Financials Adani Power Limited

Equities

Market Closed - NSE India S.E. Other stock markets 05:19:44 12/12/2025 pm IST			5-day change	1st Jan Change
144.49 ^INR	+2.78%		+0.49%	+36.45%

12/12	India's cabinet approves opening up of nuclear, insurance sectors, sources say	RE
05/12	India's Adani, Hindalco seek Peru copper assets as demand surges	RE

Fiscal Period: March	2021	2022	2024	2025	2026	2027	2028
Net sales ¹	2,62,215	2,77,112	-	5,62,031	5,61,950	6,43,073	7,61,820
Change	-	5.68%	-	-	-0.01%	14.44%	18.47%
EBITDA ¹	86,685	98,142	-	2,13,054	2,13,525	2,50,784	3,11,779
Change	-	13.22%	-	-	0.22%	17.45%	24.32%
EBIT ¹	54,669	66,966	-	1,69,966	1,73,794	2,01,878	2,49,040
Change	-	22.49%	-	-	2.25%	16.16%	23.36%
Interest Paid ¹	-51,063	-40,948	-	-33,398	-34,160	-37,535	-52,849
Earnings before Tax (EBT) ¹	22,887	65,771	-	1,63,595	1,72,098	1,90,262	2,28,152
Change	-	187.37%	-	-	5.2%	10.55%	19.91%
Net income ¹	12,700	49,116	2,08,288	1,29,388	1,19,937	1,40,865	1,70,587
Change	-	286.74%	-	-37.88%	-7.3%	17.45%	21.1%
Announcement Date	06/05/21	05/05/22	01/05/24	30/04/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	52,038	77,492	68,948	63,736	65,689	51,837	53,609	1,05,978	-	1,42,374	1,41,092	1,52,946	1,46,195	1,64,872	1,55,092	1,66,459	1,64,531	1,92,160
Change	-	48.91%	-11.03%	-7.56%	3.06%	-21.09%	3.42%	97.69%	-	-	-0.9%	8.4%	-4.41%	12.78%	-5.93%	7.33%	-1.16%	16.79%
EBITDA ¹	13,885	40,427	16,229	16,143	16,480	11,633	17,708	52,321	-	48,126	61,498	63,496	64,047	66,009	57,526	73,333	66,548	75,693
Change	-	191.16%	-59.86%	-0.53%	2.09%	-29.41%	52.22%	195.47%	-	-	27.79%	3.25%	0.87%	3.06%	-12.85%	27.48%	-9.25%	13.74%
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts ¹	-	-	-	-	-	-	-	-	-	-7,649	-8,569	-10,832	-9,968	-9,968	-10,496	-10,496	-11,024	-11,024
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	-	32,613	42,043	53,712	41,762	43,677	35,887	50,774	42,635	51,266
Change	-	-	-	-	-	-	-	-	-	-	28.92%	27.75%	-22.25%	4.59%	-17.84%	41.48%	-16.03%	20.24%
Net income ¹	-6,825	22,280	-2,887	131.3	2,782	-2,306	2,185	46,455	30,572	26,370	33,849	42,970	33,409	34,941	28,710	40,619	34,108	41,013
Change	-	426.47%	-112.96%	104.55%	2,018.96%	-182.88%	194.75%	2,026.17%	-34.19%	-13.75%	28.36%	26.95%	-22.25%	4.59%	-17.83%	41.48%	-16.03%	20.24%
Announcement Date	06/08/20	05/11/20	04/02/21	06/05/21	05/08/21	29/10/21	03/02/22	05/05/22	29/01/25	30/04/25	01/08/25	-	-	-	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2025 S1	2025 S2	2026 S1	2026 S2	2027 S1	2027 S2
Net sales ¹	-	-	2,75,660	-	-	-
Change	-	-	8.82%	-	-	-
EBITDA ¹	-	-	1,08,356	-	-	-
Change	-	-	27.72%	-	-	-
EBIT	-	-	-	-	-	-
Change	-	-	-	-	-	-
Charge d'intérêts ¹	-	-17,214	-19,401	-19,936	-20,992	-22,048
Earnings before Tax (EBT) ¹	-	73,199	81,705	85,438	86,661	93,901
Change	-	-	11.62%	4.57%	1.43%	8.35%
Net income	72,446	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	28/10/24	30/04/25	30/10/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021	2022	2024	2025	2026	2027	2028
Net Debt ¹	4,75,569	-	-	-	3,86,843	4,71,065	6,06,850
Change	-	-	-	-	-	21.77%	28.83%
Announcement Date	06/05/21	05/05/22	01/05/24	30/04/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021	2022	2025	2026	2027	2028
CAPEX ¹	36,176	-	1,15,590	3,11,878	3,15,980	3,35,830
Change	-	-	-	169.81%	1.32%	6.28%
Free Cash Flow (FCF) ¹	33,967	67,982	99,421	2,39,222	2,36,545	2,98,716
Change	-	100.14%	-	140.62%	-1.12%	26.28%
Announcement Date	06/05/21	05/05/22	30/04/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	33.06%	35.42%	-	-	37.91%	38%	39%	40.93%
EBIT Margin (%)	20.85%	24.17%	-	-	30.24%	30.93%	31.39%	32.69%
EBT Margin (%)	8.73%	23.73%	-	-	29.11%	30.63%	29.59%	29.95%
Net margin (%)	4.84%	17.72%	-	-	23.02%	21.34%	21.9%	22.39%
FCF margin (%)	12.95%	24.53%	-	-	17.69%	42.57%	36.78%	39.21%
FCF / Net Income (%)	267.46%	138.41%	-	-	76.84%	199.46%	167.92%	175.11%
Profitability
ROA	1.65%	-	-	-	-	-	-	-
ROE	12.96%	30.87%	-	-	26.01%	19.17%	18.01%	17.51%
Financial Health
Leverage (Debt/EBITDA)	5.49x	-	-	-	-	1.81x	1.88x	1.95x
Debt / Free cash flow	14x	-	-	-	-	1.62x	1.99x	2.03x
Capital Intensity
CAPEX / Current Assets (%)	13.8%	-	-	-	20.57%	55.5%	49.14%	44.08%
CAPEX / EBITDA (%)	41.73%	-	-	-	54.25%	146.06%	126%	107.71%
CAPEX / FCF (%)	106.5%	-	-	-	116.26%	130.37%	133.58%	112.42%
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	0.1239	-	-	-	29.22	35.13	43.4	53.58
Change	-	-	-	-	-	20.23%	23.55%	23.45%
EPS ¹	0.012	-	-	10.32	6.464	6.7	7.745	9.27
Change	-	-	-	-	-37.39%	3.65%	15.6%	19.69%
Nbr of stocks (in thousands)	1,92,84,695	-	-	1,92,84,695	1,92,84,695	1,92,84,695	1,92,84,695	1,92,84,695
Announcement Date	06/05/21	-	-	01/05/24	30/04/25	-	-	-