ADANIPOWER
Large CapAdani Power Limited
Power
Adani Power Limited (APL) is India's largest private sector thermal Independent Power Producer (IPP) with an operating capacity of 18,330 MW across 14 assets in 8 states. It focuses on baseload power generation, leveraging organic and inorganic growth, and in-house fuel logistics and management capabilities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 27/100Rev -0% YoY · margin compression · PAT +64% YoY · +14% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹14,223 Cr | -0.1% | +14.2% |
| EBITDA | ₹4,732 Cr | -1.7% | +11.7% |
| Operating margin | 33.0% | -100 bps | -100 bps |
| PAT | ₹4,271 Cr | +64.3% | +71.7% |
| PAT margin | 30.0% | +1177 bps | +1005 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue from operations declined 2% YoY to INR 54,241 Cr, with continuing EBITDA down 1% YoY to INR 21,285 Cr. However, PAT grew 2% YoY to INR 12,971 Cr. Q4 FY26 showed strong sequential momentum with revenue up 10% YoY, EBITDA up 9% YoY, and PAT up 64% YoY.
APL's thesis remains intact, supported by its strong operational performance, significant capacity expansion pipeline, and robust capital structure. The company's ability to secure long-term PPAs and manage fuel costs effectively, coupled with a reduction in net debt leverage, positions it well for future growth despite a slight full-year revenue dip.
Operating Capacity by PPA Tie-ups
Latest issuer-disclosed distribution across 2 reported categories.
Locked-in Capacity Expansion
APL has 23,720 MW of locked-in capacity (13 projects by FY32), with 100% land availability and 100% BTG sets ordered for 22.4 GW.
Massive Addressable Market
India requires ~100 GW of additional thermal capacity by 2035 to meet growing baseload and peak demand, presenting significant opportunity.
Acquisition & Turnaround Capabilities
Successfully acquired and turned around 7.5 GW of stressed assets, demonstrating proven capabilities in integration and operational improvement.
Strong PPA Tie-ups
95% of existing operating capacity is tied up in long-term PPAs, with 13.32 GW of new PPAs secured for upcoming projects.
Operating Capacity
Current operating capacity is 18,330 MW across 14 assets.
Locked-in Capacity
23,720 MW of capacity is locked-in for future development, with 13 projects targeted by FY32.
Target Capacity
Target capacity is 42,050 MW across 18 assets by FY32.
Brownfield Project Focus
60% of upcoming capacity is brownfield, enabling faster project execution due to ready land and shared infrastructure.
India's Economic Growth
India's real GDP grew 7.1% in FY25 and is estimated to grow 7.6% in FY26, driving explosive growth in power demand.
Government Policy Thrust
Government's ambitious target of 500 GW renewable energy by 2030 and requirement for 97 GW additional coal capacity by FY35.
Abundant Domestic Coal
India has over 437 billion tonnes of coal reserves, ensuring long-term energy security and reduced import dependency for baseload power.
Project Execution Risk
Mitigated by Adani's Project Management and Assurance Group (PMAG), brownfield development model, and advance ordering of BTG equipment.
Fuel Availability Risk
Mitigated by DISCOM-earmarked coal linkages, additional Fuel Supply Agreement (FSA) mechanisms, and in-house coal mining capacity (14 MTPA).
Fuel Price Volatility
Mitigated by pass-through mechanisms for fuel costs in PPAs and protection against 'Change-in-law' provisions.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Comparing both YoY and QoQ is crucial. YoY provides a view of overall annual performance, which showed slight declines in revenue and EBITDA for FY26. QoQ (Q4 FY26 vs Q4 FY25) highlights recent strong momentum and recovery, indicating improved operational dynamics and market conditions.
Operating Capacity
Operating capacity stood at 18,330 MW in FY26, up 10% CAGR from FY22.
Plant Availability
Plant availability was 89% in FY26, maintaining consistent high levels over many years (90%+ maintained over many years).
Plant Load Factor (PLF)
PLF for FY26 was 67%, compared to 71% in FY25.
Continuing EBITDA Margin
Continuing EBITDA margin was 40% in FY26, noted as the highest in the thermal power sector.
Market Leadership & Returns
Management aims for APL to be a market leader for baseload power in India, delivering industry-leading return on capital.
Self-Funded Growth
Majority of expansion capex will be funded through internal accruals, with sufficient cash flow generation to meet the entire capex outlay.
Integrated Logistics Advantage
APL is the only IPP in India with in-house, mine-to-plant logistics capability, handling approx. 74 MTPA coal.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt to Continuing EBITDA | 2.12x (FY26) | Sustained low leverage and further deleveraging as new capacities come online and generate cash flows. |
| Plant Availability | 89% (FY26) | Consistent maintenance of high plant availability (90%+) to ensure full recovery of fixed capacity charges under PPAs. |
| New PPA Tie-ups | 13.32 GW for upcoming projects | Successful conversion of ongoing long-term PPA bids (13+ GW) into secured contracts to ensure revenue visibility for future capacity. |
| PLF (Plant Load Factor) | 67% (FY26) | Improvement in PLF, especially given the strong demand outlook and competitive tariffs, to maximize generation and profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +47.0% / mo
Technical chart
ADANIPOWERdaily · 3Y+49.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 51. Wait for confirmation.
- SMA20 rising (~6.4% over last month) — short-term momentum positive.
- RSI(14) at 51 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 77% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 17/25 to the score.
- Quality contributes 10/20 to the score.
Main drags
- Fair-value margin of safety is negative at -2.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 41st percentile within Power. Main check: results consistency is weak at 24/100.
Healthy Trust Lite: Promoter holding is 75%. Key concern: ROCE trend is -6.8%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 41st pctile, median 67 · Large: 24th pctile, median 74
105 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸11 years of positive FCF.
Trust risks
- ▸ROCE trend is -6.8%.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 34.10
- P/B
- 6.71
- EV/EBITDA
- 20.12
- Market Cap
- 435638.00Cr
Profitability
- ROE
- 21.10%
- ROCE
- 17.20%
- ROA
- 9.17%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 58.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.84
- Interest Coverage
- 5.88×
- Altman Z
- 5.03
- Book Value
- 33.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 11/5
- OCF
- 20514.00 Cr
- EPS TTM
- 6.66
Shareholding
- Promoter Hold
- 74.96%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 81%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.