Adani Power Financial Statements

Name: Adani Power Financials — historical data
Creator: StockeZee

For Mar 2026, Adani Power reported revenue of ₹54,241 crore and net profit of ₹12,834 crore. Return on equity stands at 21.10%. Profit & loss, balance sheet and cash flow across 9 reported years are below.

Updated 31 Jul 2026Source: NSE & BSE company filingsNifty 100 constituent

Latest year revenue: ₹54,241 Cr
EBITDA: ₹19,806 Cr
Operating margin: 36.52%
Profit after tax: ₹12,834 Cr
Net margin: 23.66%
EPS: ₹6.66
Latest year: Mar 2026
Years reported: 9

Adani Power profit & loss

Reported annual performance for Adani Power, oldest to newest. Figures in ₹ crore unless a row states otherwise.

Adani Power annual profit and loss statement. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue from Operations	20,611	23,884	26,468	26,221	27,711	38,773	50,351	56,203	54,241
Sales Growth YoY %	—	15.88%	10.82%	-0.93%	5.68%	39.92%	29.86%	11.62%	-3.49%
Other Income	482	2,477	1,374	1,928	3,975	4,267	9,930	2,703	3,625
Total Income	21,093	26,362	27,842	28,150	31,686	43,041	60,281	58,906	57,865
Cost of Goods Sold (COGS)	12,858	16,759	18,047	15,146	15,308	25,695	28,675	30,630	29,378
Cost of Materials Consumed	12,548	15,949	17,580	14,781	14,762	25,481	28,453	30,273	29,168
Purchases of Stock-in-Trade	309	810	467	365	546	214	222	357	210
Gross Profit	7,753	7,125	8,420	11,075	12,403	13,078	21,676	25,573	24,863
Gross Margin %	37.62%	29.83%	31.81%	42.24%	44.76%	33.73%	43.05%	45.5%	45.84%
Total Operating Expenses	2,062	2,171	2,735	2,407	2,589	3,034	3,496	4,267	5,057
Employee Benefit Expense	354	363	427	432	470	570	644	784	855
Other Expenses	1,708	1,808	2,308	1,975	2,119	2,464	2,852	3,483	4,202
EBITDA	5,691	4,954	5,685	8,669	9,814	10,045	18,181	21,305	19,806
OPM %	27.61%	20.74%	21.48%	33.06%	35.42%	25.91%	36.11%	37.91%	36.52%
Total Non-Operating Expenses	8,269	8,407	7,318	8,308	7,212	6,637	7,319	7,649	7,931
Depreciation & Amortisation	2,699	2,751	3,007	3,202	3,118	3,304	3,931	4,309	4,565
Finance Costs	5,570	5,657	5,315	5,106	4,095	3,334	3,388	3,340	3,367
Exceptional Items (Before Tax)	0	0	-1,003	0	0	0	0	0	0
Profit Before Tax (PBT)	-2,095	-976	-2,265	2,289	6,577	7,675	20,792	16,360	15,500
Tax Expense	-5	9	10	1,019	1,666	-3,052	-37	3,610	2,528
Current Tax	7	68	17	21	768	-768	14	57	1,544
Deferred Tax	-12	-60	-8	997	897	-2,284	-51	3,553	984
Effective Tax %	0.25%	-0.88%	-0.43%	44.51%	25.32%	-39.77%	-0.18%	22.07%	16.31%
Total Profit for Period	-2,119	-984	-2,275	1,270	4,912	10,727	20,829	12,750	12,971
Less: Non-controlling Interests	0	0	0	0	0	0	0	-189	137
Net Profit (Owner's PAT)	-2,119	-984	-2,275	1,270	4,912	10,727	20,829	12,939	12,834
Net Profit Margin %	-10.28%	-4.12%	-8.59%	4.84%	17.72%	27.67%	41.37%	23.02%	23.66%
PAT Growth YoY %	—	53.55%	-131.08%	155.83%	286.74%	118.39%	94.18%	-37.88%	-0.81%
Earnings Per Share (EPS)	₹-1.1	₹-0.51	₹-1.18	₹0.66	₹2.55	₹5.56	₹10.8	₹6.71	₹6.66
Diluted Shares Outstanding (Cr.)	1,928	1,928	1,928	1,928	1,928	1,928	1,928	1,928	1,928
Profit/Loss from Associates	-29	0	0	0	0	0	0	0	0
Other Comprehensive Income (Net of Tax)	4	-8	10	-30	44	34	-27	-3	20
Expenses	23,189	27,337	30,107	25,861	25,109	35,366	39,490	42,546	42,366
Material Cost %	60.88%	66.78%	66.42%	56.37%	53.27%	65.72%	56.51%	53.86%	53.78%
Employee Cost %	1.72%	1.52%	1.61%	1.65%	1.7%	1.47%	1.28%	1.4%	1.58%
Other Cost %	8.29%	7.57%	8.72%	7.53%	7.65%	6.35%	5.66%	6.2%	7.75%
Interest Coverage (x)	0.54	0.39	0.5	1.07	1.64	2.02	4.21	5.09	4.53

Adani Power revenue and profit trend

Reported annual revenue and net profit, oldest to newest. Two panels because the two measures live on different scales — one shared axis would distort both.

