This Multibagger Power Stock Rises 1010% in 5 Years: What Powered the Run?
- September 10, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
CMP approximately Rs 214 (10 Sep 2026). 5-year return 1009.64% (split-adjusted). 52W range Rs 120 to Rs 254.20. Market cap Rs 4,13,657 Cr. Q1 FY27 PAT Rs 4,867 Cr.
Quick Answer
Adani Power, India’s largest private thermal power producer, is the multibagger power stock behind a split-adjusted return of approximately 1010% over five years. The rise came from a profit turnaround, recovery of regulatory dues, distressed plant acquisitions and long-term supply contracts. The 1-year return is a more modest 46.98%, and the stock trades at a PE of about 28 against an industry PE of about 23.
This multibagger power stock has turned an investment of Rs 1 lakh into roughly Rs 11.1 lakh over the past five years. A thermal power producer ranked sixth in a screen of 101 large-cap and mid-cap NSE shares, with a 5-year return of 1009.64% as of 10 September 2026.
The company is Adani Power Ltd, the largest private sector thermal power generator in India with an installed capacity of 18,330 MW. The Adani Power share price stood at approximately Rs 214.04 on the afternoon of 10 September 2026, down about 0.40% for the day, giving the company a market value of around Rs 4,13,657 crore.
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How Much Has This Multibagger Power Stock Returned?
The five-year number is the headline, but the returns table shows where the heavy lifting happened. This multibagger power stock ranks in the top 10 of the screen only on the 5-year view, while its shorter-term ranks sit in the middle of the pack.
| Period | Return (%) | Rank (out of 101) |
|---|---|---|
| 1 Month | 1.94 | 69 |
| 6 Months | 37.45 | 42 |
| 1 Year | 46.98 | 36 |
| 3 Years | 182.63 | 24 |
| 5 Years | 1009.64 | 6 |
Working backwards from the current price of this multibagger power stock, the 5-year return implies a split-adjusted starting level of around Rs 19.30 in September 2021. The 3-year figure implies roughly Rs 75.70 in September 2023, and the 1-year figure implies around Rs 145.60 in September 2025.
In other words, a large part of the gain came in the first half of the window. The recent 1-year return of 46.98% is healthy but far slower than the pace this multibagger power stock set between 2021 and 2024.
Is the 1010% Rise Real or a Stock Split Effect?
The rise in this multibagger power stock is genuine price appreciation. Adani Power split each share of face value Rs 10 into five shares of face value Rs 2 each, with a record date of 22 September 2025. All return figures in this article are adjusted for that 1:5 split.
Before the split, the stock hit a then 52-week high of Rs 719 on 19 September 2025. That equals about Rs 143.80 on a post-split basis, which matches the implied 1-year starting level. The split changed the number of shares, not the value of a holding, so the 1009.64% gain for this multibagger power stock reflects real wealth creation.
The current face value of Rs 2 and the book value of Rs 32.19 per share are also post-split figures. Older per-share numbers, such as FY24 EPS of Rs 51.62, are on the pre-split base and should be divided by five for a fair comparison.
Why Did This Multibagger Power Stock Rise So Much?
No single event explains a tenfold move in a multibagger power stock. The rally of this multibagger power stock came in phases: a financial turnaround first, acquisitions and contracts next, and a new capacity cycle most recently.
Early Driver: Profit Turnaround and Recovery of Dues
Five years ago, the company carried heavy debt, with a debt-to-equity ratio of 3.15 in FY22. Revenue rose from Rs 31,686 crore in FY22 to Rs 60,281 crore in FY24, while net profit climbed from Rs 4,912 crore to Rs 20,829 crore.
A part of the FY23 and FY24 profit included one-time income from the recovery of regulatory dues and past claims, which is why FY24 stands out as a peak year. The balance sheet improved sharply over this period, and debt to equity fell to 1.04 by FY24 and 0.77 by FY26.
Acquisitions of Stressed Power Plants
This multibagger power stock grew by buying plants out of insolvency at lower cost than building new ones. The Lanco Amarkantak Power acquisition received approval from the Competition Commission of India in March 2024. In Q1 FY27, the multibagger power stock added the 180 MW Churk plant and stakes in two power ventures from Jaiprakash Associates.
