ConcernTalking point
Returns at a multi-year low
ROE of 20.9% is the lowest in 4 years (prior range 25.3% to 57.0%).
Importance 60 / 95 · profitability
Adani Power Limited · Research view
Adani Power Limited
NSE: ADANIPOWERBSE: 533096ISIN INE814H01029Face value ₹2consolidated
₹197
+0.08% · 2026-10-01 · 52-wk ₹133–₹249
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Volatile earnings
Profit has swung sharply over 4 years (from ₹4,912 to ₹20,829) — one year is a weak guide to the earnings power.
Importance 57 / 95 · growth
WatchTalking point
Growth slowing
Revenue growth has slowed for 3 consecutive years, from 39.9% to -3.5%.
Importance 57 / 95 · growth
StrengthTalking point
Compounding revenue
Revenue compounded at 18.3% a year over 4 years (₹27,711 → ₹54,241).
Importance 57 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Utilities › Power › Power › Integrated Power Utilities.
- Market cap
- ₹3.80 L cr
- FY2026 revenue
- ₹54,241 cr
- FY2026 net profit
- ₹12,971 cr
- Net worth
- ₹66,402 cr
- Total debt
- ₹53,556 cr
- EPS (basic)
- ₹6.62
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 integrated power utilities.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Profit has swung sharply over 4 years (from ₹4,912 to ₹20,829) — one year is a weak guide to the earnings power.
Rule EARNINGS_VOLATILE
- Revenue growth per year
- +18.3%over 4 years
- Revenue growth
- −3.5%vs last year
- Net profit growth
- +1.7%vs last year
- Change in net profit since FY22
- +164%
Revenue growth has slowed for 3 consecutive years, from 39.9% to -3.5%.
Revenue compounded at 18.3% a year over 4 years (₹27,711 → ₹54,241).
Over 4 years profit compounded at 27.5% a year while revenue compounded at 18.3% a year — though FY2023 saw a one-off step-change of 118% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹4,867 cr, up 47.2% from ₹3,305 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹18,902 cr, up 34.0% from ₹14,109 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹7,202 cr, up 42.3% from ₹5,061 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 13,339 | — | 3,298 | — | 24.7% |
| Q3 FY25 | 13,671 | +5.2% | 2,940 | +7.4% | 21.5% |
| Q4 FY25 | 14,237 | +6.5% | 2,599 | −5.0% | 18.3% |
| Q1 FY26 | 14,109 | −5.7% | 3,305 | −15.5% | 23.4% |
| Q2 FY26 | 13,457 | +0.9% | 2,906 | −11.9% | 21.6% |
| Q3 FY26 | 12,451 | −8.9% | 2,488 | −15.4% | 20.0% |
| Q4 FY26 | 14,223 | −0.1% | 4,271 | +64.3% | 30.0% |
| Q1 FY27 | 18,902 | +34.0% | 4,867 | +47.2% | 25.7% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹59,033 crTTM
- EBITDA
- ₹25,650 crTTM
- EBIT
- ₹21,007 crTTM
- PBT
- ₹17,596 crTTM
- Net profit
- ₹14,533 crTTM
C. Corporate actions
22 Sept 2025Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE of 20.9% is the lowest in 4 years (prior range 25.3% to 57.0%).
Rule ROE_AT_MULTI_YEAR_LOW
- EBITDA margin now
- 43.2%
- 5-year range
- 36.9–55.8%
- ROE FY2026
- 20.9%
- ROCE FY2026
- 17.5%
ROE of 20.9% is well above the integrated power utilities median of 16.1%.
ROE declined from 25.3% to 20.9% year on year.
EBITDA margin has ranged from 36.9% to 55.8% over 4 years and sits at 43.2% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 37.3% a year over 4 years (₹18,703 → ₹66,402) — though FY2023 saw a one-off step-change of 60% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹53,556 cr
- Operating cash flow ÷ net profit
- 1.58×FY2026
- Free cash flow
- ₹−2,766 cr
- Current ratio
- 1.41×
Free cash flow has been positive in 4 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 integrated power utilities (FY2026, consolidated). No peer-relative rule fired for this company.
Not enough peers in this set report the underlying metrics yet for a ranking.
- P / E
- 26.1×TTM to Jun 26
- P / B
- 5.7×latest book
- P / S
- 6.4×TTM sales
- Earnings yield
- 3.8%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 29.3× · P/S 6.6× · ROE 20.9%.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years the stock returned 37.7% a year while profit compounded at 27.5% a year — but FY2022 profit (₹4,912) was well below the through-cycle level (~₹12,750), so this rate is inflated by the recovery from a low base.
Rule STOCK_RAN_AHEAD · recovery
- 1-year return
- +29.1%
- 3-year return
- +160.9%
- 5-year return
- +915.7%
- From 52-wk high
- −20.9%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹208
- vs 200-day avg
- Above₹186
- RSI (14)
- 39.4neutral
- MACD histogram
- -1.2
- From 52-wk high
- −20.9%
- From 52-wk low
- +48.1%
- 30-day volatility
- 33.5%ann.
- 6-month return
- +31.2%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- ConcernReturns at a multi-year lowROE of 20.9% is the lowest in 4 years (prior range 25.3% to 57.0%).ROE_AT_MULTI_YEAR_LOW · conviction 60
- WatchVolatile earningsProfit has swung sharply over 4 years (from ₹4,912 to ₹20,829) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 57
- WatchGrowth slowingRevenue growth has slowed for 3 consecutive years, from 39.9% to -3.5%.GROWTH_DECELERATING · conviction 57
- ConcernReturns decliningROE declined from 25.3% to 20.9% year on year.ROE_DETERIORATED_YOY · conviction 45
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 27,711 | 38,773 | 50,351 | 56,203 | 54,241 |
| Total income | 31,686 | 43,041 | 60,281 | 58,906 | 57,865 |
| EBITDA | 13,789 | 14,312 | 28,111 | 24,008 | 23,431 |
| Profit before tax | 6,577 | 7,675 | 20,792 | 16,360 | 15,500 |
| Net profit | 4,912 | 10,727 | 20,829 | 12,750 | 12,971 |
| EPS (₹) | 9.6 | 24.6 | 51.6 | 32.3 | 6.6 |
| Net worth | 18,703 | 29,876 | 43,145 | 57,674 | 66,402 |
| Total debt | 48,796 | 42,252 | 34,457 | 38,335 | 53,556 |
| Operating cash flow | 10,233 | 8,431 | 14,170 | 21,501 | 20,514 |
| Free cash flow | 6,799 | 5,188 | 11,568 | 9,957 | −2,766 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 39.9 | 29.9 | 11.6 | -3.5 |
| Profit growth YoY | — | 118.4 | 94.2 | -38.8 | 1.7 |
| Profitability | |||||
| EBITDA margin % | 49.8 | 36.9 | 55.8 | 42.7 | 43.2 |
| Net margin % | 15.5 | 24.9 | 34.6 | 21.6 | 22.4 |
| Return on equity % | 26.3 | 44.2 | 57.0 | 25.3 | 20.9 |
| Return on capital % | 15.8 | 15.8 | 32.3 | 22.7 | 17.5 |
| Leverage & cash | |||||
| Debt to equity | 2.61 | 1.41 | 0.80 | 0.66 | 0.81 |
| Cash flow ÷ profit | 2.08 | 0.79 | 0.68 | 1.69 | 1.58 |
| Current ratio | 0.95 | 1.10 | 1.62 | 1.60 | 1.41 |