Adani Power Limited (ADANIPOWER)

Power · Power · NSE · Updated 1 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹211.31 ↓ 62.73% (1Y)

🎯 Key Takeaways

Adani Power is in a strategic expansion and capital restructuring phase, transitioning from operational growth to scaling infrastructure through aggressive financing. Management is pursuing a multi-billion rupee fundraise and significantly increasing borrowing capacity to support future power generation projects, signaling a growth-oriented strategy amid sector consolidation.
Revenue grew 32.9% QoQ to ₹18,902 in Q1FY27.
⚠️ Execution risk in fundraise: The success of the QIP and shareholder approval at the EGM are critical; delays or rejection could stall expansion plans.

Market Cap

₹4.27 L Cr

P/E Ratio

32.9

P/B Ratio

6.57

ROE

19.8%

ROCE

15.7%

Debt/Equity

0.82

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Adani Power is in a strategic expansion and capital restructuring phase, transitioning from operational growth to scaling infrastructure through aggressive financing. Management is pursuing a multi-billion rupee fundraise and significantly increasing borrowing capacity to support future power generation projects, signaling a growth-oriented strategy amid sector consolidation.

📰 What's Happening

In the latest board meeting on July 22, 2026, Adani Power approved Q1 FY27 results and authorized a Rs. 15,000 crore Qualified Institutional Placement (QIP) fundraise, while increasing its borrowing limit to Rs. 100,000 crore. An EGM on August 14, 2026, will seek shareholder approval for these measures, including asset mortgages and debt-to-equity conversion. Shareholders previously approved key AGM resolutions on June 25, 2026, including reappointing Anil Sardana as MD and endorsing related-party transactions. The company is actively restructuring its capital base to fund expansion, with management emphasizing operational efficiency, as evidenced by rising operating profit margins.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Revenue	13,339	13,671	14,237	14,109	13,457	12,451	14,223	18,902
Operating Profit	6,000	6,185	5,111	6,150	6,001	4,781	6,498	8,369
OPM %	39.5%	36.7%	33.8%	40.3%	38.3%	34.0%	33.3%	42.0%
Net Profit	3,298	2,940	2,599	3,305	2,906	2,488	4,271	4,867
EPS	₹8.21	₹7.67	₹6.62	₹8.62	₹1.53	₹1.29	₹2.08	₹2.49

Adani Power's financial trajectory shows accelerating growth momentum, with Q1 FY27 revenue surging to ₹18,902 crore from ₹14,223 crore in Q4 FY26, driven by higher generation and tariff realization. Operating profit margin improved to 42.0% from 33.3% in the prior quarter, reflecting better utilization and cost control. Net profit rose to ₹4,867 crore with EPS of ₹2.49, up from ₹4,271 crore and ₹2.08 in Q4 FY26. This upward trend in profitability and revenue growth aligns with management's focus on scaling high-margin operations ahead of expanded financing for future projects.

🔮 Management Outlook & What's Next

Management has explicitly signaled confidence in future growth through its capital restructuring plans, authorizing a Rs. 15,000 crore QIP and expanding borrowing limits to Rs. 100,000 crore to fund upcoming projects. The Board is empowered to determine issuance terms and use of proceeds, indicating flexibility in deploying capital. While no formal long-term guidance was provided, the actions suggest an intent to scale capacity and improve cash flow generation, with the EGM serving as a critical inflection point for shareholder endorsement of this strategy.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	2025-2026	2025-2026	2025-2026	2025-2026	2026-2027
Equity Capital	3,857	3,857	3,857	3,857	3,857
Reserves	—	54,594	—	61,080	—
Borrowings	—	47,254	—	53,556	—
Total Liabilities	56,872	65,904	57,873	75,878	73,435
Fixed Assets	—	70,785	—	69,076	—
Investments	—	50	—	1,516	—
Total Assets	1.19 L Cr	1.26 L Cr	1.26 L Cr	1.42 L Cr	1.53 L Cr

The balance sheet reflects a deliberate shift toward higher leverage and capital deployment, with borrowings rising to Rs. 53,556 crore in FY26 from Rs. 53,556 crore in FY25, while equity remains stable at ₹3,857 crore plus reserves. Total assets grew to ₹1.53 lakh crore, up from ₹1.42 lakh crore, indicating asset base expansion. The proposed increase in borrowing limits and fundraise suggests management is prioritizing growth investments over deleveraging, though current leverage remains manageable at D/E of 0.82.

💰 Cash Flow Statement (₹ Cr)

Item	2020-2021	2020-2021
Operating	+2,006	+7,014
Investing	-1,693	-2,188
Financing	-1,082	-5,655
Net Cash Flow	—	—

⚖️ Peer Comparison — Power

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Adani Power Limited	4.27 L Cr	32.9	15.7%	19.8%	0.82
NTPC Limited	3.83 L Cr	15.8	8.8%	13.1%	1.34
Power Grid Corporation of India Limited	2.84 L Cr	18.3	12.2%	16.8%	1.41
Adani Green Energy Limited	2.27 L Cr	105.3	7.6%	11.2%	5.08
Adani Energy Solutions Limited	1.57 L Cr	65.4	10.4%	9.0%	1.92
Tata Power Company Limited	1.30 L Cr	34.1	—	—	—
NTPC Green Energy Limited	90,996	163.8	—	—	—
JSW Energy Limited	90,509	46.8	—	—	—
NHPC Limited	77,136	28.4	—	—	—
Torrent Power Limited	73,872	29.9	—	—	—

🔗 Peer Stock Analyses

NTPC POWERGRID ADANIGREEN ADANIENSOL TATAPOWER

⚠️ Risk Factors

1. Execution risk in fundraise: The success of the QIP and shareholder approval at the EGM are critical; delays or rejection could stall expansion plans. 2. Leverage escalation: Increased borrowing limits may lead to higher debt if utilization accelerates, potentially straining cash flows if project returns are delayed. 3. Regulatory and policy risk: Power sector growth depends on timely tariff approvals and coal supply continuity, which remain outside management's direct control. 4. Market volatility: The stock's 1Y return of -62.73% reflects investor sensitivity to macro and sector-specific sentiment, which could amplify volatility during capital actions.

📋 Recent Filings

🧠 Analyst's Read

Adani Power is executing a clear capital re-rating strategy, combining operational improvement with aggressive financing to fund growth. Investors should monitor the EGM outcome and QIP pricing for dilution signals, while tracking margin sustainability and project execution timelines. The company's trajectory hinges on whether capital deployment translates into scalable, high-margin capacity additions without over-leveraging the balance sheet.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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