Who are Adani Power's main competitors?

Named competitors: NTPC (NTPC.NS), Tata Power (TATAPOWER.NS), JSW Energy (JSWENERGY.NS). The cockpit's measured peer set (industry) also includes Vistra (VST), Sse (SSE.L), Consolidated Edison (ED), WEC Energy (WEC), Exelon (EXC), Public Service Enterprise (PEG).

Is Adani Power expensive compared with its peers?

On forward p/e it trades at 29.4× against a peer median of 18.5×, most expensive of 21 in its peer set.

How has Adani Power stock performed?

Over six months to 6 Nov 2026 the shares returned -11.2% against +4.0% for the median peer; over one year +25.7%.

← CockpitCompetitor Analysis › ADANIPOWER.NS Adani PowerOpen in the cockpit ↗

Adani PowerADANIPOWER.NSCompetitor analysis, valuation and peers

India · INR·Power & Utilities›Electric Utilities

India's largest private thermal power generator, part of the Adani Group, running coal-fired power plants that sell electricity to state utilities.

≈ A large private coal-fired independent power producerMomentum neutral 52

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$41.6B

US dollars, full cap

Free float

22%

of shares outstanding

$/day

$39.5M

20-day average traded

Fwd P/E

29.4×

forward earnings

ROIC−WACC

-6.5 pp

WACC 14.5%

Hurdle

n/a

no reverse DCF

Next earnings

90 days

4 Feb 2027

Close · INR₹204.29

1D+0.1%

1W+8.1%

1M+3.7%

3M-1.8%

6M-11.2%

YTD+42.9%

1Y+25.7%

ATR %3.1%

Beta1.03

52w lowhigh19.6% off high

What Adani Power does

India's largest private thermal power generator, part of the Adani Group, running coal-fired power plants that sell electricity to state utilities.

Earns capacity payments for keeping plants available plus a charge for each unit generated, under long-term power purchase agreements with state utilities, so earnings rest on those contracts rather than daily power prices. Its Godda plant in Jharkhand sells to Bangladesh. It grew by buying several stressed plants from other developers, and the Adani family promoters control it.

In one line: A large private coal-fired independent power producer.

Products and services

Coal-fired power generation
Power trading

Customers

State electricity distribution companies (discoms)
Industrial/commercial power buyers

Where it sits in the supply chain

Power & utilities
Thermal power generation
Electricity sale to state distribution…

What could go right

Rising Indian electricity demand
New plant commissioning/capacity growth

What could go wrong

Coal-price and regulatory/environmental risk
Adani Group governance/leverage scrutiny

Moat: narrow (scale, regulatory licence). Large-scale coal capacity and long-term power purchase agreements with state utilities, in a state-regulated sector.

Headquarters: Ahmedabad, India · Founded: 1996 · Employees: 25,634

Named competitors

NTPC NTPC.NS
Tata Power TATAPOWER.NS
JSW Energy JSWENERGY.NS

Adani Power at a glance

Size Adani Power (ADANIPOWER.NS) is an India Utilities company (Electric Utilities) with a market value of $41.6B, the 20th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹204.29 on 6 Nov 2026.

Performance Over six months the shares fell 11.2%, against +4.0% for the median peer and 0.0% for the India market (cap-weighted) — 4th lowest of 21 in its peer set.

Growth Revenue grew 8.2% over the last twelve months (peer median +5.4%); the operating margin is 23.4% (peer median 21.2%).

Valuation It trades at 29.4× forward earnings against a peer median of 18.5× (most expensive of 21).

Capital Return on invested capital runs 6.5 points below its cost of capital (14.5% WACC).

Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Adani Power against the median of its 20 peers (local-currency closes).

Adani Power financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹580B	₹532B	₹542B	₹501B	₹381B
Revenue growth	—	-2%	+8%	+32%	—
Gross profit	₹174B	₹172B	₹175B	₹160B	₹76.1B
EBITDA	₹182B	₹190B	₹197B	₹184B	₹96.3B
Net income	₹182B	₹128B	₹125B	₹199B	₹94.7B
Free cash flow	n/a	-₹55.2B	₹74.2B	₹158B	₹66.5B
Capital expenditure	n/a	₹234B	₹116B	₹26.0B	₹32.4B
Total debt	₹631B	₹547B	₹426B	₹419B	₹558B

Quarterly statements and history in the cockpit →

Adani Power competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Adani Power is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Adani Power is the large dot.

