Adani Power Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Adani Power Ltd filed with BSE on 29 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Adani Power reported its highest ever quarterly generation and financial performance in Q1 FY27, with continuing revenue of Rs 17,936 crore, up 27% year-on-year, and profit after tax of Rs 4,867 crore, up 47%. Management attributed the growth to record power demand during a hot summer, higher plant load factor of 78%, and conversion of previously merchant capacity at Butibori and Tuticorin into PPAs. The company also detailed acquisitions of Jaiprakash Associates' power assets, expansion of capacity targets to 45 GW, and plans for nuclear and international hydropower projects.
Numbers mentioned
Total continuing revenue: INR17,936 crores (Q1 FY27)
p. 4
“Total continuing revenue for the first quarter of FY27 is INR17,936 crores, which is a growth of 27% over the corresponding quarter of FY26.”
S B Khyalia, page 4 of the filed PDF · View the filing
Continuing EBITDA: INR6,983 crores (Q1 FY27)
p. 4
“Continuing EBITDA without prior period items for the quarter is INR6,983 crores which is 22% higher year-on-year.”
S B Khyalia, page 4 of the filed PDF · View the filing
Profit after tax: INR4,867 crores (Q1 FY27)
p. 4
“The company has reported 47% higher profit after tax on year-on-year at INR4,867 crores for quarter 1 FY27, reflecting our operational profitability and excellent management of the capital structure.”
S B Khyalia, page 4 of the filed PDF · View the filing
Plant load factor: 78% (Q1 FY27)
p. 5
“Our consolidated plant load factor jumped significantly to 78% in quarter 1 FY '27 compared to 67% in the corresponding quarter last year.”
Dilip Jha, page 5 of the filed PDF · View the filing
Power sales volume: 29 billion units (Q1 FY27)
p. 5
“Our consolidated power sales volume was higher by nearly 17%, reaching 29 billion units against 25 billion units in quarter 1 last year.”
Dilip Jha, page 5 of the filed PDF · View the filing
Fuel cost: INR9,513 crores (Q1 FY27)
p. 6
“The Fuel cost for the quarter was higher by 30% at INR9,513 crores, which was driven by larger dispatch volumes and higher imported imported coal indices.”
Dilip Jha, page 6 of the filed PDF · View the filing
Total debt outstanding: INR58,381 crores (as of June 30, 2026)
p. 6
“As of June 30, '26, our total debt outstanding stood at INR58,381 crores, and our net debt stood at INR47,643 crores.”
Dilip Jha, page 6 of the filed PDF · View the filing
PPA tariff realization: INR5.93 per unit (Q1 FY27)
p. 5
“Our tariff realization under PPA improved by 8% to INR5.93 per unit and merchant and short-term realization improved by 13% to INR7.04 per unit, directly benefiting from the strong demand environment.”
Dilip Jha, page 5 of the filed PDF · View the filing
Godda plant generation: 2.519 billion units (Q1 FY27)
p. 9
“The generation in terms of unit for this quarter in Godda, was 2.519 billion units as compared to last year’s same quarter at 2.362 billion.”
Dilip Jha, page 9 of the filed PDF · View the filing
Godda plant revenue: INR2,473 crores (Q1 FY27)
p. 9
“In terms of realization, our total revenue for this quarter is INR2,473 crores.”
Dilip Jha, page 9 of the filed PDF · View the filing
Bangladesh receivables: USD400 million (as of June 2026)
p. 8
“Specifically at the end of June, our receivables level is near about USD400 million.”
Dilip Jha, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Mahan Phase-II commissioning — 1,600 MW · Q1 of next financial year
stated firmly by S B Khyalia
p. 4
“the 1,600-MW Mahan Phase-II project is scheduled for commercial operation in quarter 1 of the next financial year.”
S B Khyalia, page 4 of the filed PDF · View the filing
Capacity expansion target — 45 GW · same timeline as previous 42 GW target
stated firmly by Dilip Jha
p. 18
“Now our target is 45 GW by the same time. It is now revised from 42 to 45.”
Dilip Jha, page 18 of the filed PDF · View the filing
Capex — INR25,000 crores · FY27
stated firmly by Dilip Jha
p. 13
“This year, we are expecting that our expansion CapEx will be near about INR25,000 crores.”
