39.25x versus 64.66x on trailing earnings.
Power exposure
Adani Power vs Jindal Steel & Power
Price: 06 May 2026 | Fundamentals: 02 May 2026 | Quarter ended: 31 Dec 2025
Adani Power vs Jindal Steel & Power is a comparison between direct listed power exposure and power capacity inside a broader steel business. Adani Power is stronger on current profitability, cash generation, and recent price strength. Jindal Steel & Power is cheaper on forward PE, price-to-sales, and price-to-book, but investors are still buying it mainly through the steel story.
7.58x versus 2.59x on current book value.
+9.85% versus +70.58% over 60 trading days.
Jindal Steel & Power rose -70.31% sequentially in the same quarter.
Overview
What matters in Adani Power vs Jindal Steel & Power right now
The real split is between direct power exposure with stronger current numbers on one side and cheaper forward and asset-based valuation inside a steel-led business on the other.
Why the gap exists
- Adani Power is the cleaner listed power bet and is stronger on operating margin, profit margin, ROE, operating cash flow, free cash flow, and recent price strength.
- Jindal Steel & Power offers power exposure inside a broader steel business and is cheaper on forward PE, price-to-sales, and price-to-book, even though trailing earnings still favor Adani Power.
- That is why this pair should be read as pure-play versus integrated exposure, not as a simple expensive-versus-cheap call.
What could change next
- Whether Adani Power can hold the current strength without giving back its margin and cash-flow edge.
- Whether Jindal Steel & Power can make the cheaper forward and book multiples look more compelling without a stronger operating read.
- Whether the next quarter keeps the pair split between direct power leadership and cheaper integrated exposure, or starts to close that gap.
- Whether the tape stays one-sided, because the market is currently much more confident in Adani Power.
The biggest gaps today are in valuation, margins, and recent price strength.
| Metric | NSE: ADANIPOWER  Adani Power
Price
₹230 | NSE: JINDALSTEL  Jindal Steel & Power
Price
₹1,263 | Edge |
|---|---|---|---|
| 20D move | +40.64% | +11.49% | Adani Power +29.15 pts |
| Trailing PE | 39.25x | 64.66x | Adani Power +25.42x |
| P/B | 7.58x | 2.59x | Jindal Steel & Power +4.99x |
| ROE | +20.91% | +5.93% | Adani Power +14.98 pts |
| Profit margin | +22.18% | +3.95% | Adani Power +18.23 pts |
Industry context
Pure-play power vs steel-led power exposure
Adani Power is judged as a listed power producer. Jindal Steel & Power is still judged mainly as a steel company, even though power remains a meaningful part of the operating base. That is why the two stocks trade on different benchmarks.
Adani Power vs Utilities - Independent Power Producers
Adani Power is being judged first against Utilities - Independent Power Producers and then against the broader Utilities set.
Adani Power is above the Utilities - Independent Power Producers median on PE and above the broader Utilities median.
Adani Power is above the Utilities - Independent Power Producers median on operating margin and above the broader Utilities median.
Adani Power is above the Utilities - Independent Power Producers median on ROE and above the broader Utilities median.
Adani Power is above the Utilities - Independent Power Producers median on 60D return and above the broader Utilities median.
Adani Power is above the Utilities - Independent Power Producers median on technical score and above the broader Utilities median.
Jindal Steel & Power vs Steel
Jindal Steel & Power is being judged first against Steel and then against the broader Basic Materials set.
Jindal Steel & Power is above the Steel median on PE and above the broader Basic Materials median.
Jindal Steel & Power is below the Steel median on operating margin and below the broader Basic Materials median.
Jindal Steel & Power is below the Steel median on ROE and below the broader Basic Materials median.
Jindal Steel & Power is below the Steel median on 60D return and above the broader Basic Materials median.
Jindal Steel & Power is below the Steel median on technical score and below the broader Basic Materials median.
Valuation
Adani Power vs Jindal Steel & Power valuation
The valuation split follows the business mix. Adani Power looks better on trailing PE and cash-yield support because current profitability is stronger. Jindal Steel & Power looks cheaper on forward PE, price-to-sales, and price-to-book because the market is still valuing it largely through a steel lens.
