| ₹ crore | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue | 19,439 | 13,457 | +44.5% |
| EBITDA | 8,231 | 5,150 | +59.8% |
| EBITDA margin | 42.3% | 38.3% | +4.1 pts |
| Profit before tax | 6,792 | 3,966 | +71.2% |
| Net profit | 7,019 | 2,906 | +141.5% |
| EPS | ₹3.59 | ₹1.53 | +134.6% |
Amounts on the left scale in ₹ crore; per cent on the right, dashed. L = lakh crore, K = thousand crore. Touch the chart to read any period.
| Tap a line for its trend | Currentlast 12M | FY26Mar 2026 | FY25Mar 2025 | FY24Mar 2024 | FY23Mar 2023 | FY22 and earlierAlpha Plus |
|---|
| 3,55,976 | — | — | — | — | FY22 and earlierEvery year the company has filed comes with Alpha Plus. | |
| 9,134 | 2,419 | 1,358 | 1,510 | 961 | ||
| 1,620 | 1,465 | 1,326 | 0.0 | 0.0 | ||
| 53,556 | 53,556 | 38,335 | 34,457 | 42,252 | ||
| 4,02,018 | — | — | — | — | ||
| 65,015 | 54,241 | 56,203 | 50,351 | 38,773 | ||
| — | −3.5% | +11.6% | +29.9% | — | ||
| 25,151 | 19,806 | 21,305 | 18,181 | 10,045 | ||
| 38.7% | 36.5% | 37.9% | 36.1% | 25.9% | ||
| 20,510 | 15,242 | 16,997 | 14,249 | 6,741 | ||
| 18,645 | 12,971 | 12,750 | 20,829 | 10,727 | ||
| 28.7% | 23.9% | 22.7% | 41.4% | 27.7% | ||
| ₹9.45 | ₹6.66 | ₹6.71 | ₹10.80 | ₹5.56 | ||
| — | −0.8% | −37.9% | +94.2% | — | ||
| — | 20,514 | 21,501 | 14,170 | 8,431 | ||
| — | −23,307 | −11,559 | −2,602 | −3,244 | ||
| −2,793 | −2,793 | 9,942 | 11,568 | 5,187 | ||
From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.
In ₹ Crore except Per Share 12 Months Ending | FY23 31/03/2023 | FY24 31/03/2024 | FY25 31/03/2025 | FY26 31/03/2026 | Current/LTM TTM · last close | |
|---|---|---|---|---|---|---|
| Market Capitalization | — | — | — | — | 3,55,976.3 | |
| - Cash, Equiv & ST Investments | 960.8 | 1,509.8 | 1,357.6 | 2,419.2 | 9,133.6 | |
| + Minority Interest | 0.0 | 0.0 | 1,326.5 | 1,465.0 | 1,619.8 | |
| + Total Debt | 42,252.1 | 34,456.9 | 38,334.9 | 53,555.5 | 53,555.5 | |
| Enterprise Value | — | — | — | — | 4,02,018.0 | |
| Revenue | 38,773.3 | 50,351.3 | 56,203.1 | 54,240.5 | 65,015.1 | |
| Growth %, YoY | — | +29.9 | +11.6 | -3.5 | — | |
| EBITDA | 10,044.7 | 18,180.7 | 21,305.4 | 19,806.1 | 25,150.5 | |
| Margin % | 25.91 | 36.11 | 37.91 | 36.52 | 38.68 | |
| EBIT | 6,741.0 | 14,249.4 | 16,996.6 | 15,241.6 | 20,509.5 | |
| Net Income | 10,726.6 | 20,828.8 | 12,749.6 | 12,971.1 | 18,645.4 | |
| Margin % | 27.67 | 41.37 | 22.68 | 23.91 | 28.68 | |
| EPS, Adj (current shares) | 5.56 | 10.80 | 6.71 | 6.66 | 9.45 | |
| Growth %, YoY | — | +94.2 | -37.9 | -0.8 | — | |
| Cash from Operations | 8,430.5 | 14,170.2 | 21,501.1 | 20,513.7 | — | |
| Capital Expenditures | -3,243.7 | -2,602.5 | -11,559.0 | -23,306.5 | — | |
| Free Cash Flow | 5,186.9 | 11,567.7 | 9,942.1 | -2,792.9 | -2,792.9 | |
Prices at the 29 October 2026 close · figures from the company's filings with NSE
Adani Power (NSE: ADANIPOWER) had a market capitalisation of ₹3,68,723 crore at the 29 October 2026 close (₹191.20 a share), a PE ratio of 20.2 on the last four quarters' profit and a price-to-book ratio of 4.80. In FY26 its consolidated net profit attributable to shareholders was ₹12,834 crore on revenue of ₹54,241 crore; in Q2 FY27 (July–September 2026) it was ₹6,919 crore, up 134.3% year on year. Its debt-to-equity ratio was 0.79 on 30 September 2026. Promoters held 74.96% of the shares on 30 September 2026.
Adani Power's PE ratio is 20.2 at the 29 October 2026 close (₹191.20 a share): a market capitalisation of ₹3,68,723 crore divided by consolidated net profit attributable to shareholders of ₹18,222 crore over the last four quarters (Q3 FY26 to Q2 FY27). On FY26 net profit attributable to shareholders (₹12,834 crore) it is 28.7.