Dilip Jha, page 13 of the filed PDF · View the filing
Capex — INR33,000 crores · next year
stated firmly by Dilip Jha
p. 13
“Next year, it will be near about INR33,000 crores, and thereafter it will be more than INR35,000 crores.”
Dilip Jha, page 13 of the filed PDF · View the filing
Net debt-to-EBITDA — between 2 and 3 times
stated conditionally by Dilip Jha
p. 12
“We are expecting that net debt-to-EBITDA will not cross 3 times at any point. So this net debt to EBITDA level of between 2 to 3 will persist over this period of time.”
Dilip Jha, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Only the share of profit is consolidated as an associate, not the full P&L and balance sheet.
Answered by S B Khyalia
Asked by Abhinav Nalawade: Will Jaiprakash Power Ventures be consolidated in accounts?
p. 7
“So P&L and balance sheet is not getting consolidated. It is only the share of profit that is getting consolidated.”
S B Khyalia, page 7 of the filed PDF · View the filing
Merchant capacity reduced as Butibori and Tuticorin plants moved from merchant to PPA basis.
Answered by Dilip Jha
Asked by Dhruv Muchhal: What was the merchant capacity change year-on-year?
p. 11
“In this quarter, the merchant volume was 4 billion units. And the same period last year, it was 6 billion units.”
Dilip Jha, page 11 of the filed PDF · View the filing
Net debt-to-EBITDA is currently slightly above 2x and is expected to stay between 2 and 3 times.
Answered by Dilip Jha
Asked by Vivek Ramakrishnan: What is the expected net debt-to-EBITDA trajectory given the large capex program?
p. 12
“Net debt-to-EBITDA as on date, is slightly higher than 2 timex.”
Dilip Jha, page 12 of the filed PDF · View the filing
Bids from UP, Gujarat, Uttarakhand and West Bengal are in progress totaling around 13,000 MW.
Answered by S B Khyalia
Asked by Girish Acchipalia: Which states are likely to close bids for untied capacity this fiscal?
p. 12
“which is UP 4,000 MW, Gujarat is 4,000 MW, Uttarakhand is 1,320 MW, and West Bengal is almost 3,800 MW.”
S B Khyalia, page 12 of the filed PDF · View the filing
Growth was driven by higher volumes, higher capacity charges from newly tied PPAs, and higher energy charges.
Answered by Dilip Jha
Asked by Vishal Periwal: What explains the strong EBITDA growth given modest capacity increase?
p. 16
“There is significant increase in volume, there is increase in capacity charges, and also some contribution in energy charges.”
Dilip Jha, page 16 of the filed PDF · View the filing
Management prefers reinvesting surplus into the large capex program rather than distributing dividends.
Answered by S B Khyalia
Asked by Sumit: Given sufficient reserves, can shareholders expect a dividend or bonus?
p. 16
“we are of the view that we are giving more capital appreciation than the dividend, and therefore, we are reinvesting whatever surplus we are generating.”
S B Khyalia, page 16 of the filed PDF · View the filing
Management said 95% of capacity is contracted long-term, providing EBITDA stability despite some revenue seasonality.
Answered by Nishit Dave
Asked by Diganth Kumar: What are the short-term catalysts and risks for the company?
p. 17
“95% of the capacity is already tied up in our power supply contracts with DISCOMs, most of which are long term in nature.”
Nishit Dave, page 17 of the filed PDF · View the filing
No change in the capex program; it remains firm at Rs 2 lakh crore with majority funded via internal accruals.
Answered by Dilip Jha
Asked by Nitin Prajawati: Has the equity raise proposal changed the capex plan or funding mix?
p. 18
“There is no change in the capex program. We are very firm and confident that our capex program of INR2 lakhs crore, we will be able to achieve in the defined timeline.”
Dilip Jha, page 18 of the filed PDF · View the filing
Risks flagged
Revenue fluctuation from seasonal power offtake by DISCOMs
p. 17
“revenue might fluctuate here and there based on the power offtake by DISCOMs, given the specific demand environment.”
Nishit Dave, page 17 of the filed PDF · View the filing
Reduced power drawdown during monsoon months
p. 17
“Then during the monsoon months, actually typically because of rains, the power drawdown goes down a little bit.”
Nishit Dave, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.