Metric
Adani Power
Jindal Steel & Power
Trailing PE
Adani Power is above the Utilities - Independent Power Producers median on PE (37.30x). Jindal Steel & Power is above the Steel median (25.52x).
39.25x
64.66x
Forward PE
Adani Power is below the Utilities - Independent Power Producers median on forward PE (27.84x). Jindal Steel & Power is above the Steel median (15.94x).
27.21x
17.43x
Price / Sales
Adani Power is above the Utilities - Independent Power Producers median on P/S (3.73x). Jindal Steel & Power is above the Steel median (1.42x).
7.65x
2.56x
Price / Book
Adani Power is above the Utilities - Independent Power Producers median on P/B (2.13x). Jindal Steel & Power is above the Steel median (2.30x).
7.58x
2.59x
EV / EBITDA
Adani Power is above the Utilities - Independent Power Producers median on EV/EBITDA (10.67x). Jindal Steel & Power is above the Steel median (14.39x).
22.96x
17.76x
Earnings yield
Adani Power is above the Utilities - Independent Power Producers median on earnings yield (+2.79%). Jindal Steel & Power is below the Steel median (+3.41%).
+2.90%
+1.54%
Free cash flow yield
Adani Power is below the Utilities - Independent Power Producers median on FCF yield (+3.74%). Jindal Steel & Power is below the Steel median (+3.16%).
-0.15%
+2.19%Adani Power looks stronger if you care more about present profitability. Jindal Steel & Power looks cheaper if you care more about forward and asset-based multiples.
Quality and cash
Which company has stronger margins and cash generation?
Adani Power is ahead by a wide margin on operating margin, profit margin, ROE, and current cash generation. That is the clearest edge in the pair and the main reason the stock is not being priced like a weak utility trade.
Adani Power
Gross +43.48% | Operating +33.47% | Profit +22.18%
Jindal Steel & Power
Gross +48.47% | Operating +6.10% | Profit +3.95%
Adani Power keeps the cleaner margin structure in the latest snapshot, which is why its premium still needs to be judged against profitability rather than price alone.
Adani Power
+159.8%
Jindal Steel & Power
+442.5%
Operating cash flow versus trailing net income highlights whether profit quality is being backed by cash generation.
Adani Power
-1.2%
Jindal Steel & Power
+5.6%
Free cash flow margin matters because it shows how much revenue is making it through to discretionary cash after operating needs.
Adani Power
+11.89%
Jindal Steel & Power
—
Longer-horizon growth is more useful than one quarter when the pair is being judged for durability rather than just the latest beat or miss.
Adani Power
+28.08%
Jindal Steel & Power
-12.30%
Cash-flow growth tells a cleaner story than earnings alone when valuation is already rich.
Adani Power
0.00%
Jindal Steel & Power
+10.27%
Payout ratio helps frame how much room each business still has to retain capital versus return cash.
The quality gap is real. Jindal Steel & Power can still appeal on valuation, but it is not matching Adani Power on current profitability or free-cash-flow support.
Profitability and balance sheet
As of 02 May 2026
Metric
Adani Power
Jindal Steel & Power
ROE
+20.91%
+5.93%
Profit margin
+22.18%
+3.95%
Operating margin
+33.47%
+6.10%
Debt / equity
82.33
38.02
Current ratio
1.41
1.06
Dividend yield
0.00%
+0.16%
Latest quarter
Quarter ended 31 Dec 2025
Metric
Adani Power
Jindal Steel & Power
Sales
₹124.51B
₹130.90B
Net income
₹24.88B
₹1.89B
Diluted EPS
1.29
1.87
Sales QoQ
-7.47%
+12.02%
Profit QoQ
-14.39%
-70.31%
Revenue growth YoY
+12.30%
+10.90%
Technical snapshot
As of 06 May 2026
Metric
Adani Power
Jindal Steel & Power
1D move
-0.15%
+0.13%
20D move
+40.64%
+11.49%
60D move
+70.58%
+9.85%
RSI (14)
82.9
57.5
Technical score
7/15
5/15
Below 52W high
+2.03%
+3.31%
The full 15-point score breakdown is available in the module below.
