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Adani Power Ltd rose for a third straight session today. The stock is quoting at Rs 214.9, up 3.72% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.13% on the day, quoting at 24176.5. The Sensex is at 77308.83, down 0.21%. Adani Power Ltd has added around 3.19% in last one month.
Meanwhile, Nifty Energy index of which Adani Power Ltd is a constituent, has added around 0.08% in last one month and is currently quoting at 38099.9, up 0.12% on the day. The volume in the stock stood at 570.78 lakh shares today, compared to the daily average of 145.43 lakh shares in last one month.
The benchmark September futures contract for the stock is quoting at Rs 216.38, up 3.24% on the day. Adani Power Ltd is up 80.6% in last one year as compared to a 1.32% fall in NIFTY and a 13.25% fall in the Nifty Energy index.
The PE of the stock is 33.39 based on TTM earnings ending June 26.
The agency has reaffirmed the company's short-term rating at 'CARE A1+'.
CARE Ratings stated that the upgrade of the long-term rating and reaffirmation of the short-term rating on bank facilities and debt instruments of Adani Power (APL) factors in the sustenance of strong operational and financial performance. APL is the largest private thermal power producer in India with operational capacity of 18.33 GW as on 30 June 2026 and under development capacity of nearly 24 GW.
The strong operational performance is demonstrated by actual plant availability factor (PAF) remaining above normative levels as reflected by PAF of 96% in Q1 FY27 and 89% in FY26 across its operational portfolio, leading to full recovery of capacity charges.
The market risk of the underlying portfolio has also decreased as power purchase agreements (PPAs) are tied for nearly 95% of installed capacity as on 30 June 2026, against 85% in August 2024. The impact of lower market risk is also reflected by declining share of merchant revenues in the overall revenues.
As articulated by the management, going forward from Q2 FY27, the share of merchant capacity in the overall capacity mix is likely to remain below 10%.
The payment from off takers has been timely as reflected by debtors of 80 days as of FY26 end, aiding the liquidity profile of the company as reflected from cash and cash equivalents of Rs 10,739 crore as of June 2026 end.
The spread between revenue per unit sold and the associated coal cost per unit has remained above Rs 2 per unit over last three years translating into stable cash flows for the company, with continuing earnings before interest, taxation, depreciation, and amortisation (EBITDA) remaining above Rs 18,000 crore on a consistent basis over FY24-FY26, whereas till FY23, continuing EBITDA was below 10,000 crore. The growth momentum has continued in FY27 with reported EBITDA for Q1 FY27 being Rs 8,369 crore against Rs 6,150 crore for Q1 FY26.
Going forward, CARE Ratings Limited (CareEdge Ratings) expects EBITDA to sustain above Rs 22,000 crore over the medium term, supported by contracted capacity, improved fuel availability and the progressive contribution from the under-development capacities, that are expected to become operational.
Despite the heightened capex, the leverage for the portfolio has remained in check. Going forward, CareEdge Ratings in its base case expects the company’s leverage to be well within the upper threshold defined by the rating agency.
CareEdge Ratings has also taken cognisance of the proposed equity raise of up to Rs 15,000 crore through a qualified institutional placement (QIP), which is expected to materialise within allowed timelines. These funds once raised, would further reduce company’s reliance on external debt for its growth capex.
Ratings continue to factor in the diversified operational portfolio of 18,330 MW spread across multiple locations and counterparties.
However, these strengths are tempered by the company's large expansion programme involving proposed capacity addition of nearly 23.72 GW for which the cumulative capex of Rs 2 lakh crore is envisaged over the medium term. The scale of the expansion exposes the company to execution, funding and commissioning risks.
CareEdge Ratings also notes that APL has certain pending regulatory matters, including the receipt of final tariff orders from the Central Electricity Regulatory Commission (CERC) and the Supreme Court of India in relation to the Mundra, Tiroda, and Korba (Lanco Amarkantak) projects. The regulatory developments in the cases continue to remain a rating monitorable.
APL is also foraying into nuclear and hydro power generation which have long gestation period. Ratings are also constrained by exposure to state distribution utilities, who are the primary off-takers and have a weak financial risk profile, resulting in a risk of payment delays.
Adani Power (APL) is the holding company of the Adani group’s coal-based thermal power generation business. APL (on a consolidated basis) has a total operational thermal power generation capacity of 18.29 GW and 40 MW solar power plant. Projects are across Gujarat, Maharashtra, Rajasthan, Karnataka, Chhattisgarh, Jharkhand, Tamil Nadu, and Madhya Pradesh. It is the largest private thermal independent power producer in the country.
