Reported Earnings • Jul 23
First quarter 2027 earnings: EPS and revenues exceed analyst expectations First quarter 2027 results: EPS: ₹2.49 (up from ₹1.72 in 1Q 2026). Revenue: ₹189.0b (up 34% from 1Q 2026). Net income: ₹48.1b (up 42% from 1Q 2026). Profit margin: 25% (up from 24% in 1Q 2026). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 61% per year, which means it is well ahead of earnings. Price Target Changed • Jul 14
Price target increased by 7.9% to ₹248 Up from ₹230, the current price target is an average from 9 analysts. New target price is 9.5% above last closing price of ₹226. Stock is up 86% over the past year. The company is forecast to post earnings per share of ₹6.64 for next year compared to ₹6.62 last year. Tillkännagivande • Jun 29
Adani Power Limited Approves the Payment of Dividend for the Financial Year 2025–26 Adani Power Limited at its 30th Annual General Meeting held on June 25, 2026 approved the payment of dividend at the rate of 0.01% for the financial year 2025–26, aggregating to INR 4,15,862.07 on a total of 41,586,207 Compulsorily Redeemable Preference Shares of the Company of INR 100 each fully paid up. Tillkännagivande • Jun 27
Adani Power Limited to Report Q1, 2027 Results on Jul 22, 2026 Adani Power Limited announced that they will report Q1, 2027 results on Jul 22, 2026 Price Target Changed • Jun 09
Price target increased by 7.3% to ₹223 Up from ₹208, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ₹226. Stock is up 90% over the past year. The company is forecast to post earnings per share of ₹7.15 for next year compared to ₹6.62 last year. Board Change • May 31
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Narendra Misra was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • May 04
Price target increased by 7.5% to ₹194 Up from ₹180, the current price target is an average from 7 analysts. New target price is 15% below last closing price of ₹228. Stock is up 105% over the past year. The company is forecast to post earnings per share of ₹7.60 for next year compared to ₹6.62 last year. Reported Earnings • Apr 30
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: ₹6.62 (up from ₹6.46 in FY 2025). Revenue: ₹542.4b (down 3.5% from FY 2025). Net income: ₹128.3b (up 3.0% from FY 2025). Profit margin: 24% (up from 22% in FY 2025). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 25%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 67% per year, which means it is well ahead of earnings. Tillkännagivande • Apr 29
Adani Power Limited, Annual General Meeting, Jun 25, 2026 Adani Power Limited, Annual General Meeting, Jun 25, 2026. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹215, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 31x in the Renewable Energy industry in India. Total returns to shareholders of 410% over the past three years. Tillkännagivande • Apr 07
Adani Power Limited to Report Q4, 2026 Results on Apr 29, 2026 Adani Power Limited announced that they will report Q4, 2026 results on Apr 29, 2026 Buy Or Sell Opportunity • Apr 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.5% to ₹157. The fair value is estimated to be ₹130, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 3.8%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Reported Earnings • Jan 30
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: ₹1.29 (down from ₹1.53 in 3Q 2025). Revenue: ₹124.5b (down 8.9% from 3Q 2025). Net income: ₹24.8b (down 19% from 3Q 2025). Profit margin: 20% (down from 22% in 3Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.7%. Earnings per share (EPS) exceeded analyst estimates by 29%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Tillkännagivande • Jan 07
Adani Power Limited to Report Q3, 2026 Results on Jan 29, 2026 Adani Power Limited announced that they will report Q3, 2026 results on Jan 29, 2026 Price Target Changed • Nov 09
Price target increased by 11% to ₹188 Up from ₹169, the current price target is an average from 4 analysts. New target price is 24% above last closing price of ₹152. Stock is up 29% over the past year. The company is forecast to post earnings per share of ₹6.70 for next year compared to ₹6.46 last year. Reported Earnings • Oct 31
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: ₹1.53 (down from ₹1.64 in 2Q 2025). Revenue: ₹134.6b (flat on 2Q 2025). Net income: ₹29.5b (down 11% from 2Q 2025). Profit margin: 22% (down from 25% in 2Q 2025). Revenue missed analyst estimates by 8.1%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 25
