6 November 2026
3 mins read
Adani Power traded at ₹193.95 at 9:30 a.m. IST on 15 October 2026, after closing at ₹195.15 on 14 October. FY26 PAT was ₹12,971 crore, while continuing EBITDA eased slightly. This analysis covers operations, shareholder trends and the stock outlook.
Adani Power was quoted at ₹193.95 at 9:30 a.m. IST on Thursday, 15 October 2026, down 0.61% from the previous close of ₹195.15. The 14 October session had seen a 4.94% gain.
| Metric | Adani Power |
|---|---|
| Date and Time | 15 Oct 2026, 9:30 a.m. IST |
| Current Price | ₹193.95 |
| NSE close, 14 Oct 2026 | ₹195.15 |
| Market capitalisation (14 Oct) | ₹3,76,341 crore |
| 52-week high/low | ₹254.20 / ₹128.10 |
| P/E ratio | 26× |
| P/B ratio | 5.8× |
| FY26 total reported revenue | ₹57,865 crore |
| FY26 PAT | ₹12,971 crore |
(Sources: TradingView, Screener, BSE, NSE)
The 2025 share split reduced face value from ₹10 to ₹2, so historical prices must be compared on an adjusted basis.
Ahmedabad-based Adani Power is a private thermal power producer in India. It generates electricity mainly through coal-fired plants, sells it under long-term and medium-term power purchase agreements (PPAs), and participates in short-term and merchant markets. Its portfolio also includes a small solar plant, and the group has announced hydro development initiatives.
| Category | Volume/Share |
|---|---|
| PPA linked sales | 79% |
| Merchant and short-term sales | 21% |
(Source: Company Annual Reports)
Installed generating capacity was 18,330 MW by June 2026, compared with 18,150 MW at the end of March. The revenue's major part reflects energy generation and supply rather than a broad retail distribution franchise. IBEF identifies Adani Power as a participant in India’s thermal generation capacity.
Reported revenue and profit can be affected by old tariff settlements, regulatory claims and tax movements. The company defines continuing revenue and EBITDA to exclude specified prior period items, which we use here to show recurring performance.
| Consolidated Financials | FY24 | FY25 | FY26 |
|---|---|---|---|
| Reported revenue (₹ cr) | 60,281 | 58,906 | 57,865 |
| Continuing revenue (₹ cr) | 50,960 | 56,473 | 55,583 |
| Continuing EBITDA (₹ cr) | 18,789 | 21,575 | 21,285 |
| Continuing EBITDA margin | 36.9% | 38.2% | 38.3% |
| Reported PAT (₹ cr) | 20,829 | 12,750 | 12,971 |
(Sources: Company Annual Reports)
FY26 continuing revenue declined 1.6%, reflecting lower merchant realisations; continuing EBITDA declined 1.3%. The FY24 PAT included larger historical revenue recognition, so a simple three-year PAT growth rate does not represent recurring growth.
Adani Power Limited released its Q2 FY27 earnings presentation, highlighting strong operational and financial growth. Continuing revenue rose 28.5% year-on-year to ₹17,528 crore, driven by higher dispatch volumes and improved PPA and merchant tariffs. Continuing EBITDA grew 27.5% to ₹6,321 crore, while Profit After Tax surged 141.5% to ₹7,019 crore. Operational efficiency improved with Plant Load Factor (PLF) reaching 70% and dispatch volumes increasing 11.4% to 26.4 Billion Units, reflecting robust power demand and reliable asset utilisation.
In an October 2026 snapshot, Adani Power traded around 26 times earnings and 5.8 times book value. FY26 ratios showed approximately 21.1% ROE and 17.2% ROCE. Total debt of ₹53,556 crore in March 2026 represented roughly 0.82 times consolidated equity of about ₹64,937 crore; this differs from the company’s net debt measure.
| Key Ratio | Adani Power |
|---|---|
| P/E | 26× |
| P/B | 5.8× |
| ROE (FY26) | 21.1% |
| ROCE (FY26) | 17.2% |
| Debt/equity | 0.82× |
(Sources: Screener; Company Annual Reports)
A 13 October power sector screen showed a median P/E of 22.8× and a median ROE of 9.4%. Adani Power’s ROE of 21.1% compares with that median, but the sector contains generators, distributors, renewable developers and transmission utilities, so this median is context rather than a like for like valuation benchmark.
On a technical basis, the share price of Adani Power has shown a pattern of lower highs and lower lows on a weekly time frame. A near-term support level has been noted at ₹182.
A resistance level has been noted at ₹217. A move beyond this level would represent a change from the current pattern of lower highs and lower lows.
As of October 15, Adani Power is trading below its short-term, medium-term and long-term moving averages on the daily chart. On the weekly chart, the stock is trading below its 10-week and 30-week moving averages and above the 100-week moving average.
The disclosed four-quarter comparison runs from December 2025 to September 2026. Promoter holding remained at 74.96%, domestic institutional holdings increased, and FII ownership declined in the September quarter.
