ADANI POWER

Adani Power Limited is a leading private-sector thermal power producer in India and a
subsidiary of the Adani Group. Established in 1996, the company is engaged in the
generation, transmission, and distribution of electricity. It operates several thermal
power plants across India, with a total installed capacity of over 15,000 MW, making it
one of the largest independent power producers in the country. Adani Power has a
strong presence in coal-based thermal power generation and is also exploring
renewable energy projects to align with India's sustainability goals. The company
plays a crucial role in meeting the growing energy demands of the nation while
focusing on operational efficiency and cost-effectiveness. With its commitment to
innovation and infrastructure development, Adani Power continues to expand its
footprint in the energy sector, contributing to India's economic growth and energy
security.
1. Stock Price Perfo
Adani Power's shar
surpassing the ₹500
2. Financial Perform
In the December qu
The company's reve
raise via Qualified In
Economic Times
3. Power Supply to
Adani Power has be
disputes and low w
The plant had previ
Today+3The Econom
4. Environmental a
Adani Power is facin
Tribunal over allega
Activists claim that
These development
energy sector.
1. Stock Price Performance
Adani Power's shares have experienced notable fluctuations. On March 27, 2025, the stock closed 4.39% higher at ₹519
surpassing the ₹500 mark and achieving a market capitalization of ₹2 lakh crore. ​Business Today
2. Financial Performance
In the December quarter (Q3 FY2024-25), Adani Power reported a 7.4% increase in consolidated net profit, reaching ₹2
The company's revenue also rose by 11% to ₹14,833 crore during this period. Additionally, Adani Power approved a ₹5,
raise via Qualified Institutional Placement (QIP) and increased the Non-Convertible Debentures (NCD) limit to ₹11,000
Economic Times
3. Power Supply to Bangladesh
Adani Power has been involved in power supply agreements with Bangladesh. After a period of reduced capacity due to
disputes and low winter demand, Bangladesh requested full restoration of power supply from Adani's 1,600 MW plant
The plant had previously halved its supply, leading to one of the two 800 MW units shutting down. ​Reuters+3Business
Today+3The Economic Times+3Reuters+1Wikipedia+1
4. Environmental and Legal Challenges
Adani Power is facing legal challenges related to environmental concerns. The company is defending itself in India's Nati
Tribunal over allegations of commencing work on a $2 billion power plant in Uttar Pradesh without obtaining environm
Activists claim that the project site is within a forested area and could have adverse environmental impacts. ​Reuters
These developments highlight Adani Power's ongoing financial performance, operational challenges, and legal consider
energy sector.
closed 4.39% higher at ₹519.65 on the BSE,
oday
dated net profit, reaching ₹2,940.07 crore.
Adani Power approved a ₹5,000 crore fund
ures (NCD) limit to ₹11,000 crore. ​The

d of reduced capacity due to payment

om Adani's 1,600 MW plant in Jharkhand.
g down. ​Reuters+3Business News

efending itself in India's National Green

without obtaining environmental clearance.
mental impacts. ​Reuters
hallenges, and legal considerations in the
 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 3,856.94 3,856.94 3,856.94 3,856.94 3,856.94
Preference Share Capital 0 0 154.43 168.95 184.49
Total Share Capital 3,856.94 3,856.94 4,011.37 4,025.89 4,041.43
Reserves and Surplus 3,318.44 4,213.41 1,145.40 10,905.38 28,029.56
Total Reserves and Surplus 3,318.44 4,213.41 1,145.40 10,905.38 28,029.56
Total Shareholders Funds 7,175.38 8,070.35 5,156.77 14,931.27 32,070.99
Hybrid/Debt/Other Securities 8,615.00 9,015.00 13,461.55 13,461.55 7,561.55
NON-CURRENT LIABILITIES
Long Term Borrowings 3,112.85 930.56 30,308.02 24,809.68 18,701.13
Deferred Tax Liabilities [Net] 0 0 2,303.87 0 0
Other Long Term Liabilities 205.83 226.58 4,786.39 4,557.12 4,272.92
Long Term Provisions 2.14 1.53 132.38 148.32 149.03
Total Non-Current Liabilities 3,320.82 1,158.67 37,530.66 29,515.12 23,123.08

