Company Valuation: Adani Power Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2024 2025 2026 2027 2028
Capitalization 1 328,033 713,919 2,058,834 1,964,339 3,872,945 - -
Change - 117.64% - -4.59% 97.16% - -
Enterprise Value (EV) 1 803,601 713,919 2,058,834 1,964,339 4,316,991 4,471,424 4,699,156
Change - -11.16% - -4.59% 119.77% 3.58% 5.09%
P/E ratio 1,418x - 10.3x 15.8x 38x 29.1x 24x
PBR 137x - - 3.49x 5.74x 4.73x 3.92x
PEG - - - -0.4x -2.1x 1x 1.1x
Capitalization / Revenue 1.25x 2.58x - 3.5x 7.13x 6.23x 5.32x
EV / Revenue 3.06x 2.58x - 3.5x 7.95x 7.2x 6.45x
EV / EBITDA 9.27x 7.27x - 9.22x 20.9x 18.3x 15.7x
EV / EBIT 14.7x 10.7x - 11.6x 27.4x 22.6x 19.8x
EV / FCF 23.7x 10.5x - 19.8x 53.6x 39.7x 31.5x
FCF Yield 4.23% 9.52% - 5.06% 1.87% 2.52% 3.17%
Dividend per Share 2 - - - - - - -
Rate of return - - - - - - -
EPS 2 0.012 - 10.32 6.464 5.28 6.89 8.375
Distribution rate - - - - - - -
Net sales 1 262,215 277,112 - 562,031 543,302 621,238 728,589
EBITDA 1 86,685 98,142 - 213,054 206,964 243,812 299,187
EBIT 1 54,669 66,966 - 169,966 157,549 198,090 237,551
Net income 1 12,700 49,116 208,288 129,388 112,882 132,840 163,012
Net Debt 1 475,569 - - - 444,046 598,479 826,211
Reference price 2 17.01 37.02 106.76 101.86 200.83 200.83 200.83
Nbr of stocks (in thousands) 19,284,695 19,284,695 19,284,695 19,284,695 19,284,695 - -
Announcement Date 5/6/21 5/5/22 5/1/24 4/30/25 - - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
38.04x7.95x20.86x - 41.64B
18.58x3.15x11.98x2.25% 41.5B
16.97x5.66x12.11x0.06% 15.72B
14.71x4.87x9.78x3.96% 15.75B
6.94x2.96x7.41x5.66% 12.73B
10.95x1.5x8.63x3.84% 7.71B
28.47x4.42x10.05x4.23% 7.55B
13.11x - - - 5.04B
7.86x0.65x4.66x4.61% 4.55B
Average 17.29x 3.89x 10.68x 3.52% 16.91B
Weighted average by Cap. 21.97x 4.84x 13.37x 2.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation Adani Power Limited