India · Delayed Price · Currency is INR Adani Power Earnings Call Transcripts
Fiscal Year 2026
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Record FY 2026 EBITDA and PAT were achieved despite weak demand, with 95% capacity now under PPAs and robust expansion plans underway. CapEx of INR 25,000 crore and INR 33,000 crore is planned for the next two years, targeting significant EBITDA growth by 2030-31.
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Q3 FY2026 saw resilient operations despite flat demand and lower merchant prices, with 90% of capacity tied under PPAs and strong liquidity. Expansion remains on track, supported by internal accruals and recent debt issuance, while risk from market volatility is mitigated by contracted revenues.
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Power sale volumes grew over 7% in Q2 FY26, with stable revenue and EBITDA despite lower PLF and subdued merchant tariffs. Expansion to 42 GW by 2032 is on track, with significant new PPAs, robust CapEx plans, and a focus on long-term contracts to reduce volatility.
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Q1 FY26 saw resilient profitability with revenue of INR 14,167 crore and EBITDA of INR 5,744 crore, despite lower merchant tariffs and early monsoon impacting demand. Capacity expanded via acquisitions, debt increased for CapEx, and new PPAs and project clearances support future growth.
Fiscal Year 2025
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FY25 saw double-digit revenue and EBITDA growth, robust power sales, and major capacity expansion. Strong cash flows and credit upgrades support ambitious growth plans, with most CAPEX funded internally. Receivables from Bangladesh remain a key risk.
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Strong nine-month results with 13% revenue and 22% EBITDA growth, driven by higher capacity and volumes. Expansion projects are on track, with robust demand outlook and strategic acquisitions supporting future growth.
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Strong year-over-year growth in revenue, EBITDA, and PLF was driven by higher demand and operational efficiency. Capacity expansion is underway, with a balanced approach to merchant and PPA sales, and a healthy financial position supports future growth.
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Q1 FY25 saw robust revenue and profit growth, with PLF at 78% and strong merchant market contributions. Capacity expansion and regulatory resolutions support a positive outlook, while prudent risk management and capital allocation strengthen the financial position.