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.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered3Evaded / deflected12Questions audited
Evasive
High priority
What does the 18 GW expansion plan entail?
Asked by Abhinav, ICICI Securities
Management acknowledged the question but gave no specifics, deferring to an undefined future date.
no concrete numbersdeferred to future
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Question
My first question is the company has . What does it exactly entail, given that you know all our equipment is already being tied up for the upcoming capacities?
Dilip Jha, CFO
We are currently in the evaluation phase, exploring various opportunities for expansion. Once the plan is ramped up and aligned with our strategic goal, we will share all the updates with concrete numbers in due course of time.
Partial answer
High priority
What is the PLF and EBITDA for acquired assets?
Asked by Abhinav, ICICI Securities
Management discussed operational status but did not provide the requested PLF or EBITDA figures.
no PLF or EBITDA numbers given
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Question
On the recently acquired coastal Lanco and Vidarbha assets, how have the operations been? Are you facing any challenges? What is the PLS, and for these three acquired assets, what is the EBITDA?
SB Khyalia, CEO
First, the technical part. Lanco, we have very large challenge except a small issue related to ash disposal... Coastal one unit we have already done complete overhauling... Vidarbha... machines are already properly overhauled and they are good to give a normal availability.
Answered
Medium priority
What was merchant realization in Q1 and outlook?
Asked by Abhinav, ICICI Securities
Management provided the exact merchant realization figure and gave an outlook.
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Question
What was the merchant realization in the first quarter and outlook for this year?
Dilip Jha, CFO
Our merchant realization for the first quarter was INR 6.51 per kW as against last year same quarter it was INR 7.60.
Partial answer
High priority
Does cooling on SGD change CapEx outlook?
Asked by Aniket Mittal, SBI Mutual Fund
Management explained the impact but refused to provide specific CapEx numbers.
declined to give project cost numbers
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Question
With the recent cooling on SGD, does that change our CapEx estimates or outlook on the under construction?
SB Khyalia, CEO
After this notification has come, obviously the power stations which are under planning and execution where we have not started the execution of SGD, there is no requirement of SGD now. Therefore, we will drop the SGD expenditure from those power plants...
Answered
Medium priority
Do upcoming tenders require in-state plants?
Asked by Aniket Mittal, SBI Mutual Fund
Management clearly answered the location requirements for each tender.
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Question
Which of these tenders have the requirement where the plant needs to be set up in the same state?
SB Khyalia, CEO
Bihar, the tender is the project is to be established in Bihar itself. In case of Rajasthan also... MP is also... In case of Uttarakhand, the location is not specified, so project can be anywhere in India.
Answered
Medium priority
What was Godda PLF this quarter?
Asked by Aniket Mittal, SBI Mutual Fund
Management provided the exact PLF figure.
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Question
What was the PLS for Godda during this quarter?
Dilip Jha, CFO
It was during the quarter the PLF for, you know, the Godda was 73% posted.
Evasive
High priority
What is revenue and EBITDA guidance for FY26?
Asked by Jainam Jain, ICICI Securities
Management declined to give numeric guidance, only referencing past margins.
no specific guidance given
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Question
What is the revenue and EBITDA guidance for FY26?
Dilip Jha, CFO
We have not provided any specific guidance for revenue or EBITDA... you can expect similar EBITDA margins as we have recorded in the last year.
Partial answer
Medium priority
Status of alternate coal compensation from Haryana?
Asked by Jainam Jain, ICICI Securities
Management provided status but no specific closure date.
no timeline given
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Question
What is the status of pending validations and final settlement of alternate full compensation from Haryana Discom, and when can we expect the close date for that?
Dilip Jha, CFO
The discussion is still ongoing. For the time being, Haryana is making payment of 50% of the difference of deals which we are raising... Discussions are going on, and we expect that the issue should get resolved soon.
Evasive
Medium priority
Total regulatory receivables and proportion under dispute?
Asked by Jainam Jain, ICICI Securities
Management gave a qualitative answer without any quantitative breakdown.
no numbers given
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Question
What is the total current total of regulatory receivables outstanding and what proportion is under dispute and what is in the process of realization?
SB Khyalia, CEO
There is hardly anything pending now which is, let us say, substantial... There is no substantial claim now pending.
Answered
Medium priority
Amount of perpetual securities repaid and distributions?
Asked by Nirav Shah, GeeCee Holdings
Management provided specific numbers for principal repayment and distribution.
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Question
We have repaid INR 20,058.0 crore of unsecured perpetual securities. Has any distribution that has been made in the first quarter, over and above this amount?
Dilip Jha, CFO
Nearby that INR 2,579 crore we paid address in principal. Apart from that, we also paid INR 1,146 crore as a distribution. Now we have only INR 478 crore pending that we paid in July.
Answered
Medium priority
Target commissioning date for Deroli mine?
Asked by Nirav Shah, GeeCee Holdings
Management gave a specific timeline for production start.
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Question
Any target commissioning day for the Deroli mine which is supposed to be in this year?
SB Khyalia, CEO
The production should start by September or October somewhere. We are on time as per the plan which we gave earlier.
Answered
High priority
Tariff of recently signed PPA with UPPCL?
Asked by Nidhi Shah, ICICI Securities Ltd
Management provided the exact tariff figures.
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Question
Could you please elaborate on the tariffs that we have signed with the PPA?
SB Khyalia, CEO
Signed the PPA with UPPCL where the capacity charge is INR 3.73 and the total tariff is INR 5.39.