ADANIPOWER
Adani Power share price & financials
- Price
- ₹231.76
- Market cap
- ₹4.0L Cr
- Sector
- Power
- Calls analysed
- 8
Adani Power Q1 FY27
What went well
- Highest ever quarterly power generation of 31 billion units and dispatched 28.8 billion units, a growth of 17%.
- Total continuing revenue for Q1 FY27 is INR17,936 crores, a growth of 27% over Q1 FY26.
- Profit After Tax (PAT) for Q1 FY27 is INR4,867 crores, 47% higher YoY.
What to watch
- Fuel cost for the quarter was higher by 30% at INR9,513 crores, driven by larger dispatch volumes and higher imported coal indices.
- Merchant volumes reduced to 4 billion units in Q1 FY27 from 6 billion units in Q1 FY26, as capacity was tied up in PPAs.
What Adani Power does
Adani Power is India's largest private-sector thermal (base-load) independent power producer, generating electricity mainly from coal-fired plants plus a small solar unit. It operates 18,150 MW of capacity across 13 assets spread over multiple Indian states, anchored by the 4,620 MW Mundra plant — India's largest single-location private thermal IPP. It earns revenue by selling power to state distribution companies (DISCOMs) under long- and medium-term Power Purchase Agreements, with roughly 95% of operating capacity contracted and the balance sold in the merchant/short-term market.
Segments
- Thermal power generation
- Solar power generation
- Market position
- India's largest private-sector thermal power producer (IPP)
- Operating capacity
- 18,150 MW across 13 assets
- Largest single-location plant
- Mundra, Gujarat — 4,620 MW (India's largest single-location private thermal IPP)
- Plant fleet footprint
- Plants across Gujarat, Maharashtra, Rajasthan, Karnataka, Madhya Pradesh, Chhattisgarh, Jharkhand and Uttar Pradesh
- Fleet technology mix
- Over 60% of operating capacity supercritical/ultra-supercritical
- PPA-covered operating capacity
- Over 95% tied under long- and medium-term PPAs
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 0 delivered 2 missed 17 open- Dhirauli Coal Mine Production Start went quiet said Q1 FY26 Promised: Begin production by September-October 2025 Q1 FY27: Not mentioned in the earnings call or presentation.
- Operating Capacity Target revised up said Q2 FY24 Promised: ~6,000 MW additional over current 15,000 MW Q1 FY27: Target revised up to 45 GW by the same timeline as the previous 42 GW target.
- Mahan Phase 2 Commissioning Timeline delayed said Q4 FY25 Promised: March-April 2027, followed by one 800 MW unit every 6 months Q1 FY27: First unit scheduled for commercial operation in Q1 FY28. Second unit in Q3 FY28, with efforts to bring it to Q2 FY28. This confirms the previously delayed timeline.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 34.0%, net profit up 47.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,339 | 13,671 | 14,237 | 14,109 | 13,457 +1% | 12,451 −9% | 14,223 −0% | 18,902 +34% |
| EBITDA | 5,276 | 5,023 | 4,813 | 5,685 | 5,150 −2% | 4,238 −16% | 4,732 −2% | 7,949 +40% |
| Net profit | 3,298 | 2,940 | 2,599 | 3,305 | 2,906 −12% | 2,488 −15% | 4,271 +64% | 4,867 +47% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −66.9% 1Y
1Y: ₹634.45 on 10 Sept 2025 → ₹209.97. High ₹634.45 (10 Sept 2025), low ₹126.1 (17 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- −2.2%
- 23 Jul
- Q4 FY26
- +1.2%
- 30 Apr
- Q3 FY26
- −0.6%
- 29 Jan
- Q2 FY26
- +0.3%
- 30 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 11.8% a year over 3 years, FY23 to FY26. Operating margin widened to 36.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹38.8k Cr | ₹50.4k Cr | ₹56.2k Cr | ₹54.2k Cr |
| Operating profit | ₹10.0k Cr | ₹18.2k Cr | ₹21.3k Cr | ₹19.8k Cr |
| Operating margin | 25.9% | 36.1% | 37.9% | 36.5% |
| Interest | ₹3.3k Cr | ₹3.4k Cr | ₹3.3k Cr | ₹3.4k Cr |
| Depreciation | ₹3.3k Cr | ₹3.9k Cr | ₹4.3k Cr | ₹4.6k Cr |
| Net profit | ₹10.7k Cr | ₹20.8k Cr | ₹12.8k Cr | ₹13.0k Cr |
| Net margin | 27.7% | 41.4% | 22.7% | 23.9% |
| ROCE | 16.0% | 32.0% | 23.0% | 17.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹3.9k Cr | ₹3.9k Cr | ₹3.9k Cr | ₹3.9k Cr | ₹3.9k Cr | ₹3.9k Cr |
| Reserves | ₹9.3k Cr | ₹14.6k Cr | ₹25.8k Cr | ₹39.0k Cr | ₹54.6k Cr | ₹61.1k Cr |
| Borrowings | ₹52.4k Cr | ₹49.1k Cr | ₹42.6k Cr | ₹34.9k Cr | ₹48.5k Cr | ₹54.7k Cr |
| Other liabilities | ₹13.0k Cr | ₹14.4k Cr | ₹13.6k Cr | ₹14.2k Cr | ₹18.6k Cr | ₹21.9k Cr |
| Total liabilities | ₹78.5k Cr | ₹82.0k Cr | ₹85.8k Cr | ₹92.0k Cr | ₹125.6k Cr | ₹141.5k Cr |
| Fixed assets | ₹52.9k Cr | ₹53.3k Cr | ₹51.5k Cr | ₹63.0k Cr | ₹71.1k Cr | ₹69.4k Cr |
| Capital work in progress | ₹6.4k Cr | ₹10.3k Cr | ₹12.9k Cr | ₹925 Cr | ₹19.8k Cr | ₹35.1k Cr |
| Investments | ₹20 Cr | ₹183 Cr | ₹654 Cr | ₹374 Cr | ₹50 Cr | ₹1.5k Cr |
| Other assets | ₹19.2k Cr | ₹18.3k Cr | ₹20.8k Cr | ₹27.7k Cr | ₹34.6k Cr | ₹35.5k Cr |
| Total assets | ₹78.5k Cr | ₹82.0k Cr | ₹85.8k Cr | ₹92.0k Cr | ₹125.6k Cr | ₹141.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +2.31 pp while the public trimmed −1.62 pp. The shareholder count grew 17% to 21,16,256.
