Adani Power Limited (ADANIPOWER)

Power · Power · NSE · Updated 13 July 2026

₹215.46 ↓ 64.32% (1Y)

🎯 Key Takeaways

Adani Power Limited is currently in a consolidation and capital allocation phase following a period of aggressive expansion. The company has stabilized its operations with consistent profitability across four consecutive quarters, but faces significant market headwinds reflected in its 1-year return of -64.
Revenue grew 14.2% QoQ to ₹14,223 in Q4FY26.
⚠️ Margin compression is emerging as a concern, with OPM declining from 40.3% to 33.3% over four quarters despite stable revenue, potentially signaling i

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 Limited is currently in a consolidation and capital allocation phase following a period of aggressive expansion. The company has stabilized its operations with consistent profitability across four consecutive quarters, but faces significant market headwinds reflected in its 1-year return of -64.32%. Management appears focused on operational efficiency and shareholder governance rather than growth acceleration.

📰 What's Happening

The most recent developments include the approval of unaudited Q4FY26 results at a board meeting scheduled for July 22, 2026, with investor calls planned for July 23, 2026 to discuss both financial performance and business outlook. Shareholders approved all 9 resolutions at the 30th Annual General Meeting on June 25, 2026, including the reappointment of Managing Director Anil Sardana for one year and ratification of related party transactions with Powerpulse Trading Solutions and Mahan Energen. Trading in the stock will be restricted from July 1 to July 25, 2026, following results release.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26	Q4FY26
Revenue	14,956	13,339	13,671	14,237	14,109	13,457	12,451	14,223
Operating Profit	6,713	6,000	6,185	5,111	6,150	6,001	4,781	6,498
OPM %	41.4%	39.5%	36.7%	33.8%	40.3%	38.3%	34.0%	33.3%
Net Profit	3,913	3,298	2,940	2,599	3,305	2,906	2,488	4,271
EPS	₹9.72	₹8.21	₹7.67	₹6.62	₹8.62	₹1.53	₹1.29	₹2.08

Financial performance shows stable but mixed trends: revenue remained relatively flat around ₹14,000 Cr in recent quarters, while operating profit margin declined from a peak of 41.4% in Q1FY25 to 33.3% in Q4FY26. Net profit rose to ₹4,271 Cr in Q4FY26 from ₹2,599 Cr in Q4FY25, but this growth occurred alongside falling OPM, suggesting cost pressures or product mix shifts. EPS of ₹2.08 in Q4FY26 reflects improved profitability, though it is still below the ₹9.72 recorded in Q1FY25, indicating volatility in bottom-line performance despite revenue stability.

🔮 Management Outlook & What's Next

Management has explicitly scheduled investor calls on July 23, 2026 to discuss both the financial results and business outlook, signaling intent to provide forward context. No specific forward guidance on margins, capex, or demand was included in the filing, but the structured communication plan suggests efforts to improve investor transparency. The reappointment of Anil Sardana reinforces continuity in leadership, with no announced strategic shifts in business model or growth trajectory.

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

🏦 Balance Sheet (₹ Cr)

Item	2024-2025	2025-2026	2025-2026	2025-2026	2025-2026
Equity Capital	3,857	3,857	3,857	3,857	3,857
Reserves	52,490	—	54,594	—	61,080
Borrowings	38,335	—	47,254	—	53,556
Total Liabilities	55,244	56,872	65,904	57,873	75,878
Fixed Assets	69,027	—	70,785	—	69,076
Investments	1,097	—	50	—	1,516
Total Assets	1.13 L Cr	1.19 L Cr	1.26 L Cr	1.26 L Cr	1.42 L Cr

The balance sheet shows a significant increase in total assets to ₹1.42 L Cr from ₹1.26 L Cr, driven by growth in reserves and retained earnings, while borrowings rose to ₹53,556 Cr. This indicates ongoing capital investment, likely in generation capacity or infrastructure, but also raises leverage concerns given the 0.82 D/E ratio. Equity has remained flat at ₹3,857 Cr, suggesting limited new equity issuance, with growth funded primarily through debt and retained profits.

💰 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. Margin compression is emerging as a concern, with OPM declining from 40.3% to 33.3% over four quarters despite stable revenue, potentially signaling input cost inflation or competitive pricing pressure. 2. High leverage (₹53,556 Cr borrowings) combined with volatile net profit trends creates financial sensitivity to interest rate movements and demand fluctuations. 3. The company's significant exposure to related party transactions with Powerpulse Trading Solutions and Mahan Energen requires ongoing scrutiny for governance and pricing fairness.

📋 Recent Filings

🧠 Analyst's Read

Adani Power is navigating a transitional phase marked by stable but declining margins and high leverage, amid broader market skepticism reflected in its sharp 1-year underperformance. The upcoming investor call on July 23, 2026 will be critical for clarifying whether recent profitability trends are sustainable and whether any strategic adjustments are underway. Investors should monitor management's commentary on demand outlook, fuel cost assumptions, and capital allocation priorities for early signals of renewed growth or continued consolidation.

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

✨ Deep Dive with AI on ADANIPOWER

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-13.

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