Adani Power Share Price Target 2026, 2027, 2028, 2029, 2030

Adani Power share price today

Research date: 3 November 2026. Price and valuation ratios in the text are at the NSE close of 2 November 2026, ₹195.35. Results come from Adani Power’s Q2 FY27 filing, approved by its board on 23 October 2026, and the media release and earnings presentation published with it. The two standalone tables are as first reported and were captured at the 10 August 2026 research cut-off. The scenarios are illustrations, not guaranteed prices.

Adani Power is India’s largest private thermal power producer. Its plants sell under long-term agreements, short-term contracts and merchant markets. That mix creates both an advantage and a trap: contracted capacity supports cash flow, while merchant prices and fuel availability can make yearly profit volatile.

At ₹195.35 the post-split share trades at about 23 times trailing standalone earnings and 5.5 times standalone book value, against roughly 34 times and 7.6 times in August. The multiple fell mainly because earnings and book value rose, not because the price fell far: market capitalisation is about 6.5% lower than on 10 August. Part of that earnings jump is income relating to earlier years and a one-off tax reversal, which the sections below separate out. These are still premium multiples for a coal generator. The market is not merely valuing today’s fleet; it is paying for capacity expansion, new PPAs and the idea that recent profitability is sustainable.

Q1 FY27 was strong, but not all quarters are comparable

Standalone as first reported, ₹ crore	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	12,462	11,243	10,011	11,573	15,761
Operating profit	5,224	4,519	3,582	3,858	6,663
OPM	42%	40%	36%	33%	42%
Net profit	3,119	2,735	2,047	3,087	4,105

June 2026 recovered sharply: sales rose 36% sequentially and operating margin returned to 42%. A single quarter cannot establish a new normal. Plant load factor, merchant tariffs, coal cost and settlement income must explain the move.

Q2 FY27, result by result. The September 2026 quarter cannot simply be added to the table above. Ten wholly owned subsidiaries, including Korba Power and Vidarbha Industries Power, were merged into Adani Power under a scheme that became effective on 25 September 2026, with 1 April 2025 as the appointed date. The standalone comparatives were restated: June 2026 net profit is now ₹4,210.49 crore against the ₹4,105 crore above, and September 2025 is ₹2,553.90 crore against ₹2,735 crore. The merger does not change the consolidated accounts, which carry the company’s headline numbers, so the quarter is set out on that basis.

Consolidated, ₹ crore	Sep 2025	Jun 2026	Sep 2026
Revenue from operations	13,456.84	18,901.89	19,438.68
Prior-period income, net	668.53	1,386.35	2,422.25
Continuing EBITDA	5,332.71	6,982.75	6,320.97
Reported EBITDA	6,001.24	8,369.09	8,743.22
Finance costs	841.63	901.37	760.23
Tax charge (credit)	1,059.74	1,551.58	(230.60)
Net profit	2,906.46	4,866.60	7,019.32
EPS, ₹, not annualised	1.53	2.49	3.59
Units sold, billion	23.7	28.8	26.4
Plant load factor	62.8%	77.9%	70.1%

Revenue, prior-period income, finance costs, tax, net profit and EPS are from the results filing; EBITDA, units and plant load factor are from the company’s Q2 FY27 and Q1 FY27 media releases.

• Headline against continuing. Net profit rose 141.5% year on year and revenue from operations 44.5%. On the company’s continuing basis, which strips out income relating to earlier years, total revenue grew 28.5% to ₹17,528.35 crore, EBITDA 18.5% and profit before tax 32.5% to ₹4,369.51 crore. The entire ₹2,422.25 crore gap between reported and continuing EBITDA is prior-period income, which the company attributes primarily to a revision of historic energy charges under certain PPAs.
• Tax. The merger forced a recomputation of FY26 and June-quarter tax for Adani Power and the merged companies, and the quarter carries a ₹1,211.43 crore reversal of current tax. That turned the tax line into a credit; without the reversal it would have been a charge of ₹980.83 crore.
• Margin. Continuing EBITDA was 36.1% of continuing revenue, against 39.1% a year earlier (both computed from the release). Fuel cost, including power bought for resale, rose 41.8% to ₹10,229.38 crore on higher volumes and an imported-coal landed cost the company puts about 50% higher. Profit grew on volume and tariffs, not on a wider margin.
• Volume and mix. Units sold rose 11.5% and plant load factor reached 70.1%. PPA tariff realisation rose 12.7% to ₹6.4 a unit on the continuing basis. Merchant and short-term volumes fell 43% as open capacity moved into medium-term contracts, though they realised ₹7.2 a unit, 33.1% more than a year earlier. Finance costs fell 9.7%.
• Against the June quarter. Continuing EBITDA was 9.5% lower than June’s ₹6,982.75 crore, with units sold down to 26.4 billion from 28.8 billion. Net profit still rose 44.2% sequentially, because prior-period income rose to ₹2,422.25 crore from ₹1,386.35 crore and the tax line swung from a ₹1,551.58 crore charge to a credit.
• Capacity. Operating capacity was 18,150 MW, excluding the 180 MW Churk plant bought from Jaiprakash Associates, which is under revival.