Adani Power balance sheet

Assets, liabilities and shareholders' equity as reported, in Schedule III order. Figures in ₹ crore unless a row states otherwise.

Adani Power annual balance sheet with assets, liabilities and equity. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Equity	7,712	6,480	13,113	18,703	29,876	43,145	57,674	66,402
Equity Share Capital	3,857	3,857	3,857	3,857	3,857	3,857	3,857	3,857
Reserves & Surplus	3,855	2,624	9,256	14,847	26,019	39,288	52,490	61,080
Total Equity	7,712	6,480	13,113	18,703	29,876	43,145	57,674	66,402
Non-Current Liabilities	42,113	50,355	46,966	46,134	38,201	33,391	38,803	55,550
Long-term Borrowings	36,410	44,566	39,957	37,871	33,703	26,595	27,647	42,830
Deferred Tax Liabilities	178	266	1,328	2,500	—	316	4,023	5,827
Non-Current Provisions	61	88	87	221	227	237	340	360
Other Non-Current Liabilities	5,399	5,095	4,791	—	4,183	6,099	5,698	5,298
Non-Current Financial Liabilities	36,473	44,906	40,760	38,926	33,791	26,739	28,742	44,065
Current Liabilities	18,160	18,189	18,457	17,144	17,745	15,789	16,441	20,328
Short-term Borrowings	7,074	7,802	9,683	10,924	8,549	7,862	10,688	10,726
Trade Payables	6,362	5,596	3,803	3,508	3,079	3,636	2,978	2,841
Current Financial Liabilities	17,472	17,517	17,134	15,608	14,100	13,604	14,962	17,682
Other Current Financial Liabilities	4,037	4,119	3,647	1,176	2,471	2,105	1,297	4,115
Other Current Liabilities	609	603	1,217	557	3,623	2,159	1,349	994
Current Provisions	11	39	60	29	22	26	70	97
Current Tax Liabilities	68	30	46	645	0	—	60	1,555
Total Liabilities	60,272	68,545	65,423	63,278	55,946	49,180	55,244	75,878
Total Non-Current Assets	54,782	60,432	61,164	65,753	66,268	66,738	86,588	1,13,592
Property, Plant & Equipment (PPE)	50,224	55,571	52,575	53,072	50,544	62,813	69,027	69,076
Capital Work-in-Progress	350	2,347	6,439	10,270	12,880	925	12,104	35,053
Intangible Assets	4	84	85	12	12	13	17	29
Investment Property	—	—	—	—	705	—	49	92
Non-Current Investments	0	0	0	0	43	0	60	25
Loans – Non-Current	1,584	—	—	—	—	—	—	8
Other Non-Current Assets	1,052	1,811	1,627	1,353	1,115	1,785	4,436	7,603
Non-Current Financial Assets	2,961	428	245	856	822	636	751	723
Net Fixed Assets	50,578	58,002	59,100	63,353	63,435	63,750	81,149	1,04,158
Total Current Assets	13,198	14,593	16,578	16,228	19,553	25,587	26,313	28,688
Inventories	1,224	2,523	2,025	2,258	3,075	4,142	3,317	3,623
Trade Receivables	8,551	8,366	11,438	9,561	11,529	11,677	13,022	11,791
Cash & Cash Equivalents	25	941	113	782	349	1,136	320	928
Current Investments	3	3	20	183	612	374	1,038	1,491
Loans – Current	6	3	9	8	3	3	7	11
Current Financial Assets	11,049	11,119	13,530	12,425	14,575	19,702	21,074	22,382
Other Current Assets	926	951	1,023	1,545	1,903	1,742	1,726	2,683
Other Current Financial Assets	1,573	768	456	308	558	436	888	2,162
Assets Held for Sale	4	—	794	—	—	—	16	—
Current Tax Assets	—	—	—	—	—	—	196	—
Net Working Capital	-4,961	-3,596	-1,879	-916	1,808	9,798	9,872	8,360
Additional Asset Fields	—	0	0	4,791	—	376	1,326	2,276
Def Govt Grants Curr	—	—	—	304	—	—	—	—
Def Govt Grants Nc	—	—	—	4,487	—	—	—	—
Def Tax Assets	—	—	—	—	—	376	—	811
Non Controlling Int	—	0	0	—	—	—	1,326	1,465
Total Assets	67,985	75,025	78,535	81,981	85,821	92,325	1,12,918	1,42,280
Total Borrowings	43,484	52,368	49,640	48,796	42,252	34,457	38,335	53,556
Net Debt	43,459	51,427	49,527	48,013	41,903	33,321	38,015	52,628
Debt to Equity (x)	5.64	8.08	3.79	2.61	1.41	0.8	0.66	0.81
Current Ratio (x)	0.73	0.8	0.9	0.95	1.1	1.62	1.6	1.41

