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Today's prices ask more of Adani Enterprises than of Adani Power.
At current prices, buyers of Adani Enterprises are assuming about 35% growth against 2% in its own record; for Adani Power it is 10% against 17%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: Adani Enterprises on estimate withheld; Adani Power on discounted cash flow.
- Size: the two are worth roughly the same on the stock market.
- Record: On revenue the two have grown at much the same pace: Adani Enterprises compounded at about 13% a year (FY2018–FY2026) and Adani Power at about 13% (FY2018–FY2026).
- What to watch: airports at Adani Enterprises; plant load factor at Adani Power.
| Adani Enterprises | Adani Power | |
|---|---|---|
| Price | ₹2,688 | ₹206 |
| Market cap | ₹3.64L Cr | ₹3.97L Cr |
| P/E | 63.4 | 21.8 |
| P/B | 4.50 | 6.11 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
The Adani group's incubator
Adani Enterprises is the flagship company and incubator of the Adani group. Businesses such as Adani Power, Adani Transmission (now Adani Energy Solutions) and Adani Total Gas began here before being separated and listed on their own. Its largest revenue line is still coal trading, alongside mining services and commercial mining.
India's largest private thermal power producer
Adani Power runs coal-fired power stations across several states, including Mundra in Gujarat, Tiroda in Maharashtra, Kawai in Rajasthan and Udupi in Karnataka, plus the Godda plant in Jharkhand, which sends its power to Bangladesh. A good part of its growth came from buying stressed power plants out of insolvency and turning them round.
02The records side by side
On revenue the two have grown at much the same pace: Adani Enterprises compounded at about 13% a year (FY2018–FY2026) and Adani Power at about 13% (FY2018–FY2026). By revenue, Adani Enterprises is about 1.9 times the size of Adani Power. Adani Enterprises kept 9.9% of revenue as net profit in FY2026; Adani Power kept 23.9% of revenue as net profit in FY2026 — a sign of very different business models. Adani Enterprises was profitable in every year shown; Adani Power reported a net loss in FY2018, FY2019 and FY2020.
Full ten-year tables and charts are on each company's page: Adani Enterprises · Adani Power.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- AirportsPassenger growth and non-aeronautical income such as retail and real estate make airports the most valuable of the new businesses.
- How the capex is fundedAEL is spending heavily; whether that is paid for with debt, new shares or asset sales changes the value left for each existing share.
- Plant load factorPower stations have high fixed costs; running them harder spreads those costs and lifts profit sharply.
- Contracted versus merchant salesLong-term contracts give steady returns; merchant sales earn more in peak-demand years and less when prices fall.
05What could go wrong
- Group-level eventsNews about the wider Adani group has moved this share price sharply in the past, regardless of how the businesses were performing.
- LeverageHeavy borrowing to fund new projects raises the cost of capital.
- Energy transitionCheaper solar and storage could reduce demand for coal power faster than expected.
- Payment delaysState distributors have a history of paying late, which ties up cash.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Adani Enterprises or Adani Power better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Adani Enterprises trades at 63.4 times earnings and 4.50 times book value, and Adani Power at 21.8 times earnings and 6.11 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Adani Enterprises and Adani Power?
Adani Enterprises is the flagship company and incubator of the Adani group. Adani Power runs coal-fired power stations across several states, including Mundra in Gujarat, Tiroda in Maharashtra, Kawai in Rajasthan and Udupi in Karnataka, plus the Godda plant in Jharkhand, which sends its power to Bangladesh.
Are Adani Enterprises and Adani Power valued the same way?
No. Adani Enterprises is valued on estimate withheld and Adani Power on discounted cash flow, because forcing one model onto both would misstate at least one of them.
What does today's price assume for Adani Enterprises and Adani Power?
Worked backwards from the share price, Adani Enterprises needs about 35% growth and Adani Power about 10% growth, against 2% and 17% in their own records.