Adani Power financials and balance sheet

NSE: ADANIPOWERBSE: 533096PowerLarge Cap

₹182.04₹3.23 (1.74%)BSE ₹182.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹185.27.

52-week range of traded prices to 23 Oct 2026

₹128.10Low, 23 Jan 2026₹254.20High, 29 May 2026

Next results date: the board meets on 23 Oct 2026 to consider: financial results.

Market cap: ₹3,51,059 Cr23rd largest listed
P/E: 24.6
P/B: 5.4
Dividend yield: Nonein the last 12 months
ROE: 23.5%
ROCE: 14.5%
Debt to equity: 0.81
Volume, NSE: 4,61,37,37235.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Adani Power annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹56,203 Cr, year to Mar 2025A loss in 4 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue54,241
Materials and goods−29,378
Employee costs−855
Other expenses−4,202
Operating profit19,806
Depreciation−4,565
Other income+3,625
One-off items0.0
Finance costs−3,367
Profit before tax15,500
Tax−2,528
Net profit12,971

What the company owns

Plant, investments and other assets₹1,18,447 Cr
Receivables₹11,791 Cr
Cash and bank₹6,926 Cr
Inventory₹3,623 Cr
Current investments₹1,491 Cr

What pays for it: net worth and liabilities

Net worth₹66,402 Cr
Borrowings₹53,556 Cr
Other liabilities₹19,482 Cr
Owed to suppliers₹2,841 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Adani Power quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 28 Apr	Mar 2021Filed 6 May	Mar 2022Filed 6 May	Mar 2023Filed 6 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 29 Apr
Revenue from operations	22,784	20,611	23,884	26,468	26,221	27,711	38,773	50,351	56,203	54,241
	16,812	14,920	18,930	20,782	17,553	17,897	28,729	32,171	34,898	34,434
Materials and goods bought	216	309	16,759	18,047	15,146	15,308	25,695	28,675	30,630	29,378
Employee costs	–	–	363	427	432	470	570	644	784	855
Other expenses	–	–	1,808	2,308	1,975	2,119	2,464	2,852	3,483	4,202
Operating profit before depreciation	5,972	5,691	4,954	5,685	8,669	9,814	10,045	18,181	21,305	19,806
Operating margin	26.2%	27.6%	20.7%	21.5%	33.1%	35.4%	25.9%	36.1%	37.9%	36.5%
Materials, % of revenue	–	–	70.2%	68.2%	57.8%	55.2%	66.3%	56.9%	54.5%	54.2%
Employee costs, % of revenue	–	–	1.5%	1.6%	1.6%	1.7%	1.5%	1.3%	1.4%	1.6%
Other expenses, % of revenue	–	–	7.6%	8.7%	7.5%	7.6%	6.4%	5.7%	6.2%	7.7%
Depreciation and amortisation	2,672	2,699	2,751	3,007	3,202	3,118	3,304	3,931	4,309	4,565
Operating profit after depreciation	3,299	2,993	2,203	2,679	5,467	6,697	6,741	14,249	16,997	15,242
Other income	419	482	2,477	1,374	1,928	3,975	4,267	9,930	2,703	3,625
Finance costs	5,902	5,570	5,657	5,315	5,106	4,095	3,334	3,388	3,340	3,367
Profit before one-off items and tax	−2,183	−2,095	−976	−1,262	2,289	6,577	7,675	20,792	16,360	15,500
One-off items	−4,077	0	0	−1,003	0	0	0	0	0	0
Profit before tax	−6,260	−2,095	−976	−2,265	2,289	6,577	7,675	20,792	16,360	15,500
	−86	−5	9	10	1,019	1,666	−3,052	−37	3,610	2,528
Current tax	13	7	68	17	21	768	−768	14	57	1,544
Deferred tax	−99	−12	−60	−8	997	897	−2,284	−51	3,553	984
Share of profit of joint ventures and associates	–	−29	–	–	–	–	–	–	–	–
	−6,174	−2,119	−984	−2,275	1,270	4,912	10,727	20,829	12,750	12,971
Belonging to the company's shareholders	–	−2,119	–	–	–	–	–	20,829	12,939	12,834
Belonging to outside owners of subsidiaries	–	–	–	–	–	–	–	0	−189	137
Other comprehensive income	–	–	−8	10	−30	44	34	−27	−3	20
Total comprehensive income	–	–	−992	−2,264	1,240	4,955	10,760	20,801	12,747	12,991
