Capacity expansion to 30 GW by FY30
Targeting 30 GW capacity by 2029-30 from current 15 GW, including 1,600 MW Mahan Phase 2 (by June 2027) and 4,800 MW brownfield expansions.
ADANIPOWER / guidance tracker
Keep management guidance in view.
Adani Power · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
expansion
80% PPA tie-up for new capacity
New projects will have 80% capacity tied to long-term PPAs (25-year duration) and 20% kept for merchant sales.
Inorganic acquisitions of Lanco Amarkantak and Coastal Energen
Awaiting NCLT approval for resolution plans; Lanco adds 600 MW (tied up) and 1,320 MW under construction; Coastal adds 1,200 MW (600 MW tied up).
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.
Stable EBITDA margins expected in FY26
CFO stated that until capacity expansion takes place, similar EBITDA margins as last year can be expected.
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.
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.
Capacity target of 30.67 GW by 2030
Plans to double capacity from ~15 GW to 30.67 GW through organic expansion (Mahan Phase II, Raipur, Raigarh, Mirzapur) and acquisitions (Lanco, Coastal).
80% PPA tie-up for new capacity
Management aims to secure long-term PPAs for 80% of new capacity, keeping 20% for merchant sales to balance risk and reward.
Mahan Phase II completion by June 2027
The 1,600 MW ultra-supercritical expansion at Mahan is on track for commissioning by June 2027.
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.
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.
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.
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.
Raipur expansion to commission within 4 years
The 1,600 MW Raipur expansion project (PPA with MSEDCL for 1,496 MW) is planned to commission within 4 years, though PPA allows 5 years.
Korba (Lanco) expansion to commission in ~30 months
The 1,320 MW Korba expansion project is expected to commission in about 30 months from the call date, with estimated CapEx of INR 10,000 crore.
Rohne coal mine to supply 5 MTPA after 2 years
The Rohne mine, acquired from Adani Enterprises, will supply 5 million tons of coal per annum after two years for the Mahan plant's untied capacity.
Target 30 GW operating capacity by 2030
Management reiterated the target to achieve more than 30 GW of operating capacity by 2030, with BTG orders placed for 11.2 GW.
Capacity expansion of 23.7 GW by FY32
Planned addition of 23.7 GW thermal capacity, with 2.9 GW commissioning next fiscal, 2.4 GW in FY28, 2.4 GW in FY29, 8 GW in FY30, 5.6 GW in FY31, and 2.4 GW in FY32.
Reduce open capacity to 3-4% over 6-7 years
Management targets reducing merchant exposure from current 10% to 3-4% over the medium term by signing more long-term PPAs.
Korba Phase 2 commissioning by end of next fiscal
First unit of Korba Phase 2 expected around mid-next year, second unit by end of next fiscal.
Capex of INR 13,000 crore for FY26
The company plans to spend INR 13,000 crore on capital expenditure in FY2026 for its expansion projects.
Mahan Phase II commissioning by March 2027
The 1,600 MW Mahan expansion project is expected to be commissioned around March or April 2027.
Capacity expansion to 30,670 MW by 2030
Adani Power targets to increase its total capacity to 30,670 MW by 2030 through brownfield expansions.
Funding capex through internal accruals
Management stated that the entire capex plan will be funded from internal accruals without additional debt.
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.