CURRENT LIABILITIES

Short Term Borrowings 2,589.02 5,293.17 9,932.80 7,827.72 6,758.99

Trade Payables 712.32 13.26 3,448.56 2,387.38 2,943.84
Other Current Liabilities 116.47 856.75 2,222.90 4,695.52 2,698.93
Short Term Provisions 1.28 1.23 12.94 13.39 14.57
Total Current Liabilities 3,419.09 6,164.41 15,617.20 14,924.01 12,416.33
Total Capital And Liabilities 22,530.29 24,408.43 71,766.18 72,831.95 75,171.95
ASSETS

NON-CURRENT ASSETS

Tangible Assets 569.26 540.93 49,139.79 46,380.45 43,638.07

Intangible Assets 0.82 0.06 202.49 202.34 200.74
Capital Work-In-Progress 0.13 0.67 184.3 188.33 739.49
Fixed Assets 570.21 541.66 49,526.58 46,771.12 44,578.30
Non-Current Investments 18,216.25 19,358.65 4,658.49 6,373.48 6,906.84
Deferred Tax Assets [Net] 0 0 0 0 376.34
Long Term Loans And Advances 3,230.92 3,583.20 609.54 1,251.78 1,555.23
Other Non-Current Assets 34.95 24.29 1,421.66 1,237.44 1,104.42
Total Non-Current Assets 22,052.33 23,507.80 56,216.27 55,633.82 54,521.13
CURRENT ASSETS
Current Investments 0 0 175.01 0 373.5
Inventories 4.06 2.54 2,208.07 2,324.07 3,474.89
Trade Receivables 366.81 9.65 9,490.01 11,380.93 6,695.19
Cash And Cash Equivalents 101.02 86.61 2,014.95 1,692.34 5,693.72
Short Term Loans And Advances 0.22 3.96 3.18 3.06 2,820.67
OtherCurrentAssets 5.85 797.87 1,658.69 1,797.73 1,592.85
Total Current Assets 477.96 900.63 15,549.91 17,198.13 20,650.82
Total Assets 22,530.29 24,408.43 71,766.18 72,831.95 75,171.95

OTHER ADDITIONAL INFORMATION

CONTINGENT LIABILITIES, COMMITMENTS

Contingent Liabilities 52.54 49.33 1,645.68 9,228.66 12,914.49

CIF VALUE OF IMPORTS
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 428.48 0.3 0.05 10,512.00 10,446.14
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign Currency - - - - -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods - - - - -
Other Earnings - - - - -
BONUS DETAILS
Bonus Equity Share Capital 787.31 787.31 787.31 787.31 787.31
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market Value - - - - -
Non-Current Investments Unquoted Book Value 18,216.25 19,358.65 4,658.49 6,373.48 6,906.84
CURRENT INVESTMENTS
Current Investments Quoted Market Value - - - - -
Current Investments Unquoted Book Value - - 175.01 - 373.5
 Mar-24

12 mths

3,856.94
184.49
4,041.43
28,029.56
28,029.56
32,070.99
7,561.55

18,701.13
0
4,272.92
149.03
23,123.08

6,758.99
2,943.84
2,698.93
14.57
12,416.33
75,171.95

43,638.07
200.74
739.49
44,578.30
6,906.84
376.34
1,555.23
1,104.42
54,521.13

373.5
3,474.89
6,695.19
5,693.72
2,820.67
1,592.85
20,650.82
75,171.95

12,914.49

10,446.14

-
-

787.31

-
6,906.84

-
373.5
Profit & Loss Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
account of
Adani
Power (in Rs.
Cr.)