Price target increased by 13% to ₹155 Up from ₹137, the current price target is an average from 4 analysts. New target price is 7.7% below last closing price of ₹168. Stock is up 42% over the past year. The company is forecast to post earnings per share of ₹7.30 for next year compared to ₹6.46 last year. Tillkännagivande • Oct 23
Adani Power Limited to Report Q2, 2026 Results on Oct 30, 2025 Adani Power Limited announced that they will report Q2, 2026 results on Oct 30, 2025 New Risk • Sep 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (66% net debt to equity). Share price has been volatile over the past 3 months (4.9% average weekly change). Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₹170, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 18x in the Renewable Energy industry in India. Total returns to shareholders of 132% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹293 per share. Price Target Changed • Sep 19
Price target increased by 9.9% to ₹718 Up from ₹653, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ₹709. Stock is up 6.6% over the past year. The company is forecast to post earnings per share of ₹33.67 for next year compared to ₹32.32 last year. Tillkännagivande • Sep 05
Adani Power, Kotak Alternate Assets, Vedanta and Oaktree Reportedly Among the Players to Bid for an Investment in Jaiprakash Power Adani Power Limited (NSEI:ADANIPOWER), Kotak Alternate Assets, Vedanta Limited (NSEI:VEDL) and Oaktree (Oaktree Capital Management, L.P.) are among the players to bid for an investment in Jaiprakash Power Ventures Limited (NSEI:JPPOWER)'s compulsorily convertible preference shares (CCPS) worth INR 38,000 million ahead of 05 September 2025 electronic auction for its parent company Jaiprakash Associates, according to multiple people aware of the matter. The winning bidder for JP Power's CCPS could have an advantage in the bidding process for Jaiprakash Associates because the power arm has valuable assets and linkages to the parent. The CCPS upon conversion could provide the winning bidder with a 25% stake in JP Power. The conversion will trigger an open offer for a further 26% stake in the company, as per the regulator Sebi's guidelines. Effectively, the winning bidder could come to own over 51% stake in JP Power and become a controlling shareholder. Jaiprakash Associates owns a 24% stake in JP Power. The CCPS are owned by a group of lenders led by ICICI Bank. Some of the four bidders for the CCPS are expected to participate in the auction for parent company Jaiprakash Associates on 05 September 2025. They include Adani Group and Vedanta. Jindal Power Limited, which is also likely to participate in Friday's auction, did not submit a firm bid for JP Power's compulsorily convertible preference shares. However, they have made a conditional offer, sources said. The group of lenders led by ICICI Bank could recover the entire amount of INR 38,000 million or the face value of the CCPS, as per sources. Adani Power, Kotak Alternate Assets, Oaktree Capital, Vedanta and Jindal Power did not respond to ET's queries. ICICI Bank also did not reply to an email seeking comments. Bidding for Jaiprakash Associates will open on 05 September 2025 with a base price of INR 120,000 million. ET had first reported on July 29 that the creditors of JP Power were looking to sell the CCPS that they had been allotted as part of a debt restructuring of the power company in 2019. Price Target Changed • Sep 03
Price target increased by 8.1% to ₹685 Up from ₹634, the current price target is an average from 3 analysts. New target price is 12% above last closing price of ₹609. Stock is down 6.4% over the past year. The company is forecast to post earnings per share of ₹33.67 for next year compared to ₹32.32 last year. Reported Earnings • Aug 02
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: ₹8.62 (down from ₹9.72 in 1Q 2025). Revenue: ₹141.1b (down 5.7% from 1Q 2025). Net income: ₹33.8b (down 14% from 1Q 2025). Profit margin: 24% (down from 26% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.9%. Earnings per share (EPS) also missed analyst estimates by 35%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 20% per year. Tillkännagivande • Jul 24
Adani Power Limited to Report Q1, 2026 Results on Aug 01, 2025 Adani Power Limited announced that they will report Q1, 2026 results on Aug 01, 2025 Tillkännagivande • Jul 08
Adani Power Limited (NSEI:ADANIPOWER) completed the acquisition of Vidarbha Industries Power Limited. Adani Power Limited (NSEI:ADANIPOWER) signed a letter of intent to acquire Vidarbha Industries Power Limited for INR 40 billion on February 24, 2025.
