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ADANIPOWER.NS

Adani Power Ltd.

Power
Price research

Price history

Max window · 2021-08-23 to 2026-09-22

Start 2021-08-23 ₹14.70
End 2026-09-22 ₹206.96
Change over window +1307.89%
Methodology

Price is the daily close from stored Kite history. The other metrics pair that daily price with the company's periodic filings — each fundamental (revenue, EPS, equity…) is held flat at its latest filed value between annual filings, so a ratio steps at each filing and moves daily only through its price term. A metric with no input on file for this company (e.g. EV/EBITDA for a bank, which has no EBIT) is shown as unavailable, never guessed. Share-count-based metrics use the latest diluted share count against split/bonus-adjusted prices.

Technical analysis

Technical indicators

Same window as the price chart above

These reflect only the stock's recent price and volume behavior — not the company's fundamentals — and are not a recommendation to buy or sell. Standard published parameters are used throughout (see each chart's own label); a company with too little stored price history for a given indicator's lookback window shows that plainly below rather than a garbage or misleading value.

Latest value of each line in the charted window
Methodology

MACD (12,26,9), Stochastic Oscillator (14,3) and Money Flow Index (14-day) each carry their own published reference lines/bands (20/80 for the oscillator readings) where one is standard. ADX includes +DI/-DI for direction alongside trend strength; a dashed line marks the commonly published 25 "trending market" reading. ATR is shown in raw rupees here; the price/volume preset screen (below, and on the Screener page) reports it as a % of price so it's comparable across stocks at different price levels. Computed from the same stored daily OHLCV history as the price chart above — no new data source.

Ratios as of FY2025-26 Annual filing · published 2026-04-29
Price (live) ₹206.96 INR fetched 2026-09-23 01:59
Fundamental analysis

Ratios

Calculated from this company's filed figures, and from the current price where a ratio needs one. Every ratio shows its source trace: the filed elements it reads and the arithmetic behind the result.

P/E

31.10

P/E = Price / EPS

Source trace FY2025-26 · Annual filing

P/E = Price / (ProfitOrLossAttributableToOwnersOfParent / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) → ₹206.96 / (₹128,343,000,000 / 19,284,700,000 shares) = ₹206.96 / ₹6.66 EPS

ROE

19.76%

ROE = Net Income / Shareholder Equity

Source trace FY2025-26 · Annual filing

ROE = ProfitOrLossAttributableToOwnersOfParent / EquityAttributableToOwnersOfParent → ₹128,343,000,000 / ₹649,368,800,000 = 19.76%

Debt/Equity

0.82

Debt/Equity = Total Debt / Shareholder Equity

Source trace FY2025-26 · Annual filing

Debt/Equity = BorrowingsCurrent + BorrowingsNoncurrent / EquityAttributableToOwnersOfParent → ₹535,555,400,000 / ₹649,368,800,000 = 0.82

Current Ratio

1.41

Current Ratio = Current Assets / Current Liabilities

Source trace FY2025-26 · Annual filing

Current Ratio = CurrentAssets / CurrentLiabilities → ₹286,880,800,000 / ₹203,282,100,000 = 1.41

ROCE

15.92%

ROCE = EBIT / (Shareholder Equity + Total Debt)

Source trace FY2025-26 · Annual filing

ROCE = ProfitBeforeExceptionalItemsAndTax + FinanceCosts / (EquityAttributableToOwnersOfParent + BorrowingsCurrent + BorrowingsNoncurrent) → ₹188,663,400,000 / (₹649,368,800,000 + ₹535,555,400,000) = 15.92%

Dividend Yield

0.00%

Dividend Yield = (Dividends Paid / Diluted Shares Outstanding) / Price

Qualification This is cash paid during the fiscal year, not a per-share rate declared for it (no such element exists in the filing data) — timing can straddle interim/final dividends across years, and pre-FY2020-21 figures may include the since-abolished Dividend Distribution Tax, reading higher than later years for that reason alone.

Source trace FY2025-26 · Annual filing

Dividend Yield = (|DividendsPaidClassifiedAsFinancingActivities| / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) / Price → (₹0 / 19,284,700,000 shares) / ₹206.96 = ₹0.00 / ₹206.96

Growth & quality

Growth & earnings trend

Computed from this company's stored annual filings. Each figure carries the filed values behind it as a tooltip.

