Adani Power (APL), a part of the diversified Adani Group, is the largest private thermal power producer in India. The co along with its subsidiaries sell power generated from these projects under a combination of long term Power Purchase Agreements, Short term PPA and on merchant basis.[1][2]
Business Profile[1]Adani Power operates under the broader Adani Group’s infrastructure and energy portfolio, which includespower generation, transmission, distribution, renewable energy, and international power exports.APL supplies power through long-term Power Purchase Agreements (PPAs) with state electricity boards and industrial consumers, while also engaging in merchant power sales with in-house coal logistics.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Adani Power | 146.37 | 25.09 | 282174.46 | 0.00 | 2734.92 | -7.43 | 11242.67 | -5.53 | 23.66 | 47946.98 | 39.52 | 11248.12 | 2734.92 | 5.90 | 12.54 | 0.94 |
| 2. | Tata Power Co. | 380.75 | 30.13 | 121741.30 | 0.59 | 1245.39 | -8.03 | 15544.91 | -0.97 | 10.81 | 66066.92 | 19.70 | 4041.12 | 919.44 | 3.23 | 3.05 | 1.86 |
| 3. | Torrent Power | 1396.80 | 23.55 | 70420.23 | 1.36 | 741.55 | 50.45 | 7876.00 | 9.76 | 15.95 | 28738.09 | 18.20 | 2990.38 | 723.71 | 3.74 | 8.28 | 0.55 |
| 4. | CESC | 171.18 | 15.65 | 22687.13 | 3.51 | 445.00 | 20.40 | 5267.00 | 12.06 | 11.23 | 17907.00 | 18.69 | 1450.00 | 425.00 | 1.79 | 3.55 | 1.48 |
| 5. | Reliance Infra. | 156.32 | 1.35 | 6387.72 | 0.00 | 2575.30 | 50.47 | 6234.91 | -14.10 | 34.01 | 21283.29 | 9.00 | 4733.82 | 791.94 | 0.38 | 12.93 | 0.34 |
| 6. | India Power Corp | 10.01 | 128.09 | 974.77 | 0.50 | 3.78 | 20.00 | 197.94 | 29.44 | 3.17 | 657.39 | -10.74 | 7.61 | 3.78 | 1.10 | 0.36 | 0.11 |
| – | Median: 6 Co. | 163.75 | 24.32 | 46553.68 | 0.54 | 993.47 | 20.2 | 7055.45 | 4.39 | 13.59 | 25010.69 | 18.45 | 3515.75 | 757.83 | 2.51 | 5.91 | 0.74 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 7,635 | 10,217 | 12,042 | 8,511 | 11,394 | 12,462 | 9,507 | 12,238 | 12,201 | 6,927 | 10,337 | 11,901 | 11,243 |
Expenses | 6,028 | 6,749 | 7,169 | 5,985 | 7,439 | 7,238 | 7,896 | 7,784 | 7,868 | 5,902 | 5,690 | 7,053 | 6,724 |
Operating Profit | 1,608 | 3,467 | 4,873 | 2,526 | 3,955 | 5,224 | 1,611 | 4,454 | 4,333 | 1,025 | 4,647 | 4,848 | 4,519 |
Other Income | 560 | 431 | 1,206 | 7,136 | 584 | 566 | 622 | 622 | 389 | 1,494 | 2,033 | 741 | 1,076 |
Profit before tax | 444 | 2,564 | 4,185 | 8,133 | 3,191 | 4,020 | 701 | 3,206 | 3,082 | 934 | 5,262 | 3,813 | 3,789 |
Tax % | 45% | 16% | 27% | 0% | 23% | 22% | -592% | 25% | 23% | 1% | -26% | 23% | 28% |
Net Profit | 245 | 2,160 | 3,035 | 8,133 | 2,455 | 3,119 | 4,851 | 2,399 | 2,359 | 928 | 6,625 | 2,955 | 2,735 |
EPS in Rs | 0.13 | 1.12 | 1.57 | 4.22 | 1.27 | 1.62 | 2.52 | 1.24 | 1.22 | 0.48 | 3.44 | 1.53 | 1.42 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 10,725 | 10,487 | 12,730 | 10,868 | 8,121 | 2,404 | 1,005 | 447 | 27,711 | 36,681 | 46,456 | 49,711 | 47,947 |
Expenses | 7,147 | 8,025 | 9,189 | 9,604 | 7,233 | 2,417 | 1,044 | 408 | 17,807 | 27,321 | 29,747 | 30,089 | 28,998 |
Operating Profit | 3,578 | 2,462 | 3,540 | 1,264 | 888 | -13 | -38 | 39 | 9,904 | 9,360 | 16,709 | 19,622 | 18,949 |
Other Income | 483 | 848 | 509 | -3,180 | 1,957 | 1,065 | -92 | 134 | 4,001 | 4,479 | 10,048 | 2,747 | 3,237 |
