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Adani Power Q2 FY27 Share Price & Earnings Call Analysis

₹191.20+3.58% today
Market cap
₹3.69L Cr
P/E
25.87
ROE
21.07%
PEG
4.41
Price to sales
6.25
Debt to equity
0.84
52W high / low
₹249 / ₹133
Sales growth (5Y)
15.65%
EBITDA margin
37.38%
Net profit margin
23.80%
Promoter holding
74.96%
Sales (last year)
₹59,033 Cr

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]

Guidance scorecard · Q2 FY27 call

What Adani Power Ltd's management guided
and where it ranks in Power

#5of 24 in
Power
Revenue20–40%MarginsFlatCapexPlannedFundraisingPlannedOrder bookRising

RevenueQ1 FY27 call

20–40%
  • Adani Power expects strong growth driven by robust power demand and capacity expansions.
  • Power sales volume increased 17% in Q1 FY'27 to 29 billion units from 25 billion units last year.
  • PPA-based power sales grew 30% to 25 billion units with increasing capacity tie-ups.
  • Merchant volumes decreased as more open capacity converted into PPAs, indicating a shift toward stable, contracted sales.
  • Revenue from operations increased 28% year-on-year to INR 17,550 crores in Q1 FY'27.
  • Tariff realizations under PPA improved by 8%, and merchant prices rose by 13%, enhancing revenue quality.
  • Capacity expansion plans include 1,320 MW in FY '27 and 1,600 MW in FY '28, with a capex of ~INR 25,000 crores and INR 33,000 crores respectively.

2 more points from Adani Power Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Adani Power Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Adani Power has a capex program of INR 2 lakh crore planned over the next few years.
  • Expected capex is INR 25,000 crore in FY27, INR 33,000 crore in FY28, and over INR 35,000 crore thereafter.
  • The company is confident of achieving its expansion plan targeting 45 GW capacity by FY31.
  • They have secured BTG supply for 24 GW and land for expansion.
  • 56% of the upcoming capacity is already tied up under long-term PPAs; remaining to be tied through ongoing/upcoming bids.
  • Recent strategic acquisitions include a 180-MW Churk power plant, 24% stake in Jaiprakash Power Ventures, and 11.49% in Prayagraj Power Generation.
  • Planning 3 GW additions, currently at planning stage, aimed to meet future state bids.

2 more points from Adani Power Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Adani Power Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • Total long-term PPAs under progress amount to around 13,000 MW.
  • The company has an untied capacity of 11.1 GW, with a historic strike rate of about two-thirds in recent years.
  • An incremental capacity plan of another 3 GW is at a planning stage and linked partly to increasing stake in Jaiprakash Power Ventures (2,220 MW).
  • Expected commissioning includes Korba Phase-II by December-end this year and Mahan Phase-II units in first and possibly second quarters of next year.

2 more points from Adani Power Ltd's call on the order book

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Full Q1 FY27 analysis
Full Power ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Power
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Adani Power Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Power companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹1,624 Cr8.3
240%+Flat₹28,982 Cr48.7
340%+Flat₹15,130 Cr573.5
440%+Flat₹15,007 Cr95.7
5Adani PowerThis stock20–40%Flat₹3.78L Cr26.5
620–40%Flat₹1.95L Cr100.7

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Pro shows every company guiding 40%+ revenue growth →Full Power ranking

Adani Power Ltd announcements

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Financials of Adani Power Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Adani Power Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +71.75%71.75%72.71%74.96%74.96%74.96%74.96%74.96%74.96%74.96%74.96%74.96%
FIIs +15.86%15.91%14.73%12.66%12.34%12.36%12.46%11.53%11.64%11.73%11.76%11.03%
DIIs +1.18%1.41%1.42%1.52%1.60%1.64%1.76%2.70%3.41%3.69%4.07%4.47%
Public +11.20%10.93%11.14%10.84%11.09%11.03%10.82%10.82%9.99%9.63%9.20%9.55%
No. of Shareholders14,60,76714,26,24917,90,38417,42,78318,85,68418,91,23418,14,14220,12,64721,47,98120,87,01121,16,25621,80,320

