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To research Adani Power properly, start with the security’s exchange identity, use the latest consolidated audited filing, test how its plants earn money, connect planned capacity additions to debt and cash flow, and only then calculate valuation from a dated market price. The latest audited results identified here cover the year ended 31 March 2026 and were approved on 29 April 2026. They report ₹54,240.52 crore of consolidated revenue from operations and ₹1,297.108 crore of consolidated net profit from continuing operations.
Those figures are a starting point, not a buy or sell signal. The available materials do not establish a current share price, peer multiples, post-FY2025–26 guidance, or every subsequent commissioning event. Your conclusion should therefore remain conditional until you update those inputs.
1. Verify that you are researching the right security
Before downloading a result or entering a ticker into a valuation spreadsheet, confirm the legal entity and security identifier in an official exchange record. NSE identifies Adani Power Limited as a main-board equity security with the following identifiers:
| Item | Official identifier |
|---|---|
| Company | Adani Power Limited |
| NSE symbol | ADANIPOWER |
| NSE scrip code | 533096 |
| ISIN | INE814H01029 |
| Listing segment | Main-board equity |
Use the ISIN or exchange scrip code when opening filings, especially if a data service displays similarly named companies or multiple instruments. Record the filing date, the accounting period, whether the statements are consolidated or standalone, and whether they are audited. A ticker alone is not enough for a defensible investment record.
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2. Start with the latest audited accounts
The most recent audited exchange filing identified here is Adani Power’s consolidated FY2025–26 filing for the year ended 31 March 2026, approved on 29 April 2026. It reports:
| Measure | Reported amount | How to use it |
|---|---|---|
| Consolidated revenue from operations | ₹54,240.52 crore | Use as the group-level revenue baseline for the year ended 31 March 2026. |
| Consolidated net profit from continuing operations | ₹1,297.108 crore | Use only with the full income statement, share count, exceptional items and cash-flow statement. |
The filing’s original figures are reported in lakhs; the amounts above convert those figures to crore, with 100 lakhs equal to one crore. Keep the original filing units in your workbook if you need to reconcile every line item.
Read the complete audited statements rather than a headline profit number:
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- Income statement: revenue, fuel and operating costs, employee costs, depreciation, finance costs, tax, exceptional items and profit attributable to owners.
- Balance sheet: cash, receivables, inventories, property and equipment, capital work in progress, borrowings, lease liabilities, provisions and equity.
- Cash-flow statement: cash generated from operations, working-capital movements, capital expenditure, acquisitions, debt raised or repaid, interest and dividends.
- Notes: segment information, accounting policies, related parties, contingencies, pledges, guarantees, maturities and significant judgements.
A separate standalone audited filing also exists. Use the consolidated statements to understand the group’s economic performance, then inspect standalone accounts to see the listed parent’s own assets, obligations, dividends and funding flows. Do not substitute standalone profit for consolidated performance without explaining the difference.
3. Reconstruct earnings instead of trusting one-year profit
Power-generation earnings can move with tariffs, coal costs, plant availability, dispatch, foreign-exchange movements, interest rates and one-off items. Build a multi-year series from audited filings and ask whether reported profit becomes cash.
Revenue and margin bridge
Separate changes in generation volume from changes in the price received. Examine electricity sales, capacity charges, supplementary charges, fuel-cost pass-through and other operating income. Then bridge revenue to operating profit by identifying fuel, logistics, maintenance, employee, depreciation and other costs. A higher revenue figure is not automatically an improvement if fuel or financing costs rise faster.
Profit-to-cash reconciliation
Compare profit with cash generated from operations. Large receivables, delayed collections from offtakers, inventory build-up or working-capital reversals can make accounting profit look stronger or weaker than the cash available to service debt. Track operating cash flow per share and against maintenance and growth capital expenditure.
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Debt and finance costs
List each borrowing by currency, interest type, maturity, security and subsidiary. Reconcile opening debt, new borrowing, repayment, lease movements and foreign-exchange effects. Compare finance costs with operating profit and cash interest paid. A project can be profitable before interest yet unattractive to equity holders if debt service absorbs most of its cash.
