL Capital initiates coverage on Adani Power with a 'buy' rating and a 12-month target price of ₹240, implying a 9% upside. The firm expects Adani Power to quadruple EBITDA by FY33-35E, driven by its strategy of capturing countercyclical arbitrage in asset creation, a large growth pipeline, and industry-leading execution. They forecast a 20% EBITDA CAGR over FY26–29E as under-construction projects commission, despite the stock trading at a rich 4.6x FY28E P/BV.”
Rating & targetTarget ₹240Track opinion →

This call hasn't reached its evaluation window yet — the verdict will appear here once it's graded.

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Market commentary · 2 · levels, conditionals, previews, macro & hedged views — context, not graded
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Fundamentals

About Adani Power Limited

Adani Power Limited engages in the generation, transmission, and sale of electricity under long term power purchase agreements (PPAs), supplemental PPAs, medium and short term PPAs, and on merchant basis in India. The company generates electricity through thermal energy sources through various power projects with a combined installed and commissioned capacity of 18,150 megawatt (MW). It also operates various coal based power plants comprising 4,620 MW at Mundra, Gujarat; 3,300 MW at Tiroda, Maharashtra; 1,320 MW at Kawai, Rajasthan; 1,200 MW at Udupi, Karnataka; 600 MW at Raigarh and Korba, Chhattisgarh; 1,370 MW at Raipur, Chhattisgarh; 1,200 MW at Mahan, Madhya Pradesh; 1,200 MW at Mutiara, Tamil Nadu; 1,600 MW at Mirzapur, Uttar Pradesh; 500 MW at Dahanu, Maharashtra; and 1600 MW at Godda, Jharkhand. The company also operates solar based power plant comprising 40 MW at Bitta, Gujarat. In addition, it engages in coal import and supply/trading business. Adani Power Limited was founded in 1988 and is headquartered in Ahmedabad, India.

Details

Sector

Utilities

Industry

Utilities - Independent Power Producers

CEO

Mr. Shersingh B. Khyalia

Headquarters

Ahmedabad

Employees

3,967

Key stats

Market cap

₹3.97 L Cr

P/E ratio (TTM)

27.9

EPS (TTM)

₹7.39

Beta (1Y · daily vs NIFTY 50)

0.97

Beta (5Y · monthly vs NIFTY 50)

1.43

Shares float

543.75 Cr

EPS · quarter ended Jun 2026

₹2.49

Upcoming earnings

29 Oct 2026

Financial Performance

01 · Financials

0 Cr20000 Cr40000 Cr60000 Cr₹-20%0%20%40%FY21FY22FY23FY24FY25FY26
RevenueNet incomeEBITDARevenue growth YoY

Revenue for Mar 2021–Mar 2022 is as filed with BSE (consolidated), and the first plotted growth figure is computed against Mar 2020 revenue as filed with BSE; the two sources' revenue definitions differ by 2.0% on Mar 2023. FY21 growth needs FY20 filings, which the data source doesn't provide.

02 · Earnings Per Share (EPS)

051015₹FY21FY22FY23FY24FY25FY26

04 · Operating Efficiency (Growth Rates)

Balance-sheet-based · pre-FY23 not filed in verifiable form

-25%0%25%50%FY21FY22FY23FY24FY25FY26
SalesFixed assetsReceivables (trade + unbilled)Inventory

05 · Capital Structure & Asset Utilization

Pre-FY23 not filed in verifiable form

0 L Cr0.5 L Cr1 L Cr1.5 L Cr₹0×2×4×6×FY21FY22FY23FY24FY25FY26
Total assetsTotal debtDebt / equityAsset turnover

Asset turnover needs a prior year of assets — omitted for the earliest available year.

06 · Asset Base Composition

Pre-FY23 not filed in verifiable form

0 L Cr0.5 L Cr1 L Cr1.5 L Cr₹FY21FY22FY23FY24FY25FY26
Fixed assetsCurrent assetsOther assets

07 · Debt Level & Coverage

Pre-FY23 not filed in verifiable form

-1 L Cr0 L Cr1 L Cr₹FY21FY22FY23FY24FY25FY26
DebtFree cash flowCash & equivalents

08 · Profit & Loss

Annual

Line itemFY21FY22FY23FY24FY25FY26
₹26,221.48 Cr₹27,711.18 Cr₹38,773.30 Cr₹50,351.25 Cr₹56,203.09 Cr₹54,240.52 Cr
EBITDA₹10,596.72 Cr₹13,789.45 Cr₹14,311.88 Cr₹28,110.93 Cr₹24,008.18 Cr₹23,430.87 Cr
₹1,269.98 Cr₹4,911.58 Cr₹10,726.64 Cr₹20,828.79 Cr₹12,938.77 Cr₹12,834.30 Cr
Diluted EPS₹0.01₹1.93₹4.91₹10.32₹6.46₹6.62

09 · Balance Sheet

Annual

Line itemFY21FY22FY23FY24FY25FY26
₹78,805.91 Cr₹81,981.02 Cr₹85,821.27 Cr₹92,009.00 Cr₹1.13 L Cr₹1.41 L Cr
₹52,518.68 Cr₹48,898.43 Cr₹42,349.53 Cr₹34,431.07 Cr₹39,356.29 Cr₹54,518.77 Cr
Stockholders' equity₹13,112.59 Cr₹18,703.44 Cr₹29,875.66 Cr₹42,899.00 Cr₹56,347.00 Cr₹64,937.00 Cr

Annual only — the data source doesn’t publish quarterly balance-sheet detail for most NSE-listed companies.

