Adani Power Limited (ADANIPOWER.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+34.0%

₹262.14

vs ₹195.63 price

Levered DCF

₹142.18

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

3.46

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	22.72×	15.63×	10.86×	7.8×	19.18×	1,318.6×	-3.38×	-15.22×
P/B	4.49×	3.53×	5.01×	2.47×	3.82×	2.5×	1.65×	2.44×
P/S	5.42×	3.54×	4.29×	1.91×	2.58×	1.25×	0.4×	0.79×
EV / EBITDA	14.48×	11.1×	13.68×	11.31×	12×	9.79×	10.94×	12.06×
Gross margin	34.3%	43.1%	40.6%	30.9%	40.5%	37.7%	27.5%	26.8%
Operating margin	27.5%	41.7%	39.3%	29.4%	38.8%	36.1%	-4.8%	-4.1%
Net margin	23.9%	23.0%	41.4%	27.7%	17.7%	4.8%	-8.6%	-4.1%
Current ratio	1.41×	1.6×	1.62×	1.1×	0.95×	0.94×	0.8×	0.73×
Debt / equity	0.84×	0.7×	0.8×	1.41×	2.61×	4.01×	8.53×	6.09×
Interest coverage	4.39×	7.21×	5.94×	3.54×	2.68×	1.97×	-0.25×	-0.17×
Dividend yield	0.0%	0.4%	0.8%	0.9%	0.8%	1.2%	5.7%	1.0%
Payout ratio	0.0%	6.5%	7.8%	6.2%	12.0%	30.0%	-26.9%	-18.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	19.8%	23.0%	48.3%	35.9%	26.3%	9.7%	-35.1%	-12.8%
Return on invested capital	9.3%	17.0%	23.4%	14.9%	10.6%	7.2%	-1.9%	-1.6%
Return on assets	9.0%	11.5%	22.6%	12.5%	6.0%	1.6%	-3.0%	-1.4%
Free cash flow yield	-1.9%	5.0%	5.4%	7.0%	9.5%	9.1%	31.5%	23.4%
Earnings yield	4.4%	6.5%	9.6%	14.5%	6.9%	3.9%	-21.3%	-5.2%
Enterprise value	₹3.4T	₹2.4T	₹2.5T	₹1.2T	₹1.2T	₹852.1B	₹650.6B	₹657.4B
Net debt / EBITDA	2.04×	1.83×	1.83×	4.09×	4.82×	6.02×	9.14×	8.62×
Cash conversion cycle (days)	88	92	109	132	129	146	63	46