Annual profit contains a cycle and one-offs

Standalone as first reported, ₹ crore	FY22	FY23	FY24	FY25	FY26
Sales	27,711	36,681	46,456	49,711	45,289
Operating profit	9,904	9,360	16,709	19,622	17,207
Other income	4,001	4,479	10,048	2,747	4,248
Net profit	5,036	10,246	19,632	11,560	10,988

FY24’s ₹19,632 crore profit is not a sensible base for straight-line forecasts; other income alone was ₹10,048 crore. FY26 sales and profit fell even though operating margin remained high. Normalised operating profit is the better anchor.

The merger has moved the FY26 column too: standalone net profit is restated to ₹11,541.56 crore from the ₹10,987.67 crore first reported, and total income to ₹51,848.00 crore from ₹49,560.48 crore. The consolidated series the company publishes shows the same FY24 peak: net profit of ₹20,829 crore in FY24, then ₹12,750 crore in FY25 and a slightly higher ₹12,971 crore in FY26. First-half FY27 consolidated net profit of ₹11,885.92 crore is already 91.6% of FY26’s full year, but ₹3,808.60 crore of prior-period income and the ₹1,211.43 crore tax reversal sit inside it.

Contracted power and merchant power deserve different multiples

A long-term PPA can make revenue predictable, but the return depends on tariff design. Cost-plus or fuel-pass-through contracts protect fuel risk better than a fixed tariff. Merchant sales can earn exceptional margins during shortages and much less when supply is comfortable. Combining both into one average selling price hides the risk.

For each major expansion, investors should ask four questions: how much capacity is tied up under a signed contract, who supplies the coal, when interest during construction stops being capitalised, and what equity return remains after debt service. A 1,600 MW announcement is not automatically worth more than a smaller plant with secure fuel and a sound tariff.

Adani Power’s June quarter shows why the split matters. A 42% operating margin is excellent, but applying that margin to every quarter through 2030 would be an aggressive forecast. Our base case uses a lower normalised margin and gives credit to expansion only as projects approach commissioning.

The September quarter shows the trade-off from the other side. Contracted sales were 88% of volume, against 76% a year earlier, per the earnings presentation. That makes profit less dependent on exchange prices, but it also means PPA terms now decide most of the margin, and the continuing margin narrowed in a quarter when merchant realisations rose by a third.

Growth has a financing and execution cost

Adani Power has announced and contracted new thermal capacity, including a 25-year supply agreement for 1,600 MW with MSEDCL. Long contracts improve visibility, but new plants demand large capital outlays years before full cash generation. The variables that matter are project cost, financing terms, coal linkage, commissioning dates and contracted return—not megawatts alone.

The Q2 FY27 release puts dates on the 23,720 MW pipeline. At Korba Phase-II (1,320 MW) the first 660 MW unit has been synchronised with the grid, with the second unit expected in the fourth quarter of FY27. Mahan Phase-II (1,600 MW) is expected to be fully commissioned early in FY28. Raipur Phase-II and Raigarh Phase-II, 1,600 MW each, have passed 65% progress and are slated for FY29. Work has begun on Mirzapur (1,600 MW), Mahan Phase-III (1,600 MW) and Anuppur (2,400 MW). A further 1,600 MW phase at Raipur is to supply a second 1,600 MW MSEDCL agreement, signed in July 2026; the earlier one, signed in FY25, will be served from Raipur Phase-II. A letter of award from Uttarakhand Power Corporation for a 25-year, 1,320 MW (1,234 MW net) supply agreement would take tie-ups to 62% of the upcoming capacity once the agreement is signed.

Hydro is an emerging side-line, not yet a generating business. Adani Power’s resolution plan to acquire GVK Energy, which owns the 330 MW Alaknanda hydro plant through a subsidiary, has been approved by GVK Energy’s creditors (letter of intent received from the resolution professional on 7 September 2026; still subject to approval by the National Company Law Tribunal, Hyderabad, and any other regulator whose approval is required), and on 5 October 2026 Adani Power signed a shareholders’ agreement with Druk Green Power for the 770 MW Chamkharchhu project in Bhutan, the pair’s second after the 570 MW Wangchhu project, through a company to be held 49:51.