Interest | 3,339 | 2,498 | 2,951 | 3,102 | 2,008 | 1,239 | 1,175 | 644 | 4,087 | 3,307 | 3,404 | 3,207 | 3,274 |
Depreciation | 1,188 | 881 | 1,137 | 1,121 | 861 | 38 | 35 | 32 | 3,116 | 3,143 | 3,772 | 3,879 | 3,837 |
Profit before tax | -465 | -69 | -39 | -6,138 | -24 | -225 | -1,341 | -503 | 6,702 | 7,389 | 19,581 | 15,284 | 15,076 |
Net Profit | 595 | -69 | 97 | -6,054 | -24 | -225 | -1,341 | -499 | 5,036 | 10,246 | 19,632 | 11,560 | 11,248 |
EPS in Rs | 0.41 | -0.05 | 0.06 | -3.14 | -0.01 | -0.12 | -0.70 | -0.26 | 2.61 | 5.31 | 10.18 | 5.99 | 5.83 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 2,872 | 2,872 | 3,334 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 |
Reserves | 4,915 | 4,844 | 5,690 | 816 | 5,682 | 13,271 | 11,933 | 13,228 | 14,607 | 24,367 | 36,113 | 42,592 | 44,025 |
Borrowings | 25,282 | 23,909 | 27,012 | 27,274 | 9,577 | 11,491 | 5,757 | 6,284 | 40,497 | 32,903 | 34,862 | 35,963 | 45,011 |
Other Liabilities | 5,710 | 6,101 | 9,506 | 9,810 | 586 | 309 | 983 | 1,039 | 12,806 | 11,705 | 14,165 | 14,271 | 15,821 |
Total Liabilities | 38,779 | 37,726 | 45,543 | 41,757 | 19,702 | 28,928 | 22,530 | 24,408 | 71,766 | 72,832 | 88,997 | 96,683 | 108,714 |
Fixed Assets | 24,467 | 20,111 | 23,797 | 22,718 | 642 | 603 | 570 | 541 | 49,342 | 46,583 | 59,467 | 58,142 | 56,336 |
Gross Block | 27,862 | 23,967 | 25,448 | 25,486 | 764 | 760 | 762 | 764 | 70,027 | 70,382 | 86,994 | 89,353 | – |
Accumulated Depreciation | 3,395 | 3,856 | 1,651 | 2,769 | 122 | 157 | 192 | 223 | 20,685 | 23,800 | 27,527 | 31,212 | – |
CWIP | 146 | 48 | 39 | 68 | 0 | 0 | 0 | 1 | 184 | 188 | 742 | 2,994 | 7,597 |
Investments | 4,916 | 5,627 | 7,662 | 7,740 | 7,768 | 17,157 | 18,216 | 19,359 | 4,834 | 6,373 | 1,980 | 4,330 | 3,291 |
Other Assets | 9,250 | 11,940 | 14,045 | 11,231 | 11,292 | 11,168 | 3,744 | 4,508 | 17,406 | 19,687 | 26,808 | 31,218 | 41,491 |
Total Assets | 38,779 | 37,726 | 45,543 | 41,757 | 19,702 | 28,928 | 22,530 | 24,408 | 71,766 | 72,832 | 88,997 | 96,683 | 108,714 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 3,386 | 2,393 | 1,869 | 659 | -333 | -167 | 95 | -288 | 10,264 | 7,933 | 12,976 | 18,453 |
Cash from Investing Activity | -31 | -2,575 | -3,236 | -555 | -3,565 | -8,285 | 6,816 | 390 | 1,386 | 2,824 | 3,145 | -10,811 |
Cash from Financing Activity | -3,353 | 180 | 1,330 | -95 | 3,845 | 8,457 | -6,907 | -105 | -11,182 | -11,138 | -15,751 | -8,041 |
Net Cash Flow | 2 | -2 | -37 | 10 | -52 | 4 | 3 | -3 | 468 | -381 | 370 | -398 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 9 | 50 | 150 | 59 | 2 | 2 | 133 | 8 | 125 | 113 | 90 | 89 |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 9 | 50 | 150 | 59 | 2 | 2 | 133 | 8 | 125 | 113 | 90 | 89 |
Working Capital Days | -309 | -286 | -312 | -440 | -211 | -506 | -1,105 | -4,367 | -30 | 6 | 18 | 17 |
ROCE % | 9% | 7% | 9% | 3% | 2% | 4% | 3% | 1% | 26% | 18% | 34% | 24% |
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Stock Analysis
Adani Power (APL), a part of the diversified Adani Group, is the largest private thermal power producer in India. The company along with its subsidiaries sells power generated from its projects under a combination of long-term Power Purchase Agreements (PPAs), short-term PPAs, and on a merchant basis.
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