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Adani Power Margin Trend — Quarter by Quarter

Adani Power's EBITDA margin moved from 42.7% in Q1 FY25 to 33.0% in Q4 FY26 across 8 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2633.0%+750 bps
Q3 FY2636.5%+80 bps
Q2 FY2639.0%—
Q1 FY2640.5%-123 bps
Q4 FY2535.1%-310 bps
Q3 FY2535.6%—
Q1 FY2542.7%+770 bps
Q2 FY2542.7%+770 bps

What management said about ebitda margin

G

Q4 FY26 · EBITDA target of ₹50,000 crore by FY30-31

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

G

Q1 FY26 · Stable EBITDA margins expected in FY26

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

G

Q1 FY26 · No SGD requirement for new plants, reducing project cost

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