Long-Term Supply Contracts and Power Demand
India’s peak power demand has kept rising, and thermal plants remain the base-load backbone of the grid. In Q1 FY27, the company signed a 25-year power supply agreement with Maharashtra for 1,600 MW from a 2×800 MW plant. Around 56% of its upcoming capacity is already tied up under power purchase agreements, which gives this multibagger power stock visible future revenue.
Recent Driver: Record Q1 FY27 and a 45 GW Plan
The most recent leg of this multibagger power stock came from record results and a large expansion plan. Q1 FY27 net profit rose 47.24% year on year to Rs 4,866.60 crore, and power generation hit an all-time quarterly high of 31 billion units. Management has reiterated a target of 45 GW of capacity, with four ultra-supercritical projects under development.
Group-Level Sentiment and Regulatory Outcomes
This multibagger power stock also moved with Adani Group news. It fell sharply after a short-seller report on the group in January 2023. In September 2025, SEBI dismissed the stock manipulation allegations raised in that report against the group and Gautam Adani, and the stock rose about 14% on 19 September 2025, the last trading day before the split record date.
Adani Power Financials: Quarterly and Yearly Trend
The latest quarters of this multibagger power stock show profit recovering after a soft patch in FY26. The Adani Power share price has tracked this pattern, correcting to its 52-week low of Rs 120 in September 2025 before rallying as earnings improved.
| Quarter | Revenue (Rs Cr) | EBITDA (Rs Cr) | Net Profit (Rs Cr) | Net Margin (%) |
|---|---|---|---|---|
| Jun ’25 | 14,573.70 | 6,149.83 | 3,305.13 | 23.99 |
| Sep ’25 | 14,307.79 | 6,001.24 | 2,906.46 | 21.94 |
| Dec ’25 | 12,994.70 | 4,781.33 | 2,488.09 | 19.91 |
| Mar ’26 | 15,989.09 | 6,498.47 | 4,271.40 | 28.24 |
| Jun ’26 | 19,322.30 | 8,369.09 | 4,866.60 | 25.42 |
On a yearly basis, revenue was broadly flat at Rs 57,865 crore in FY26 versus Rs 60,281 crore in FY24, and net profit settled at Rs 12,971 crore after the FY24 peak of Rs 20,829 crore. The 5-year gain in this multibagger power stock is therefore partly an earnings story and partly a re-rating of the business.
Cash flow at this multibagger power stock is solid, with operating cash flow of Rs 20,514 crore in FY26. However, capital expenditure jumped to Rs 23,350 crore in FY26 from Rs 2,602 crore in FY24, which shows how much money the new capacity cycle needs.
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Who Owns This Multibagger Power Stock?
Promoters of this multibagger power stock hold a steady 74.96%, near the maximum allowed for a listed company. Domestic institutions have been the notable buyers over the past year.
| Quarter | Promoters (%) | FII (%) | DII (%) | Public (%) |
|---|---|---|---|---|
| Jun ’25 | 74.96 | 12.46 | 1.76 | 10.82 |
| Sep ’25 | 74.96 | 11.53 | 2.69 | 10.81 |
| Dec ’25 | 74.96 | 11.64 | 3.42 | 9.98 |
| Mar ’26 | 74.96 | 11.74 | 3.69 | 9.62 |
| Jun ’26 | 74.96 | 11.76 | 4.08 | 9.20 |
DII holding more than doubled from 1.76% to 4.08% in four quarters, helped by index fund inclusion and active funds. FII holding eased slightly from 12.46% to 11.76%. With only about 25% of shares in non-promoter hands, the free float of this multibagger power stock is small for its size, which can amplify price moves in both directions.
Valuation Check on the Adani Power Share
After the rally, this multibagger power stock trades at a premium to the sector. The PE ratio is approximately 28.45 against an industry PE of 23.13, and the price-to-book ratio is about 6.66.
The premium on this multibagger power stock is supported by a return on equity of 19.76% and a clear growth pipeline, but it leaves less room for disappointment. Any delay in new projects could weigh on this multibagger power stock, because the market is already paying for future capacity.
Key Risks for This Multibagger Power Stock
A strong 5-year record does not remove risk. Investors should weigh these factors before tracking this multibagger power stock for fresh positions.
Execution and funding: The 45 GW plan needs very large capital spending. Shareholders have approved raising up to Rs 15,000 crore through a qualified institutional placement, which could dilute existing holders if completed.