Net margin	−27.1%	−10.3%	−4.1%	−8.6%	4.8%	17.7%	27.7%	41.4%	22.7%	23.9%
Net margin without joint ventures and associates	–	−10.1%	–	–	–	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the years to Mar 2017, Mar 2019, Mar 2020, Mar 2022 and Mar 2023: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to. Belonging to the company's shareholders is left blank for the year to Mar 2021: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the earnings per share is under 50 paise, where its rounding to the paisa is too coarse.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 28 Apr	Mar 2021Filed 6 May	Mar 2022Filed 6 May	Mar 2023Filed 6 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 29 Apr	Sep 2026Half yearFiled 23 Oct
	7,712	6,480	13,113	18,703	29,876	43,145	57,674	66,402	78,377
	7,712	6,480	13,113	18,703	29,876	43,145	56,347	64,937	76,758
Share capital	3,857	3,857	3,857	3,857	3,857	3,857	3,857	3,857	3,857
Reserves	3,855	2,624	9,256	14,847	26,019	39,288	52,490	61,080	72,901
Belonging to outside owners of subsidiaries	0	0	0	0	0	0	1,326	1,465	1,620
	43,484	52,368	49,640	48,796	42,252	34,457	38,335	53,556	61,860
Repayable after a year	36,410	44,566	39,957	37,871	33,703	26,595	27,647	42,830	47,310
Repayable within a year	7,074	7,802	9,683	10,924	8,549	7,862	10,688	10,726	14,550
	18,160	18,189	18,457	17,144	17,745	15,789	16,441	20,328	27,622
Trade payables	6,362	5,596	3,803	3,508	3,079	3,636	2,978	2,841	4,334
Other financial liabilities	4,037	4,119	3,647	1,176	2,471	2,105	1,297	4,115	6,392
Other liabilities	609	603	1,217	557	3,623	2,159	1,349	994	1,092
Provisions	11	39	60	29	22	26	70	97	63
Tax owed	68	30	46	645	0	0	60	1,555	1,191
	42,113	50,355	46,966	46,134	38,201	33,391	38,803	55,550	59,641
Other financial liabilities	63	339	803	1,055	88	144	1,095	1,235	1,341
Other liabilities	5,399	5,095	4,791	0	4,183	6,099	5,698	5,298	5,097
Provisions	61	88	87	221	227	237	340	360	402
Deferred tax	178	266	1,328	2,500	0	316	4,023	5,827	5,490
	67,985	75,025	78,535	81,981	85,821	92,325	1,12,918	1,42,280	1,65,640
Held for sale or for a demerger	4	–	794	–	–	–	16	–	–
	54,782	60,432	61,164	65,753	66,268	66,738	86,588	1,13,592	1,28,821
Plant in use, after depreciation	50,224	55,571	52,575	53,072	50,544	62,813	69,027	69,076	–
Plant being built	350	2,347	6,439	10,270	12,880	925	12,104	35,053	–
Intangible assets	4	84	85	12	12	13	17	29	56
Goodwill	191	191	191	191	191	191	205	205	205
Property held to earn rent	0	–	0	0	705	0	49	92	43
Investments	0	0	0	0	43	0	60	25	200
Stakes in joint ventures and associates	0	–	0	0	0	0	0	0	3,133
Loans given	1,584	0	0	0	0	0	0	8	8
Other financial assets	1,377	428	245	856	780	636	691	690	734
Deferred tax	0	–	0	0	0	376	0	811	867
Other assets	1,052	1,811	1,627	1,353	1,115	1,785	4,436	7,603	9,810
	13,198	14,593	16,578	16,228	19,553	25,587	26,313	28,688	36,819
Inventories	1,224	2,523	2,025	2,258	3,075	4,142	3,317	3,623	3,997
Trade receivables	8,551	8,366	11,438	9,561	11,529	11,677	13,022	11,791	13,214
Cash and cash equivalents	25	941	113	782	349	1,136	320	928	3,897
Other bank balances	891	1,038	1,494	1,582	1,524	6,076	5,800	5,998	6,768
Current investments	3	3	20	183	612	374	1,038	1,491	5,236
Loans given	6	3	9	8	3	3	7	11	10
Other financial assets	1,573	768	456	308	558	436	888	2,162	1,020
Tax paid in advance	–	–	0	0	0	0	196	0	–
Other assets	926	951	1,023	1,545	1,903	1,742	1,726	2,683	2,676
Net debt	42,565	50,386	48,013	46,248	39,767	26,872	31,177	45,138	45,959

