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ADANIPOWER.NS
ACCE-researched

Adani Power Limited (ADANIPOWER.NS) fair value

Utilities · Utilities - Independent Power Producers · NSE · India
₹182.04-1.74%
Market cap ₹3.51TNext earnings 2026-10-23Updated Oct 23, 2026
Our verdict
Trades 46% above our fair value
Price
₹182.04
Model fair valueConfidence: medium
₹124
Only one of our models could value this stock with confidence, so use it as a guide.
Not used by alerts or posts.
Valued as a utility: P/E comparison.
ACCE opinionAdani Power Limited (ADANIPOWER.NS)
Fair value
Not available
ACCE price target
₹167
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ₹182 at the close on 23 Oct 2026, 12:00 CEST.
Models: P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Full methodology
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
65
out of 100
P/E
25.1x
forward 22.9x
1-year return
+10.2%
Dividend yield
0.00%

Adani Power Limited in four questions

Plain answers, details below
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OverviewAsk ACCEValuationQualityAnalystsSmart MoneyCompareNews and Record

Overview

ACCE thesis

Adani Power operates thermal power plants and is building out a large generation and transmission base in India, selling electricity under long-term power purchase agreements to state distribution utilities. Its advantage is scale and cost position: a 43.5% gross margin and 35.9% operating margin are high for a thermal generator, and the company's contracted capacity gives it revenue visibility that most Indian peers lack. Revenue growth of 34.0% reflects capacity coming online and rising utilisation as India's power demand keeps climbing. The forward P/E of 23.3 is only modestly below the trailing 25.1, so the market is paying for earnings delivery rather than a sharp rerating. Worth a deeper look to test how durable the margins are once the PPA terms and the state-level payment record are examined closely, since the figures here don't show balance sheet leverage or the regulatory and counterparty risk that sits behind them.

AI-assisted·How I use AIWritten Oct 23, 2026
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
  • high
    Extreme insider ownership concentration
    Insiders hold 71.7% of shares, leaving only 18.2% institutional and a thin free float, which raises liquidity risk and limits independent oversight.
  • moderate
    Trading above ACCE price target
    Price of ₹182.04 sits 9.0% above the ACCE price target of ₹167.00, so the stock already reflects growth assumptions beyond our target.
  • moderate
    Elevated valuation multiples
    EV/EBITDA of 18.9 and P/E of 25.1 leave little margin for error if earnings growth of 44.4% or revenue growth of 34.0% slows.

AI research notes

AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
  • Revenue grew 34.0% year over year in the latest filings, well ahead of the 25.1% five-year average pace.
  • A 41.9% earnings beat, with EPS of 2.49 against 1.75 expected, shows profits came in well above what analysts had forecast.
  • Analysts' mean price target of INR 250.27 sits 35.1% above the current share price of ₹182.04.
Why it could disappoint
  • Debt to equity of 0.82 leaves the balance sheet exposed, especially with merchant power prices that can swing sharply.
  • At a trailing P/E of 25.1x and forward P/E of 23.3x, the shares carry a full valuation for a utility.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.

Walk me through this stock

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Valuation

INVESTOR
Where ADANIPOWER.NS's valuation models land
Price
₹182.04
Model fair valueConfidence: medium
₹124
Model
Fair value
Upside
P/E comparison
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Quality

INVESTOR
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  • +Conviction breakdown and growth / value / quality / momentum scores
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Analysts

Wall Street consensus

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  • +Price-target low / average / high vs the current price, with implied upside
  • +Forward revenue and EPS consensus by fiscal year
  • +ACCE fair-value models lined up against the Street

Smart Money

PRO

In one line

Trades are only made public after a delay. We show the delay so you know how old the news is.

Company insiders
No trades filed
Last 90 days
Congress
No trades filed
Last 180 days
Average delay
No trades filed
From trade to public filing
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Compare

Where it sits vs peers

News and Record

Recent performance

1 week
-7.1%
1 month
-11.1%
3 months
-14.8%
6 months
-14.5%
YTD
+22.4%
1 year
+10.2%

Recommendation history, last 12 months

DateTypeNewPreviousPrice
22 Oct 2026, 16:00 CESTACCE price target₹167first publication₹185

This analysis is not personalised investment advice and does not take your situation, objectives or risk tolerance into account. ACCE Investments is not an authorised investment firm.

Investing in shares carries a risk of losing capital. The value of an investment can go down as well as up.

This security trades in INR. Exchange-rate movements can increase or reduce the result in your own currency.

Valuation horizon: 12 months from the publication date.

Conflicts of interest. ACCE Investments is operated by Adrien Chantreuil, who may hold personal positions in the securities analysed. Positions are declared on each security. ACCE receives no payment from the companies analysed or from any intermediary for this analysis.

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Snapshot

Growth100Value40Quality83Momentum38Total65
Valuation
Trailing P/E
25.1x
Forward P/E
22.9x
PEG
0.57
P/B
no data
EV / Revenue
no data
Book value/sh
no data
Enterprise value
no data
Profitability
ROE
no data
FCF yield
no data
ROIC
no data
Health and risk
Debt / equity
0.82
Dividend yield
0.00%
Beta
no data

Price

+8.5% · 1Y

Ask anything about ADANIPOWER.NS

Answered from Adani Power Limited fundamentals + recent valuations. Every number shows its source and date.

This stock Peer Peer median weaker → stronger
P/Ebetter than 33% of peers
low 0.0x25.1xhigh 39.5x
Div yieldbetter than 33% of peers
low 0.0%0.0%high 2.0%

Peers

Prices Oct 23, 2026
CompanyPriceFair valuevs fair valueP/EROEQualityScore
ADANIPOWER.NS Adani Power Limited₹182.04--25.1x-8365
VST Vistra Corp. Common Stock$140.83$1463% below23.7x43.0%6037
NRG NRG Energy Inc. Common Stock$94.38$14535% below24.2x23.8%4844
ADANIENSOL.NS Adani Energy Solutions Limited₹1295.40--39.5x13.7%6362
TLN Talen Energy Corporation Common Stock$331.42$28018% above--12.8%2553
CEG Constellation Energy Corporation Common Stock $255.21$15366% above24.9x15.1%6048
TATAPOWER.NS The Tata Power Company Limited₹353.50--28.8x-5246

Sector report card

Where ADANIPOWER.NS ranks against its sector peers on each metric.

Computing percentiles…