A deep dive into Adani Power Ltd. (ADANIPOWER) — examining the financials, valuation picture, and who owns the stock.
Adani Power Revenue Trend
The numbers weren't encouraging on the revenue front: Adani Power Ltd. reported ₹58,906 Cr in FY2025, 2.3% below FY2024 levels.
Stepping back, the 10-year revenue CAGR of 12.1% tells a positive story. Adani Power Ltd. has been growing at a solid clip.
A ₹58,906 Cr revenue base makes Adani Power Ltd. a major name in the Indian power sector.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹58,906 Cr | -2.3% |
| FY2024 | ₹60,281 Cr | +40.1% |
| FY2023 | ₹43,041 Cr | +35.8% |
| FY2022 | ₹31,686 Cr | +12.6% |
| FY2021 | ₹28,150 Cr | — |
View Adani Power Ltd.'s full 10-year revenue trend with CAGR analysis →
Adani Power Profitability
Year-over-year, Adani Power Ltd.'s bottom line dropped 38.8% from ₹20,829 Cr to ₹12,750 Cr in FY2025.
Net margin thinned to 21.6% in FY2025, compared to 34.6% the year before.
Diluted EPS came in at ₹6.46 for FY2025, down from ₹10.32 a year earlier.
Is Adani Power Undervalued
Using the P/E Ratio methodology, the calculated intrinsic value comes to ₹142.
Adani Power Ltd. shares are currently trading at ₹232.52.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹142 | 39.1% downside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for Adani Power Ltd. with detailed assumptions →
Adani Power Shareholding Pattern
A stable promoter holding of 75.0% over 4 quarters suggests the management group is comfortable with its position.
As of March 2026, FIIs own 11.7% of the company — down from 12.5% a year earlier.
DII holding is at 3.7%, up from 1.8% in the year-ago quarter.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 75.0% | 11.7% | 3.7% | 9.6% |
| Dec 2025 | 75.0% | 11.6% | 3.4% | 10.0% |
| Sep 2025 | 75.0% | 11.5% | 2.7% | 10.8% |
| Jun 2025 | 75.0% | 12.5% | 1.8% | 10.8% |
Track quarterly shareholding changes for Adani Power Ltd. →
Adani Power Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
FY2025 total assets: ₹1,129.18B (up 22.3% YoY from ₹923.25B).
Top categories: Property, Plant & Equipment (69.8%), Other Assets (14.3%), Receivables (11.5%).
Of the ₹1,129.18B in liabilities and equity, 51.1% is shareholder equity, 35.0% is interest-bearing debt, and 13.9% is operating liabilities. Over the year, debt is up 14.1% and equity is up 33.7%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 13.58B |
| Receivables | 130.22B |
| Inventories | 33.17B |
| Property, Plant & Equipment | 788.12B |
| Investments | 595.10M |
| Intangibles & Goodwill | 2.22B |
| Other Assets | 161.28B |
| Category | Value |
|---|---|
| Equity | 576.74B |
| Short-term Debt | 107.54B |
| Long-term Debt | 287.41B |
| Trade Payables | 29.78B |
| Other Liabilities | 127.71B |
Adani Power — The Bottom Line
Here's the bottom line on Adani Power Ltd. (ADANIPOWER) based on the latest available financials.
Revenue of ₹58,906 Cr in FY2025, down 2.3% year-over-year.
Long-term revenue has been compounding at 12.1% annually over 10 years.
The company is profitable, with a net margin of 21.6% and net income of ₹12,750 Cr.
The P/E Ratio model implies 39.1% downside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
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