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Revenue
₹14,223 Cr
verified against source
Revenue YoY
4%
reported change
EBITDA
₹6,498 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 a strong Q4 FY26 with EBITDA of ₹6,498 crore, up 27% YoY, driven by higher PPA tariffs, cost discipline, and improved operating efficiency. PAT surged 64% YoY to ₹4,700 crore, aided by lower tax charges. Full-year PAT stood at ₹12,971 crore, demonstrating earnings resilience despite subdued merchant prices. The company has tied up 95% of its 18.15 GW operating capacity under long/medium-term PPAs, reducing merchant exposure to 5%. Capacity expansion is on track: Korba Phase 2 (1.32 GW) to commission in Q2 FY27, Mahan (1.6 GW) by Q4 FY27/Q1 FY28. Management guided for EBITDA to reach ₹50,000 crore by FY30-31. Key risk: merchant prices could decline further as renewable penetration increases, impacting residual open capacity.
Colored figures show movement against the previous available record.
Guidance to track
- The 1.32 GW Korba Phase 2 project is expected to commission between June and September 2026.
- First unit of Mahan (1.6 GW) likely by end of FY27, second unit six months later.
- Capital expenditure for capacity expansion estimated at ₹25,000 crore in FY27 and ₹33,000 crore in FY28.
- Management expects EBITDA to reach ₹50,000 crore by 2030-31, driven by capacity expansion and new PPAs.
Risks flagged
- Management acknowledged that increasing renewable capacity could suppress merchant power prices, impacting residual open capacity.
- Analyst raised concern about Mahan delay; management cited geopolitical issues affecting labor and LTG availability, pushing commissioning to FY28.
- Outstanding from Bangladesh Power Development Board has reduced, but a disputed amount is under expert determination; potential escalation to international arbitration.
Key quotes
- We have ended financial year 26 with a solid 12,971 crore profit after tax.
- 95% of our operating capacity of 18.15 GW is now tied up under long-term and medium-term PPAs.
- We are confident that by 31-32 our capacity will be 42 GW from the plan capacity and the quantum of surplus plus multiple avenues we have we can deploy to leverage far more better value and it is a debt free company.
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