Adani Power Limited (ADANIPOWER) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Adani Power Limited stock ₹75.57, price ₹204, that is 63.0% below the price, quality 41 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range ₹14.72 – ₹248.91 · fair‑value band ₹52.29 – ₹105.36 · the ₹204.00 price screens above the ₹75.57 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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Adani Power Limited engages in the generation, transmission, and sale of electricity under long term power purchase agreements (PPAs), supplemental PPAs, medium and short term PPAs, and on merchant basis in India.
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The company generates electricity through thermal energy sources through various power projects with a combined installed and commissioned capacity of 18,150 megawatt (MW). It also operates various coal based power plants comprising 4,620 MW at Mundra, Gujarat; 3,300 MW at Tiroda, Maharashtra; 1,320 MW at Kawai, Rajasthan; 1,200 MW at Udupi, Karnataka; 600 MW at Raigarh and Korba, Chhattisgarh; 1,370 MW at Raipur, Chhattisgarh; 1,200 MW at Mahan, Madhya Pradesh; 1,200 MW at Mutiara, Tamil Nadu; 1,600 MW at Mirzapur, Uttar Pradesh; 500 MW at Dahanu, Maharashtra; and 1600 MW at Godda, Jharkhand.
The company also operates solar based power plant comprising 40 MW at Bitta, Gujarat. In addition, it engages in coal import and supply/trading business. Adani Power Limited was founded in 1988 and is headquartered in Ahmedabad, India.
Stock analysis
Adani Power Limited (ADANIPOWER) currently trades at ₹204.00, while our model-based Fair Value estimate is ₹75.57, 63% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹148.03 per share, and 1 of the 16 models we run sit above the ₹204.00 price.
Bear case: the Asset-Based group reads lowest at ₹22.48, and 15 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹52.29 (bear) to ₹105.36 (bull), the price of ₹204.00 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Adani Power Limited reported revenue of ₹538B in FY2026 versus ₹277B in FY2022, a compound +18.0%/yr. Reported net income was ₹128B in FY2026, compounding +27.1%/yr from FY2022.
Key figures
Market cap ₹4.0T (≈ $41.9B) Large · P/E ratio 21.3 · P/S ratio 6.08 · EPS (TTM) ₹9.56 · Dividend yield 0.2% · Net margin 28.0% · Return on equity 27.0% · Return on assets (EBIT) 15.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 82 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −23% fair-value upside, at −63%, ADANIPOWER screens richer than that median.
Fair Value models
Bear₹52.29Fair Value ₹75.57Bull₹105.36
Price ₹204.00 · Downside -63.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹5.74 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.56/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−4.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.5%
Start year 2021 (pandemic). Over 10 years: +7.7% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+35.1%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+0.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.2%
Dividend (yield on the price)0.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−0.2% vs 33.5%, slowing
Profit margin 2020 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−5% → 28%
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Independent Power Producers · 77 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score41 · Below median
Fair Value upside−63.0% · Bottom 25%
Profitability
Return on equity (12 months)27.0% · Top 25%
Return on assets9.0% · Top 25%
Net margin (12 months)28.0% · Top 25%
Operating margin (12 months)36.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)44.5% · Top 25%
Dividend yield (12 months)0.2% · Bottom 25%
Balance sheet
Debt / equity0.66× · Above median
Valuation Multiplesvs Utilities - Independent Power Producers median · lower = cheaper
P/E (12 months)21.3× · Pricier than median
P/B6.09× · Priciest 25%
P/S (12 months)6.08× · Priciest 25%
EV/EBITDA17.2× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 20
FUTURE (revenue growth)100· sector 2
PAST (return on equity)100· sector 33
HEALTH (low debt)67· sector 72
DIVIDEND (yield)5· sector 59
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Adani Power Limited Fair Value". https://www.fairvalue-calculator.com/stock/ADANIPOWER
Frequently asked questions
Is Adani Power Limited (ADANIPOWER) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of ₹75.57 versus a price of ₹204.00, about 63% lower (overvalued).
What is the fair value of ADANIPOWER?
Our model-based fair value for Adani Power Limited is ₹75.57 (as of Nov 1, 2026), built from audited fundamentals. The current price: ₹204.00.
What is the quality score of ADANIPOWER?
Adani Power Limited has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Adani Power Limited (ADANIPOWER)?
Our model-based price target is the fair value of ₹75.57 (as of Nov 1, 2026) from 16 valuation models. Cautious scenario ₹52.29, optimistic scenario ₹105.36. It is a calculation from audited fundamentals, not an analyst target.