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 6 May	Mar 2022Filed 6 May	Mar 2023Filed 6 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 29 Apr	Sep 2026Half yearFiled 23 Oct
	7,014	10,233	8,431	14,170	21,501	20,514	16,139
	7,020	10,457	8,509	14,228	21,509	20,411	18,180
	−1,645	305	−1,351	−4,450	−440	−447	2,166
Receivables	−489	981	−2,995	−1,738	−342	1,370	−1,533
Inventories	385	−262	−829	−1,067	1,313	−234	−383
Payables	−1,489	−368	−423	616	−880	−182	1,559
Other working capital	−53	−46	2,897	−2,261	−531	−1,401	2,523
Tax paid	−6	−224	−79	−57	−8	102	−2,041
Capital spending	3,618	3,435	3,244	2,602	11,559	23,299	12,360
Free cash flow	3,397	6,798	5,187	11,568	9,942	−2,785	3,780
	−2,188	774	1,545	3,485	−17,142	−26,461	−19,033
Plant and property sold	10	1	1	1	15	19	0
Companies bought	0	−1	−727	−3	−6,396	−3,965	0
Interest received	91	4,301	4,827	9,316	884	1,340	1,224
	−5,655	−10,338	−10,408	−16,864	−5,175	6,555	5,864
Borrowings raised	23,263	13,332	21,205	24,568	6,656	20,500	11,185
Borrowings repaid	−25,133	−19,728	−28,148	−30,598	−3,352	−5,400	−2,794
Interest paid	−3,800	−3,947	−3,365	−3,431	−3,408	−4,025	−2,499
Lease payments	0	−6	−6	0	−23	−74	−23
Dividends paid	0	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	−828	669	−433	791	−816	608	2,969

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 28 Apr	Mar 2021Filed 6 May	Mar 2022Filed 6 May	Mar 2023Filed 6 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 29 Apr
	−₹3.56	−₹1.08	−₹0.64	−₹1.64	₹0.01	₹1.93	₹4.91	₹10.32	₹6.46	₹6.62
As stated that year	−₹17.82	−₹5.42	−₹3.21	−₹8.19	₹0.06	₹9.63	₹24.57	₹51.62	₹32.32	₹6.62
	−₹3.56	−₹1.08	−₹0.64	−₹1.64	₹0.01	₹1.93	₹4.91	₹10.32	₹6.46	₹6.62
As stated that year	−₹17.82	−₹5.42	−₹3.21	−₹8.19	₹0.06	₹9.63	₹24.57	₹51.62	₹32.32	₹6.62
	–	–	₹4.00	₹3.36	₹6.80	₹9.70	₹15.49	₹22.37	₹29.22	₹33.67
On that year's share count	–	–	₹20.00	₹16.80	₹34.00	₹48.49	₹77.46	₹111.86	₹146.09	₹33.67
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	13,969	9,141	18,590	10,703	32,803	71,392	73,899	2,05,883	1,96,434	2,90,100