Revenue CAGR · 3y 12.7%
Net profit CAGR · 3y N/A
Operating margin · FY2025-26 34.8%
ROCE · FY2025-26 15.7%

Revenue & Profit CAGR

Revenue (3y, 6.0y actual)
12.7%
Net Profit (3y)
N/A
Revenue (5y, 6.0y actual)
12.7%
Net Profit (5y)
N/A
Revenue (10y, 6.0y actual)
12.7%
Net Profit (10y)
N/A

Operating Margin Trend

Expanding
FY2019-20
15.3%
FY2020-21
28.2%
FY2021-22
38.5%
FY2022-23
28.4%
FY2023-24
48.0%
FY2024-25
35.1%
FY2025-26
34.8%

ROCE Trajectory

FY2019-20
N/A
FY2020-21
N/A
FY2021-22
N/A
FY2022-23
15.3%
FY2023-24
31.2%
FY2024-25
20.5%
FY2025-26
15.7%

Earnings Quality

No persistent gap detected

Net Profit CAGR 27.14% vs CFO CAGR 18.99% over 4.0y (2022-03-31 → 2026-03-31); most recent year: Net Profit -0.81% vs CFO -4.59%

Sector-Relative Percentile

Sector · Power
ROE 100th percentile Better than 16 of 16 sector peers (100th percentile).
ROCE 100th percentile Better than 16 of 16 sector peers (100th percentile).
Debt/Equity 81th percentile Better than 13 of 16 sector peers (81th percentile).
P/E 44th percentile Better than 7 of 16 sector peers (44th percentile).
Forensic accounting

Beneish M-Score

Eight year-over-year accounting indices (Beneish, 1999) computed for Adani Power Ltd. across its two most recently stored annual filings. Read the disclosures below before anything past this paragraph.

This is not an accusation and not a finding that any manipulation occurred. Beneish's own paper is explicit that the score identifies companies whose accounting CHARACTERISTICS resemble those of a sample of past manipulators -- nothing more. StockProof never labels a company "manipulator", "red flag" or "suspicious", and never shows any list of companies ordered by this score. The eight components below -- factual statements about figures the company itself filed -- always come before the composite number, which is the inference, not the fact.

The M-Score is calibrated on 74 US-listed companies from 1982-1992 later found to have manipulated earnings (Beneish, M. D. (1999), "The Detection of Earnings Manipulation", Financial Analysts Journal 55(5)) -- not on any Indian company or era. Measured on StockProof's own Nifty 500 universe as of 2026-09-02, 13.6% of companies score above Beneish's own published cutoff. On any realistic base rate of actual earnings manipulation, that flag rate is overwhelmingly false positives, not overwhelmingly real ones.

No "Selling, General & Administrative Expense" element exists anywhere in NSE's filed data. The SGAI component below is approximated as Employee Benefit Expense + Other Expenses, divided by revenue -- a reasonable stand-in for a manufacturer, but for a services company this proxy is closer to the entire cost base than to SG&A specifically. This is disclosed because it is a genuine deviation from Beneish's published specification; its coefficient (-0.172) is the smallest of the eight, which bounds how far the approximation can move the composite.

This measures something different from a financial-distress score like Altman's Z-Score, and the two essentially never agree. Measured on StockProof's own 389-company overlap as of 2026-09-02: only 5 companies were flagged by both, an agreement rate (intersection ÷ union) of 6.2%, and a correlation between the two scores of +0.088 -- closely matching the independently measured +0.092 over 3,242 Malaysian-listed companies. A low Z-Score and a high M-Score are not corroborating each other; they are unrelated measurements.

Comparing FY2024-25FY2025-26

Index Value Beneish's own threshold Reading, vs. that threshold
DSRI — Days' Sales in Receivables Index 0.938 1.031 Below Beneish's published threshold
GMI — Gross Margin Index 0.993 1.014 Below Beneish's published threshold
AQI — Asset Quality Index 2.010 1.039 Exceeds Beneish's published threshold
SGI — Sales Growth Index 0.965 1.134 Below Beneish's published threshold
DEPI — Depreciation Index 0.948 1.077 Below Beneish's published threshold
SGAI — SG&A Index 1.228 1.041 Exceeds Beneish's published threshold
LVGI — Leverage Index 1.137 1.111 Exceeds Beneish's published threshold
TATA — Total Accruals to Total Assets -0.054 0.018 Below Beneish's published threshold
M-Score (composite) -2.506 Beneish's own published cutoff: -1.78 (a looser cutoff sometimes used in Indian applications: -2.22)

This is a reading against a published statistical model, not a finding and not a verdict on this company -- see the disclosures above, especially how this compares to a general population's own measured false-positive rate.