What is the Adani Power Limited stock forecast for 2026?
Our models put fair value at ₹75.57, about 63% lower versus a price of ₹204.00 (overvalued). Cautious scenario ₹52.29, optimistic scenario ₹105.36. The calculation is refreshed regularly with new filings.
What is the revenue of Adani Power Limited (ADANIPOWER)?
Adani Power Limited reported trailing-twelve-month revenue of about ₹650B (latest available figure, as of Nov 1, 2026).
Does Adani Power Limited pay a dividend?
Adani Power Limited currently shows a dividend yield of 0.23% relative to its recent price (as of Nov 1, 2026).
What is the intrinsic value of Adani Power Limited (ADANIPOWER)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Adani Power Limited it is ₹75.57 per share (as of Nov 1, 2026), against a price of ₹204.00. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Adani Power Limited stock overvalued or undervalued in 2026?
As of Nov 1, 2026, ADANIPOWER trades above its calculated fair value: price ₹204.00, fair value ₹75.57, a gap of about −63% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ADANIPOWER?
No. The price is what the market pays today (₹204.00); the fair value is what the company's own numbers justify (₹75.57). For Adani Power Limited the two are ₹128.43 per share apart. That gap is exactly why we show both numbers side by side.
How much is Adani Power Limited worth?
The market values Adani Power Limited at about ₹4.0T (market capitalisation, as of Nov 1, 2026). Per share that is ₹204.00; our models calculate a fair value of ₹75.57 per share.
What do the bullish and bearish scenarios say about ADANIPOWER?
Our models span a range for Adani Power Limited: cautious scenario ₹52.29, base ₹75.57, optimistic ₹105.36 per share (as of Nov 1, 2026, price ₹204.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ADANIPOWER?
Adani Power Limited trades at a price-to-earnings ratio of 21.3 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹75.57 is built from several models across several years. Other multiples: P/B 6.1, P/S 6.1, EV/EBITDA 17.2.
How solid is the balance sheet of Adani Power Limited (ADANIPOWER)?
Balance-sheet figures for Adani Power Limited (as of Nov 1, 2026): return on equity 27.0%, debt of 0.66 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is ADANIPOWER from its 52-week high?
Adani Power Limited trades at ₹204.00, about 18% below its 52-week high of ₹248.91 and 53% above the low of ₹132.96 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ₹75.57 is for.
Which stocks are comparable to Adani Power Limited?
From the same area (Utilities) we also value Constellation Energy Corporation, Vistra Corp, CGN Power Co, Gulf Development Public Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Adani Power Limited stock attractive at the current price?
The data as of Nov 1, 2026: price ₹204.00, calculated fair value ₹75.57 (−63%), Quality Score 41/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ADANIPOWER calculated?
We run Adani Power Limited through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹75.57, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Adani Power Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Adani Power Limited (ADANIPOWER)?
The closing price on Nov 5, 2026 was ₹204.00. Our model-based fair value is ₹75.57, about 63% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Adani Power Limited right now?
The price sits above even our optimistic bull case (₹105.36). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (₹52.29 to ₹105.36) leaves room in how you read the outcome.
Key figures of Adani Power Limited
How large is the market capitalisation of Adani Power Limited (ADANIPOWER)?
The market capitalisation of Adani Power Limited is ₹4.0T (≈ $41.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Adani Power Limited (ADANIPOWER)?
The price-to-sales ratio of Adani Power Limited is 6.08 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Adani Power Limited (ADANIPOWER)?
Earnings per share at Adani Power Limited are ₹9.56 (price ÷ EPS = P/E 21.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Adani Power Limited (ADANIPOWER)?
The dividend yield of Adani Power Limited is 0.2% (payout 4.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Adani Power Limited (ADANIPOWER)?
The net margin of Adani Power Limited is 28.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Adani Power Limited (ADANIPOWER)?
The return on equity (ROE) of Adani Power Limited is 27.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Adani Power Limited (ADANIPOWER)?
On an EBIT basis the return on assets of Adani Power Limited is 15.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Adani Power Limited (ADANIPOWER)?
The operating margin of Adani Power Limited is 36.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Adani Power Limited (ADANIPOWER)?
Revenue at Adani Power Limited is growing +44.5% versus a year earlier (3y avg +11.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Adani Power Limited (ADANIPOWER)?
Earnings per share at Adani Power Limited are growing +135% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Adani Power Limited (ADANIPOWER) generate?
The free cash flow of Adani Power Limited is −₹55.2B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Adani Power Limited (ADANIPOWER) carry?
The net debt of Adani Power Limited is ₹477B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 1, 2026