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME
Revenue From 1,005.15 447.17 27,654.90 35,971.03 38,999.27
Operations
[Gross]
Less: 0 0 0 0 0
Excise/Sevice
Tax/Other
Levies
Revenue From 1,005.15 447.17 27,654.90 35,971.03 38,999.27
Operations
[Net]
Total Operating 1,005.32 447.17 27,711.18 36,681.21 39,204.57
Revenues

Other Income 910.84 134.37 4,068.32 4,519.98 10,191.85

Total Revenue 1,916.16 581.54 31,779.50 41,201.19 49,396.42
EXPENSES
Cost Of 0 0 0 0 0
Materials
Consumed
Purchase Of 908.1 351.45 545.56 209.58 214.51
Stock-In Trade
Operating And 0 0 642.77 469.85 399.75
Direct Expenses

Changes In 0 0 0 0 0
Inventories Of
FG,WIP And
Stock-In Trade
Employee 41.61 32.88 470.21 530.36 554.19
Benefit
Expenses
Finance Costs 1,175.23 644.02 4,086.92 3,306.80 2,465.90
Depreciation 34.77 32.46 3,116.21 3,142.79 3,175.72
And
Amortisation
Expenses
Other Expenses 92.9 22.88 1,453.74 1,600.45 1,789.70
Total Expenses 2,253.73 1,084.55 25,077.62 33,811.81 31,025.83
Profit/Loss -337.57 -503.01 6,701.88 7,389.38 18,370.59
Before
Exceptional,
ExtraOrdinary
Items And Tax

Exceptional -1,002.99 0 0 0 0
Items
Profit/Loss -1,340.56 -503.01 6,701.88 7,389.38 18,370.59
Before Tax
Tax Expenses-
Continued
Operations
Current Tax 0 0 768.33 0 0
Less: MAT 0 0 0 0 0
Credit
Entitlement
Deferred Tax 0 0 897.32 -2,088.44 -378.65
Tax For Earlier 0 -4.27 -0.11 -768.33 0
Years
Total Tax 0 -4.27 1,665.54 -2,856.77 -378.65
Expenses
Profit/Loss -1,340.56 -498.74 5,036.34 10,246.15 18,749.24
After Tax And
Before
ExtraOrdinary
Items

Profit/Loss -1,340.56 -498.74 5,036.34 10,246.15 18,749.24

From
Continuing
Operations
Profit/Loss For -1,340.56 -498.74 5,036.34 10,246.15 18,749.24
The Period

OTHER
ADDITIONAL
INFORMATION
EARNINGS
PER SHARE
Basic EPS (Rs.) -5.77 -3.75 9.95 23.32 46.24

Diluted EPS -5.77 -3.75 9.95 23.32 46.24

(Rs.)
VALUE OF
IMPORTED
AND
INDIGENIOUS
RAW
MATERIALS
STORES,
SPARES AND
LOOSE TOOLS

Imported Raw 0 0 0 0 0
Materials
Indigenous Raw 0 0 0 0 0
Materials
STORES,
SPARES AND
LOOSE TOOLS