The implementation of the resolution plan is subject to the terms of the letter of intent and requisite approvals of bankruptcy court and subject to court approval. The transaction is expected to close on July 17, 2025.
Ernst & Young Private Limited, Investment Banking Arm acted as financial advisor to Vidarbha Industries Power Limited.
As of June 18, 2025, the National Company Law Tribunal, Mumbai Bench approved the deal.
Adani Power Limited (NSEI:ADANIPOWER) completed the acquisition of Vidarbha Industries Power Limited on July 7, 2025. Board Change • Jun 06
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Additional Independent Director Manmohan Srivastava was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 01
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹32.32 (down from ₹51.62 in FY 2024). Revenue: ₹562.0b (up 12% from FY 2024). Net income: ₹129.4b (down 35% from FY 2024). Profit margin: 23% (down from 40% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.3%. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 24% per year. Reported Earnings • May 01
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹32.32 (down from ₹51.62 in FY 2024). Revenue: ₹589.1b (up 17% from FY 2024). Net income: ₹129.4b (down 35% from FY 2024). Profit margin: 22% (down from 40% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.3%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 24% per year. Tillkännagivande • Apr 30
Adani Power Limited, Annual General Meeting, Jun 25, 2025 Adani Power Limited, Annual General Meeting, Jun 25, 2025. Tillkännagivande • Apr 22
Adani Power Limited to Report Q4, 2025 Results on Apr 30, 2025 Adani Power Limited announced that they will report Q4, 2025 results on Apr 30, 2025 Tillkännagivande • Feb 24
Adani Power Limited (NSEI:ADANIPOWER) signed a letter of intent to acquire Vidarbha Industries Power Limited. Adani Power Limited (NSEI:ADANIPOWER) signed a letter of intent to acquire Vidarbha Industries Power Limited on February 24, 2025.
The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals of bankruptcy court and subject to court approval. Buy Or Sell Opportunity • Feb 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ₹488. The fair value is estimated to be ₹611, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Reported Earnings • Jan 30
Third quarter 2025 earnings released: EPS: ₹7.67 (vs ₹6.61 in 3Q 2024) Third quarter 2025 results: EPS: ₹7.67 (up from ₹6.61 in 3Q 2024). Revenue: ₹136.7b (up 5.2% from 3Q 2024). Net income: ₹30.6b (up 12% from 3Q 2024). Profit margin: 22% (up from 21% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jan 23
Adani Power Limited to Report Q3, 2025 Results on Jan 29, 2025 Adani Power Limited announced that they will report Q3, 2025 results on Jan 29, 2025 Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹546, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 30x in the Renewable Energy industry in India. Total returns to shareholders of 431% over the past three years. New Risk • Jan 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risks High level of debt (53% net debt to equity). Profit margins are more than 30% lower than last year (22% net profit margin). Buy Or Sell Opportunity • Jan 14
Now 37% overvalued Over the last 90 days, the stock has fallen 14% to ₹539. The fair value is estimated to be ₹394, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Tillkännagivande • Dec 29
SBI Reportedly in Talks to Down-Sell Part of INR 18.00 Billion Lent to Adani Power State Bank of India (NSEI:SBIN) is in talks with its peer banks to down-sell a part of the INR 18.00 billion loan it provided to an Adani group entity for acquiring a thermal power company, said people aware of the development. SBI provided INR 18.00 billion to Adani Power Limited (NSEI:ADANIPOWER), to acquire Lanco Amarkantak Power, a 600-megawatt operational thermal power company. The loan was for a term of 12 years and three months, and it was linked to the bank’s six-month MCLR or marginal cost of lending rate, the people cited above said. The loan is pegged at around a 10.5% interest rate. The bank has initiated talks with lenders to down-sell INR 12.00 billion, the people said. Adani group and SBI did not respond to ET ‘s request for comments. New Risk • Nov 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (53% net debt to equity). Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (22% net profit margin). Buy Or Sell Opportunity • Nov 27
