Adani Power

Adani Power reported a strong Q4Current reported value: 4. No comparable prior figure is available in the source record. FY26 with EBITDA of ₹6,498 croreCurrent ₹6,498 crore vs previous available quarter ₹4,636 crore., up 27% YoYCurrent reported value: 27% YoY. No comparable prior figure is available in the source record., driven by higher PPA tariffs, cost discipline, and improved operating efficiency. PAT surged 64% YoYCurrent reported value: 64% YoY. No comparable prior figure is available in the source record. to ₹4,700 croreCurrent reported value: ₹4,700 crore. No comparable prior figure is available in the source record., aided by lower tax charges. Full-year PAT stood at ₹12,971 croreCurrent reported value: ₹12,971 crore. No comparable prior figure is available in the source record., demonstrating earnings resilience despite subdued merchant prices. The company has tied up 95%Current 95%. Reported change: +11pp YoY. 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.