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Revenue
₹13,457 Cr
verified against source
Revenue YoY
1.3%
reported change
EBITDA
₹5,325 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Power reported Q2 FY26 continuing revenue of INR 13,639 crore, up ~1% YoY, with EBITDA of INR 5,325 crore and PAT of INR 2,906 crore. Power sales grew 7% to 23.7 BU, but PLF fell to 62.8% due to an extended monsoon suppressing demand and merchant tariffs. Management highlighted strong PPA wins (9+ GW of 14.5 GW awarded) and a 42 GW capacity target by 2032. Near-term guidance points to improved PLF as weather normalizes and merchant realizations recover to ~INR 6/unit. Key risk: prolonged softness in merchant tariffs could pressure near-term earnings.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects merchant realization to recover to around INR 6 per unit in the second half, from INR 5.37 in Q2.
- The Godda power plant is expected to be connected to the Indian grid by December 2025, allowing sales under certain conditions.
- 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.
- The estimated capital expenditure for the entire 23.5 GW capacity expansion is approximately INR 2 lakh crore.
Risks flagged
- Merchant realization fell to INR 5.37/unit in Q2 from INR 5.88 last year; if demand recovery is delayed, near-term earnings could be pressured.
- Massive capex of INR 2 lakh crore and tight timelines (2032) pose execution and funding risks, though management cites pre-ordered equipment and brownfield advantages.
- Godda PLF was 72% and receivables are only 1.5 months overdue, but any deterioration in Bangladesh's payment or scheduling could impact cash flows.
- GST compensation cess removal may affect fuel costs; while management expects pass-through, delays in regulatory approvals could create near-term uncertainty.
Key quotes
- We have revived the operations of the 600 MW Butibori plant of Vidarbha Industries Limited, which was acquired in July 2025, within just two months. This plant had been shut down for almost 10 years.
- We have fully de-risked our project execution pipeline with 100% advance ordering for boilers, turbines, and generators.
- The management has not given any such guidance. So it was the media's own analysis on the basis of which it was given. But I think we would hope to actually achieve a better EBITDA than what they had projected.
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