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Revenue
₹12,451 Cr
verified against source
Revenue YoY
-5.3%
reported change
EBITDA
₹4,636 Cr
latest reported figure
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What the record says.
Adani Power reported Q3 FY26 revenue of INR 12,717 crore, down 5.3% YoY, due to lower power selling rates and weaker merchant prices. EBITDA fell 3.1% to INR 4,636 crore, but margin expanded ~80bps to 36.5% on cost control. PAT declined 15.4% to INR 2,488 crore, impacted by lower prior-period income. Power sales rose marginally to 23.6 BU despite lower PLF (62.6% vs 63.9%). Management highlighted 90% of operating capacity under long-term PPAs, reducing merchant exposure. The 23.7 GW expansion pipeline is on track, with 2.9 GW commissioning next year and full completion by FY32. Key risks include regulatory hurdles for Rajasthan PPA and Bangladesh geopolitical uncertainty. Guidance focuses on capacity additions and margin stability from new PPAs with higher capacity charges.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Management targets reducing merchant exposure from current 10% to 3-4% over the medium term by signing more long-term PPAs.
- First unit of Korba Phase 2 expected around mid-next year, second unit by end of next fiscal.
Risks flagged
- Regulator questioned the need for full 3,200 MW PPA; DISCOM has been allowed to re-present its case, causing potential delays.
- Continued supply to Bangladesh amid political turmoil; though payments are regular, any escalation could impact Godda plant operations.
- All India power demand was flat YoY due to extended monsoons and cooler temperatures, leading to lower merchant realizations.
Key quotes
- Our increasing share of contracted capacity provides stability to earnings as well as visibility to revenue and liquidity.
- The new PPAs generate EBITDA from plant availability, while fuel charges are a pass-through. These new PPAs have much better higher capacity charges than our legacy PPAs.
- We are very much mindful about the merchant tariffs and rates, and what we have strategized that we are minimizing our portfolio to open capacity.
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