Adani Power Management Guidance Tracker

Targeting 30 GW capacity by 2029-30 from current 15 GW, including 1,600 MW Mahan Phase 2 (by June 2027) and 4,800 MW brownfield expansions.

Awaiting NCLT approval for resolution plans; Lanco adds 600 MW (tied up) and 1,320 MW under construction; Coastal adds 1,200 MW (600 MW tied up).

The 1,600 MW ultra-supercritical expansion at Mahan is on track for commissioning by June 2027.

The 1,600 MW Raipur expansion project (PPA with MSEDCL for 1,496 MW) is planned to commission within 4 years, though PPA allows 5 years.

The 1,320 MW Korba expansion project is expected to commission in about 30 months from the call date, with estimated CapEx of INR 10,000 crore.

Management reiterated target to add 12,520 MW by 2030, with 4,800 MW under execution. Boiler, turbine, and generator supplies locked for entire 11.2 GW new capacity.

The Godda power plant is expected to be connected to the Indian grid by December 2025, allowing sales under certain conditions.

Planned addition of 23.7 GW thermal capacity, with 2.9 GW commissioning next fiscal, 2.4 GW in FY28, 2.4 GW in FY29, 8 GW in FY30, 5.6 GW in FY31, and 2.4 GW in FY32.

First unit of Korba Phase 2 expected around mid-next year, second unit by end of next fiscal.

The 1.32 GW Korba Phase 2 project is expected to commission between June and September 2026.

First unit of Mahan (1.6 GW) likely by end of FY27, second unit six months later.

New projects will have 80% capacity tied to long-term PPAs (25-year duration) and 20% kept for merchant sales.

Management aims to secure long-term PPAs for 80% of new capacity, keeping 20% for merchant sales to balance risk and reward.

Management expects merchant realization to recover to around INR 6 per unit in the second half, from INR 5.37 in Q2.

Plans to double capacity from ~15 GW to 30.67 GW through organic expansion (Mahan Phase II, Raipur, Raigarh, Mirzapur) and acquisitions (Lanco, Coastal).

The Rohne mine, acquired from Adani Enterprises, will supply 5 million tons of coal per annum after two years for the Mahan plant's untied capacity.

Management reiterated the target to achieve more than 30 GW of operating capacity by 2030, with BTG orders placed for 11.2 GW.

The 1,600 MW Mahan expansion project is expected to be commissioned around March or April 2027.

Adani Power targets to increase its total capacity to 30,670 MW by 2030 through brownfield expansions.

The first 12 GW of the 23.5 GW expansion is on schedule, with ~3 GW expected to commission in FY27, followed by 2.4 GW, 3.2 GW, and 7.2 GW in subsequent years.

Management targets reducing merchant exposure from current 10% to 3-4% over the medium term by signing more long-term PPAs.

Management expects EBITDA to reach ₹50,000 crore by 2030-31, driven by capacity expansion and new PPAs.

The company plans to spend INR 13,000 crore on capital expenditure in FY2026 for its expansion projects.

Following government notification, SGD will be dropped from new plants except Mahan and Raipur, lowering capital cost.

The estimated capital expenditure for the entire 23.5 GW capacity expansion is approximately INR 2 lakh crore.

Capital expenditure for capacity expansion estimated at ₹25,000 crore in FY27 and ₹33,000 crore in FY28.

Management stated that the entire capex plan will be funded from internal accruals without additional debt.

CEO confirmed production from Deroli mine is on track to start by September or October 2025.

CFO stated that until capacity expansion takes place, similar EBITDA margins as last year can be expected.