Prolonged softness in merchant tariffs
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.
ADANIPOWER / Q2-FY26 / risks
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Adani Power · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Execution risk on 23.5 GW expansion
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 plant receivables and Bangladesh PPA risk
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.
Change in law impact on fuel costs
GST compensation cess removal may affect fuel costs; while management expects pass-through, delays in regulatory approvals could create near-term uncertainty.