Financials

Quarterly trend

10 stored quarters

Revenue Net Profit Net Profit (loss quarter)
Metric (to shareholders basis) Q4 FY2023-24 Q1 FY2024-25 Q2 FY2024-25 Q3 FY2024-25 Q4 FY2024-25 Q1 FY2025-26 Q2 FY2025-26 Q3 FY2025-26 Q4 FY2025-26 Q1 FY2026-27 Source
Revenue ₹13,363.69 Cr. ₹14,955.63 Cr. ₹13,338.88 Cr. ₹13,671.18 Cr. ₹14,237.40 Cr. ₹14,109.15 Cr. ₹13,456.84 Cr. ₹12,451.44 Cr. ₹14,223.09 Cr. ₹18,901.89 Cr. RevenueFromOperations
Net Profit ₹2,737.24 Cr. ₹3,912.79 Cr. ₹3,331.80 Cr. incl. minority ₹3,297.52 Cr. ₹3,057.21 Cr. incl. minority ₹2,940.07 Cr. ₹2,636.97 Cr. incl. minority ₹2,599.23 Cr. ₹3,384.86 Cr. incl. minority ₹3,305.13 Cr. ₹2,952.78 Cr. incl. minority ₹2,906.46 Cr. ₹2,479.58 Cr. incl. minority ₹2,488.09 Cr. ₹4,017.08 Cr. incl. minority ₹4,271.40 Cr. ₹4,805.69 Cr. incl. minority ₹4,866.60 Cr. ProfitOrLossAttributableToOwnersOfParent
Basis

Primary figures are Revenue from Operations and Net Profit attributable to shareholders — the basis the ratios use. Where they differ, the companion Gross revenue (incl. inter-segment) and incl. minority net profit (the totals a news headline usually quotes) are shown beneath, each traceable to its own XBRL element. Quarters shown are however many are actually stored (up to 10).

Ownership

Shareholding pattern

Latest filing Jun 2026 · 12 filings on file

Promoter & Promoter Group
74.96%
Public
25.04%
Employee Trusts
0.00%
Promoter % Public %
Metric Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter & Promoter Group 70.02% 71.75% 71.75% 72.71% 74.96% 74.96% 74.96% 74.96% 74.96% 74.96% 74.96% 74.96%
Public 29.98% 28.25% 28.25% 27.29% 25.04% 25.04% 25.04% 25.04% 25.04% 25.04% 25.04% 25.04%
Employee Trusts 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Source

Promoter vs. public shareholding, from NSE's own quarterly shareholding-pattern filings. This is the headline promoter/public split only — a further breakdown by FII/DII/mutual fund holders requires each filing's own detailed disclosure and isn't shown here.

Trading activity

Delivery volume

20 trading days shown

Latest (2026-09-22) 44.8%
Trailing 20-day average 39.4%
Date Traded Qty Delivery Qty Delivery %
2026-09-22 11848251 5306191 44.78%
2026-09-21 11494497 4039983 35.15%
2026-09-18 18185888 8102807 44.56%
2026-09-17 8794789 2640400 30.02%
2026-09-16 12105905 4440013 36.68%
2026-09-15 14417003 6742915 46.77%
2026-09-11 10271412 3360915 37.17%
2026-09-10 18719604 9660498 51.61%
2026-09-09 33227588 12501381 37.62%
2026-09-08 17837173 7288236 40.86%
2026-09-07 9839611 3949843 40.14%
2026-09-04 9328145 3318652 35.58%
2026-09-03 17538881 5574310 31.78%
2026-09-02 18174608 5571900 30.66%
2026-09-01 38032254 11138279 29.29%
2026-08-31 53907969 35395341 65.66%
2026-08-28 14256352 5195217 36.44%
2026-08-27 70024737 28760551 41.07%
2026-08-26 23035619 7304906 31.71%
2026-08-25 14258939 5888204 41.29%
Source

Delivery quantity/percentage from the NSE bhavcopy (DELIV_QTY/DELIV_PER) — the share of that day's traded volume that actually settled into a demat account, rather than being squared off intraday. A higher delivery percentage is commonly read as genuine accumulation/distribution rather than speculative same-day trading; this describes recent trading PATTERN, not the company itself, and is not a recommendation to buy or sell. A blank cell is a day NSE itself published no figure for, never a zero.