Adani Power Ltd dropped for a fifth straight session today. The stock is quoting at Rs 203.3, down 0.95% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.07% on the day, quoting at 24349.25. The Sensex is at 77871.09, down 0.18%.Adani Power Ltd has lost around 7.58% in last one month.Meanwhile, Nifty Energy index of which Adani Power Ltd is a constituent, has eased around 2.42% in last one month and is currently quoting at 38554.2, up 0.38% on the day. The volume in the stock stood at 74.1 lakh shares today, compared to the daily average of 187.08 lakh shares in last one month.
The benchmark August futures contract for the stock is quoting at Rs 203.51, down 1.18% on the day. Adani Power Ltd jumped 69.77% in last one year as compared to a 2.12% slide in NIFTY and a 12.23% spurt in the Nifty Energy index.
The PE of the stock is 33.05 based on TTM earnings ending June 26.
The board also approved increase in borrowing limits from Rs 75,000 crore to Rs 1,00,000 crore.
Profit before tax (PBT) surged 52.65% YoY to Rs 6,418.18 crore in Q1 FY27, compared with Rs 4,204.31 crore in Q1 FY26.
Consolidated continuing EBITDA rose 21.6% YoY to Rs 6,983 crore, marking the company’s highest-ever quarterly performance. The growth was supported by strong operational performance despite higher fuel costs.
Consolidated power sale volume increased 16.9% to 28.8 billion units (BU) in Q1 FY27 from 24.6 BU in Q1 FY26, driven by higher operating capacity and robust power demand.
The company’s consolidated plant load factor (PLF) improved to 77.9% in Q1 FY27 from 67% in the corresponding quarter last year.
India witnessed strong power demand during the quarter due to a hotter-than-usual summer, with peak power demand touching a record 270.8 GW in May 2026. Energy consumption increased 8.4% year-on-year to 485.4 BU during Q1 FY27. The Day-Ahead Market Clearing Price on the Indian Energy Exchange rose 15.7% year-on-year to Rs 5.1 per unit, while the Real-Time Market Clearing Price increased 13.8% to Rs 4.5 per unit.
During the quarter, Adani Power acquired the 180 MW Churk thermal power plant, a 24% equity stake in Jaiprakash Power Ventures (2,220 MW), and an 11.49% equity stake in Prayagraj Power Generation Company (1,980 MW) under the approved resolution plan for Jaiprakash Associates.
The company also signed a 25-year Power Supply Agreement (PSA) with Maharashtra State Electricity Distribution Company (MSEDCL) for supplying 1,600 MW power from a proposed 2x800 MW ultra-supercritical thermal power plant under the DBFOO model.
S B Khyalia, CEO of Adani Power Limited, said, “Adani Power has once again demonstrated strength of its efficient and cost-competitive portfolio and operational excellence in various spheres by posting its highest ever quarterly EBITDA on continuing basis. APL has consolidated firmly on the path to expand its portfolio to 45GW, with rapid progress on ongoing projects and strong liquidity from current operations. As we expand our reach further with the acquisition of Jaiprakash Associates’ stake in power assets, we are also diversifying into domestic and international hydro power projects and preparing ourselves to enter new opportunities in the nuclear power field. We are strongly committed to helping India meet its long term development goals with the supply of reliable and competitive electricity.”
Meanwhile, the board approved a proposal to raise up to Rs 15,000 crore through the issuance of equity shares and/or other eligible securities via a qualified institutions placement (QIP) or other permissible modes, subject to shareholders' and regulatory approvals.
The board also approved a proposal to increase the company's borrowing limit to Rs 1,00,000 crore from Rs 75,000 crore, subject to shareholders' approval and other statutory and regulatory clearances. The enhanced limit will enable the company to raise funds through loans, borrowings, debt securities and other permissible instruments in one or more tranches.
Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India.
The counter slipped 1.52% to Rs 216.95 on the BSE.
The PSA has been signed for a period of 25 years. Adani Power added that the coal linkage for the project has been allocated under the SHAKTI Policy of the Government of India.
Adani Power (APL) reported a 64.33% surge in consolidated net profit to Rs 4,271.40 crore in Q4 FY26 as compared to Rs 2,599.23 crore recorded in Q4 FY25. Revenue from operations remained largely flat at Rs 14,223.09 crore in the quarter ended 31 March 2026, compared with Rs 14,237.40 crore in the corresponding quarter last year.
Shares of Adani Power rose 0.43% to Rs 219.95 on the BSE.
The coal linkage for the power plant has been allocated under the SHAKTI Policy of Government of India.