Imported Stores 0 0 0 0 0
And Spares

Indigenous 0 0 0 0 0
Stores And
Spares
DIVIDEND AND
DIVIDEND
PERCENTAGE

Equity Share 0 0 0 0 0
Dividend
Tax On Dividend 0 0 0 0 0

Equity Dividend 0 0 0 0 0
Rate (%)
Date Nifty 50 Adani powReturn on Return of nifty 50 Coveriance Variance
3/31/2023 17,359.75 191.6
4/3/2023 17,398.05 190.55 -0.01 0.002201 3.3703E-05 2.554225E-05
4/5/2023 17,557.05 190.1 0.00 0.009056
4/6/2023 17,599.15 192.2 0.01 0.002392
4/10/2023 17,624.05 194 0.01 0.001413
4/11/2023 17,722.30 194 0.00 0.005544
4/12/2023 17,812.40 192.45 -0.01 0.005058
4/13/2023 17,828.00 189.15 -0.02 0.000875
4/17/2023 17,706.85 189.45 0.00 -0.006842
4/18/2023 17,660.15 188.35 -0.01 -0.002644
4/19/2023 17,618.75 187.3 -0.01 -0.00235
4/20/2023 17,624.45 195.8 0.05 0.000323
4/21/2023 17,624.05 199.25 0.02 -2.27E-05
4/24/2023 17,743.40 201.4 0.01 0.006726
4/25/2023 17,769.25 205.65 0.02 0.001455
4/26/2023 17,813.60 211.35 0.03 0.00249
4/27/2023 17,915.05 214.15 0.01 0.005663
4/28/2023 18,065.00 224.85 0.05 0.008301
5/2/2023 18,147.65 235.95 0.05 0.004554
5/3/2023 18,089.85 231.65 -0.02 -0.003195
5/4/2023 18,255.80 238.15 0.03 0.00909
5/5/2023 18,069.00 239.85 0.01 -0.010338
5/8/2023 18,264.40 238.7 0.00 0.010698
5/9/2023 18,265.95 240.3 0.01 8.486E-05
5/10/2023 18,315.10 238.2 -0.01 0.002684
5/11/2023 18,297.00 242.65 0.02 -0.000989
5/12/2023 18,314.80 240.85 -0.01 0.000972
5/15/2023 18,398.85 235.85 -0.02 0.004568
5/16/2023 18,286.50 236.2 0.00 -0.006144
5/17/2023 18,181.75 234.35 -0.01 -0.005761
5/18/2023 18,129.95 225.05 -0.04 -0.002857
5/19/2023 18,203.40 236.1 0.05 0.004035
5/22/2023 18,314.40 247.9 0.05 0.006061
5/23/2023 18,348.00 260.25 0.05 0.001831
5/24/2023 18,285.40 256.05 -0.02 -0.003423
5/25/2023 18,321.15 259.15 0.01 0.001951
5/26/2023 18,499.35 258.05 0.00 0.009633
5/29/2023 18,598.65 256.4 -0.01 0.005339
5/30/2023 18,633.85 251.1 -0.02 0.001889
5/31/2023 18,534.40 249.65 -0.01 -0.005366
6/1/2023 18,487.75 254.15 0.02 -0.002523
6/2/2023 18,534.10 255.65 0.01 0.002501
6/5/2023 18,593.85 259.45 0.01 0.003213
6/6/2023 18,599.00 263 0.01 0.000277
6/7/2023 18,726.40 274.85 0.05 0.006803
6/8/2023 18,634.55 279.15 0.02 -0.004929
6/9/2023 18,563.40 276.2 -0.01 -0.003833
6/12/2023 18,601.50 271.55 -0.02 0.002048
6/13/2023 18,716.15 267.8 -0.01 0.006126
6/14/2023 18,755.90 265.25 -0.01 0.002119
6/15/2023 18,688.10 269.25 0.02 -0.003628
6/16/2023 18,826.00 266.1 -0.01 0.007325
6/19/2023 18,755.45 263.65 -0.01 -0.003762
6/20/2023 18,816.70 261.7 -0.01 0.003255
6/21/2023 18,856.85 260.65 0.00 0.002129
6/22/2023 18,771.25 256.6 -0.02 -0.00456
6/23/2023 18,665.50 242.4 -0.06 -0.005666
6/26/2023 18,691.20 250.6 0.03 0.001375