Now 26% overvalued Over the last 90 days, the stock has fallen 19% to ₹524. The fair value is estimated to be ₹416, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹461, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 27x in the Renewable Energy industry in India. Total returns to shareholders of 355% over the past three years. Tillkännagivande • Oct 29
Mahagenco-NTPC Reportedly Top Bidder for Sinnar Thermal A consortium of Maharashtra state government-owned power generation company Maharashtra State Power Generation Co. Ltd. (Mahagenco) and public sector NTPC Limited (NSEI:NTPC) has emerged as the top bidder to take over the 1,350 MW Sinnar Thermal Power Limited plant near Nashik. Mahagenco's bid of INR 38,000 million is above the second-placed Adani Power Limited (NSEI:ADANIPOWER) in the initial round of bids. Lenders are evaluating legal and other compliances of the bidders, following which negotiations with individual bidders will start, said people familiar with the process. "The early bids put the Mahagenco-NTPC partnership at the top. The second-placed bidder is behind as its bid is less than INR 30,000 million. But the plans are still at the initial stage and we could see revisions since all parties interested are serious players in this sector," said a person familiar with the process. Resolution professional (RP) Rahul Jindal did not reply to an email seeking comment. Commodities company Vedanta Group, Naveen Jindal's Jindal Power, Kolkata-based Orissa Metaliks and Varde Partners' Singapore-based arm VFSI Holdings are among seven companies that have made a formal bid to take over the distressed 1,350 MW Sinnar Thermal Power. Individual bidders could not be contacted. The Mahagenco-NTPC combine is best placed because it runs the 2,190 MW Koradi power plant near Nagpur and can use its existing infrastructure to supply coal and run the plant. All bidders have submitted an initial resolution plan, including a INR 100 million deposit. BoB Caps, the investment banking arm of Bank of Baroda, is the advisor to the committee of creditors (CoC), while Shardul Amarchand Mangaldas & Co is the legal advisor. Trilegal is the legal advisor to the RP. Power Finance Corp. (INR 65,530 million) and its subsidiary REC (INR 52,620 million) are the top two creditors of the company, which owes total dues of INR 159,090 million. Punjab National Bank, Axis Bank, Canara Bank, Bank of India and Life Insurance Corp. are other creditors to the company. Reported Earnings • Oct 29
Second quarter 2025 earnings released: EPS: ₹8.21 (vs ₹16.48 in 2Q 2024) Second quarter 2025 results: EPS: ₹8.21 (down from ₹16.48 in 2Q 2024). Revenue: ₹133.4b (up 2.7% from 2Q 2024). Net income: ₹33.3b (down 50% from 2Q 2024). Profit margin: 25% (down from 51% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Oct 18
Adani Power Limited to Report Q2, 2025 Results on Oct 28, 2024 Adani Power Limited announced that they will report Q2, 2025 results on Oct 28, 2024 Tillkännagivande • Oct 17
Adani, JPL, Vedanta, Others Reportedly in Race for Sinnar Thermal India’s largest private sector power producer Adani Power Limited (NSEI:ADANIPOWER), Naveen Jindal’s Jindal Power Limited (JPL), the Vedanta Group, Kolkata-based Orissa Metaliks Private Limited and Varde Partners’ Singapore-based arm VFSI Holdings Pte. Ltd. are among seven companies that have made a formal bid to take over the distressed 1,350 MW Sinnar Thermal Power. Maharashtra government-owned Maharashtra State Power Generation Co. Ltd. (Mahagenco) and India’s largest power producer NTPC Limited (NSEI:NTPC) have also submitted a joint bid for the plant, which is based near Nashik, two people familiar with the process said. The power plant, a subsidiary of RattanIndia Power, was initially developed by Indiabulls Power and was admitted to insolvency in January following a plea by Shapoorji Pallonji & Co for non-payment of dues after constructing a part of the plant. “Six resolution plans were received earlier this month