InCred Equities - Adani Power Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	562,031	625,972	689,041	786,302
Operating EBITDA (Rsm)	213,054	236,846	255,035	291,664
Net Profit (Rsm)	127,496	138,414	146,214	165,234
Core EPS (Rs)	33.1	35.9	37.9	42.8
Core EPS Growth	(38.8%)	8.6%	5.6%	13.0%
FD Core P/E (x)	16.80	15.47	14.65	12.96
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	11.63	10.38	9.84	8.77
P/FCFE (x)	27.24	75.02	68.69	74.75
Net Gearing	55.9%	42.6%	41.3%	39.4%
P/BV (x)	3.80	3.05	2.53	2.11
ROE	25.6%	21.9%	18.9%	17.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	562,031	625,972	689,041	786,302
Gross Profit	251,138	277,017	300,489	342,828
Operating EBITDA	213,054	236,846	255,035	291,664
Depreciation And Amortisation	(43,089)	(45,647)	(54,685)	(61,505)
Operating EBIT	169,966	191,199	200,350	230,159
Financial Income/(Expense)	(33,398)	(32,000)	(34,793)	(36,809)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	27,027	25,353	29,394	26,959
Profit Before Tax (pre-EI)	163,595	184,552	194,951	220,307
Exceptional Items
Pre-tax Profit	163,595	184,552	194,951	220,309
Taxation	(36,099)	(46,138)	(48,738)	(55,076)
Exceptional Income - post-tax				1
Profit After Tax	127,496	138,414	146,214	165,234
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	127,496	138,414	146,214	165,234
Recurring Net Profit	127,496	138,414	146,214	165,233
Fully Diluted Recurring Net Profit	127,496	138,414	146,214	165,233

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	213,054	236,846	255,035	291,664
Cash Flow from Invt. & Assoc.
Change In Working Capital	(4,401)	(18,389)	(3,699)	(6,934)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	6,441	14,020	15,432	17,611
Net Interest (Paid)/Received
Tax Paid	(83)	(46,138)	(48,738)	(55,076)
Cashflow From Operations	215,011	186,339	218,030	247,265
Capex	(115,439)	(165,487)	(239,600)	(244,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(55,982)	23,741	8,892	1,530
Cash Flow From Investing	(171,421)	(141,746)	(230,708)	(242,470)
Debt Raised/(repaid)	35,036	(16,046)	43,854	23,854
Proceeds From Issue Of Shares	500
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(87,291)	(27,907)	(30,408)	(27,725)
Cash Flow From Financing	(51,754)	(43,953)	13,446	(3,871)
Total Cash Generated	(8,164)	640	768	923
Free Cashflow To Equity	78,627	28,547	31,176	28,648
Free Cashflow To Firm	43,590	44,593	(12,678)	4,795

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	61,199	62,792	55,760	30,712
Total Debtors	130,221	144,178	157,867	186,813
Inventories	33,173	50,959	42,720	64,200
Total Other Current Assets	28,323	31,545	34,724	39,625
Total Current Assets	252,915	289,474	291,071	321,350
Fixed Assets	811,487	931,327	1,116,242	1,298,736
Total Investments	11,459	12,763	14,049	16,032
Intangible Assets	2,045	2,045	2,045	2,046
Total Other Non-Current Assets	51,270	37,558	41,342	47,178
Total Non-current Assets	876,260	983,693	1,173,678	1,363,992
Short-term Debt	106,879	106,879	106,879	106,879
Current Portion of Long-Term Debt
Total Creditors	29,777	44,150	38,165	55,785
Other Current Liabilities	27,052	30,129	33,165	37,846
Total Current Liabilities	163,708	181,158	178,210	200,510
Total Long-term Debt	276,470	260,424	304,278	328,132
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	111,561	115,653	120,038	129,124
Total Non-current Liabilities	388,030	376,077	424,315	457,255
Total Provisions	702	782	861	983
Total Liabilities	552,440	558,017	603,386	658,748
Shareholders Equity	563,471	701,885	848,099	1,013,327
Minority Interests	13,265	13,265	13,265	13,265
Total Equity	576,736	715,150	861,363	1,026,592

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	11.6%	11.4%	10.1%	14.1%
Operating EBITDA Growth	17.2%	11.2%	7.7%	14.4%
Operating EBITDA Margin	37.9%	37.8%	37.0%	37.1%
Net Cash Per Share (Rs)	(83.52)	(78.95)	(92.14)	(104.82)
BVPS (Rs)	146.09	181.98	219.89	262.73
Gross Interest Cover	5.09	5.97	5.76	6.25
Effective Tax Rate	22.1%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	80.20	80.00	80.00	80.00
Inventory Days	43.79	44.00	44.00	44.00
Accounts Payables Days	38.66	38.66	38.66	38.66
ROIC (%)	13.3%	12.8%	11.4%	11.2%
ROCE (%)	19.6%	18.7%	17.0%	16.8%
Return On Average Assets	15.0%	13.5%	12.6%	12.2%

(91) 22 4161 1565 ishan.verma@incredresearch.com