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Adani Power Ltd
NSE:ADANIPOWER

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Adani Power Ltd
NSE:ADANIPOWER
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Price: 212.05 INR -0.99% Market Closed
Market Cap: ₹4.1T

EV/EBIT

28.2
Current
57%
More Expensive
vs 3-y average of 18

Enterprise Value to EBIT (EV/EBIT) ratio compares a company`s total enterprise value to its earnings before interest and taxes. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBIT
28.2
=
Enterprise Value
₹3T
/
EBIT
₹153.8B

Enterprise Value to EBIT (EV/EBIT) ratio compares a company`s total enterprise value to its earnings before interest and taxes. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBIT
28.2
=
Enterprise Value
₹3T
/
EBIT
₹153.8B

Valuation Scenarios

Adani Power Ltd is trading above its 3-year average

If EV/EBIT returns to its 3-Year Average (18), the stock would be worth ₹135.08 (36% downside from current price).

Statistics
Positive Scenarios
0/4
Maximum Downside
-41%
Maximum Upside
No Upside Scenarios
Average Downside
34%
Scenario EV/EBIT Value Implied Price Upside/Downside
Current Multiple 28.2 ₹212.05
0%
3-Year Average 18 ₹135.08
-36%
5-Year Average 16.9 ₹127.05
-40%
Industry Average 16.7 ₹125.28
-41%
Country Average 23.3 ₹174.77
-18%

Forward EV/EBIT
Today’s price vs future ebit

Today's Enterprise Value EBIT Forward EV/EBIT
₹3T
/
Jan 2026
₹153.8B
=
28.2
Current
₹3T
/
Mar 2026
₹165.7B
=
17.9
Forward
₹3T
/
Mar 2027
₹199.9B
=
14.8
Forward
₹3T
/
Mar 2028
₹239.6B
=
12.4
Forward

Forward EV/EBIT shows whether today’s EV/EBIT still looks high or low once future ebit are taken into account.

Peer Comparison

All Multiples
EV/EBIT
P/E
All Countries
Close
Market Cap EV/EBIT P/E
IN
Adani Power Ltd
NSE:ADANIPOWER
4.1T INR 28.2 35.7
US
Vistra Corp
NYSE:VST
55.6B USD 34.7 73.9
SA
ACWA Power Co
SAU:2082
184.5B SAR 80.2 99.6
IN
NTPC Ltd
NSE:NTPC
3.9T INR 15.8 16.2
CN
CGN Power Co Ltd
SZSE:003816
235.3B CNY 22.3 24.1
CN
China National Nuclear Power Co Ltd
SSE:601985
187B CNY 20.2 21.7
TH
Gulf Energy Development PCL
SET:GULF
836.6B THB 53.3 39.1
DE
Uniper SE
XETRA:UN0
17B EUR 17.4 12.1
CN
SDIC Power Holdings Co Ltd
SSE:600886
108.1B CNY 12.9 16.5
US
Talen Energy Corp
NASDAQ:TLN
16.6B USD -786.3 -76.8
CN
Huaneng Power International Inc
SSE:600011
97.7B CNY 11.9 8.4
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
IN
Adani Power Ltd
NSE:ADANIPOWER
Average EV/EBIT: 29.7
28.2
12%
2.4
US
Vistra Corp
NYSE:VST
34.7
42%
0.8
SA
ACWA Power Co
SAU:2082
80.2
43%
1.9
IN
NTPC Ltd
NSE:NTPC
15.8
8%
2
CN
CGN Power Co Ltd
SZSE:003816
22.3
16%
1.4
CN
China National Nuclear Power Co Ltd
SSE:601985
20.2
7%
2.9
TH
G
Gulf Energy Development PCL
SET:GULF
53.3
11%
4.8
DE
Uniper SE
XETRA:UN0
17.4
3%
5.8
CN
SDIC Power Holdings Co Ltd
SSE:600886
12.9
1%
12.9
US
Talen Energy Corp
NASDAQ:TLN
Negative Multiple: -786.3 N/A N/A
CN
Huaneng Power International Inc
SSE:600011
11.9
N/A N/A

Market Distribution

In line with most companies in India
Percentile
61th
Based on 2 572 companies
61th percentile
28.2
Low
0.4 — 15.7
Typical Range
15.7 — 34.7
High
34.7 —
Distribution Statistics
India
Min 0.4
30th Percentile 15.7
Median 23.3
70th Percentile 34.7
Max 48 145.1

Adani Power Ltd
Glance View

Adani Power Ltd, a prominent player in the Indian energy sector, is an integral pillar of the Adani Group, a multinational conglomerate notable for its diverse industrial ventures. Established in 1996, the company was formed with a vision to address the burgeoning energy demands of a rapidly developing India. Adani Power has since transformed itself into the largest private thermal power producer in the country. Its core business revolves around generating electricity through thermal power plants, with an impressive portfolio of power stations strategically located across India. These facilities predominantly utilize coal as a fuel source, a choice driven by both economic feasibility and the energy policies prevailing within the region. This operational model is underpinned by long-term Power Purchase Agreements (PPAs) with state utilities, ensuring stable revenue streams despite the volatility that often characterizes the energy market. The company's financial success is further bolstered by an intricate logistical network, which encompasses coal procurement, transportation, and efficient power distribution. Adani Power meticulously sources coal from both domestic and international markets, leveraging economies of scale and strategic partnerships to optimize costs. In recent years, the company has taken strides towards sustainability and diversification, recognizing the global shift towards renewable energy platforms. While coal-based power remains its mainstay, Adani Power is gradually expanding its footprint in the renewable energy space, investing in solar power projects to align with national policies on green energy transitions. This strategic hybrid approach not only solidifies its presence across various sectors of the energy landscape but also fortifies its fiscal robustness, ensuring resilience against market fluctuations and regulatory shifts.

ADANIPOWER Intrinsic Value
118.27 INR
Overvaluation 44%
Intrinsic Value
Price ₹212.05
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