Adani Power's price-to-book (PB) ratio is 4.80 at the 29 October 2026 close: a market capitalisation of ₹3,68,723 crore divided by shareholders' equity (book value) of ₹76,758 crore on 30 September 2026. That is a book value of ₹39.80 per share against a share price of ₹191.20.
Adani Power's net worth — shareholders' equity in its consolidated balance sheet — was ₹76,758 crore on 30 September 2026, up 31.3% from ₹58,451 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹3,68,723 crore at the 29 October 2026 close.
Adani Power's market capitalisation was ₹3,68,723 crore (₹3.69 lakh crore) at the 29 October 2026 close: 1,928.47 crore shares at ₹191.20 each.
No. Adani Power had borrowings of ₹61,860 crore on 30 September 2026 (consolidated balance sheet), a debt-to-equity ratio of 0.79. Its cash and current investments were ₹15,901 crore, so its net debt was ₹45,959 crore.
Adani Power's basic earnings per share (EPS) were ₹6.62 in FY26. Over the last four quarters (Q3 FY26 to Q2 FY27) they add up to ₹9.45.
Adani Power's debt-to-equity ratio was 0.79 on 30 September 2026: borrowings of ₹61,860 crore against total equity of ₹78,377 crore. A year earlier, on 30 September 2025, it was 0.79.
Promoters held 74.96% of Adani Power on 30 September 2026, unchanged from both the previous quarter and a year earlier, according to the shareholding pattern filed with NSE.
Adani Power has reported Q2 FY27. Its next results, for Q3 FY27 (October–December 2026), are due by 14 February 2027 under SEBI's 45-day rule; the company notifies the board-meeting date at least two working days before.
In FY26, Adani Power's return on equity (ROE) was 21.2% and its return on capital employed (ROCE) was 14.0%. ROE is net profit attributable to shareholders divided by average shareholders' equity (the start and end of the year); ROCE is operating profit (EBIT) divided by average capital employed (total assets less current liabilities). In FY25, ROE was 26.0% and ROCE 19.7%.
On 30 September 2026, Adani Power's shares were held by promoters 74.96%, foreign portfolio investors (FII/FPI) 11.03%, domestic institutions (DII) 4.47% (including mutual funds at 4.31%) and retail and other non-institutional investors 9.54%. Over the year, FII holding was down 0.50 percentage points from 11.53% and DII holding was up 1.78 percentage points from 2.69%.
At the 29 October 2026 closing prices, on FY26 net profit attributable to shareholders, Adani Power's PE ratio is 28.7, the third highest of the four: Tata Power 29.4, JSW Energy 41.7 and NTPC 11.1, a peer average of 27.4. Each is the company's market capitalisation at that price divided by its FY26 net profit.
Adani Power's book value per share was ₹39.80 on 30 September 2026: shareholders' equity of ₹76,758 crore divided by the 1,928.47 crore shares in issue, up 31.3% from ₹30.31 a year earlier. The share price at the 29 October 2026 close was ₹191.20.
In FY26, Adani Power generated ₹20,514 crore of cash from operations and spent ₹23,307 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of −₹2,793 crore. In FY25 it was ₹9,942 crore.
Adani Power's latest results are for Q2 FY27 (July–September 2026), filed on 23 October 2026: consolidated net profit attributable to shareholders ₹6,919 crore, up 134.3% from ₹2,953 crore in Q2 FY26; revenue from operations ₹19,439 crore, up 44.5% year on year.
In FY26 (April 2025–March 2026), Adani Power's consolidated net profit attributable to shareholders was ₹12,834 crore, down 0.8% from ₹12,939 crore in FY25, on revenue from operations of ₹54,241 crore (down 3.5%). Over three years, from FY23, net profit was up 19.6%.
On FY26 consolidated figures, against Tata Power, JSW Energy and NTPC: Adani Power's operating margin of 28.1% is the second highest of the four (Tata Power 13.3%, JSW Energy 36.4%, NTPC 19.0%; peer average 22.9%); its return on equity of 21.2% is the highest of the four (Tata Power 10.0%, JSW Energy 7.7%, NTPC 14.0%; peer average 10.5%); its revenue growth over three years of 11.8% a year is the second highest of the four (Tata Power 4.2% a year, JSW Energy 22.3% a year, NTPC 2.1% a year; peer average 9.5% a year).
In FY26, Adani Power earned net profit attributable to shareholders of ₹12,834 crore on revenue of ₹54,241 crore, against ₹3,747 crore on ₹62,429 crore for Tata Power. Adani Power's operating margin was 28.1% (Tata Power 13.3%) and its return on equity 21.2% (Tata Power 10.0%). At the 29 October 2026 close, Adani Power's market capitalisation was ₹3,68,723 crore against ₹1,10,104 crore for Tata Power, and its PE ratio on FY26 profit 28.7 against 29.4.
From Adani Power's own consolidated results, balance sheets and shareholding patterns filed with NSE, and NSE prices (the latest used here: the 29 October 2026 close). Ratios are calculated by Alphave from those filings as each answer describes.
Consolidated figures from the company's filings with NSE; prices are NSE closing prices.