and are still being evaluated for compliance under the bankruptcy code. The value of these bids is yet to be ascertained as there could be some to and fro between the resolution professional and creditors,” said a person aware of the details. All bidders have submitted an initial resolution plan, including a INR 0.10 billion deposit. Separate emails sent to resolution professional Rahul Jindal and all the seven bidders mentioned above did not elicit any response until press time. Power Finance Corp. (INR 65.53 billion) and its subsidiary Rural Electrification Corp. (INR 52.62 billion) are the top two creditors of the company, which owes total dues of INR 159.09 billion. Punjab National Bank, Axis Bank, Canara Bank, Bank of India, and Life Insurance Corp. are other creditors to the company. The plant, based in Sinnar special economic zone (SEZ), is nearly 50 km from Nashik city and 4 km from a national highway. It is a rare power producer readily available in India where building a green field project is both time-consuming and costly. Though the plant is now defunct, it has 1,600 acres around it, which means any company buying it can double its capacity by adding another 1,350 MW. However, disputes related to the land, supply of coal and a non-existent power purchase agreement (PPA) could dent valuation for creditors, people familiar with the plant said. “There are right-of-way issues and also no railway linkage to the plant. Building a 150 to 200 km rail line will cost hundreds of crores and will have to be factored in by any prospective buyer,” said a second person aware of the details. New Risk • Sep 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (72% net debt to equity). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Tillkännagivande • Aug 23
Adani Group's Promoters Reportedly to Sell INR 300,000 Million Stake in Listed Companies The Adani Group's (Adani Enterprises Limited (BSE:512599)) promoters are looking to sell shares worth INR 300,000 million ($3.6 billion) over the next nine months as they look to rebalance their portfolio in listed companies that's currently worth about $126 billion. The promoters will pare stakes in some listed firms while increasing them in others, according to people with knowledge of the matter. The final aim of this rebalancing exercise is to hold 64%-68% stake across firms. The stake sale will begin with Ambuja Cements Limited (BSE:500425) and Adani Power Limited (NSEI:ADANIPOWER) while the holding will be increased in Adani Green Energy Limited (NSEI:ADANIGREEN). Over the next decade, the promoter family wants to mimic the shareholding structure of large US-listed utility companies that have a mix of retail, long-only shareholders other than mutual funds. "Based on volume and price, roughly 0.5% to 3% of the overall promoter stake will be traded every year as a part of the portfolio management and balancing aspect," said one of the persons cited. The Adani Group did not respond to queries. Process Begins: The promoters are initiating the exercise with a sale of 2.8% stake in Ambuja Cement for $500 million that could take place through a block deal on August 23, 2024. This could be followed by another block deal of a similar amount in the cement company in the next few months, the people said. The Adani family is also looking to sell around 3% of Adani Power before the year-end. They're looking to generate INR 80,000 million-INR 100,000 million from this. The family will increase its stake in Adani Green Energy, of which it currently holds 57.5%. Initially, the family is likely to raise its stake by 3% in the next few weeks as it doesn't want to create volatility in the scrip. Incidentally, Adani Wilmar Limited (NSEI:AWL) will look to pare the promoter stake this month from 87.87% to 75% because of exchange regulations. These mandate that companies need to have a minimum free float of 25%. Adani and Wilmar have 43.94% stake each in the company. The offer for sale is likely to happen before the end of September, sources said. The promoters have not yet taken a final decision on how they intend to dispose of stakes in various companies. Tillkännagivande • Aug 19