6/27/2023 18,817.40 253.1 0.01 0.006707
6/28/2023 18,972.10 254.65 0.01 0.008154
6/30/2023 19,189.05 249.85 -0.02 0.011306
7/3/2023 19,322.55 248.45 -0.01 0.006909
7/4/2023 19,389.00 247.1 -0.01 0.003427
7/5/2023 19,398.50 245.65 -0.01 0.00049
7/6/2023 19,497.30 246.45 0.00 0.005067
7/7/2023 19,331.80 243.75 -0.01 -0.008561
7/10/2023 19,355.90 242.05 -0.01 0.001245
7/11/2023 19,439.40 244.2 0.01 0.004295
7/12/2023 19,384.30 240.85 -0.01 -0.002843
7/13/2023 19,413.75 237.2 -0.02 0.001517
7/14/2023 19,564.50 241.9 0.02 0.007705
7/17/2023 19,711.45 245.7 0.02 0.007455
7/18/2023 19,749.25 246.55 0.00 0.001914
7/19/2023 19,833.15 245.7 0.00 0.00423
7/20/2023 19,979.15 244.15 -0.01 0.007308
7/21/2023 19,745.00 241.75 -0.01 -0.011859
7/24/2023 19,672.35 238 -0.02 -0.003693
7/25/2023 19,680.60 260.15 0.09 0.000419
7/26/2023 19,778.30 255.5 -0.02 0.00494
7/27/2023 19,659.90 253 -0.01 -0.006022
7/28/2023 19,646.05 258.55 0.02 -0.000705
7/31/2023 19,753.80 273.3 0.06 0.005455
8/1/2023 19,733.55 273.2 0.00 -0.001026
8/2/2023 19,526.55 267.7 -0.02 -0.010601
8/3/2023 19,381.65 274.85 0.03 -0.007476
8/4/2023 19,517.00 278.5 0.01 0.006935
8/7/2023 19,597.30 273.3 -0.02 0.004098
8/8/2023 19,570.85 280.25 0.03 -0.001351
8/9/2023 19,632.55 277.15 -0.01 0.003143
8/10/2023 19,543.10 281.9 0.02 -0.004577
8/11/2023 19,428.30 288.1 0.02 -0.005909
8/14/2023 19,434.55 286.1 -0.01 0.000322
8/16/2023 19,465.00 279.9 -0.02 0.001564
8/17/2023 19,365.25 286.55 0.02 -0.005151
8/18/2023 19,310.15 304.6 0.06 -0.002853
 8/21/2023 19,393.60 324.85 0.07 0.004303
8/22/2023 19,396.45 347.4 0.07 0.000147
8/23/2023 19,444.00 322.85 -0.07 0.002445
8/24/2023 19,386.70 328.8 0.02 -0.002956
8/25/2023 19,265.80 325.05 -0.01 -0.006275
8/28/2023 19,306.05 321.8 -0.01 0.002085
8/29/2023 19,342.65 332.7 0.03 0.001892
8/30/2023 19,347.45 328.4 -0.01 0.000248
8/31/2023 19,253.80 321.3 -0.02 -0.004864
9/1/2023 19,435.30 330.25 0.03 0.009339
9/4/2023 19,528.80 341.75 0.03 0.004788
9/5/2023 19,574.90 342.45 0.00 0.002355
9/6/2023 19,611.05 347.55 0.01 0.001843
9/7/2023 19,727.05 358.8 0.03 0.00588
9/8/2023 19,819.95 369.15 0.03 0.004687
9/11/2023 19,996.35 398.4 0.08 0.008822
9/12/2023 19,993.20 386.3 -0.03 -0.000158
9/13/2023 20,070.00 377.1 -0.02 0.003827
9/14/2023 20,103.10 377.15 0.00 0.001647
9/15/2023 20,192.35 379.4 0.01 0.00442
9/18/2023 20,133.30 375 -0.01 -0.002933
9/20/2023 19,901.40 368.4 -0.02 -0.011652
9/21/2023 19,742.35 382.45 0.04 -0.008056
9/22/2023 19,674.25 383.9 0.00 -0.003461
9/25/2023 19,674.55 381.15 -0.01 1.525E-05
9/26/2023 19,664.70 377.5 -0.01 -0.000501
9/27/2023 19,716.45 375.35 -0.01 0.002625
9/28/2023 19,523.55 375.4 0.00 -0.00988
9/29/2023 19,638.30 377.45 0.01 0.005843
