NSE/ADANIPOWER

ADANIPOWERAdani Power Ltd

Power · NSE

₹198.5+2.75%

52-wk low52-WEEK RANGE52-wk high

₹132.96+49.3% from low ·-72.0% from high₹709.4

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

ADANIPOWER-60.96% · 1Y

Range high ₹723Range low ₹128.1Latest ₹198.5252 bars · daily-close · NSE bhavcopy + 10Y history

PowerUtilities - Independent Power ProducersAdani GroupLargecapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite63/100

Performance

High

Amongst the strong performers in the market.

· 52w return +74.4% — strong momentum
· Trades 40.6% above 200-DMA — uptrend intact

Valuation

High

Looks expensive vs the sector.

· P/E 34.3 close to sector median 36.0
· P/B 6.63 above sector median

Growth

Medium

Steady but not standout growth.

· Revenue YoY -8.9% — contracting
· Profit YoY -15.9% — earnings slipping

Profitability

High

Showing good signs of profitability & efficiency.

· ROE 19.4%
· Net margin 23.0% — strong pricing power

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeC(55/100)

Durability

56/100

Reasonable financial health; watch the weaker inputs.

Show 4 drivers

Piotroski F-score6/9 (67pt)
Altman Z" score0.97 (26pt)
Debt/Equity0.81 (63pt)
ROE19.4% (77pt)

Valuation

47/100

Trading at a premium — growth must keep delivering to justify.

Show 3 drivers

P/E vs sector (34.3 / 36.0)95% (66pt)
P/B6.63 (20pt)
EV/EBITDA21.0 (38pt)

Momentum

62/100

Constructive setup — momentum building, not extended.

Show 5 drivers

52w change+74.4% (100pt)
DMA-trend alignmentsideways (50pt)
RSI (14)86.6 (65pt)
Price vs 200-DMA-30.4% (10pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)34.27

FAIR

CheapestP/E 34.3 near sector median.Most expensive

P/B6.63

OVERVALUED

CheapestP/B 6.63 at 80th %ile of sector.Most expensive

EV/EBITDA21.00

OVERVALUED

Monthly seasonality

Avg monthly return over 11 years · historical — not a forecast

Best: Apr +44.50% · Worst: Sep -9.18%

Jan

-2.8%

36% win

Feb

-2.8%

50% win

Mar

+7.3%

58% win

Apr

+44.5%

67% win

May

+2.1%

55% win

Jun

-2.5%

Monthly return distribution

Distribution of 135 monthly returns

Mean

+6.15%

Median

+2.13%

Std dev

41.21%

Best

+422.3%

Worst

-75.9%

% positive

53%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 3

Consistent top-line growth (26.6% 3Y CAGR)
Sustained revenue compounding is rare and hard to fake
Strong net margin (23.0%)
High margin indicates pricing power + operating efficiency
Top quartile ROE in Power
Rank 2 of 15 peers

WEAKNESSES · 2

Revenue contracting (-8.9% YoY)
Negative top-line growth is the hardest signal to overcome
Distress-zone Altman Z″ (0.97)
Historically associated with elevated bankruptcy probability

OPPORTUNITIES · 0

No strong near-term catalysts visible

THREATS · 2

Profit contracting sharply (-15.9% YoY)
Double-digit earnings decline pressures valuation compression
RSI overbought at 87
Above 75 often precedes consolidation or short-term pullbacks

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+2.7%

+12.9%

+35.4%

+38.9%

+30.2%

-61.3%

+68.5%

+63.0%

10Y

+41.6%

Fundamentals

VALUATION

Market cap

₹3,87,295 Cr

P/E (TTM)

34.3

P/E (fwd)

29.4

next 12m

P/B

6.63

EV/EBITDA

21.0

Book value

₹30.29

per share

PROFITABILITY · QUALITY

ROE

19.4%

ROCE

—

Net margin

23.0%

Op margin

24.9%

Gross margin

43.1%

D/E

0.81

GROWTH · MARKET

Rev YoY

-8.9%

Profit YoY

-15.9%

Div yield

—

Payout

0.0%

52w change

+74.4%

Beta

0.15

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 5

+Forward P/E materially below trailing (29.4x vs 34.3x)Street expects earnings growth that compresses the multiple — positive surprise cushion
+Strong operating margin (24.9%)Meaningful pricing power or cost discipline — above many Indian companies
+3-year revenue CAGR of 26.6%Sustained multi-year growth — not a one-quarter flash
+3-year profit CAGR of 38.1%Consistently compounding earnings — the Buffett playbook
+Top-3 ROE in Power sectorBest-in-class profitability among 15 listed peers

CONS · 3

−Revenue declining -8.9% YoYTop-line contraction — watch for cyclical vs structural
−Up +74.4% over the last year

