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Swing Capital

Adani Power Ltd

NSE: ADANIPOWER BSE: 533096Energy

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]

₹219
52W: ₹105 — ₹234
PE 38.4 · Book ₹27.5 · +696% vs book
Market Cap₹4,21,853 Cr
Stock P/E38.4Price to Earnings
ROCE19.2%Return on Capital
ROE22.1%Return on Equity
Div. Yield0%Face Value ₹2

Strengths

  • +Company has a good return on equity (ROE) track record: 3 Years ROE 33.3%

Weaknesses

  • −Stock is trading at 8.04 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend

Shareholding Pattern

Promoters74.96%
FIIs11.73%
DIIs3.69%
Public9.63%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.71%74.96%▲2.374.96%74.96%74.96%74.96%74.96%74.96%
FIIs14.73%12.66%▼2.112.34%▼0.312.36%▲0.012.46%▲0.111.53%▼0.911.64%▲0.111.73%▲0.1
DIIs1.42%1.52%▲0.11.6%▲0.11.64%▲0.01.76%▲0.12.7%▲0.93.41%▲0.73.69%▲0.3
Public11.14%10.84%▼0.311.09%▲0.311.03%▼0.110.82%▼0.210.82%9.99%▼0.89.63%▼0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales10,21712,23811,39411,90112,04212,20112,46211,24310,01111,573
Expenses6,7497,7847,4397,0537,1697,8687,2386,7246,4297,715
Operating Profit3,4674,4543,9554,8484,8734,3335,2244,5193,5823,858
OPM %34%36%35%41%40%36%42%40%36%33%
Net Profit2,1602,3992,4552,9553,0352,3593,1192,7352,0473,087
EPS ₹1.121.241.271.531.571.221.621.421.061.6

AI Insights

Revenue Trend

Mar 2026 revenue at ₹45,289Cr, down 8.9% YoY. OPM at 38%.

Debt Position

Borrowings at ₹49,095Cr. Debt-to-equity ratio: 1.00x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹15,064Cr (27% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 3.69% (+3.65pp change). FIIs: 11.73% (-0.22pp change). Promoters hold 74.96%.

Margin & Efficiency

ROCE improving from 7% (Mar 2015) to 19% (Mar 2026). Working capital days: 33.

Valuation

PE 38.4x with 19.2% ROCE. Price is 696% above book value of ₹27.5. Dividend yield: 0%.

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