10 · Cash Flow Statement

Annual

Line itemFY21FY22FY23FY24FY25FY26
₹7,014.35 Cr₹10,232.73 Cr₹8,431.00 Cr₹14,170.00 Cr₹21,501.00 Cr₹20,514.00 Cr
Investing cash flow₹-2,187.57 Cr₹774.46 Cr₹1,544.79 Cr₹3,485.03 Cr₹-17,142.05 Cr₹-26,460.56 Cr
₹-5,654.84 Cr₹-10,337.86 Cr₹-10,408.00 Cr₹-16,864.00 Cr₹-5,175.00 Cr₹6,555.00 Cr
Capital expenditure₹-3,617.61 Cr₹-3,434.55 Cr₹-3,244.00 Cr₹-2,602.00 Cr₹-11,559.00 Cr₹-23,350.00 Cr
End cash position₹113.04 Cr₹782.37 Cr₹349.23 Cr₹1,136.25 Cr₹319.86 Cr₹927.88 Cr

Annual only — the data source has no quarterly cash-flow-statement coverage.

11 · Shareholding Pattern

NSE, quarterly

Line itemSep 21–Jun 23(8Q)Sep 23Dec 23–Mar 24(2Q)Jun 24Sep 24–Jun 26(8Q)
Promoter74.97%70.02%71.75%72.71%74.96%
Public25.03%29.98%28.25%27.29%25.04%
Employee trusts0.00%0.00%0.00%0.00%0.00%

Source: NSE quarterly shareholding-pattern filings, collapsed to periods where the reported percentages held steady — a column spanning several quarters means no change was filed across them. No FII/DII sub-split available from this source — Public includes all non-promoter, non-employee-trust holders.

12 · Peer Comparison

Utilities

Company
Adani Power Limited₹3.97 L Cr₹206.627.96.1219.8%0.84-3.5%-67.3%
NTPC Limited₹3.20 L Cr₹323.6510.11.5713.3%1.33-1.2%-3.9%
Power Grid Corporation of India Limited₹2.45 L Cr₹270.312.92.4415.8%1.51+1.6%-6.5%
Adani Green Energy Limited₹2.10 L Cr₹1,334.5122.310.518.3%5.08+11.6%+36.3%
Adani Energy Solutions Limited₹1.70 L Cr₹1,436.157.16.679.0%1.93+15.4%+71.5%
Tata Power Company Limited₹1.18 L Cr₹374.830.62.999.5%2.02-4.8%-4.7%
GAIL (India) Limited₹1.13 L Cr₹173.911.41.278.5%0.28-0.2%-3.9%
Siemens Energy India Limited₹1.11 L Cr₹3,22874.225.2725.1%0.03+63.5%-7.1%
JSW Energy Limited₹93,817.50 Cr₹52640.33.057.3%2.50+62.8%-2.2%
NHPC Limited₹75,749.61 Cr₹75.227.61.839.1%1.32+7.2%-13.8%
NTPC Green Energy Limited₹73,797.80 Cr₹88.55141.33.892.8%1.67+29.8%-14.7%
Torrent Power Limited₹65,406.68 Cr₹1,297.628.23.4312.7%0.73-0.8%+2.4%

Ranked by market cap within Utilities, same metrics as the Fundamentals screener. Click a column to sort.

Documents

IPO documents

Annual reports

Show all 20

Concall transcripts

Show all 12

Official documents linked from their sources — offer documents as filed with SEBI (sebi.gov.in), annual reports and earnings-call transcripts as published on BSE (bseindia.com) and NSE (nseindia.com). Links open the source's own hosting; nothing is re-hosted here.

Index membership

52 indices

BSE Utilities· 12.6%BSE Power· 9.4%BSE POWER & ENERGY· 6.4%BSE India Infrastructure Index· 4.7%Nifty200 Alpha 30· 4.6%Nifty500 Momentum 50· 4.4%Nifty200 Momentum 30· 4.2%BSE 500 Momentum 50· 3.8%Nifty Energy· 3.6%Nifty Commodities· 3.2%BSE SENSEX Next 50· 3.1%Nifty Alpha 50· 3.0%

NSE weights are a free-float market-cap-share estimate, not NSE’s own published (and sometimes capped) index weight. BSE weights are BSE’s own published index weight, not an estimate. Indices without weight data are listed without one, in alphabetical order after the weighted ones.

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