Adani Power Ltd (ADANIPOWER) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+0.97%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 11.8%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 21.1%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹200.72

200-Day DMA ● Overlay

₹186.16

14-Day RSI ● Overlay

55.4 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹3.78 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

26.5x

Price / EPS

Book Value (₹) Assets

₹33.7

P/B: 5.8x

ROE (%) Quality

21.1%

Net Profit / Equity

ROCE (%) Efficiency

17.2%

EBIT / Capital

Dividend Yield Yield

0.00%

Face Value: ₹10

Debt / Equity Solvency

0.84x

Manageable

EPS (TTM) Per Share

₹7.40

Trailing 12M

OPM (%) Spread

37.0%

EBITDA Margin

Free Cash Flow Cash

-₹2,817 Cr

CFO - Capex

About Adani Power Ltd

Adani Power Ltd (ADANIPOWER) is an Indian publicly listed company operating in the Utilities & Power sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 26.6% × Turnover: 0.85x × Leverage: 1.84x = ROE: 21.1%

✓ Company Strengths (Pros)

• Company has a stellar track record of return on equity (ROE of 21.1%).
• Maintains healthy operating profit margins of ~37.0%.

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 5.8x its book value.
• Company does not currently distribute regular cash dividends.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹59,033 Cr

Latest PAT

₹14,533 Cr

EPS (TTM)

₹7.40

OPM %

37.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹11,006 Cr	₹12,991 Cr	₹12,991 Cr	₹13,364 Cr	₹14,956 Cr	₹13,339 Cr	₹13,671 Cr	₹14,237 Cr	₹14,109 Cr	₹13,457 Cr	₹12,451 Cr	₹14,223 Cr	₹18,902 Cr
Operating Profit (EBITDA)	₹3,514 Cr	₹5,171 Cr	₹4,645 Cr	₹4,850 Cr	₹6,194 Cr	₹5,276 Cr	₹5,023 Cr	₹4,813 Cr	₹5,685 Cr	₹5,150 Cr	₹4,238 Cr	₹4,732 Cr	₹7,949 Cr
OPM %	32.0%	40.0%	36.0%	36.0%	41.0%	40.0%	37.0%	34.0%	40.0%	38.0%	34.0%	33.0%	42.0%
Interest Expense	₹883.00 Cr	₹888.00 Cr	₹797.00 Cr	₹820.00 Cr	₹811.00 Cr	₹807.00 Cr	₹957.00 Cr	₹765.00 Cr	₹857.00 Cr	₹842.00 Cr	₹701.00 Cr	₹967.00 Cr	₹901.00 Cr
Depreciation	₹935.00 Cr	₹1,004 Cr	₹1,002 Cr	₹990.00 Cr	₹996.00 Cr	₹1,059 Cr	₹1,170 Cr	₹1,085 Cr	₹1,089 Cr	₹1,193 Cr	₹1,135 Cr	₹1,147 Cr	₹1,167 Cr
Profit before Tax (PBT)	₹8,800 Cr	₹5,224 Cr	₹3,210 Cr	₹3,558 Cr	₹4,906 Cr	₹4,134 Cr	₹4,059 Cr	₹3,261 Cr	₹4,204 Cr	₹3,966 Cr	₹2,945 Cr	₹4,384 Cr	₹6,418 Cr
Net Profit (PAT)	₹8,759 Cr	₹6,594 Cr	₹2,738 Cr	₹2,737 Cr	₹3,913 Cr	₹3,298 Cr	₹2,940 Cr	₹2,599 Cr	₹3,305 Cr	₹2,906 Cr	₹2,488 Cr	₹4,271 Cr	₹4,867 Cr
EPS in ₹	₹4.54	₹3.42	₹1.42	₹1.42	₹2.03	₹1.73	₹1.59	₹1.37	₹1.76	₹1.53	₹1.29	₹2.08	₹2.49