Segments and consolidation
The consolidated filing reports multiple segments. Read segment revenue, profit, assets and liabilities instead of assuming the group is a single undifferentiated generation business. Check inter-segment transactions and eliminations, and identify subsidiaries that contribute material debt, cash or contingent liabilities.
4. Understand how the plants make money
Adani Power’s FY2024–25 annual-report investment case describes a combination of long- and medium-term power-purchase agreements (PPAs), open capacity, availability-based two-part tariffs and fuel-cost recovery. These are company-reported descriptions, so verify each mechanism in the contracts, regulatory orders and later filings.
Contracted versus open capacity
The company reported that 87% of capacity was contracted under long- or medium-term PPAs during the FY2024–25 annual-report period. The remaining capacity is exposed to short-term or merchant-market conditions to the extent it is not subsequently contracted. For each plant, record:
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- Contracted megawatts and the percentage of total installed capacity.
- Counterparty, contract tenor, minimum offtake and dispatch obligations.
- Fixed-capacity charges, variable energy charges and escalation clauses.
- Payment security, receivable history and termination or change-in-law provisions.
- Uncontracted megawatts and the market prices needed for them to earn acceptable returns.
Do not treat the 87% figure as a permanent group-wide ratio. It is an issuer-reported percentage for the stated annual-report period; update it when newer filings disclose contract changes or commissioned capacity.
Fuel-cost recovery
Adani Power reported that 92% of its PPA-contracted capacity had assured fuel-cost recovery in the same annual-report investment case. “Assured” does not mean risk-free. Check whether recovery is automatic or requires an order, what benchmark is used, how often tariffs reset, who bears transport and quality differences, and how long reimbursement takes. A pass-through clause can protect margins while still creating working-capital and collection risk.
Availability and dispatch
The company reported a 71% plant load factor (PLF) and a 91% plant availability factor (PAF) for FY2024–25. These measures are different:
- PLF compares electricity generated with the maximum possible generation over the period. It reflects how intensively available capacity was dispatched.
- PAF measures the proportion of time capacity was technically available, whether or not the grid dispatched it.
A plant can have high availability but a lower load factor if demand, dispatch economics or contractual constraints limit generation. Compare both metrics by plant and period, and confirm the definitions used in each report before drawing a trend.
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The annual-report investment case states that 98% of domestic coal-based open capacity is located near mine pitheads. Treat this as the company’s characterization and test the context: which units qualify as open capacity, what coal grades are available, how rail or conveyor capacity works, and whether imported coal, blending, port handling or transport bottlenecks alter delivered cost. Review coal-supply agreements, stock days, quality adjustments and disruption disclosures.
Tariff structure
The company characterizes its core earnings as supported by a two-part, availability-based tariff structure, remunerative PPAs and balanced open capacity. This is promotional language, not independent assurance. In the filings, identify the fixed charge that compensates for making capacity available and the variable charge linked to energy or fuel. Then test whether billed amounts are collected on schedule and whether regulatory or contractual disputes can delay recovery.
5. Test expansion plans against capital and financing
Adani Power reported 17,550 MW of capacity as of 31 March 2025 and a target of 30,670 MW by 2030. The target is not completed capacity. Treat it as a plan that must be matched with projects, permits, equipment, funding and commissioning evidence.
Build a project-by-project schedule
- List every announced project, location, planned megawatts and technology.
- Mark the status: land and permits, equipment ordered, construction started, synchronisation, commercial operation or delayed.
- Compare each project’s original commissioning date with the latest official update.
- Record budgeted cost, expenditure to date, capital work in progress and remaining funding need.
- Identify the intended offtake arrangement and fuel source before assuming the project will earn the group’s existing returns.
The FY2025–26 consolidated filing includes capital work in progress, but the available material does not reconcile every project or verify all later commissioning progress. Use the notes and subsequent exchange announcements to close that gap.
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For each expansion tranche, estimate the equity contribution, debt draw, interest during construction and expected completion date. Compare those requirements with operating cash flow after maintenance capital expenditure. Delays can increase interest capitalization, while early completion can increase depreciation before the plant reaches steady dispatch.
