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.
neutral
medium
✓ 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.
88%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Expectations for merchant and PPA tariff realizations in H2.
Asked by Manish Somaiya, Cantor Fitzgerald & Company
Provided specific numbers and expectations for both PPA and merchant realizations.
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Question
if you can just talk about the expectations on the merchant and PPA tariff realizations in the second half, given softness in merchant pricing that we have seen so far?
Dilip Jha, CFO
As regards to PPA rates are concerned, there will not be any change... we have an average realization of INR 5.70 per unit during this quarter, and we expect the same rate will continue... As regards to merchant realization... we are expecting an average realization of around, let us say, INR 6 or so.
Answered
High priority
Plans to increase PPA tie-up to avoid merchant volatility.
Asked by Manish Somaiya, Cantor Fitzgerald & Company
Gave specific recent PPAs and updated percentage tied up.
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Question
On the merchant portion itself, I think right now it's at 88%. SBK, are there any plans to try to increase that, so hence to avoid the volatility in pricing?
S. B. Khyalia, CEO
we have recently signed the PPA with Maharashtra for a medium term of five years at the rate of INR 5.55, and we have now recently received one LOI from the state of Karnataka at INR 5.79... so if I consider in the overall portfolio, I think now it must be working out 92%-93%.
Partial answer
High priority
CapEx plans for 2026 and beyond, funding mix.
Asked by Manish Somaiya, Cantor Fitzgerald & Company
Gave qualitative direction but no specific CapEx amounts or funding split.
no specific numbersvague on quantum
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Question
How should we think about CapEx in 2026 but beyond 2026? And how should we also think about the funding mix between internal and external?
Dilip Jha, CFO
Our CapEx program, we are generating a significant portion of cash flow from our operating assets. The significant portion, we will fund from our internal accruals. In the next two, three years, there will be interim bridge requirement... we will take from market.
Answered
High priority
Status of Assam bid for 3.2 GW.
Asked by Abhinav Nalawade, ICICI Securities
Clearly stated L1 status and commission approval.
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Question
Has the bid for 3.2 GW been floated? What is the status over there?
S. B. Khyalia, CEO
the bids have been concluded, and we are the L1 party there. The approval of the commission is also received. So we hope that we should get the positive communication shortly.
Partial answer
Medium priority
Revenue, EBITDA, PAT for acquired plants Coastal and Amarkantak.
Asked by Abhinav Nalawade, ICICI Securities
Gave numbers for Mahan, Tuticorin, Korba instead of Coastal and Amarkantak; no PAT.
provided for different plants than askedno PAT
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Question
can you share the revenue, EBITDA, PAT numbers for the two acquired plants, Coastal and Amarkantak in H1?
Dilip Jha, CFO
my revenue for quarter two, for Mahan, yeah, it was INR 1,049 crores. Tuticorin, this is INR 677 crores. And Korba, INR 339 crores. If you will talk about EBITDA for Tuticorin, this quarter EBITDA was INR 54 crores. And then for Korba, it was INR 84 crores. And for Mahan, it was INR 521 crores.
Answered
High priority
Breakdown of 17 GW bids by state.
Asked by Shirom Kapur, Jefferies
Provided detailed state-wise breakdown and updated total.
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Question
you mentioned about 17 GW of bids at various stages. Could you maybe break that up into which states are offering these bids and what is, if you could just quantify that statewise?
S. B. Khyalia, CEO
Rajasthan is 200 MW. Uttarakhand, it is 1,320 MW. Maharashtra, 1,600 MW. Uttar Pradesh, 4,000 MW. And West Bengal, 2,260 MW. So it is 12,000 MW. And apart from that... Karnataka, 1,600 MW. Gujarat, 4,000 MW. And Assam, 3,200 MW. So the total is working out around 22,000 MW.
Answered
High priority
Clarify PPA tie-up percentage for operational capacity.
Asked by Shirom Kapur, Jefferies
Gave specific MW number for PPA tied-up capacity.
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Question
from the operating capacity at just 18,150 MW, how much of that in gigawatt is currently tied up under PPA, including the 1.1 GW that you have recently signed?
S. B. Khyalia, CEO
Broadly, the figure is around 16,700 MW out of 18,150 MW.
Partial answer
High priority
Timeline for 30 GW by FY2030 and PPA tie-up for that.
Asked by Shirom Kapur, Jefferies
Gave commissioning timeline but did not specify how much of the 30 GW is PPA tied up.
did not quantify PPA tied-up for 30 GW specifically
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Question
are we still on track for 30 GW by FY 2030, which will then ramp up to 42 GW by FY 2032? And of that 30 GW... how much of that portion is PPA tied up?
S. B. Khyalia, CEO
the first 12 GW is very much on track. We are going to commission in next year around three GW. Thereafter, we are going to commission 2.4 GW. In next to that year, 3.2 GW and 2029-2030, 7.2 GW. So we are going to commission more than the capacity of 12 GW... These PPAs which we have already signed are part of this up to 2029-2030.
Answered
Medium priority
Split of equipment orders between BHEL and L&T.
Asked by Shirom Kapur, Jefferies
Provided specific number of machines to each supplier.
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Question
how much of this would you share, how much of this has gone to BHEL and how much to L&T?
S. B. Khyalia, CEO
We have given eight machines to L&T, eight machines of 800 MW, and balance to BHEL.
Answered
High priority
Timeline for Godda connection to Indian grid and conditions for selling power.
Asked by Aniket Mittal, SBI Mutual Fund
Provided clear timeline and conditions for selling power.
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Question
by when can we get connected to the Indian grid... would we be allowed to sell power from Godda to the Indian market despite being in a PPA with Bangladesh?
S. B. Khyalia, CEO
We are expecting that it will get connected by December 2025. And as regards to your second question... it is allowed under certain conditions... either there is persistent no scheduling from Bangladesh... or there is a payment default under the PPA.
Answered
High priority
Godda PLF and receivables at end of Q2.
Asked by Aniket Mittal, SBI Mutual Fund
Provided PLF and receivables aging.
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Question
what was the PLF for the second quarter? And at the end of 2Q, what's the total receivables now for Godda?
S. B. Khyalia, CEO
PLF was 72% at the end of the quarter two, which was 73% last year. And as regards to outstanding payment is concerned, it is outstanding of only now one and a half months.
Answered
High priority
Total estimated CapEx for 23 GW expansion.
Asked by Vipul Agrawal, HSBC
Provided a specific number for total CapEx.
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Question
What is the total estimated CapEx for the 23 GW expansion that we are planning now?
S. B. Khyalia, CEO
It is approximately INR two lakhs crore.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Mahan revenue INR 1,049 crores in Q2 | ₹1,049 cr | ₹13,457 cr | Understated vs filing |
| Tuticorin revenue INR 677 crores in Q2 | ₹677 cr | ₹13,457 cr | Understated vs filing |
| Korba revenue INR 339 crores in Q2 | ₹339 cr | ₹13,457 cr | Understated vs filing |
| Tuticorin EBITDA INR 54 crores in Q2 | ₹54 cr | ₹5,325 cr | Understated vs filing |
| Korba EBITDA INR 84 crores in Q2 | ₹84 cr | ₹5,325 cr | Understated vs filing |
| Mahan EBITDA INR 521 crores in Q2 | ₹521 cr | ₹5,325 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.