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹18,683 Cr	₹25,377 Cr	₹22,616 Cr	₹20,304 Cr	₹23,884 Cr	₹26,468 Cr	₹26,221 Cr	₹27,711 Cr	₹38,773 Cr	₹50,351 Cr	₹56,203 Cr	₹54,241 Cr	₹59,033 Cr
Expenses	₹14,005 Cr	₹16,575 Cr	₹16,635 Cr	₹14,868 Cr	₹18,901 Cr	₹20,734 Cr	₹17,533 Cr	₹17,830 Cr	₹28,677 Cr	₹32,124 Cr	₹34,785 Cr	₹34,434 Cr	₹36,964 Cr
Operating Profit	₹4,678 Cr	₹8,802 Cr	₹5,980 Cr	₹5,436 Cr	₹4,983 Cr	₹5,734 Cr	₹8,688 Cr	₹9,881 Cr	₹10,096 Cr	₹18,228 Cr	₹21,418 Cr	₹19,806 Cr	₹22,070 Cr
OPM %	25%	35%	26%	27%	21%	22%	33%	36%	26%	36%	38%	37%	37%
Interest	₹4,864 Cr	₹5,560 Cr	₹5,902 Cr	₹5,570 Cr	₹5,657 Cr	₹5,315 Cr	₹5,106 Cr	₹4,095 Cr	₹3,334 Cr	₹3,388 Cr	₹3,340 Cr	₹3,367 Cr	₹3,411 Cr
Depreciation	₹1,818 Cr	₹2,666 Cr	₹2,672 Cr	₹2,699 Cr	₹2,751 Cr	₹3,006 Cr	₹3,202 Cr	₹3,118 Cr	₹3,304 Cr	₹3,931 Cr	₹4,309 Cr	₹4,565 Cr	₹4,643 Cr
Profit before Tax	-₹816.00 Cr	₹375.00 Cr	-₹6,260 Cr	-₹2,079 Cr	-₹976.00 Cr	-₹2,265 Cr	₹2,289 Cr	₹6,577 Cr	₹7,675 Cr	₹20,792 Cr	₹16,360 Cr	₹15,500 Cr	₹17,713 Cr
Net Profit	-₹816.00 Cr	₹551.00 Cr	-₹6,174 Cr	-₹2,103 Cr	-₹984.00 Cr	-₹2,275 Cr	₹1,270 Cr	₹4,912 Cr	₹10,727 Cr	₹20,829 Cr	₹12,750 Cr	₹12,971 Cr	₹14,533 Cr
EPS in Rs	-0.57	0.33	-3.20	-1.09	-0.51	-1.18	0.66	2.55	5.56	10.80	6.71	6.66	7.39

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹2,872 Cr	₹3,334 Cr	₹3,857 Cr	₹3,857 Cr	₹3,857 Cr	₹3,857 Cr	₹3,857 Cr	₹3,857 Cr	₹3,857 Cr	₹3,857 Cr	₹3,857 Cr	₹3,857 Cr
Reserves & Surplus	₹2,853 Cr	₹4,134 Cr	-₹857.00 Cr	-₹2,968 Cr	₹3,855 Cr	₹2,624 Cr	₹9,256 Cr	₹14,600 Cr	₹25,772 Cr	₹39,042 Cr	₹52,490 Cr	₹61,080 Cr
Borrowings (Debt)	₹44,742 Cr	₹52,729 Cr	₹52,484 Cr	₹52,835 Cr	₹46,980 Cr	₹55,199 Cr	₹52,411 Cr	₹49,145 Cr	₹42,596 Cr	₹34,862 Cr	₹39,495 Cr	₹54,670 Cr
Total Liabilities	₹58,474 Cr	₹75,794 Cr	₹71,511 Cr	₹69,528 Cr	₹67,985 Cr	₹75,025 Cr	₹78,535 Cr	₹81,981 Cr	₹85,821 Cr	₹92,009 Cr	₹1.13 Lakh Cr	₹1.41 Lakh Cr
Fixed Assets	₹45,080 Cr	₹56,941 Cr	₹54,391 Cr	₹52,137 Cr	₹50,419 Cr	₹55,846 Cr	₹52,851 Cr	₹53,274 Cr	₹51,451 Cr	₹63,016 Cr	₹69,297 Cr	₹69,401 Cr
Total Assets	₹58,474 Cr	₹75,794 Cr	₹71,511 Cr	₹69,528 Cr	₹67,985 Cr	₹75,025 Cr	₹78,535 Cr	₹81,981 Cr	₹85,821 Cr	₹92,009 Cr	₹1.13 Lakh Cr	₹1.41 Lakh Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹5,824 Cr	₹5,257 Cr	₹4,725 Cr	₹5,101 Cr	₹5,610 Cr	₹5,598 Cr	₹7,014 Cr	₹10,233 Cr	₹8,431 Cr	₹14,170 Cr	₹21,501 Cr	₹20,514 Cr
Cash from Investing (CFI)	-₹4,737 Cr	-₹2,692 Cr	-₹1,212 Cr	-₹520.00 Cr	-₹984.00 Cr	-₹2,304 Cr	-₹2,188 Cr	₹774.00 Cr	₹1,545 Cr	₹3,481 Cr	-₹17,142 Cr	-₹26,461 Cr
Cash from Financing (CFF)	-₹1,144 Cr	-₹2,713 Cr	-₹3,539 Cr	-₹4,600 Cr	-₹4,663 Cr	-₹2,377 Cr	-₹5,655 Cr	-₹10,338 Cr	-₹10,408 Cr	-₹16,864 Cr	-₹5,175 Cr	₹6,555 Cr
Free Cash Flow (FCF)	₹3,098 Cr	₹3,289 Cr	₹3,881 Cr	₹4,174 Cr	₹4,651 Cr	₹3,378 Cr	₹3,407 Cr	₹6,799 Cr	₹5,188 Cr	₹11,568 Cr	₹9,957 Cr	-₹2,817 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	68	179	124	109	131	115	159	126	109	85	85	79
Inventory Days	0	0	0	0	0	0	0	0	0	0	0	0
Cash Conversion Cycle (Days)	68	179	124	109	131	115	159	126	109	85	85	79
ROCE %	7%	11%	6%	6%	9%	7%	12%	16%	16%	32%	23%	17%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹113.02 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹208.00

