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View Promises →Adani Power Limited — Q2 FY26
Adani Power reported Q2 FY26 continuing revenue of INR 13,639 crore, up ~1% YoY, with EBITDA of INR 5,325 crore and PAT of INR 2,906 crore.
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Adani Power reported Q2 FY26 continuing revenue of INR 13,639 crore, up ~1% YoY, with EBITDA of INR 5,325 crore and PAT of INR 2,906 crore. Power sales grew 7% to 23.7 BU, but PLF fell to 62.8% due to an extended monsoon suppressing demand and merchant tariffs. Management highlighted strong PPA wins (9+ GW of 14.5 GW awarded) and a 42 GW capacity target by 2032. Near-term guidance points to improved PLF as weather normalizes and merchant realizations recover to ~INR 6/unit. Key risk: prolonged softness in merchant tariffs could pressure near-term earnings.
अडानी पावर ने वित्त वर्ष 2025-26 की दूसरी तिमाही में 13,639 करोड़ रुपये की कमाई की, जो पिछले साल से लगभग 1% अधिक है। कंपनी ने 5,325 करोड़ रुपये का परिचालन लाभ (EBITDA) और 2,906 करोड़ रुपये का शुद्ध लाभ (PAT) कमाया। बिजली की बिक्री 7% बढ़कर 23.7 बिलियन यूनिट हो गई, लेकिन लंबे मानसून के कारण मांग कम होने से बिजली संयंत्रों की क्षमता उपयोग दर (PLF) घटकर 62.8% रह गई। प्रबंधन ने 14.5 गीगावॉट में से 9+ गीगावॉट के बिजली खरीद समझौते (PPA) जीतने और 2032 तक 42 गीगावॉट क्षमता के लक्ष्य की जानकारी दी। मौसम सामान्य होने पर PLF में सुधार और बाजार दरों के 6 रुपये प्रति यूनिट तक पहुंचने की उम्मीद है। मुख्य जोखिम: बाजार दरों में लंबे समय तक कमजोरी से मुनाफा प्रभावित हो सकता है।
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Prolonged softness in merchant tariffs
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Read Transcript →Quarter Snapshot
Power Sale Volume
23.7 BU
+7% YoY
Quarterly power sales grew to 23.7 billion units from 22.0 BU in Q2 FY25.
Plant Load Factor (PLF)
62.8%
-410bps YoY
PLF declined from 66.9% in Q2 FY25 due to extended monsoon and subdued demand.
Merchant Tariff Realization
INR 5.37/unit
-8.7% YoY
Merchant realization fell from INR 5.88/unit in Q2 FY25, reflecting weak short-term market.
PPA Tied-up Capacity (Operational)
16,700 MW
+1,100 MW QoQ
Operational capacity under PPA increased to 16.7 GW from ~15.6 GW, aided by new Maharashtra and Karnataka PPAs.
What Changed vs Last Quarter
NEW
Merchant tariff expected to average ~INR 6/unit in H2 FY26
Management expects merchant realization to recover to around INR 6 per unit in the second half, from INR 5.37 in Q2.
NEW
Godda plant to connect to Indian grid by December 2025
The Godda power plant is expected to be connected to the Indian grid by December 2025, allowing sales under certain conditions.
NEW
First 12 GW of expansion on track; 3 GW commissioning next year
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.
NEW
Total CapEx for 23.5 GW expansion ~INR 2 lakh crore
The estimated capital expenditure for the entire 23.5 GW capacity expansion is approximately INR 2 lakh crore.
DROPPED
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
Stable EBITDA margins expected in FY26
CFO stated that until capacity expansion takes place, similar EBITDA margins as last year can be expected.
DROPPED
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.
DROPPED
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.
NEW RISK
Prolonged softness in merchant tariffs
Merchant realization fell to INR 5.37/unit in Q2 from INR 5.88 last year; if demand recovery is delayed, near-term earnings could be pressured.
NEW RISK
Execution risk on 23.5 GW expansion
Massive capex of INR 2 lakh crore and tight timelines (2032) pose execution and funding risks, though management cites pre-ordered equipment and brownfield advantages.
NEW RISK
Godda plant receivables and Bangladesh PPA risk
Godda PLF was 72% and receivables are only 1.5 months overdue, but any deterioration in Bangladesh's payment or scheduling could impact cash flows.
NEW RISK
Change in law impact on fuel costs
GST compensation cess removal may affect fuel costs; while management expects pass-through, delays in regulatory approvals could create near-term uncertainty.
RISK GONE
Merchant tariff volatility
Merchant realizations fell 14.3% YoY due to early monsoon and weak demand; further weakness could impact earnings.
RISK GONE
Execution delays in acquired assets
Coastal and Vidarbha plants required overhauling; any delays in restoring full availability could affect cash flows.
RISK GONE
Pending regulatory settlement with Haryana Discom
Only 50% of alternate coal compensation bills are being paid; full resolution is pending and could impact receivables.
RISK GONE
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.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q2 FY25, Q4 FY25
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.
Mentioned in Q1 FY25, Q1 FY26, Q2 FY25, Q4 FY25
Merchant realizations fell 14.3% YoY due to early monsoon and weak demand; further weakness could impact earnings.
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.
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Guidance and risk preview
Management expects merchant realization to recover to around INR 6 per unit in the second half, from INR 5.37 in Q2.
Merchant realization fell to INR 5.37/unit in Q2 from INR 5.88 last year; if demand recovery is delayed, near-term earnings could be pressured.
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