10/3/2023 19,528.75 366.7 -0.03 -0.00561
10/4/2023 19,436.10 372.05 0.01 -0.004767
10/5/2023 19,545.75 365.85 -0.02 0.00561
10/6/2023 19,653.50 364.3 0.00 0.005482
10/9/2023 19,512.35 342 -0.06 -0.007234
10/10/2023 19,689.85 349.65 0.02 0.009015
10/11/2023 19,811.35 349.8 0.00 0.006133
10/12/2023 19,794.00 347.25 -0.01 -0.000877
10/13/2023 19,751.05 341.9 -0.02 -0.002175
10/16/2023 19,731.75 329.65 -0.04 -0.000978
10/17/2023 19,811.50 335.5 0.02 0.004025
10/18/2023 19,671.10 333.95 0.00 -0.007137
10/19/2023 19,624.70 344.45 0.03 -0.002364
10/20/2023 19,542.65 338.3 -0.02 -0.004199
10/23/2023 19,281.75 316.45 -0.06 -0.013531
10/25/2023 19,122.15 312.7 -0.01 -0.008346
10/26/2023 18,857.25 327.35 0.05 -0.014048
10/27/2023 19,047.25 354.15 0.08 0.009975
10/30/2023 19,140.90 357.95 0.01 0.004893
10/31/2023 19,079.60 363.05 0.01 -0.003213
11/1/2023 18,989.15 365.2 0.01 -0.004763
11/2/2023 19,133.25 372.95 0.02 0.007531
11/3/2023 19,230.60 384.65 0.03 0.005062
11/6/2023 19,411.75 394 0.02 0.009332
11/7/2023 19,406.70 383.8 -0.03 -0.00026
11/8/2023 19,443.50 393.4 0.03 0.001893
11/9/2023 19,395.30 401.1 0.02 -0.002485
11/10/2023 19,425.35 399.4 0.00 0.001547
11/12/2023 19,525.55 399.85 0.00 0.005132
11/13/2023 19,443.55 390.6 -0.02 -0.004217
11/15/2023 19,675.45 391 0.00 0.011786
11/16/2023 19,765.20 389.55 0.00 0.004541
11/17/2023 19,731.80 387.3 -0.01 -0.001693
11/20/2023 19,694.00 389.95 0.01 -0.001919
11/21/2023 19,783.40 392.5 0.01 0.004519
11/22/2023 19,811.85 387.2 -0.01 0.001436
11/23/2023 19,802.00 381.7 -0.01 -0.000497
11/24/2023 19,794.70 397.2 0.04 -0.000369
11/28/2023 19,889.70 446.2 0.12 0.004776
11/29/2023 20,096.60 433.1 -0.03 0.010295
11/30/2023 20,133.15 431.5 0.00 0.001815
12/1/2023 20,267.90 440.4 0.02 0.006648
12/4/2023 20,686.80 464.7 0.06 0.02025
12/5/2023 20,855.10 538.15 0.16 0.00807
12/6/2023 20,937.70 560.45 0.04 0.003945
12/7/2023 20,901.15 562.4 0.00 -0.001749
12/8/2023 20,969.40 533.8 -0.05 0.003255
12/11/2023 20,997.10 526.15 -0.01 0.001319
12/12/2023 20,906.40 516.95 -0.02 -0.004338
12/13/2023 20,926.35 505.7 -0.02 0.000953
12/14/2023 21,182.70 528.95 0.05 0.012102
12/15/2023 21,456.65 538.85 0.02 0.012768
12/18/2023 21,418.65 539.35 0.00 -0.001774
12/19/2023 21,453.10 535.45 -0.01 0.001606
12/20/2023 21,150.15 508.8 -0.05 -0.014324
12/21/2023 21,255.05 511.65 0.01 0.004935
12/22/2023 21,349.40 512.55 0.00 0.004419
12/26/2023 21,441.35 511.7 0.00 0.004288
12/27/2023 21,654.75 522.45 0.02 0.009855
12/28/2023 21,778.70 523.4 0.00 0.005691
12/29/2023 21,731.40 525.15 0.00 -0.002177
1/1/2024 21,741.90 523.25 0.00 0.000483
1/2/2024 21,665.80 518.6 -0.01 -0.003512
1/3/2024 21,517.35 544.5 0.05 -0.006899