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Adani Power PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 28 Apr	Mar 2021Filed 6 May	Mar 2022Filed 6 May	Mar 2023Filed 6 May	Mar 2024Filed 2 May	Mar 2025Filed 10 Jun	Mar 2026Filed 29 Apr
Revenue growth	–	−9.5%	15.9%	10.8%	−0.9%	5.7%	39.9%	29.9%	11.6%	−3.5%
Operating profit growth	–	−4.7%	−13.0%	14.8%	52.5%	13.2%	2.3%	81.0%	17.2%	−7.0%
Net profit growth	–	–	–	–	–	286.7%	118.4%	94.2%	−38.8%	1.7%
Earnings per share growth	–	–	–	–	–	15,946.7%	155.2%	110.1%	−37.4%	2.4%
	–	–	–	–	–	–	–	57.0%	26.0%	21.2%
	–	–	–	–	–	–	–	–	−31.0 pts	−4.8 pts
From the net margin	–	–	–	–	–	–	–	–	−25.3 pts	0.7 pts
From asset turnover	–	–	–	–	–	–	–	–	−1.0 pts	−6.0 pts
From borrowing	–	–	–	–	–	–	–	–	−4.8 pts	0.4 pts
Return on capital employed	–	–	4.3%	4.6%	8.7%	9.9%	9.3%	18.4%	17.7%	12.7%
Cash conversion	–	–	–	–	552.3%	208.3%	78.6%	68.0%	168.6%	158.1%
Interest cover	0.6	0.5	0.4	0.5	1.1	1.6	2.0	4.2	5.1	4.5
Debt to equity	–	–	5.64	8.08	3.79	2.61	1.41	0.80	0.66	0.81
Receivable days	–	–	131	115	159	126	109	85	85	79
Inventory days	–	–	27	51	49	54	44	53	40	45
Payable days	–	–	139	113	92	84	44	46	35	35
Cash conversion cycle, days	–	–	19	53	116	96	108	91	89	89
Working capital days	–	–	18	31	86	98	74	73	87	72
Asset turnover	–	–	0.35	0.37	0.34	0.35	0.46	0.57	0.55	0.43
Assets per rupee of net worth	–	–	8.82	10.08	7.84	5.05	3.45	2.44	2.06	2.10
Sales per rupee of plant	–	–	0.48	0.48	0.50	0.52	0.77	0.80	0.81	0.79
Capital spending to depreciation	–	–	–	–	1.13	1.10	0.98	0.66	2.68	5.10
Plant being built, % of plant in use	–	–	0.7%	4.2%	12.2%	19.4%	25.5%	1.5%	17.5%	50.7%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 10.1%
Cash from operations against operating profit: 103.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.0%	15.6%	11.8%
Profit growth, yearly rate	38.7%	–	–
Return on equity, average	–	–	34.7%
Return on capital employed, average	–	13.6%	16.3%
Operating margin, average	30.1%	34.4%	36.8%
Net margin, average	8.8%	26.7%	29.3%
Asset turnover, average	–	0.47	0.51
Cash conversion cycle, days, average	–	95	90
Interest cover, average	2.1	3.5	4.6
Debt to equity, average	–	1.26	0.76

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	74,848	56,185	20,514
Cash from investing	−37,798	−40,118	−26,461
Cash from financing	−36,231	−15,485	6,555
Capital spending	44,139	37,460	23,299
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	86,262	51,724	20,500
Borrowings repaid	87,226	39,350	5,400

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	8	9	7	8	7	5
Altman Z-scorePublished threshold 1.1	0.30	0.17	1.07	1.70	2.55	4.76	4.36	3.59
Beneish M-scorePublished threshold −1.78	–	–	−2.24	−2.81	−1.82	−2.41	−1.68	−2.48
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−4.63	−7.59	0.90	3.56	8.18	14.83
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	1.52	0.90	1.00	1.21
Receivables growth less revenue growthOur threshold 0 percentage points	–	−12.97	37.64	−22.09	−19.33	−28.58	−0.11	−5.96
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	98.41	−3.65	10.45	−31.68	23.10	−26.73	13.32
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−2.95	−0.91	1.35	1.56	−0.56	1.12	3.75
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.28	31.29	2.84	16.60	0.06	1.15	7.60
Effective tax ratePublished threshold 17.16 per cent	–	–	44.51	25.32	−39.77	−0.18	22.07	16.31
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	21.91	−40.79	−0.46	22.02	15.65

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
31 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+; IND A1+New, New	Stable	10,000
31 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AA+Review, Other	Stable	3,500
17 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital Limits	CARE AA+ / CARE A1+Review, Upgrade	Stable	765
17 Aug 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AA+Review, Upgrade	Stable	675
17 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AA+Review, Upgrade	Stable	44,961.70
17 Aug 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT-Bank Guarantee	CARE AA+Review, Upgrade	Stable	7,988.30
30 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Re-affirm	Stable	6,636.31
30 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AAReview, Re-affirm	Stable	2,860
27 Feb 2026	ICRA Limited (opens in a new tab)	Non-fund based-Bank guarantee	[ICRA]A1+Review, Re-affirm		6,636.30
27 Feb 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AAReview, Re-affirm	Stable	3,500
27 Feb 2026	ICRA Limited (opens in a new tab)	Fund-based-Others	[ICRA]AAReview, Re-affirm	Stable	15,050
27 Feb 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAReview, Re-affirm	Stable	36,313.70

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.