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.
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.
82%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Evasive
High priority
Details of 2.5 GW RTC contract and tariff
Asked by Abin Nali, IC Securities
Management did not provide tariff or specific contract details, instead discussed general trading platform.
no tariff givenreframed to trading platform
Read the exchange
Question
can you help us uh with the detailed contours of RTC the 2.5 G MD cell uh contract uh if possible can you also share the tariff
Management (unidentified)
this capacity which we have in Maharashtra is not only For any power we have in the group... So this TPA is signed from the point of view of offering these residual capacities...
Answered
High priority
Definition of merchant sales and conversion to long-term
Asked by Abin Nali, IC Securities
Management clearly defined merchant as 5% of capacity and explained the composition.
Read the exchange
Question
when you say merchant sales trying to understand how you exactly define it... how much of this capacity is under medium-term and is there anything that will get converted into long-term
Management (unidentified)
the merchant capacity is only 5%. The meaning of merchant is not tied up under long-term and the medium-term...
Answered
High priority
Capacity commissioning and capex for FY27 and FY28
Asked by Abin Nali, IC Securities
Management provided specific capacity additions and capex numbers for both years.
Read the exchange
Question
on capacities that we expect to get commission in FI 2728 and what will be the capex plan for FI 2728 and the funding for it?
Management (unidentified)
in fi 2627 we are adding core bara 1.32 gawatt... for FI 20 uh 17 28 it will be near about uh 30 to 33,000 cr... capacity addition will be 1.6 gawatt.
Answered
High priority
Commissioning timeline for Korba and Mahan
Asked by Manisha, Cantor
Management gave specific quarter timelines for both projects.
Read the exchange
Question
with Corba, when should we what quarter should we expect the commissioning in? ... with Mahan if you can just give us some sense of commissioning
Management (unidentified)
corba will get commissioned something between June to September... Mahan's first unit is likely to get commissioned in the last quarter of this year...
Answered
High priority
Contribution from Korba and Mahan in FY27 and FY28
Asked by Manisha, Cantor
Management provided specific contribution estimates for both years.
Read the exchange
Question
how should we think about the contribution from Corba and Pamahan in 27 and 28.
Management (unidentified)
it will contribute roughly near about 1,000 cr and subsequently... from the next year 27 28 it will be full year and it will contribute at least roughly 2,500 cr plus...
Partial answer
Medium priority
PLF outlook for Q1 FY27 and full year
Asked by Manisha, Cantor
Management gave current quarter PLF but not Q1 FY27, only qualitative expectation.
no specific Q1 PLF number givenqualitative outlook only
Read the exchange
Question
if you can just give us an idea of how that's fairing so far in Q1 of 27 and how should we think about PLF in fiscal 27
Management (unidentified)
our plant availability for the quarter is more than 91%... PLF for this quarter it's 74%... we are expecting that the PLF will be far more better than last year...
Answered
Medium priority
Bangladesh Power Board receivable update
Asked by Manisha, Cantor
Management provided status on collections and dispute resolution process.
Read the exchange
Question
on the Bangladesh Power Development Board receivable collection and the reconciliation process. Can you just give us a quick update?
Management (unidentified)
the outstanding has gone down and therefore we are getting now regular payments... we have appointed an expert and expert is going to hear the both parties soon...
Answered
High priority
Project assignment and tariff for 1600 MW MSEDCL PPA
Asked by U Omar Manolon, Bernstein
Management gave possible locations and specific tariff breakdown.
Read the exchange
Question
which project out of the list of projects will this be assigned to? And if you could also please share the tariff details for the PPA.
Management (unidentified)
we have yet not assigned the project location... the tariff has been stated in the stock exchange filing it is 530 which consists of 4 rupees 11 paisa the capacity charge and 1.19 as the charge.
Answered
Medium priority
Adani Power's role in JP Power resolution plan
Asked by U Omar Manolon, Bernstein
Management explained the specific assets and Adani Power's role.
Read the exchange
Question
what exactly would Adani powers role be since in the presentation it is mentioned as an implementing agency could you please elaborate
Management (unidentified)
there's one asset within the jail that is a small capacity at ch it's 180 megawatt so that will be taken over by Adam power as an implementing agency...
Evasive
Low priority
Nuclear plan: target capacity and timeline
Asked by U Omar Manolon, Bernstein
Management declined to provide specifics, citing lack of regulatory framework.
no target capacity or timeline givendeferred to government rules
Read the exchange
Question
are we planning only small modular reactors? Is there a target capacity or timeline that we have planned for?
Management (unidentified)
So far government of India has not notified the rules. So we are only getting ourself ready... once we will get the rules from the government of India then only we can elaborate.
Answered
High priority
Timeline for 1600 MW Maharashtra PPA start
Asked by Ishan warm, Antique Stock Broker
Management provided expected timeline for signing and commissioning.
Read the exchange
Question
what is the timeline of starting of this PPA?
Management (unidentified)
PPA is yet to sign. So once the PPA is signed then only we can decide the timelines... we expect that in next 3 months we should be in a position to get the PP signed and then we need 48 months.
Partial answer
Medium priority
Capex per MW for Korba and Mahan, and reason for delay
Asked by Ishan warm, Antique Stock Broker
Management gave total capex but not per MW, and explained delay qualitatively.
no per MW cost givenblamed geopolitical issues
Read the exchange
Question
what is the capex per megawatt for the Cororba expansion and Mahan expansion? ... what has led to the delay in postponing it to F28?
Management (unidentified)
it will be roughly 8,8,500 crores in total... difficult to specifically say what would be the per megawatt cost... Mahan... because of this ongoing geopolitical situation which is slightly impacting the availability of labor...
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA target of 50,000 cr by 2030-31 | ₹50,000 cr | ₹6,498 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.