Holder | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|
Promoters | 74.96% | 74.96% | 74.96% | 74.96% |
FIIs | 11.64% | 11.73% | 11.76% | 11.03% |
DIIs | 3.41% | 3.69% | 4.07% | 4.47% |
Public & others | 9.99% | 9.63% | 9.20% | 9.55% |
(Sources: ET Money and Screener)
DII ownership rose by 1.06 percentage points over these quarters, while FII ownership declined by 0.61 percentage points. Institutional ownership data does not indicate earnings, project execution or financial leverage.
NTPC is a thermal generation comparison, unlike pure transmission utilities. Tata Power and JSW Energy have more diversified generation portfolios; their business mix and leverage differ from Adani Power’s.
Company | Business Focus | P/E | ROCE |
|---|---|---|---|
Adani Power | Mainly thermal generation | 26.3× | 17.2% |
NTPC | Thermal & renewable generation | 10.8× | 8.9% |
Integrated power & renewables | 28.2× | 10.5% | |
Diversified generation | 42.0× | 8.2% |
(Source: Screener)
Adani Power’s P/E of 26.3× compares with NTPC’s 10.8×, and both have thermal exposure. The gap reflects differences in growth expectations, company size, regulatory protections, and capital structures, and P/E alone does not rank the companies.
The planned thermal expansion is capital intensive. Delays in land, approvals, transmission connectivity, coal linkages or commissioning could postpone earnings while interest and depreciation rise. Net debt climbed from about ₹31,023 crore in March 2025 to ₹45,022 crore in March 2026.
Imported coal prices, railway logistics, fuel shortages and delayed regulatory reimbursements can reduce earnings or cash flow. PPA protection varies by tariff structure, while merchant tariffs fluctuate with weather, demand and available generation.
Environmental compliance, financing conditions, distribution company receivables, governance concerns and a price-to-book multiple of 5.8× could affect returns even if generation capacity rises.
Adani Power offers exposure to India’s need for reliable dispatchable generation, backed by a large operating fleet and contracted capacity. Q2 FY27 demonstrated higher generation, volumes and recurring EBITDA. However, stronger earnings visibility has to be balanced against the cost of a large building programme and the premium valuation relative to NTPC.
For a valuation-sensitive investor, the appropriate stance is selective rather than an unconditional buy. The key checkpoints are on-time capacity additions, PPA-linked cash collection, fuel-cost recovery, free cash flow after capex, and net debt per MW.
The company had an installed capacity of 18.33 GW as of June 2026 and has described an ambition to reach about 45 GW by 2032, including a roughly 23.7 GW thermal addition programme discussed in FY26 disclosures. This is a plan, not commissioned capacity. The 3,200 MW Chapar project in Assam began its construction phase in September 2026, with phased commissioning envisaged in December 2030.
At the March end of 2026, Adani Power stated that around 95% of operating capacity was tied to long- or medium-term PPAs. This is not the same as the share of units actually sold under PPAs: in Q2 FY27, PPA sales were 26.4 BU, or roughly 88%. The reported 1,234 MW Uttarakhand 25-year contract announced in October remains subject to tariff approval; it should not be treated as approved incremental capacity already generating revenue.
(Sources: FY26 and Q2 FY27 releases; company Assam project update; Financial Express)
Under some long-term PPAs, energy charges can adjust for prescribed coal costs and changes in law provisions, but the adjustment depends on contract terms, regulation, documentation and timing. Even where an eventual recovery is available, a time lag can increase working capital requirements.
Merchant sales have no comparable contracted tariff protection. A ₹0.50 per unit change applied hypothetically to 20.9 BU of FY26 merchant/short-term sales implies about ₹1,045 crore of gross revenue sensitivity before changes in volumes, fuel, taxes or other expenses. This is a simple scale illustration, not an EBITDA forecast.
Adani Power expanded its fleet through purchases alongside greenfield and brownfield projects. FY25 acquisitions added Moxie Power Generation (1,200 MW), Korba Power (600 MW) and the Dahanu plant (500 MW), taking capacity from 15,250 MW in FY24 to 17,550 MW in FY25. FY26 included the Butibori asset contribution.
At the March end of 2026, Adani Power stated that around 95% of operating capacity was tied to long- or medium-term PPAs. This is not the same as the share of units actually sold under PPAs: in Q2 FY27, PPA sales were 26.4 BU, or roughly 88%. The reported 1,234 MW Uttarakhand 25-year contract announced in October remains subject to tariff approval; it should not be treated as approved incremental capacity already generating revenue.
A quote showed ₹193.95 at 9:30 a.m. IST on 15 October 2026, compared to the close of ₹195.15 on 14 October. A live NSE quote shows the current price.
No. As of 31 March 2026, management disclosed around ₹53,556 crore total debt and ₹45,022 crore net debt, as the company funded expansion.
It reported 18,330 MW installed capacity in June 2026. Its 2032 target of about 45 GW is an ambition and remains subject to execution.
Merchant tariffs, coal procurement, power demand, PPA recoveries, project milestones, operating cash flow and growth in debt relative to commissioned MW.
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Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