Financials of Adani Power Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +12,99112,99113,36414,95613,33913,67114,23714,10913,45712,45114,22318,90219,439
Expenses +7,8198,3468,5148,7618,0638,6489,4258,4248,3078,2139,49110,95311,210
Operating Profit5,1714,6454,8506,1945,2765,0234,8135,6855,1504,2384,7327,9498,228
OPM %40%36%36%41%40%37%34%40%38%34%33%42%42%
Other Income +1,9453645185187241,1622984658515431,766538512
Interest888797820811807957765857842701967901760
Depreciation1,0041,0029909961,0591,1701,0851,0891,1931,1351,1471,1671,191
Profit before tax5,2243,2103,5584,9064,1344,0593,2614,2043,9662,9454,3846,4186,789
Tax %-26%15%23%20%20%28%20%21%27%16%3%24%-3%
Net Profit +6,5942,7382,7373,9133,2982,9402,5993,3052,9062,4884,2714,8677,019
EPS in Rs3.421.421.422.031.731.591.371.761.531.292.082.493.59

Financials of Adani Power Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +18,68325,37722,61620,30423,88426,46826,22127,71138,77350,35156,20354,24165,015
Expenses +14,00516,57516,63514,86818,90120,73417,53317,83028,67732,12434,78534,43439,868
Operating Profit4,6788,8025,9805,4364,9835,7348,6889,88110,09618,22821,41819,80625,147
OPM %25%35%26%27%21%22%33%36%26%36%38%37%39%
Other Income +1,188-201-3,6667542,4483231,9093,9084,2169,8832,5903,6253,359
Interest4,8645,5605,9025,5705,6575,3155,1064,0953,3343,3883,3403,3673,330
Depreciation1,8182,6662,6722,6992,7513,0063,2023,1183,3043,9314,3094,5654,641
Profit before tax-816375-6,260-2,079-976-2,2652,2896,5777,67520,79216,36015,50020,536
Tax %0%-47%-1%-0%1%0%45%25%-40%-0%22%16%
Net Profit +-816551-6,174-2,103-984-2,2751,2704,91210,72720,82912,75012,97118,645
EPS in Rs-0.570.33-3.20-1.09-0.51-1.180.662.555.5610.806.716.669.45
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%0%

Financials of Adani Power Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital2,8723,3343,8573,8573,8573,8573,8573,8573,8573,8573,8573,8573,857
Reserves2,8534,134-857-2,9683,8552,6249,25614,60025,77239,04252,49061,08072,901
Borrowings +44,74252,72952,48452,83546,98055,19952,41149,14542,59634,86239,49554,67063,061
Other Liabilities +8,00815,59716,02715,80413,29313,34613,01214,37913,59614,24817,07621,86125,821
Total Liabilities58,47475,79471,51169,52867,98575,02578,53581,98185,82192,009112,918141,469165,640
Fixed Assets +45,08056,94154,39152,13750,41955,84652,85153,27451,45163,01669,29769,40168,530
CWIP191881251203502,3476,43910,27012,88092512,10435,05345,539
Investments3570164033201836543741,0971,5168,569
Other Assets +12,84618,76516,83117,27117,21316,83019,22518,25420,83627,69430,41835,49843,001
Total Assets58,47475,79471,51169,52867,98575,02578,53581,98185,82192,009112,918141,469165,640

Financials of Adani Power Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +5,8245,2574,7255,1015,6105,5987,01410,2338,43114,17021,50120,514
Cash from Investing Activity +-4,737-2,692-1,212-520-984-2,304-2,1887741,5453,481-17,142-26,461
Cash from Financing Activity +-1,144-2,713-3,539-4,600-4,663-2,377-5,655-10,338-10,408-16,864-5,1756,555
Net Cash Flow-58-148-26-19-37917-828669-433787-816608
Free Cash Flow3,0983,2893,8814,1744,6513,3783,4076,7995,18811,5689,957-2,817
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit125%60%79%94%113%99%81%106%84%78%100%103%

Financials of Adani Power Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days68179124109131115159126109858579
Inventory Days
Days Payable
Cash Conversion Cycle68179124109131115159126109858579
Working Capital Days-161-154-208-269-90-77-38-46-61618-0
ROCE %7%11%6%6%9%7%12%16%16%32%23%17%

Guidance history

How Adani Power Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlannedPlannedRising
Q4 FY26 call →20–40%FlatPlannedPlanned—
Q4 FY26 call →20–40%FlatPlannedPlanned—
Q3 FY26 call →20–40%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

24out of 100

Momentum score · price trend

24 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+13.7%70%
Last 6 months−15.8%28%
Last 3 months−11.9%38%

The price is 25.8% below its all-time high of ₹248.91 (27 May 2026). Stocks more than 20% below their peak have their score halved, so 47 became 24.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Adani Power Ltd: 0.4 × 70 + 0.4 × 28 + 0.2 × 38 = 47, halved to 24 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Adani Power Ltd's management said in earlier quarters

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