India · Delayed Price · Currency is INR Adani Power Earnings Call Transcripts
Fiscal Year 2026
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Power generation hit 405 billion units in FY 2026, with EBITDA up 27% year-over-year in Q4. 95% of capacity is now under long-term PPAs, and major expansions are on track, targeting 42 GW by 2032. CapEx for FY 2027 and 2028 is set at INR 25,000 crore and INR 33,000 crore, respectively.
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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 robust profitability and stable revenues despite lower demand and tariffs, supported by capacity expansion and improved receivables. Debt increased due to acquisitions and bridge funding, but liquidity remains strong. Merchant rates are expected to improve in Q2.
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 operational and financial results in Q3 FY2025 were driven by higher capacity and robust demand, with recurring EBITDA up 22% year-over-year and significant expansion underway. Lower merchant tariffs impacted Q3 margins, but long-term growth and cash flow outlook remain positive.
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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 growth in PLF, revenue, and EBITDA, with normalized profits after last year’s one-time gains. Expansion plans target doubling capacity by 2029-30, balancing 80% long-term PPAs and 20% merchant sales, amid strong demand outlook and improved credit metrics.