Adani Power competitors and peer comparison

Head to head with its named competitors (ADANIPOWER.NS vs NTPC.NS vs TATAPOWER.NS vs JSWENERGY.NS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Adani Power ADANIPOWER.NS	$41.6B	-11%	+8%	23%	29.4×	n/a
NTPC NTPC.NS	$33.2B	-19%	+7%	20%	12.3×	n/a
Tata Power TATAPOWER.NS	$11.9B	-20%	-4%	13%	25.0×	n/a
JSW Energy JSWENERGY.NS	$10.1B	-9%	+26%	36%	39.7×	n/a

How Adani Power compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Adani Power against its 20 peers (data as of 6 Nov 2026)
Measure	ADANIPOWER.NS	Peer median	Rank in peer set
1-month return	+3.7%	+8.6%	7th lowest of 21
6-month return	-11.2%	+4.0%	4th lowest of 21
Distance from 52-week high	-19.6%	-6.2%	4th lowest of 21
Revenue growth (TTM)	+8.2%	+5.4%	7th highest of 21
Operating margin	23.4%	21.2%	10th highest of 21
Forward P/E	29.4×	18.5×	most expensive of 21
ROIC minus cost of capital	-6.5 pp	-1.1 pp	lowest of 21
EV / EBITDA	24.2×	13.7×	most expensive of 18
Net debt / EBITDA	2.6×	4.9×	2nd least indebted of 18

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Adani Power ADANIPOWER.NS	India	$41.6B	-11%	+8%	23%	29.4×	n/a	n/a
Vistra VST	United States	$41.9B	-15%	+9%	19%	12.8×	12.5%	+10.1%
Sse SSE.L	United Kingdom	$43.2B	+7%	+1%	19%	14.2×	n/a	n/a
Consolidated Edison ED	United States	$43.7B	+12%	+10%	18%	18.5×	n/a	n/a
WEC Energy WEC	United States	$38.1B	+5%	+8%	25%	21.6×	n/a	n/a
Exelon EXC	United States	$47.2B	+5%	+7%	20%	15.2×	n/a	n/a
Public Service Enterprise PEG	United States	$36.2B	-5%	+13%	27%	16.0×	n/a	n/a
Rwe RWE.DE	Germany	$50.4B	+2%	-34%	0%	18.6×	n/a	n/a
Endesa ELE.MC	Spain	$51.0B	+21%	+6%	17%	18.4×	0.5%	+4.7%
Xcel Energy XEL	United States	$51.1B	+1%	+4%	22%	18.1×	n/a	n/a
NTPC NTPC.NS	India	$33.2B	-19%	+7%	20%	12.3×	n/a	n/a
CGN Power 003816.SZ	China	$33.1B	+4%	-20%	30%	22.4×	n/a	n/a
Entergy ETR	United States	$52.8B	-1%	+11%	24%	22.8×	n/a	n/a
Ameren AEE	United States	$31.2B	+4%	+4%	25%	20.0×	n/a	n/a
E.on EOAN.DE	Germany	$55.9B	+4%	-8%	7%	17.5×	n/a	n/a
Fortis FTS.TO	Canada	$31.0B	+11%	+4%	28%	22.5×	n/a	n/a
Huaneng Lancang River Hydropower 600025.SS	China	$30.7B	+15%	+4%	48%	23.1×	3.8%	+6.6%
China National Nuclear Power 601985.SS	China	$29.8B	+7%	-2%	27%	26.1×	n/a	n/a
Orsted ORSTED.CO	Denmark	$29.5B	-8%	+15%	2%	20.4×	n/a	n/a
Dominion Energy D	United States	$60.3B	+12%	+23%	29%	18.7×	n/a	n/a
PG&E PCG	United States	$28.6B	-19%	+4%	20%	7.4×	n/a	n/a

Questions

Who are Adani Power's main competitors?: Named competitors: NTPC (NTPC.NS), Tata Power (TATAPOWER.NS), JSW Energy (JSWENERGY.NS). The cockpit's measured peer set (industry) also includes Vistra (VST), Sse (SSE.L), Consolidated Edison (ED), WEC Energy (WEC), Exelon (EXC), Public Service Enterprise (PEG).
Is Adani Power expensive compared with its peers?: On forward p/e it trades at 29.4× against a peer median of 18.5×, most expensive of 21 in its peer set.
How has Adani Power stock performed?: Over six months to 6 Nov 2026 the shares returned -11.2% against +4.0% for the median peer; over one year +25.7%.