Power Sales Volume (Q4)
27.2 BU
+3.4% YoY
Quarterly power sales reached 27.2 billion units, supported by higher operating capacity and stable plant availability.
ADANIPOWER
Energy
13 May 2026
Adani Power Ltd — Q4 FY26
Adani Power reported a strong Q4 FY26 with EBITDA of ₹6,498 crore, up 27% YoY, driven by higher PPA tariffs, cost discipline, and improved operating efficiency.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Adani Power reported a strong Q4 FY26 with EBITDA of ₹6,498 crore, up 27% YoY, driven by higher PPA tariffs, cost discipline, and improved operating efficiency. PAT surged 64% YoY to ₹4,700 crore, aided by lower tax charges. Full-year PAT stood at ₹12,971 crore, demonstrating earnings resilience despite subdued merchant prices. The company has tied up 95% of its 18.15 GW operating capacity under long/medium-term PPAs, reducing merchant exposure to 5%. Capacity expansion is on track: Korba Phase 2 (1.32 GW) to commission in Q2 FY27, Mahan (1.6 GW) by Q4 FY27/Q1 FY28. Management guided for EBITDA to reach ₹50,000 crore by FY30-31. Key risk: merchant prices could decline further as renewable penetration increases, impacting residual open capacity.
Key Numbers
Plant Load Factor (Q4)
74%
Flat YoY
PLF for Q4 was 74%, reflecting healthy utilization despite weather-induced demand volatility.
Capacity Tied Up Under PPAs
95%
+11pp YoY
95% of operating capacity (18.15 GW) is now under long/medium-term PPAs, up from 84% last year.
Expansion Capacity Tied Up
13.3 GW
+2.9 GW YoY
Long-term PPAs tied for 13.3 GW of the 23.7 GW expansion pipeline, ensuring revenue visibility.
Management Guidance
Korba Phase 2 commissioning in Q2 FY27
The 1.32 GW Korba Phase 2 project is expected to commission between June and September 2026.
Management guidance expansionMahan commissioning by Q4 FY27/Q1 FY28
First unit of Mahan (1.6 GW) likely by end of FY27, second unit six months later.
Management guidance expansionCapex of ₹25,000 cr in FY27 and ₹33,000 cr in FY28
Capital expenditure for capacity expansion estimated at ₹25,000 crore in FY27 and ₹33,000 crore in FY28.
Management guidance capexEBITDA 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.
Management guidance growthKey Risks
Merchant price decline due to renewable addition
Management acknowledged that increasing renewable capacity could suppress merchant power prices, impacting residual open capacity.
medium · management_commentaryGeopolitical impact on project timelines
Analyst raised concern about Mahan delay; management cited geopolitical issues affecting labor and LTG availability, pushing commissioning to FY28.
medium · analyst_questionBangladesh receivable dispute
Outstanding from Bangladesh Power Development Board has reduced, but a disputed amount is under expert determination; potential escalation to international arbitration.
low · analyst_questionNotable Quotes
We have ended financial year 26 with a solid 12,971 crore profit after tax.
95% of our operating capacity of 18.15 GW is now tied up under long-term and medium-term PPAs.
We are confident that by 31-32 our capacity will be 42 GW from the plan capacity and the quantum of surplus plus multiple avenues we have we can deploy to leverage far more better value and it is a debt free company.
Frequently Asked Questions
What was Adani Power's revenue in Q4 FY26?
Adani Power reported revenue of ₹14,223 Cr in Q4 FY26, representing a +4% change compared to the same quarter last year.
What guidance did Adani Power management give for FY27?
Korba Phase 2 commissioning in Q2 FY27: The 1.32 GW Korba Phase 2 project is expected to commission between June and September 2026. Mahan commissioning by Q4 FY27/Q1 FY28: First unit of Mahan (1.6 GW) likely by end of FY27, second unit six months later. Capex of ₹25,000 cr in FY27 and ₹33,000 cr in FY28: Capital expenditure for capacity expansion estimated at ₹25,000 crore in FY27 and ₹33,000 crore in FY28. 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.
What are the key risks for Adani Power in FY27?
Key risks include Merchant price decline due to renewable addition — Management acknowledged that increasing renewable capacity could suppress merchant power prices, impacting residual open capacity.; Geopolitical impact on project timelines — Analyst raised concern about Mahan delay; management cited geopolitical issues affecting labor and LTG availability, pushing commissioning to FY28.; Bangladesh receivable dispute — Outstanding from Bangladesh Power Development Board has reduced, but a disputed amount is under expert determination; potential escalation to international arbitration..
Did Adani Power meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Adani Power Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.