Adani Reportedly in Talks to Buy Reliance Power's 600 MW Thermal Plant Adani Power Limited (NSEI:ADANIPOWER) has begun talks to acquire the 600 MW Butibori thermal power project in Nagpur once owned by Anil Ambani's bankrupt Reliance Power Limited (NSEI:RPOWER), two people aware of the matter said. A deal is likely in the range of INR 24,000 million-INR 30,000 million, translating to INR 40 million-INR 50 million per MW, the people cited above said on the condition of anonymity. A potential acquisition would help India's largest private thermal power producer capitalize on the rising electricity demand in the country. "Adani Power is negotiating with CFM Asset Reconstruction Co. to acquire the project under Vidarbha Industries Power Ltd. The value of the project, which consists of two power plant units, was earlier around INR 60,000 million, but currently, the production (power generation) has stopped; so, the valuation has to be lower. The plant fits into Adani's strategy," one of the two people said. The Butibori project is owned by Vidarbha Industries Power, a subsidiary of Reliance Power. CFM ARC, which acquired all of its loans for INR 12,650 million, is currently the only lender to the project. Emails sent to Adani group and CFM ARC remained unanswered. "The entire deal will be funded through the internal accruals of Adani group," the person cited above said. Tillkännagivande • Aug 03
Adani Reportedly Tops KSK Mahanadi Bidder List Adani Power Limited (NSEI:ADANIPOWER) has offered the highest bid of INR 270,000 million for (KSK Mahanadi Power Company Limited) KSK Mahanadi Power’s 1,800-megawatt plant that’s undergoing insolvency proceedings, people with knowledge of the matter told ET. The Adani offer already ensures a 92% recovery for the lenders. Banks had received a total of 10 financial bids for the thermal power company by August 1, 2024 evening. Other bidders include Capri Global Holdings Private Limited, Coal India Limited (NSEI:COALINDIA), NTPC Limited (NSEI:NTPC), Vedanta Limited (NSEI:VEDL), JSW Energy Limited (BSE:533148), Naveen Jindal-owned Jindal Steel & Power Limited (NSEI:JINDALSTEL), iLab India Special Fund, Rashmi Metaliks Limited and Sherisha Technologies Private Limited, said the people cited above. Tillkännagivande • Jul 23
Adani Power Limited to Report Q1, 2025 Results on Jul 31, 2024 Adani Power Limited announced that they will report Q1, 2025 results on Jul 31, 2024 Tillkännagivande • Apr 23
Adani Power Limited to Report Q4, 2024 Results on May 01, 2024 Adani Power Limited announced that they will report Q4, 2024 results on May 01, 2024 Tillkännagivande • Jan 23
Adani, Jindal Power May Join Race for Hiranmaye Energy Adani Power Limited (NSEI:ADANIPOWER) and Jindal Power Limited are among companies likely to show interest in acquiring Hiranmaye Energy Limited, a thermal power company which was recently admitted for corporate insolvency, said people aware of development. Hiranmaye Energy, formerly India Power Corp. (Haldia), was admitted for corporate insolvency early this month at the behest of a petition filed by REC. The company has principal loans of INR 20,000 million with REC and Power Finance Corp. (PFC) as prominent lenders. It had three units of 150 MW each located in Haldia, Kolkata, but at present, only two units are operational, and one unit is under construction. It had signed a 25-year power purchase agreement with the West Bengal government in 2017 and has a coal procurement agreement with Coal India. BHEL designed and built the plant. The Kolkata bench of NCLT appointed Bhuvan Madan as resolution professional, who in turn will be supported by a team from EY led by Pulkit Gupta, partner at the consulting firm. Adani Power and Jindal Power did not respond to ET's request for comments. The bankrupt power company is linked to Hemant Kanoria, the erstwhile promoter of Srei Infrastructure Finance and Srei Equipment, which, too, had undergone insolvency proceedings and was later acquired by National Asset Reconstruction Company (NARCL). Tillkännagivande • Jan 19
Adani Power Limited to Report Q3, 2024 Results on Jan 25, 2024 Adani Power Limited announced that they will report Q3, 2024 results on Jan 25, 2024 Tillkännagivande • Jan 09