1/4/2024 21,658.60 558.55 0.03 0.006522
1/5/2024 21,710.80 551.1 -0.01 0.002404
1/8/2024 21,513.00 541.7 -0.02 -0.009194
 1/9/2024 21,544.85 539.75 0.00 0.001478
1/10/2024 21,618.70 542.3 0.00 0.003416
1/11/2024 21,647.20 540.15 0.00 0.001317
1/12/2024 21,894.55 541.15 0.00 0.011297
1/15/2024 22,097.45 541.15 0.00 0.009182
1/16/2024 22,032.30 532.3 -0.02 -0.002957
1/17/2024 21,571.95 521.45 -0.02 -0.02134
1/18/2024 21,462.25 523.55 0.00 -0.005111
1/19/2024 21,622.40 516.75 -0.01 0.007407
1/20/2024 21,571.80 536.55 0.04 -0.002346
1/23/2024 21,238.80 517.55 -0.04 -0.015679
1/24/2024 21,453.95 519.95 0.00 0.010028
1/25/2024 21,352.60 543.3 0.04 -0.004746
1/29/2024 21,737.60 570.45 0.05 0.017711
1/30/2024 21,522.10 558.3 -0.02 -0.010013
1/31/2024 21,725.70 562.7 0.01 0.009371
2/1/2024 21,697.45 564.35 0.00 -0.001302
2/2/2024 21,853.80 559.4 -0.01 0.007154
2/5/2024 21,771.70 546.3 -0.02 -0.003771
2/6/2024 21,929.40 549.7 0.01 0.007191
2/7/2024 21,930.50 569.7 0.04 5.016E-05
2/8/2024 21,717.95 563.7 -0.01 -0.009787
2/9/2024 21,782.50 569.5 0.01 0.002963
2/12/2024 21,616.05 561.85 -0.01 -0.0077
2/13/2024 21,743.25 562.1 0.00 0.00585
2/14/2024 21,840.05 563.9 0.00 0.004432
2/15/2024 21,910.75 561.85 0.00 0.003227
2/16/2024 22,040.70 563.75 0.00 0.005896
2/19/2024 22,122.25 567.65 0.01 0.003686
2/20/2024 22,196.95 553.65 -0.02 0.003365
2/21/2024 22,055.05 540.75 -0.02 -0.006434
2/22/2024 22,217.45 562.25 0.04 0.00731
2/23/2024 22,212.70 559.05 -0.01 -0.000214
2/26/2024 22,122.05 570.45 0.02 -0.004098
2/27/2024 22,198.35 566.7 -0.01 0.003437
2/28/2024 21,951.15 549.6 -0.03 -0.011261
2/29/2024 21,982.80 549.95 0.00 0.00144
3/1/2024 22,338.75 554.15 0.01 0.015934
3/2/2024 22,378.40 555.8 0.00 0.001772
3/4/2024 22,405.60 559.9 0.01 0.001214
3/5/2024 22,356.30 573.85 0.02 -0.002205
3/6/2024 22,474.05 576.7 0.00 0.005239
3/7/2024 22,493.55 566.85 -0.02 0.000867
3/11/2024 22,332.65 566.95 0.00 -0.007205
3/12/2024 22,335.70 556.1 -0.02 0.000137
3/13/2024 21,997.70 528.3 -0.05 -0.015365
3/14/2024 22,146.65 537.85 0.02 0.006726
3/15/2024 22,023.35 530.4 -0.01 -0.005599
3/18/2024 22,055.70 529.4 0.00 0.001467
3/19/2024 21,817.45 518.2 -0.02 -0.01092
3/20/2024 21,839.10 514.85 -0.01 0.000991
3/21/2024 22,011.95 524.25 0.02 0.007853
3/22/2024 22,096.75 531.05 0.003838 #VALUE! #DIV/0! ###
3/26/2024 22,004.70 522 -0.02 -0.004183
3/27/2024 22,123.65 516.55 -0.01 0.005377
3/28/2024 22,326.90 533.8 0.03 0.009103
6.47 6.55 6.6 6.59
rate of return per period (average market return) 0.00100338
beta 1.54100974
annualized rate (rm) 0.279805
Rsk free rate of return (Rf) 0.07365
Expected return 0.597492
Risk 128.0565949
Risk
Expected return