DCF Fair Value

₹113.02

Graham Number

₹74.91

Margin of Safety

-53.9%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹113.02

Premium / Overvalued (Margin: -53.9%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹110	₹109	₹108	₹107
10%	₹112	₹111	₹110	₹109
12%	₹114	₹113	₹112	₹111
14%	₹116	₹115	₹114	₹113

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹113	Fairly Valued
Benjamin Graham Number	₹75	Market Priced
Historical Sector P/E	₹163	Premium
EV / EBITDA Multiplier	₹218	In-Line
Free Cash Flow Yield Model	₹204	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 8/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

8 / 9 Pass

Altman Z-Score

3.92 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Elevated leverage at 0.84x

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Managing working capital

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 37.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

74.96%

FIIs (Foreign)

11.76%

DIIs (Domestic)

4.07%

Government

0.15%

Public / Retail

9.20%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	70.02%	71.75%	71.75%	72.71%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%
+ FIIs (Foreign Portfolio)	17.51%	15.86%	15.91%	14.73%	12.66%	12.34%	12.36%	12.46%	11.53%	11.64%	11.73%	11.76%
+ DIIs (Mutual Funds / Insurance)	0.76%	1.18%	1.41%	1.42%	1.52%	1.60%	1.64%	1.76%	2.70%	3.41%	3.69%	4.07%
+ Public (Retail & HNIs)	11.72%	11.20%	10.93%	11.14%	10.84%	11.09%	11.03%	10.82%	10.82%	9.99%	9.63%	9.20%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Utilities & Power.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

ADANIPOWER Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

ADANIPOWER Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

ADANIPOWER Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹266.24

Accelerated market share capture in Utilities & Power, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹232.96

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 27x P/E.

🐻 Bear Case (15%) -12.0%

₹183.04

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Utilities & Power)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 20:26 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Adani Power Ltd (ADANIPOWER)	Target Stock	₹208.00	+0.97%	26.5x	21.1%	17.2%	0.84	₹3.78 Lakh Cr
NTPC Ltd (NTPC)	Thermal & Renewable Power Generation	₹327.00	-0.53%	11.2x	15.1%	8.9%	1.33	₹3.10 Lakh Cr
Power Grid Corporation of India (POWERGRID)	Interstate Electricity Transmission	₹263.75	+2.25%	14.9x	15.3%	9.1%	1.47	₹2.37 Lakh Cr
Adani Green Energy Ltd (ADANIGREEN)	Sector Peer	₹1,401.70	-3.26%	109.0x	11.4%	7.4%	5.19	₹2.11 Lakh Cr
Bharat Heavy Electricals Ltd (BHEL)	Sector Peer	₹432.00	+2.14%	61.4x	6.2%	9.1%	0.31	₹1.49 Lakh Cr
Suzlon Energy Ltd (SUZLON)	Wind Turbines & Green Energy	₹38.88	-0.08%	16.9x	39.7%	34.2%	0.06	₹53,071 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	20:26:04 IST	✓ Live Sync
Financial Statements (10Y)	Adani Power Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Adani Power Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Adani Power Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Utilities & Power)

Metric Explainer

Stock DNA Methodology

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