- Promoters
- 75.0%
- FIIs
- 11.8%
- DIIs
- 4.1%
- Public
- 9.2%
Since Jun 2025
- DIIs +2.31 pp
- Public −1.62 pp
- FIIs −0.70 pp
How it drifted, 12 quarters
Over this window FIIs fell from 17.5% to 11.8% — −5.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 70.0%, FIIs 17.5%, DIIs 0.8%, Public 11.7%.Dec '23: Promoters 71.8%, FIIs 15.9%, DIIs 1.2%, Public 11.2%.Mar '24: Promoters 71.8%, FIIs 15.9%, DIIs 1.4%, Public 10.9%.Jun '24: Promoters 72.7%, FIIs 14.7%, DIIs 1.4%, Public 11.1%.Sep '24: Promoters 75.0%, FIIs 12.7%, DIIs 1.5%, Public 10.8%.Dec '24: Promoters 75.0%, FIIs 12.3%, DIIs 1.6%, Public 11.1%.Mar '25: Promoters 75.0%, FIIs 12.4%, DIIs 1.6%, Public 11.0%.Jun '25: Promoters 75.0%, FIIs 12.5%, DIIs 1.8%, Public 10.8%.Sep '25: Promoters 75.0%, FIIs 11.5%, DIIs 2.7%, Public 10.8%.Dec '25: Promoters 75.0%, FIIs 11.6%, DIIs 3.4%, Public 10.0%.Mar '26: Promoters 75.0%, FIIs 11.7%, DIIs 3.7%, Public 9.6%.Jun '26: Promoters 75.0%, FIIs 11.8%, DIIs 4.1%, Public 9.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Nifty 500 Index Fund Mutual fund newly disclosed 1.61% held
- Quant Mutual Fund - Quant Quantamental Fund Mutual fund newly disclosed 1.04% held
- Pranav Vinod Adani newly disclosed 0.00% held
- Sagar Rajeshbhai Adani newly disclosed 0.00% held
- Karan Gautam Adani newly disclosed 0.00% held
- Jeet Gautam Adani newly disclosed 0.00% held
The same filing shows 3 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Adani Power above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Gautambhai Shantilal Adani and Rajeshbhai Shantilal Adani (on behalf of S.B. Adani Family Trust) | 36.86% | unchanged |
| Flourishing Trade And Investment Ltd | 11.46% | unchanged |
| Adani Tradeline Private Limited | 10.34% | unchanged |
| Emerging Market Investment Dmcc | 6.74% | unchanged |
| Worldwide Emerging Market Holding Limited | 3.79% | unchanged |
| Ardour Investment Holding Ltd | 3.68% | unchanged |
| Opal Investment Pvt Ltd | 3.52% | −0.06 pp |
| Goldman Sachs Trust Ii - Goldman Sachs Gqg Partner Global fund house | 3.03% | −0.28 pp |
| Fortitude Trade And Investment Ltd | 1.71% | unchanged |
| SBI Nifty 500 Index Fund Mutual fund | 1.61% | newly disclosed |
| Gqg Partners Emerging Markets Equity Fund Global fund house | 1.29% | −0.20 pp |
| Quant Mutual Fund - Quant Quantamental Fund Mutual fund | 1.04% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in ADANIPOWER
Filings to Aug 2026
0 new, 12 added, 6 trimmed, 0 sold out — net −21.21 L shares (−0.6%).
- Held by funds
- ₹6.6k Cr
- 21 schemes
- Biggest holder
- SBI Aggressive Hybrid Fund
- ₹2.6k Cr · 2.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Aggressive Hybrid Fund SBI Mutual Fund | ₹2.6k Cr | held | Oct '25 |
| SBI Focused Fund SBI Mutual Fund | ₹2.2k Cr | held | Oct '25 |
| SBI MultiCap Fund SBI Mutual Fund | ₹832 Cr | −70.00 L | Oct '25 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹367 Cr | +29.89 L | Apr '26 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹290 Cr | +4.71 L | Mar '24 |
| SBI Nifty Next 50 ETF SBI Mutual Fund | ₹99 Cr | +0.11 L | Mar '24 |
| SBI Nifty Next 50 Index Fund SBI Mutual Fund | ₹77 Cr | +1.56 L | Mar '24 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹55 Cr | +8.95 L | Apr '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
12 added, 6 trimmed — net −21.21 L shares (−0.6%)
- Funds are sitting on
- +38%
- vs est. average cost
- Held by funds
- ₹6.6k Cr
- 21 schemes · ≈ 1.9% of the company
- Biggest holder
- SBI Aggressive Hybrid Fund
- ₹2.6k Cr · 2.9% of that fund
- Longest holder
- Nippon India ETF Nifty Next 50 Junior BeES
- 2y 6m · since Mar '24
Shares held by these funds +45073%
Aug '23 33.82 cr shares Jul '26
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse Adani Power
Guides on how to read this kind of business and the numbers that matter.