The cost shows on the balance sheet. Capital work in progress rose ₹10,486 crore in six months to ₹45,539.42 crore at 30 September 2026, and total debt rose ₹8,304.83 crore to ₹61,860.37 crore. Net debt moved only ₹823.90 crore, to ₹45,845.92 crore, because cash and liquid investments rose; the presentation puts them at ₹16,014 crore. Net debt was 1.91 times trailing continuing EBITDA of ₹24,029 crore, against 2.12 times at the end of FY26, and CARE Ratings and India Ratings upgraded the company to AA+ (Stable) from AA (Stable). Debt that grows with construction is expected; what matters is whether each plant’s contracted cash flow services it once interest stops being capitalised.

Promoter holding was 74.96% at 30 September 2026, per the earnings presentation, the same as in June. FII ownership was 11.76% in June 2026, while DII ownership rose from 1.64% in March 2025 to 4.07%; those two figures have not been updated to September. Institutional interest is useful context, not a substitute for project economics.

The numbers

Metric	Value
NSE close, 2 November 2026	₹195.35
Market capitalisation	₹3.77 lakh Cr (₹4.03 lakh Cr on 10 August)
P/E · price/book, standalone	23.1 · 5.51 (33.7 · 7.60 on 10 August)
Book value per share, standalone	₹35.42 at 30 September 2026 (₹27.5 at March 2026)
P/E · price/book, consolidated	20.7 · 4.91
ROE · ROCE, 10 August capture	22.0% · 19.1%
Dividend yield	0.00%
52-week range to 2 November 2026	₹128.10 – ₹254.20

Market capitalisation is the close multiplied by the 1,928.47 crore shares in issue (face value ₹2). The standalone P/E uses trailing EPS of ₹8.47: restated FY26 EPS of ₹5.95, less ₹2.91 for the first half of FY26, plus ₹5.43 for the first half of FY27, all as reported in the Q2 FY27 filing. Standalone book value is total equity of ₹68,311.63 crore at 30 September 2026; the August figure predates the merger. On the consolidated accounts the same close is 20.7 times trailing EPS of ₹9.44 (₹6.62 less ₹3.26 plus ₹6.08) and 4.91 times equity attributable to shareholders of ₹76,757.63 crore, or ₹39.80 a share. On either basis the trailing earnings include prior-period income and the tax reversal, so the multiple on recurring profit is higher than these figures show. The 52-week range is from NSE’s file for 2 November 2026 and is adjusted for corporate actions: the low was on 23 January 2026 and the high on 29 May 2026.

The valuation is demanding because generators are capital-heavy and cyclical. High ROE partly reflects the small book value denominator after earlier stress; it should not automatically justify a consumer-platform multiple.

From earnings to the target range

We normalise FY26–FY27 operating profit, subtract ordinary interest, depreciation and tax, and then apply a lower multiple than the current screen P/E. The base target grows as commissioned capacity adds earnings, not because we assume the multiple expands. The bull case allows both faster commissioning and a premium for a larger contracted fleet; the bear case assumes a merchant downcycle and project delays.

This framework deliberately excludes unusually large settlement or prior-period income. If such cash is genuinely recurring, the model will prove conservative. If it is not, excluding it prevents a one-time accounting gain from becoming a four-year price promise.

We did not change the scenario grid at the 3 November 2026 refresh. The page does not print a normalised earnings figure or multiple for each scenario, so there is no published input to replace, and most of the September quarter’s extra profit came from ₹2,422.25 crore of prior-period income and a ₹1,211.43 crore tax reversal, which this framework excludes by design.

Adani Power share price target 2026 to 2030

The bear case models a lower merchant-price cycle and slower commissioning. The base case assumes contracted additions arrive broadly on time with normalised margins. The bull case needs high plant utilisation, controlled capex and strong merchant economics without relying on exceptional income.

What would change our mind

Normalised profit: remove regulatory settlements, prior-period claims and exceptional income before deciding what multiple the business deserves. The September quarter is the live example: ₹6,791.76 crore of reported profit before tax against ₹4,369.51 crore on the continuing basis, with a ₹1,211.43 crore tax reversal then turning the tax line into a credit and lifting net profit to ₹7,019.32 crore.

Net debt and capex: expansion that raises debt faster than operating cash flow would weaken the equity case. In the first half of FY27 gross debt rose ₹8,304.83 crore and net debt ₹823.90 crore; the test is whether net debt stays close to flat as spending on the pipeline peaks.