Adani Power cash flow statement

Cash generated and used across operating, investing and financing activities. Figures in ₹ crore unless a row states otherwise.

Adani Power annual cash flow statement across operating, investing and financing activities. Figures in ₹ crore unless a row states otherwise.
Line item	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Net Cash from Operating Activities	10,233	8,431	14,170	21,501	20,514
Profit Before Tax	6,577	7,675	20,792	16,360	15,500
Depreciation & Amortisation	2,813	3,304	3,931	4,309	4,565
Finance Costs	4,095	3,334	3,388	3,340	3,367
Working Capital Changes	305	-1,351	-4,450	-440	-447
Tax Paid	-224	-79	-57	-8	102
Net Cash from Investing Activities	774	1,545	3,485	-17,142	-26,461
Purchase of PPE	-3,435	-3,244	-2,602	-11,559	-23,299
Sale of Fixed Assets	1	1	1	15	-57
Interest Received	4,301	4,827	9,316	884	1,340
Net Cash from Financing Activities	-10,338	-10,408	-16,864	-5,175	6,555
Proceeds from Borrowings	13,332	21,205	24,568	6,556	20,500
Repayment of Borrowings	-19,728	-28,148	-30,598	-3,352	-5,400
Interest Paid	-3,947	-3,365	-3,431	-3,408	-4,025
Dividend Paid	0	0	0	0	0
Buyback / Redemption of Shares	0	0	0	0	0
Lease Liabilities Paid	-6	-6	-0	-23	-74
Net Change in Cash	669	-433	787	-816	608
Effect of Foreign Exchange Changes	0	0	-4	0	0
Free Cash Flow	6,798	5,187	11,568	9,942	-2,785
CFO / PBT (x)	1.56	1.1	0.68	1.31	1.32

Adani Power key ratios

Valuation, profitability, return, leverage and per-share measures computed from reported statements — not from adjusted or normalised earnings.

Adani Power valuation, profitability, return and leverage ratios
Ratio	Category	Value
P/E (TTM)	Valuation	28.27
Forward P/E	Valuation	27.13
P/B	Valuation	6.2
PEG (TTM)	Valuation	3.28
EV / EBITDA (TTM)	Valuation	22.95
P/S (TTM)	Valuation	6.83
Operating margin	Profitability	36.5%
Net margin (TTM)	Profitability	22.75%
Return on equity	Return ratios	21.1%
Return on capital employed	Return ratios	17.2%
Return on assets	Return ratios	7.48%
Debt to equity	Leverage & liquidity	0.84
Beta	Leverage & liquidity	1.27
EPS (TTM)	Per share	₹7.38
Book value	Per share	₹33.67
Revenue / share (TTM)	Per share	₹28.53
Cash flow / share	Per share	₹10.64

How this is calculated

Statements are as filed with the exchanges. Consolidated figures are shown where reported. Figures are in rupees crore unless the table states otherwise. Ratios are computed from the same reported statements, not from adjusted or normalised earnings.

Index membership reflects the Nifty 100 as published by NSE Indices, effective 2026-03-30.

Adani Power: frequently asked questions

What is Adani Power's annual revenue?

Adani Power reported revenue of ₹54,241 crore in Mar 2026, down 3.5% on the previous financial year.

Is Adani Power profitable?

Adani Power reported a net profit of ₹12,834 crore in Mar 2026, down 0.8% on the previous financial year.

What is Adani Power's EPS?

Adani Power reported earnings per share of ₹6.66 for Mar 2026.

What is Adani Power's operating margin?

Adani Power's operating margin for Mar 2026 was 36.52%.

What is Adani Power's return on equity?

Adani Power's return on equity stands at 21.10%. ROE measures profit generated per rupee of shareholder equity.

How many years of Adani Power financials are shown?

9 reported financial years are tabulated on this page, the most recent being Mar 2026.

Are these figures consolidated or standalone?

Consolidated figures are shown wherever the company reports them, and standalone otherwise. The basis in use is labelled on the statement table.

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Disclaimer

The data, ratios and commentary about Adani Power Limited (ADANIPOWER) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.