Debt: Debt to equity is currently around 0.84. Heavy capex could push borrowing at this multibagger power stock higher again after years of deleveraging.
Coal and energy transition: This multibagger power stock depends mainly on coal. Rising renewable capacity, fuel price swings and stricter emission norms are long-term risks for thermal generators.
Receivables and tariffs: Earnings depend on state power distribution companies and overseas buyers paying on time. Tariff revisions by regulators can also affect margins.
Group-level news: The Adani Power share price has historically reacted to regulatory and legal developments involving the wider group, which can cause volatility unrelated to plant performance.
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Adani Power Share: Analyst View
Most brokerages covering this multibagger power stock remain positive on the earnings outlook, citing power demand growth of 6% to 8% a year and long-term contracts. A foreign brokerage raised its target to Rs 255 in May 2026, valuing the company at 20 times FY28 estimated EV to EBITDA.
Analysts also flag the same concerns listed above: renewable substitution, tariff policy changes and a slowdown in industrial demand. This multibagger power stock is now around 16% below its 52-week high of Rs 254.20.
Adani Power Share Price Target
As of September 2026, published brokerage estimates put the Adani Power share price target in a range of approximately Rs 216 to Rs 282. A domestic brokerage has the highest target at Rs 282 with a buy rating, while another domestic brokerage sits at the low end at Rs 216.
The consensus Adani Power share price target is approximately Rs 252, about 18% above the current price of this multibagger power stock. On the chart, Rs 254.20 is the level to watch on the upside and Rs 120 is the 52-week low. Targets are estimates, not guarantees.
Conclusion
This multibagger power stock earned its 1010% five-year gain through a real business change: lower debt, higher profits, acquired plants and long-term supply contracts. The return is split-adjusted, so it reflects genuine value creation rather than a change in share count.
The next phase for this multibagger power stock looks different. The 1-year return is a more moderate 46.98%, the valuation is above the sector, and the 45 GW plan brings heavy capex and possible dilution. Investors watching the Adani Power share price may want to track project execution, debt levels and quarterly profit before taking a view, and consult a SEBI-registered advisor.
Disclaimer: Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Which multibagger power stock rose 1010% in 5 years?
Ans. Adani Power (NSE: ADANIPOWER) is the multibagger power stock that gained approximately 1009.64% over five years as of 10 September 2026. It ranked sixth on the 5-year view among 101 large-cap and mid-cap NSE stocks screened.
Is the Adani Power 5-year return adjusted for the stock split?
Ans. Yes. Adani Power split its shares in a 1:5 ratio with a record date of 22 September 2025, reducing face value from Rs 10 to Rs 2. The 1009.64% return is split-adjusted and reflects real price appreciation.
Why did the Adani Power share price rise so much?
Ans. The rise in this multibagger power stock came from a profit turnaround, recovery of regulatory dues, acquisitions of stressed plants and long-term supply contracts. Record Q1 FY27 profit of Rs 4,866.60 crore and a 45 GW capacity target added recent momentum.
What were Adani Power Q1 FY27 results?
Ans. Adani Power reported Q1 FY27 net profit of Rs 4,866.60 crore, up 47.24% year on year, on revenue of Rs 19,322.30 crore. Power generation reached a record 31 billion units and plant load factor was 77.9%.
What is the 52-week high and low of Adani Power?
Ans. The Adani Power share price has a 52-week high of Rs 254.20 and a 52-week low of Rs 120 on NSE. The multibagger power stock traded near Rs 214 on 10 September 2026.
What is the Adani Power share price target?
Ans. Published brokerage targets range from approximately Rs 216 to Rs 282, with a consensus near Rs 252 as of September 2026. That implies roughly 18% upside from about Rs 214, but targets are estimates and can change.
Is this multibagger power stock overvalued?
Ans. The stock trades at a PE of about 28.45 against an industry PE of 23.13 and a price-to-book of 6.66. The premium reflects its growth pipeline, but delays in execution could pressure the price.
What are the main risks for Adani Power?
Ans. Key risks for this multibagger power stock include heavy capex for the 45 GW plan, possible dilution from a QIP of up to Rs 15,000 crore, coal dependence, receivables from power buyers and volatility from group-level news. Investors should consult a SEBI-registered advisor before investing.
