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View Promises →Adani Power Limited — Q1 FY26
Adani Power reported Q1FY26 revenue of INR 14,168 crore (down 5.9% YoY) and EBITDA of INR 5,744 crore (down 8.7% YoY), impacted by early monsoon and lower merchant tariffs.
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Adani Power reported Q1FY26 revenue of INR 14,168 crore (down 5.9% YoY) and EBITDA of INR 5,744 crore (down 8.7% YoY), impacted by early monsoon and lower merchant tariffs. PAT stood at INR 3,305 crore (down 15.5% YoY). Despite demand softness, power dispatch rose 1.6% to 24.6 BU aided by acquired capacity and short-term sales. Management highlighted receipt of over $500 million from Bangladesh, reducing receivables to near normal. Expansion progress: Mahan phase 2 at 66% execution, Raipur 25%, Raigad 20%. Signed 1,600 MW PPA with UPPCL at tariff INR 5.39/kWh. Guidance: no specific FY26 numbers, but stable EBITDA margins expected. Risk: merchant tariff volatility and execution delays in new capacity.
अडानी पावर की पहली तिमाही (अप्रैल-जून 2025) की कमाई ₹14,168 करोड़ रही, जो पिछले साल से 5.9% कम है। कंपनी का EBITDA (कमाई में से खर्च घटाने के बाद बचा मुनाफा) ₹5,744 करोड़ रहा, जो 8.7% गिरा। इसकी वजह जल्दी मानसून और बिजली के थोक भाव में कमी रही। शुद्ध मुनाफा ₹3,305 करोड़ (15.5% गिरावट) रहा। हालांकि, बिजली की खपत 1.6% बढ़कर 24.6 बिलियन यूनिट हुई, क्योंकि कंपनी ने नए प्लांट खरीदे और अल्पकालिक बिक्री बढ़ाई। बांग्लादेश से $500 मिलियन से ज्यादा का भुगतान मिलने से बकाया राशि लगभग सामान्य हो गई। नए प्रोजेक्ट्स पर काम जारी है: महान फेज-2 (66%), रायपुर (25%), रायगढ़ (20%)। उत्तर प्रदेश से 1,600 मेगावाट बिजली बेचने का करार ₹5.39 प्रति यूनिट पर हुआ। कंपनी ने FY26 के लिए कोई आंकड़ा नहीं दिया, लेकिन EBITDA मार्जिन स्थिर रहने का अनुमान है। जोखिम: थोक भाव में उतार-चढ़ाव और नई क्षमता में देरी।
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Power Dispatch
24.6 BU
+1.6% YoY
Despite all-India demand shrinking 1.6%, Adani Power increased dispatch due to acquired capacity and short-term sales.
Merchant Realization
INR 6.51/kWh
-14.3% YoY
Lower due to early monsoon and weak demand; management expects improvement from Q2.
Bangladesh Receivables Received
$500M+
N/A
Received in June and July, bringing outstanding dues to near normal levels.
PPA Signed with UPPCL
1,600 MW
N/A
Long-term PPA at capacity charge INR 3.73/kWh and total tariff INR 5.39/kWh.
What Changed vs Last Quarter
NEW
Stable EBITDA margins expected in FY26
CFO stated that until capacity expansion takes place, similar EBITDA margins as last year can be expected.
NEW
Deroli mine production to start by Sep-Oct 2025
CEO confirmed production from Deroli mine is on track to start by September or October 2025.
NEW
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.
UPDATED
Capacity expansion target of 12,520 MW by 2030
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.
DROPPED
Capex of INR 13,000 crore for FY26
The company plans to spend INR 13,000 crore on capital expenditure in FY2026 for its expansion projects.
DROPPED
Mahan Phase II commissioning by March 2027
The 1,600 MW Mahan expansion project is expected to be commissioned around March or April 2027.
DROPPED
Funding capex through internal accruals
Management stated that the entire capex plan will be funded from internal accruals without additional debt.
NEW RISK
Execution delays in acquired assets
Coastal and Vidarbha plants required overhauling; any delays in restoring full availability could affect cash flows.
NEW RISK
Pending regulatory settlement with Haryana Discom
Only 50% of alternate coal compensation bills are being paid; full resolution is pending and could impact receivables.
NEW RISK
Increased debt from bridge financing
Total debt rose to INR 44,372 crore from INR 38,775 crore in March 2025, partly due to interim bridge loans for capex.
RISK GONE
Bangladesh receivable overhang
Gross outstanding from Bangladesh stands at ~$900 million; while collections are improving, geopolitical and payment risks remain.
RISK GONE
Execution risk on large capex plan
The company plans INR 13,000 crore capex in FY26 and has placed orders for 11.2 GW; delays or cost overruns could strain returns.
RISK GONE
Low solar-hour power prices impacting merchant strategy
Analyst raised concern about afternoon power prices falling to INR 0.10-0.50/unit; management mitigated by using bilateral contracts but residual day-ahead exposure remains.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25, Q3 FY25
Outstanding from Bangladesh is ~INR 800 crore, with ~INR 100 crore pending reconciliation due to formula interpretation issues.
Mentioned in Q1 FY25, Q2 FY25
Management aims to secure long-term PPAs for 80% of new capacity, keeping 20% for merchant sales to balance risk and reward.
Mentioned in Q2 FY25, Q4 FY25
The 1,600 MW Mahan expansion project is expected to be commissioned around March or April 2027.
Fast read
Guidance and risk preview
Management reiterated target to add 12,520 MW by 2030, with 4,800 MW under execution.
Merchant realizations fell 14.3% YoY due to early monsoon and weak demand; further weakness could impact earnings.
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