Insider trading activity

20 disclosures shown

Disclosed Person Category Type Mode Quantity Value (₹) Resulting stake Source
08 Aug 2024 Hibiscus Trade and Investment Ltd. Promoter Group Buy Market Purchase 3100000 2156002708 0.32% XBRL
07 Aug 2024 Hibiscus Trade and Investment Ltd. Promoter Group Buy Market Purchase 4100000 2858019304 0.24% XBRL
07 Aug 2024 Hibiscus Trade and Investment Ltd. Promoter Group Buy Market Purchase 5100000 3575278485 0.13% XBRL
08 May 2024 Gautam S. Adani & Rajesh S. Adani (on behalf of S.B. Adani Family Trust) Promoter Group Pledge Revoke Revokation of Pledge 148797834 86384600000 36.86% XBRL
28 Sep 2023 Ardour Investment Holding Ltd. Promoter Group Buy Market Purchase 9100000 3411550409 0.47% XBRL
28 Sep 2023 Ardour Investment Holding Ltd. Promoter Group Buy Market Purchase 9000000 3408369099 0.23% XBRL
06 Sep 2023 Fortitude Trade and Investment Ltd. Promoter Group Buy Market Purchase 3600000 1228843096 0.09% XBRL
05 Sep 2023 Gautam S. Adani & Rajesh S. Adani (on behalf of S.B. Adani Family Trust) Promoter Group Pledge Revoke Revokation of Pledge 258141741 85251300000 36.86% XBRL
27 Feb 2023 Mukesh Shah Director Buy Market Purchase 500 73826 0.01% XBRL
25 Feb 2023 Mukesh Shah Director Buy Market Purchase 1000 162964 0.01% XBRL
07 Jul 2022 Adani Tradeline Private Limited Promoter Group Buy Others 377180885 0 9.78% XBRL
20 Jul 2021 Gautam s. Adani / Rajesh S. Adani (on behalf of S. B. Adani Family Trust) Promoter Group Pledge Revoke Revokation of Pledge 35500000 3750600000 36.43% XBRL
13 Apr 2021 ADANI TRADELINE LLP Promoter Group Pledge Revoke Revokation of Pledge 14550000 1454300000 9.78% XBRL
08 Mar 2021 ADANI TRADELINE LLP Promoter Group Pledge Revoke Revokation of Pledge 3110413 231300000 9.78% XBRL
07 Jan 2021 Universal Trade and Investments Ltd. Promoter Group Sell Inter-se-Transfer 72638775 3588002924 0.00% XBRL
07 Jan 2021 Flourishing Trade and Investment Limited Promoter Group Buy Inter-se-Transfer 72638775 3588002924 11.46% XBRL
01 Jan 2021 Universal Trade and Investments Ltd. Promoter Group Sell Off Market 218485676 10465463880 1.88% XBRL
01 Jan 2021 Flourishing Trade and Investment Limited Promoter Group Buy Off Market 218485676 10465463880 9.58% XBRL
10 Dec 2020 ADANI TRADELINE LLP Promoter Group Pledge Revoke Revokation of Pledge 24283000 1379300000 9.78% XBRL
04 Dec 2020 RAMINDER SINGH GUJRAL Director Sell Market Sale 15231 731088 0.00% XBRL
About these disclosures

SEBI PIT (Prohibition of Insider Trading) Regulation 7 disclosures — designated persons (promoters, directors, KMPs, and their immediate relatives) reporting their own dealing in the company's securities, as NSE publishes them. Distinct from the SAST (Regulation 29 substantial-acquisition) filings on the market-wide SAST activity page. Public record only — this is descriptive disclosure data, not a signal, and is not a recommendation to buy or sell.

Filings & evidence

Source documents

FY2025-26 · Annual filing

The raw filing line items behind the figures on this page, and NSE's own filing document where NSE publishes one.

Source document — income statement (FY2025-26, raw filing line items)
Line itemFiled value
ProfitOrLossAttributableToOwnersOfParent128343000000.0
PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital19284700000.0
Source document — balance sheet (FY2025-26, raw filing line items)
Line itemFiled value
CurrentAssets286880800000.0
CurrentLiabilities203282100000.0
EquityAttributableToOwnersOfParent649368800000.0
BorrowingsCurrent + BorrowingsNoncurrent535555400000.0
Research notes

My notes