Technical score
What goes into the technical score
The technical score uses 15 checks from the latest session: 5 on price structure, 5 on momentum, and 5 on risk.
Technical score
What goes into the technical score
The technical score uses 15 checks from the latest session: 5 on price structure, 5 on momentum, and 5 on risk.
Adani Power
7/15
Jindal Steel & Power
5/15
Price structure
Trend and positioning checks based on moving averages, the Bollinger midline, and breakout behavior.
Adani Power 4/5
Jindal Steel & Power 4/5
Signal
Adani Power
Jindal Steel & Power
EMA 14 above EMA 21
Pass
Pass
Price above SMA 50
Pass
Pass
Price above SMA 200
Pass
Pass
Price above Bollinger midline
Pass
Pass
Close near 20-day breakout level
Off
Off
Momentum
Directional confirmation from RSI, MACD, stochastic, ROC, and ADX trend conditions.
Adani Power 3/5
Jindal Steel & Power 1/5
Signal
Adani Power
Jindal Steel & Power
RSI in positive zone
Pass
Pass
MACD bullish crossover
Pass
Off
Stochastic bullish crossover
Off
Off
10-day rate of change positive
Off
Off
ADX trend confirmation
Pass
Off
Risk profile
Calmer-tape checks. A higher score here means volatility and drawdown conditions look more contained, not that risk is higher.
Adani Power 0/5
Jindal Steel & Power 0/5
Signal
Adani Power
Jindal Steel & Power
ATR percentage contained
Off
Off
30-day volatility contained
Off
Off
Bollinger band width controlled
Off
Off
Ulcer index low
Off
Off
30-day drawdown shallow
Off
Off
History
How price performance and valuation premium have moved recently
Price history: 06 May 2026 | Valuation: 06 May 2026These charts show how the pair has traded over time and whether the valuation premium is narrowing or widening. Hover or tap the points to inspect each monthly reading.
Normalized price performance over the recent monthly tape
Adani PowerJindal Steel & Power
From Oct 2025 to May 2026, Adani Power moved from 100.0 to 145.5 while Jindal Steel & Power moved from 100.0 to 118.4. The end-of-period gap is 27.1 points in favor of Adani Power.
Adani Power valuation premium over Jindal Steel & Power
PE premium %P/B premium %
PE spread moved from 46.7% in Jan 2026 to 39.3% in May 2026, with Adani Power still trading at a discount to Jindal Steel & Power at the latest reading. P/B spread moved from 94.5% in Jan 2026 to 193.1% in May 2026.
At a glance
Where Adani Power vs Jindal Steel & Power stands today
Latest available data: 06 May 2026
Lens
Current lead
Why it matters now
Valuation
Adani Power
Adani Power trades at 39.25x PE and 7.58x P/B versus Jindal Steel & Power at 64.66x PE and 2.59x P/B.
Operating quality
Adani Power
Adani Power has the higher profit margin and the higher ROE in the latest snapshot.
Current tape
Adani Power
Technical score is 7/15 for Adani Power against 5/15 for Jindal Steel & Power, with 20D returns at +40.64% and +11.49%.
Latest quarter
Adani Power
Sequential profit growth came in at -14.39% for Adani Power and -70.31% for Jindal Steel & Power.
Risk profile
Adani Power vs Jindal Steel & Power technical comparison
The tape is decisively stronger in Adani Power right now. That strengthens the case for direct power exposure, while Jindal Steel & Power still needs the lower-multiple argument to do more of the work.
Adani Power
-79.90%
Jindal Steel & Power
-12.75%
This is the deepest peak-to-trough fall seen in the last year. It is one of the fastest ways to judge how much pain the market has already priced in.
Adani Power
-79.90%
Jindal Steel & Power
-27.96%
The 3Y drawdown lens gives a cleaner view of how each stock behaved through a fuller market cycle.
Adani Power
-79.90%
Jindal Steel & Power
-46.17%
Longer drawdown history matters for compounding names because it shows what happens when the premium gets challenged hard.
Adani Power
+33.62%
Jindal Steel & Power
+28.94%
Short-term volatility matters because the same return can feel very different when the path is much rougher.