Separate growth from maintenance spending
Capital expenditure that sustains existing units should not be counted as growth investment. Use the cash-flow statement and notes to distinguish maintenance, environmental upgrades, life extension and new capacity. Then ask whether projected returns on new capital exceed the group’s cost of capital after fuel, tariff and financing risks.
6. Use leverage metrics with their definitions intact
Adani Power’s FY2024–25 investment case reported net debt to continuing EBITDA of 1.44x and return on capital employed (ROCE) of 20.52%. Both are issuer-reported metrics for that period. Recalculate them from audited statements where possible and preserve the company’s definitions.
Net debt to EBITDA
Confirm what the company includes in net debt, whether restricted cash is excluded, which EBITDA adjustments are made, and whether continuing operations remove discontinued activities. Compare the ratio with debt maturities, floating-rate exposure and cash-flow coverage. A low year-end ratio can coexist with large committed capital spending or a temporary peak in power prices.
ROCE
Check the numerator, tax treatment and average versus ending capital employed. ROCE can rise because operating profit improves, because the capital base is depreciated, or because a project is not yet fully included. Compare it with returns on newly commissioned assets rather than relying only on the group average.
7. Review governance, audit and disclosure quality
Read the full annual report’s management discussion, risk and opportunities section, auditor’s report, corporate-governance report, related-party notes and contingencies. The FY2025–26 exchange results filing includes a declaration of an unmodified audit opinion for the results filing. That is useful, but it does not replace reading the complete auditor’s report, key audit matters and financial-statement notes.
Check subsequent exchange announcements for:
- Material acquisitions, disposals, project awards or cancellations.
- Regulatory orders, tariff disputes, fuel claims and receivable settlements.
- Debt refinancing, covenant changes, guarantees and security creation.
- Related-party transactions, promoter pledges or changes in control disclosures.
- Environmental, safety, litigation and statutory-compliance events.
- Changes in directors, auditors, senior management or accounting policy.
Look for consistency between narrative claims and numbers. If management describes strong cash generation, reconcile that statement with operating cash flow, receivables and capital expenditure. If a risk is described as immaterial, inspect the amount, probability and sensitivity disclosed in the notes.
8. Complete valuation only after updating market data
No current share price or peer valuation multiple is established in the materials used here. Do not present a current buy or sell conclusion from the audited figures alone. Record the date and time of the market price you use, then calculate valuation on a consistent accounting basis.
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| Method | Basic calculation | What to test |
|---|---|---|
| Price-to-earnings | Share price ÷ earnings per share | Use continuing earnings, normalize exceptional items and verify the diluted share count. |
| Enterprise value to EBITDA | Market capitalization + net debt and other claims ÷ EBITDA | Apply the same EBITDA definition across companies and account for leases, minority interests and restricted cash. |
| Free-cash-flow yield | Equity free cash flow ÷ market capitalization | Separate maintenance from expansion capital expenditure and adjust for working-capital swings. |
| Net asset or replacement view | Equity value relative to operating assets and liabilities | Test plant age, useful lives, environmental obligations, project completion risk and realistic utilization. |
For a capital-intensive generator, no single multiple is sufficient. A low P/E may reflect temporarily high tariffs or under-provisioned maintenance, while a high EV/EBITDA may be reasonable if contracted cash flows and new projects are durable. Explain the normalization period and every adjustment.
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Use scenarios instead of a single target price
- Downside: lower dispatch, delayed fuel recovery, higher interest rates, project overruns or receivable stress.
- Base: existing contracts perform as documented, fuel recovery is collected with normal timing and expansion proceeds near schedule.
- Upside: higher utilization, successful contracting of open capacity, timely commissioning and disciplined funding.