Adani Co’s INR 410 Billion Offer Reportedly to Be Anchor Bid for Lanco Unit Adani Power Limited (NSEI:ADANIPOWER)’s INR 41,000 million unsolicited offer for Lanco Amarkantak Power Limited will be the anchor bid for the proposed auction to sell the distressed thermal company, said people with knowledge of the matter. Reliance Industries Limited (NSEI:RELIANCE) and a consortium led by Power Finance Corporation Limited (NSEI:PFC) (PFC) are the other two bidders participating in the auction process, the people cited above said. Last January, 95% of lenders approved a INR 30,200 million plan given by a PFC-led consortium, and the resolution professional applied for approval with the National Company Law Tribunal (NCLT). Thereafter, Adani Power gave an unsolicited improved offer of INR 36,500 million, as reported by ET on November 2, and later, it improved the offer to INR 41,000 million, as reported by ET on December 13. Adani’s revised, improved offer is 36% higher than the lender-approved plan given by the PFC-led consortium. Since Adani gave an offer after they approved PFC’s plan, the RP invited lenders to vote on whether to consider Adani’s unsolicited offer since he has already filed an applicant with NCLT. In the last week of December, lenders unanimously voted to consider Adani Power’s offer. KPMG-backed RP Saurabh Kumar Tikmani has applied to NCLT seeking direction on holding an auction with Adani’s offer as an anchor bid. NCLT is scheduled to hear the matter on January 16. At an auction in December 2022, Only the PFC-led consortium participated offering INR 30,200 million, Adani and Reliance had given initial offers of INR 29,500 million and INR 21,030 million respectively, but did not participate in auction, citing violations in the sale process. Since all lenders, including PFC and REC, have voted on a proposal to restart the auction process, it gives a big boost to Adani. This is because PFC and REC jointly hold 41% of the debt in the power company, and its consortium emerged as a successful resolution applicant. The Insolvency and Bankruptcy Code (IBC) does not prevent debtholders from bidding for a company. Tillkännagivande • Nov 04
Lenders Reportedly Set to Consider Adani Power’s New Bid for Lanco Unit Lenders of Lanco Amarkantak Power Limited decided to consider favourably an improved offer made by Adani Power Limited (NSEI:ADANIPOWER) at a meeting held on 02 November 2023, said people aware of the matter. Adani Power gave a belated revised offer of INR 36,500 million to the lenders of the thermal power company. The new offer is higher than the lender approved plan as well as an offer made by Adani Power last December. In January this year, lenders approved a INR 30,20 million plan from a consortium led by staterun Power Finance Corporation (PFC). Adani had offered INR 29,500 million earlier. During a meeting of the committee of creditors (CoC) on 02 November 2023, Saurabh Kumar Tikmani, the resolution professional backed by KPMG, conveyed to the lenders that he has already filed an application with the bankruptcy court seeking approval for PFC’s plan. The National Company Law Tribunal is scheduled to hear on November 7 the resolution plan given by the PFC-led consortium. It is likely that Adani Power may file a plea with the tribunal, asking it to direct the CoC to consider the revised plan since it is offering a higher value than the plan approved earlier. PFC and REC, which jointly hold 41% of the power producer’s debt and are the successful bidder for the bankrupt power company, were also in favour of Adani’s offer, one of the people said. Edelweiss Asset Reconstruction Company, a minority debtholder with superior security, has already pleaded with the NCLT that the sale process be restarted. It has alleged that the distribution of the proceeds from the sale of the power company is against the tenets of the Insolvency and Bankruptcy Code and designed to favour creditors with inferior security holders, such as PFC and REC. Based on Edelweiss ARCs application, the court may ask the RP to restart the sale process, one of the people present in the CoC meeting said. In January, the PFC-led consortium’s proposal secured 95% of votes, while Adani Power got 17% votes. Tillkännagivande • Nov 02