Fuel security: coal shortages or expensive imports can erase the margin benefit of strong power prices. The company put the landed cost of imported coal about 50% higher in the September quarter than a year earlier.

Receivables: delayed payments from distribution companies convert accounting profit into working-capital stress. The September filing shows both directions. Gujarat Urja Vikas Nigam paid ₹4,147 crore by 30 September 2026, and ₹2,073.79 crore after that, against Mundra energy charges recomputed back to October 2018; revenue was recognised only to the extent paid or settled. In the same quarter, Haryana’s distribution companies again questioned alternate-coal-cost claims under a 1,200 MW supply agreement, and Adani Power derecognised ₹1,971.96 crore of revenue pending a resolution. Trade receivables stood at ₹13,214.43 crore at 30 September, against ₹11,791.37 crore in March.

What to weigh at the current price

Adani Power has become a stronger operator, but the market price already assigns substantial value to its pipeline. The case depends on new capacity commissioning on time while cash conversion withstands coal prices and working-capital swings. Delays or weaker merchant tariffs would leave little room for error. The September quarter did not change that reading. The continuing business grew at a healthy pace, the headline more than doubled on items that do not repeat on demand, and the ₹1,971.96 crore Haryana reversal is a reminder that regulatory income can also run the other way.

FAQ

What is the Adani Power target for 2030? The table above shows three scenarios. A wide range is appropriate because power prices and commissioning dates cannot be forecast precisely four years ahead.

What did Adani Power report for Q2 FY27? For the quarter ended 30 September 2026, consolidated revenue from operations was ₹19,438.68 crore, continuing EBITDA ₹6,320.97 crore and net profit ₹7,019.32 crore (EPS ₹3.59), on 26.4 billion units sold at a 70.1% plant load factor. The profit includes ₹2,422.25 crore of prior-period income and a ₹1,211.43 crore reversal of earlier tax.

Why did FY24 profit jump? Operations improved, but other income was also very large. Using FY24 reported profit alone would overstate normal earning power.

Does Adani Power pay a dividend? No. The company’s investor downloads state that it has not paid a dividend on its equity shares since incorporation, and the outcome of the 23 October 2026 board meeting does not mention one. Current cash deployment is focused on expansion and the balance sheet.

What is the biggest risk? Paying a premium multiple before expansion returns and normalised free cash flow are proven.

Change log

• 3 November 2026: added the Q2 FY27 results (board meeting and filing of 23 October 2026) on the consolidated basis: revenue from operations ₹19,438.68 crore, continuing EBITDA ₹6,320.97 crore, net profit ₹7,019.32 crore, EPS ₹3.59, with the prior-period income, tax reversal, volume, plant load factor and sales-mix detail. Labelled the standalone tables as first reported, because the merger effective 25 September 2026 restated the comparatives. Moved price and valuation to the NSE close of ₹195.35 on 2 November 2026: market capitalisation ₹4.03 lakh crore to ₹3.77 lakh crore; standalone P/E 33.7 to 23.1 on trailing EPS of ₹8.47; price-to-book 7.60 to 5.51 on book value of ₹35.42 a share (was ₹27.5); consolidated P/E of 20.7 and price-to-book of 4.91 added. Replaced the 10 August 52-week range of ₹114 – ₹254 with NSE’s adjusted range to 2 November 2026, ₹128.10 – ₹254.20. Added project dates, debt, capital work in progress, the rating upgrade, the GUVNL and Haryana revenue notes and promoter holding at 30 September 2026. Confirmed the no-dividend position from the company’s investor downloads. Scenario grid and method unchanged.
• 15 August 2026: editorial-voice revision; no figures changed.
• 10 August 2026: published, with fundamentals from Screener as at 10 August 2026.

Sources: Adani Power, outcome of the board meeting of 23 October 2026 (unaudited standalone and consolidated results for the quarter and half-year ended 30 September 2026, statements of assets and liabilities, notes and the media release), the Q2 FY27 media release, the Q2 FY27 earnings presentation, the outcome of the board meeting of 22 July 2026 for June-quarter units, plant load factor and EBITDA, the dividend statement and the share count on adanipower.com/investors, all checked 3 November 2026; the NSE close of 2 November 2026 from the exchange end-of-day panel on this page; NSE’s 52-week high/low file effective 2 November 2026, checked 3 November 2026, for the 52-week range; and Screener company financials, checked 10 August 2026, for the standalone tables, the 10 August valuation line and the June 2026 FII and DII holdings, and exchange filings linked there.

---

This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.