Adani Power
+2.03%
Jindal Steel & Power
+3.31%
Distance from the 52-week high shows how much technical repair is still left before the stock is back near peak pricing.
Adani Power
+75.78%
Jindal Steel & Power
+15.47%
Alpha helps separate stock-specific strength from a simple market bounce.
Adani Power is still leading on the broader tape. Jindal Steel & Power only gets more interesting if cheaper forward and asset-based multiples start to matter more than the current strength gap.
Investor fit
Adani Power or Jindal Steel & Power: which stock suits which investor?
The choice comes down to what kind of power exposure you want. Adani Power is the cleaner listed power bet. Jindal Steel & Power gives power exposure inside a larger steel business and trades on cheaper forward and asset-based multiples.
Prefer Adani Power if
- you want direct listed power exposure rather than power embedded inside a broader steel business
- you care more about stronger margins, stronger ROE, operating cash flow, free cash flow, and recent price strength than about a lower forward multiple
- you are comfortable paying for the stock that is already being rewarded for current operating performance
Prefer Jindal Steel & Power if
- you are comfortable getting power exposure through a steel-led business rather than through a pure-play generator
- you care more about lower forward PE, lower price-to-sales, and lower price-to-book than about current profitability leadership
- you are looking for the cheaper forward and asset-based setup rather than the stronger current tape
Stay selective if
- you want both a cheaper multiple and the stronger current operating profile, because this pair does not offer both in one stock
- the next quarter does not improve the gap enough to make the valuation split easier to defend
- you only want strict same-industry peer pages, because this is a pure-play versus integrated-business comparison
Methodology
Methodology
- Adani Power is benchmarked as a listed power producer. Jindal Steel & Power is benchmarked as a steel company that also operates meaningful captive power capacity.
- The valuation section compares the two stocks directly, then checks each one against the median of its own industry where that context is useful.
- Technical score is a 15-point count of the latest scored-indicator snapshot. It sits beside raw return, volatility, and price-position data rather than replacing them.
- Drawdown figures come from local daily price history in MarketOwl. They are descriptive, not predictive.
- Valuation premium history is still based on the shorter available valuation series in MarketOwl, while price history uses the deeper local tape.
Q&A
Common questions about Adani Power vs Jindal Steel & Power
Short answers on valuation, technicals, margins, and the latest quarter.
Is Jindal Steel & Power really part of a power comparison?
Yes, but not as a pure-play power stock. Jindal Steel & Power operates meaningful captive power capacity, while the listed business is still led by steel. That is why this page compares direct power exposure with power exposure inside a broader industrial business.
Which stock looks cheaper: Adani Power or Jindal Steel & Power?
The answer depends on the metric. Adani Power looks cheaper on trailing PE and has the better earnings yield. Jindal Steel & Power looks cheaper on forward PE, price-to-sales, and price-to-book.
Which stock has stronger margins in Adani Power vs Jindal Steel & Power?
Adani Power is ahead on operating margin, profit margin, and ROE by a wide margin. That is the clearest quality edge in the pair.
Which stock has the stronger technical setup right now?
Adani Power. Its 20-day and 60-day returns are much stronger, and the latest technical score is slightly better as well.
What changed in the latest quarter for Adani Power vs Jindal Steel & Power?
Adani Power saw both sales and profit decline quarter on quarter. Jindal Steel & Power grew sales, but profit fell sharply. The latest quarter does not produce a clean winner.
Does Adani Power give more direct power exposure than Jindal Steel & Power?
Yes. Adani Power is a direct listed power generator. Jindal Steel & Power gives investors power exposure inside a larger steel-led business, so the market does not price the two stocks the same way.
Why are Adani Power and Jindal Steel & Power valued on different multiples?
Because the market is pricing two different business mixes. Adani Power is being read as a pure-play power business with stronger current margins and cash generation. Jindal Steel & Power is still being valued mainly through the steel business, which changes how forward and asset-based multiples look.
Updated data
Price and technical data update daily when market data is available. Fundamentals and quarterly numbers use the latest reported data.
Price data: 06 May 2026
Fundamentals: 02 May 2026
Quarter ended: 31 Dec 2025
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