rate of return per period (average market return) #DIV/0!

beta
annaualised return from market (Rm)

Annualised risk (Standard deviation)

Rsk free rate of return (Rf)
#DIV/0!
Cost of debt 0.11

WACC 0.1539626135

CALCULATIONS
LEVERAGES
ASSET TURNOVER RATIO = SALES / TOTAL ASSETS 0.5188008293
SALES 38,999.27

VARIABLE OPERATING COST RATIO = VARIABLE COST / SALES 0.015750551

VARIABLE COST 614.26

CONTRIBUTION MARGIN= SALES - VARIABLE COST 38,385.01

CONTRIBUTION MARGIN 38,385.01

EBIT= SALES - VARIABLE COST - FIXED COST EXCLUDING INTEREST

INTEREST 2,465.90
FIXED COST EXCLUDING INTEREST 35,919.11
EBIT 35,919.11

OPERATING LEVERAGE
DOL= CONTRIBUTION MARGIN /EBIT
DOL 1.068651478

FINANCIAL LEVERAGE 33,453.21

DFL = EBIT / (EBIT- INTEREST EXPENSE) 1.0737119099
DFL

TOTAL LEVERAGE
DTL = DOL * DFL
DTL 1.1474238197

EPS= EARNING / SHARES OUTSTADING

EARNING= EBIT - INTEREST -TAX 33,831.86
EARNING BEFORE TAX 33,453.21
TAX -378.65
EARNING AFTER TAX (PAT) 18,749.24
EPS 6.97 current
10.22 previous
 Working capital requirement 8,234.49

A positive working capital of ₹8,234.49 crore indicates that Adani Power’s current assets
exceed its current liabilities, suggesting strong short-term financial health. This means the
company has sufficient liquidity to cover its short-term obligations, such as supplier
payments, employee salaries, and operational expense.
Implications for Adani Power
1.Strong Liquidity Position – A high working capital ensures that Adani Power can manage
unexpected expenses and continue operations smoothly.
2.Investment Potential – With excess short-term funds, the company may reinvest in
growth opportunities such as expanding its renewable energy portfolio or upgrading
infrastructure.
3.Operational Efficiency – Unlike companies with negative working capital (which rely on
quick cash flow cycles), Adani Power has a buffer to manage financial fluctuations.
4.Risk of Idle Funds – While having a strong working capital is beneficial, excessive
liquidity might indicate underutilization of funds. The company should ensure efficient
allocation of resources for maximum returns.

PROBABLE SOURCE OF FINANCE

Adani Power, like other capital-intensive energy companies, relies on a mix of debt financing, retained earnings
financing to fund its expansion, manage operational costs, and invest in infrastructure.
1. Debt Financing
Over the years, Adani Power has significantly relied on debt financing to fund its large-scale power projects, in
thermal and renewable energy initiatives. The company raises funds through long-term loans, non-convertible d
(NCDs), and bond issuances. Given its stable revenue streams from power generation and long-term power purc
agreements (PPAs), it can effectively manage interest payments. Debt financing is often preferred as it allows bu
expansion without ownership dilution. However, the company must ensure a balanced debt-to-equity ratio to a
financial leverage risks.
2. Retained Earnings
Adani Power’s steady profitability and revenue growth contribute to retained earnings, which are reinvested in
business. These funds are best used for:
Funding smaller projects (such as plant upgrades or operational improvements).
Repaying existing debt to improve financial stability.
Supporting working capital needs to manage short-term obligations.
However, given the capital-intensive nature of the power sector, retained earnings alone are not sufficient for la
projects, requiring additional financing sources.
3. Equity Financing
Adani Power has raised capital through Qualified Institutional Placements (QIP) and share issuances in the pas
financing is useful for reducing debt dependency, but it leads to ownership dilution and potential impact on sh
returns. The company must ensure that equity raises are strategically planned and contribute to long-term valu
Given its strong market position, Adani Power should prioritize debt financing over equity issuance to maintain
confidence.
financing, retained earnings, and equity
ure.
arge-scale power projects, including
term loans, non-convertible debentures
on and long-term power purchase
ften preferred as it allows business
nced debt-to-equity ratio to avoid excessive

nings, which are reinvested into the

alone are not sufficient for large-scale

nd share issuances in the past. Equity

n and potential impact on shareholder
contribute to long-term value creation.
r equity issuance to maintain investor