Adani Power Reportedly Refuses to Give Up on Lanco Unit, Makes Improved Offer Adani Power Limited (NSEI:ADANIPOWER) has rekindled its desire to acquire bankrupt Lanco Amarkantak Power Limited after backing out of the race last December. This week the company submitted a revised, improved offer of INR 36,500 million to lenders versus the INR 29,500 million proposal it made in December, said two people aware of the development. The thermal power company's lenders will meet November 2, 2023 to review the offer from Adani, the people said. Adani's new offer comes several months after a majority of lenders voted for a INR 30,200 million resolution plan from a PFC-led consortium. Adani Power did not respond to ET's request for comments. Tillkännagivande • Oct 21
Adani Power Limited to Report Q2, 2024 Results on Nov 02, 2023 Adani Power Limited announced that they will report Q2, 2024 results on Nov 02, 2023 Tillkännagivande • Jul 29
Adani Power Limited to Report Q1, 2024 Results on Aug 03, 2023 Adani Power Limited announced that they will report Q1, 2024 results on Aug 03, 2023 Tillkännagivande • Jun 28
Adani Power Limited, Annual General Meeting, Jul 19, 2023 Adani Power Limited, Annual General Meeting, Jul 19, 2023, at 12:00 Indian Standard Time. Tillkännagivande • May 05
Reliance, Adani, Vedanta Reportedly Among Companies in Race for Bhadreshwar Vidyut Reliance Industries Limited (NSEI:RELIANCE), Adani Power Limited (NSEI:ADANIPOWER), Torrent Power Limited (NSEI:TORNTPOWER), Vedanta Limited (NSEI:VEDL) and Jindal Power Limited are among 14 companies that have shown interest in acquiring Gujarat-based Bhadreshwar Vidyut Private Limited, which is undergoing insolvency, said people aware of the development. This is the third bankrupt power producer for which two of the country's corporate houses - Reliance Industries and the Adani Group - have shown interest. They had earlier offered resolution plans for SKS Power and Lanco Amarkantak Power, but both conglomerates did not aggressively pursue the bids, one of the persons cited above said. Resolutions of both SKS Power and Lanco Amarkantak are yet to be concluded. Both Reliance and the Adani Group had also submitted expressions of interest for Future Retail, which was admitted for insolvency last year. Reliance Industries, Adani Power, Torrent Power, Vedanta, and Jindal Power did not respond to ET's request for comment. Other applicants for Bhadreshwar Vidyut include Sherisha Technologies Private Limited, which recently acquired a 22.7% stake in Anil Jain's Refex Industries. backed by Alvarez and Marsal, admitted INR 34,630 million in claims, which include INR 29,360 million of financial creditors' claims. He did not respond to ET's request for comment. J P Iscon, Kandla Agro and Chemicals and Kutch Chemicals Industries also submitted initial bids, the people said. Prudent Asset Reconstruction Co's RKG Fund, UAE-based Global vs Commodity Services (FZE) and an individual, M K Rajagopalan, also showed interest. Progressive Star Finance, in partnership with BVPL Employees Benefit Trust, and Sanjana Cryogenic Storages, in partnership with Sterling Power Ventures, also responded to expressions of interest (EoI). Tillkännagivande • Jan 28
Adani Power Limited to Report Q3, 2023 Results on Feb 08, 2023 Adani Power Limited announced that they will report Q3, 2023 results at 4:00 PM, Indian Standard Time on Feb 08, 2023 Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 17% share price gain to ₹399, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 15x in the Renewable Energy industry in India. Total returns to shareholders of 601% over the past three years. Buying Opportunity • Aug 08
Now 20% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be ₹413, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Jul 07
Full year 2022 earnings released: EPS: ₹9.63 (vs ₹0.065 in FY 2021) Full year 2022 results: EPS: ₹9.63 (up from ₹0.065 in FY 2021). Revenue: ₹277.1b (up 5.7% from FY 2021). Net income: ₹37.1b (up ₹36.9b from FY 2021). Profit margin: 13% (up from 0.1% in FY 2021). The increase in margin was primarily driven by lower expenses. Over the next year, revenue is expected to shrink by 1.5% compared to a 12% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth.