During Friday’s trading session, shares of a part of the Adani portfolios and the largest private thermal power producer in India, tumbled nearly 3 percent to close in the red at Rs. 157.9 on BSE.
With a market capitalisation of Rs. 3.04 lakh crores, the shares of Adani Power Limited hit a 52-week high at Rs. 182.75 on 23rd September 2025, and is trading at a discount of nearly 14 percent compared to Friday’s closing price.
Stock Performance:
The stock has delivered multibagger returns of around 2,111 percent over the past five years, surging from Rs. 7 in October 2020 to the current stock price level of Rs. 158. This indicates that if an investor had made an investment of Rs. 1 lakh five years ago, it would have now be worth more than Rs. 22 lakhs.
Over a shorter horizon, the stock has delivered positive returns of more than 33 percent in the past one year and gained over 9 percent in the last one month.
Financials & More:
Adani Power has reported a marginal increase in revenue from operations by around 1 percent YoY, from Rs. 13,339 crore in Q2 FY25 to Rs. 13,457 crore in Q2 FY26. However, the company’s net profit declined by nearly 12 percent YoY, falling from Rs. 3,298 crore to Rs. 2,906 crore, during the same period.
The company reported a solid 3-year CAGR revenue of around 27 percent between FY22 and FY25, with net profit expanding at a CAGR of more than 37 percent over the same period.
Adani Power Limited’s consolidated operating capacity increased from 17,550 MW as of September 2024 to 18,150 MW as of September 2025, driven by the acquisition of the 600 MW Vidarbha Industries Power Ltd. Despite a slowdown in overall energy demand growth, the company achieved a 7.4 percent increase in power sales during Q2 FY26, supported by a higher effective operating capacity.
The merchant and short-term sale volume for Q2 FY26 rose 12.9 percent year-on-year to 5.7 BU, compared to 5.0 BU in Q2 FY25. Similarly, the merchant volume for H1 FY26 grew 10.5 percent year-on-year to 11.4 BU, up from 10.3 BU in H1 FY25.
Additionally, the company completed a share split on September 22, 2025, in a 1:5 ratio, converting each equity share of Rs. 10 face value into five equity shares of Rs. 2 each. Post-split, the total number of equity shares increased from 3,85,69,38,941 to 19,28,46,94,705.
Adani Power Limited is engaged in the business of power generation and the setting up of power projects. The company sells power under long-term/medium-term/short-term Power Purchase Agreement (PPAs), Supplemental Power Purchase Agreement (SPPAs), on a merchant basis and is also engaged in trading, investment and other business activities.
APL has increased its targeted capacity expansion to 41,870 MW by FY31-32 by several brownfield and greenfield projects with a combined capacity of 23,720 MW.
Adani Power Limited’s brownfield expansion projects are advancing at a strong pace, with Mahan Phase-II (1,600 MW USCTPP) achieving 73 percent completion, Raipur Phase-II (1,600 MW USCTPP) reaching 35 percent, and Raigarh Phase-II (1,600 MW USCTPP) progressing to 30 percent completion.
In addition, Korba Power Limited, a wholly-owned subsidiary of APL, has resumed construction of its 1,320 MW supercritical power project in Korba, Chhattisgarh. These projects are expected to be commissioned in phases between FY26-27 and FY28-29.
Written by Shivani Singh
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