Assign assumptions for generation, realized tariff, fuel cost, operating margin, capital expenditure, debt and discount rate. Show how much the valuation changes when each assumption moves; this is more informative than presenting a precise target based on unverified inputs.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.9. Compare Adani Power with genuinely comparable generators
Choose Indian power-sector peers only after checking that their business mix, reporting period and accounting treatment are comparable. Use the same market-price date and the same definitions for debt, EBITDA, cash flow and capacity.
| Comparison axis | Questions to answer |
|---|---|
| Contract profile | What share is contracted, for how long, with which tariff structure and payment security? |
| Merchant exposure | How much capacity depends on spot or short-term prices, and how volatile are realized tariffs? |
| Fuel and logistics | Is fuel domestic, imported or blended? Are costs passed through, and are transport constraints disclosed? |
| Plant performance | Are PLF and PAF definitions consistent, and how do they vary by plant and year? |
| Financial risk | How do net debt, finance costs, maturities, cash conversion and receivables compare? |
| Growth execution | What capacity is under construction, what has been commissioned on time and what returns are expected? |
| Governance and disclosure | What do audit reports, related-party notes, contingencies and regulatory filings reveal? |
| Valuation | Are the price date, share count, accounting period and enterprise-value bridge identical? |
A peer with more regulated or renewable revenue may deserve a different multiple from a coal-heavy generator with greater fuel, environmental and dispatch exposure. Avoid ranking companies by one ratio without adjusting for those differences.
10. A practical filing-to-decision workflow
- Confirm the instrument. Match ADANIPOWER, scrip code 533096 and ISIN INE814H01029 in the exchange record.
- Download the latest consolidated audited filing. Record the 31 March 2026 period and 29 April 2026 approval date, then save the standalone filing separately.
- Build a five-year spreadsheet. Enter revenue, operating profit, finance cost, tax, continuing profit, operating cash flow, capital expenditure, debt, cash, receivables and shares.
- Read the notes. Capture segments, PPAs, fuel clauses, contingencies, related parties, maturities and capital work in progress.
- Map the operating fleet. For each plant, record megawatts, technology, location, contract status, fuel source, PLF and PAF.
- Audit the growth plan. Match the 30,670 MW 2030 target to named projects, current construction status, spending and financing.
- Check new announcements. Look for events after 29 April 2026 that change capacity, debt, tariffs, disputes or governance.
- Collect market inputs. Time-stamp the share price, shares outstanding, debt, cash and peer prices before calculating multiples.
- Run scenarios. Stress dispatch, tariff recovery, fuel cost, interest rates, capital expenditure and commissioning delays.
- Write the decision rule. State the price and operating assumptions required for an acceptable expected return, and what evidence would invalidate the thesis.
11. Warning signs that deserve follow-up
- Profit rises while operating cash flow falls for several periods.
- Receivables or contract assets grow faster than revenue.
- Fuel-cost recovery is described as assured but collections remain delayed or disputed.
- Open capacity increases without a clear contracting or price strategy.
- Capital work in progress and debt rise while commissioning dates slip.
- Finance costs consume a growing share of operating profit.
- Reported PLF improves only because of a favorable period, while availability or outage data deteriorates.
- Related-party balances, guarantees or contingencies become material relative to equity.
- Management targets are repeated without project-level spending and commissioning evidence.
None of these signals proves that the shares are unsuitable. Each tells you which note, filing or announcement to examine before relying on the investment case.
12. Is Adani Power a good stock to buy?
The available figures do not support a universal yes-or-no answer. The company presents a case built around contracted capacity, fuel-cost recovery, plant availability and expansion; audited FY2025–26 statements provide the latest group-level financial baseline. Whether the shares are attractive depends on the price you pay, the durability of cash generation, the funding required for new capacity and the risks revealed in current filings.
Before investing, require all of the following to be current and internally consistent:
- A verified market price and diluted share count.
- Consolidated earnings reconciled with operating cash flow.
- Debt, interest and maturity schedules that remain manageable after planned capital expenditure.
- Plant-level evidence supporting utilization, availability and tariff recovery.
- Project-by-project progress toward announced capacity, rather than treating a target as an achievement.
- Peer comparisons based on the same date, accounting period and business mix.
- A valuation that still offers an adequate return under a downside scenario.
If any of these inputs is missing, label the valuation unresolved instead of filling the gap with an optimistic assumption.
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