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Revenue
₹14,167.67 Cr
verified against source
Revenue YoY
-5.88%
reported change
EBITDA
₹5,744 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Power reported Q1FY26 revenue of INR 14,168 crore (down 5.9% YoY) and EBITDA of INR 5,744 crore (down 8.7% YoY), impacted by early monsoon and lower merchant tariffs. PAT stood at INR 3,305 crore (down 15.5% YoY). Despite demand softness, power dispatch rose 1.6% to 24.6 BU aided by acquired capacity and short-term sales. Management highlighted receipt of over $500 million from Bangladesh, reducing receivables to near normal. Expansion progress: Mahan phase 2 at 66% execution, Raipur 25%, Raigad 20%. Signed 1,600 MW PPA with UPPCL at tariff INR 5.39/kWh. Guidance: no specific FY26 numbers, but stable EBITDA margins expected. Risk: merchant tariff volatility and execution delays in new capacity.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- CFO stated that until capacity expansion takes place, similar EBITDA margins as last year can be expected.
- CEO confirmed production from Deroli mine is on track to start by September or October 2025.
- Following government notification, SGD will be dropped from new plants except Mahan and Raipur, lowering capital cost.
Risks flagged
- Merchant realizations fell 14.3% YoY due to early monsoon and weak demand; further weakness could impact earnings.
- Coastal and Vidarbha plants required overhauling; any delays in restoring full availability could affect cash flows.
- Only 50% of alternate coal compensation bills are being paid; full resolution is pending and could impact receivables.
- Total debt rose to INR 44,372 crore from INR 38,775 crore in March 2025, partly due to interim bridge loans for capex.
Key quotes
- We have also received more than $500 million in payments from the Bangladesh Power Development Board for their outstanding dues at the end of June and July.
- Our strategically located merchant capacity continues to enjoy significant competitive advantage in the short-term market, thus providing a market-linked upside to our earnings.
- We are funding these projects mostly from our own cash flows, which removes the reliance on project lenders.
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