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Model Note · ADANI POWER LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ADANI POWER LTD Discounted cash flow · base FY26
ADANI POWER LTD
Value per share, this model₹32
CMP 2026-09-10₹209.97
Difference(84.7)%
Growth the CMP implies38.6%/yr
This note states the assumptions and the arithmetic of one model of ADANI POWER LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
-3.5% a year
FY26 (3.5)% · 5-yr CAGR 15.6%
EBITDA margin
36.5%
FY26 36.5% · 5-yr average 34.4%
Depreciation · capex, % of revenue
8.4% · 43%, fading to 1.2× depreciation
FY26 8.4% · 43.0%
Working capital, % of added revenue · tax
23.2% · 16.3%
85 working-capital days · effective 16.3%
Discount rate
11.00%
1-yr beta 0.95
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹52,628 · ₹0 · ₹0 cr
FY26 net debt ₹52,628 cr
Shares
1,928.47 crore
1,928.47 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
54,241
52,342
50,510
48,742
47,036
45,390
growth %
(3.5)
(3.5)
(3.5)
(3.5)
(3.5)
(3.5)
EBITDA
19,806
19,105
18,436
17,791
17,168
16,567
Depreciation
(4,565)
(4,397)
(4,243)
(4,094)
(3,951)
(3,813)
NOPAT
12,757
12,311
11,880
11,464
11,063
10,676
less capex
(23,299)
(22,507)
(17,562)
(12,936)
(8,612)
(4,575)
less working-capital build
—
440
425
410
396
382
Free cash flow to firm
—
(5,359)
(1,015)
3,032
6,797
10,295
Present value
(5,087)
(868)
2,336
4,717
6,437
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · ADANI POWER LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
7,536
PV of the terminal value (93% of EV)
1,06,917
Enterprise value
1,14,453
less net debt
(52,628)
less non-controlling interest
0
add non-operating investments
0
Equity value
61,825
÷ 1,928.47 crore shares
₹32
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
34
40
46
55
65
10.5%
29
33
39
45
53
11.0%
24
28
32
37
44
11.5%
19
23
27
31
36
12.0%
16
19
22
26
30
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