Sector-relative context

Power · 15 peers

P/E (TTM)

This stock

34.27

Sector median

36.02

Rank 6/15 (67th %ile)

ROE

This stock

19.4%

Sector median

9.1%

Rank 14/15 (13th %ile)

P/B

This stock

6.63

Sector median

3.29

Rank 12/15 (27th %ile)

Quality score · Piotroski F-score

6 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✗Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✗ROA improved YoY· Getting more productive with the asset base
✓Operating margin expanded YoY· Pricing power or cost discipline
✗

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

DISTRESS0.97

Z″ = 0.97 — DISTRESS zone. Historical Altman-Z models have associated this range with elevated 2-year bankruptcy probability. Treat as a flag for deeper diligence, not a verdict.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.126	×6.56	0.827
Retained Earnings / Total Assets (B)	-0.117	×3.26	-0.381
EBIT / Total Assets (C)	0.087	×6.72	0.588
Book Equity / Total Liabilities (D)	-0.065	×1.05	-0.069

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

7 analysts · STRONG_BUY

Target mean

₹180.14

Target high

₹187.00

Target low

₹173.00

Upside vs today

-10.3%

Street consensus target is -10.3% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Utilities - Independent Power Producers

Employees

4,176

Shares out

1,928.5

Revenue (TTM)

₹54,255 Cr

EBITDA

₹20,037 Cr

Total debt

₹48,464 Cr

Cash

₹10,341 Cr

Net debt

₹38,122 Cr

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	13,339	13,671	14,166	14,109	12,451
Operating profit	4,217	3,853	4,486	4,597	3,103
OPM %	31.6%	28.2%	31.7%	32.6%	24.9%
Interest	807

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	27,655	38,023	50,051	56,132
Operating profit	7,172	6,608	14,747	17,755
OPM %	25.9%	17.4%	29.5%	31.6%
Interest	3,872	3,040	3,079	3,073

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
ADANIPOWERTHIS Adani Power Limited	₹198.5	-65.1%	3,87,295	34.3	6.63	19.4%	0.81	-8.9%
NTPC NTPC Limited	₹393.6	+8.0%	3,85,927	22.0	2.01	9.1%	1.18	+8.0%
POWERGRID Power Grid Corporation of India Limited	₹318.1	-0.6%	2,97,340	20.5	3.00	14.6%	1.41	+10.3%
ADANIGREEN Adani Green Energy Limited	₹1,127.3	+17.9%	1,89,870	134.5	10.07	7.5%	2.96	+10.7%
ADANIENSOL Adani Energy Solutions Limited	₹1,259.8	+34.4%	1,51,290	67.5	6.48	9.6%	1.87	+15.4%
JSWENERGY JSW Energy Limited	₹538.05	+3.2%	95,366	41.7	3.25	7.8%	2.19	+67.4%
NTPCGREEN NTPC Green Energy Limited	₹111.96	+4.2%	94,796	163.0	5.06	—	1.16	—
NHPC NHPC Limited	₹83.56	-4.7%	83,314	53.2	2.01	—	1.00	-6.6%
PREMIERENE Premier Energies Limited	₹1,034.6	+2.5%	45,585	36.3	13.16	—	0.47	—

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	1.32	1.29	-2.3%
-2q	1.34	1.53	+14.2%
-3q	2.66	1.72	-35.3%
-4q	1.74	1.32	-23.9%

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	3,857	3,857	3,857	3,857
Reserves	-9,582	477	19,681	31,785
Borrowings	48,744	42,181	34,431	39,356
Other liabilities	4,487	—	6,099	5,699
Total liabilities	81,981	85,821	92,325	1,12,918
Fixed assets	63,341	63,423	63,738	81,131
CWIP	10,270	12,880	925	12,104
Investments	192	319	104	155
Other assets	1,353	—	1,785	4,219
Total assets	81,981	85,821	92,325	1,12,918

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	10,233	8,431	14,170	21,501
CF Investing	572	1,544	3,482	-17,142
CF Financing	-10,338	-10,408	-16,864	-5,175
Net cash flow	669	-433	787	-816
Free cash flow	6,798	5,187	11,568	9,942

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	31.6%	29.5%	17.4%	25.9%
Net margin %	23.1%	41.6%	28.2%	17.8%
ROE %	43.7%	149.5%	-1541.7%	-85.8%
ROCE %	29.2%	45.7%	23.9%	24.3%
Debt / Equity	1.10	1.46	9.73	-8.51
Interest coverage	6.3×	7.8×	3.5×	2.7×
Revenue growth YoY	+12.1%	+31.6%	+37.5%	—
Profit growth YoY	-37.9%	+94.2%	+118.4%	—

ADANIPOWERAdani Power Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Power

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Stock scorecard

Recent news

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Power