Adani Power Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Adani Power Ltd filed with BSE on 06 May 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 Q4 FY26 EBITDA of Rs 6,498 crore, up 27% year-on-year, and full-year PAT of Rs 12,971 crore. Management said the company generated 105 billion units of power in FY26 and tied up 13.3 gigawatts of long-term PPAs for its 23.7 gigawatt expansion pipeline. Executives also discussed commissioning timelines for the Korba and Mahan expansion projects and gave an update on capital expenditure plans for FY27 and FY28.
Numbers mentioned
EBITDA: INR23,431 crores (FY26)
p. 4
“we reported a robust EBITDA of INR23,431 crores for the full year”
S. B. Khyalia, page 4 of the filed PDF · View the filing
EBITDA: INR6,498 crores (Q4 FY26)
p. 4
“Our performance in the fourth quarter was particularly strong with an EBITDA of INR6,498 crores, marking a significant 27% increase year-over-year.”
S. B. Khyalia, page 4 of the filed PDF · View the filing
Profit after tax: INR12,971 crore (FY26)
p. 4
“We have ended financial year '26 with a solid INR12,971 crore profit after tax.”
S. B. Khyalia, page 4 of the filed PDF · View the filing
Power generation: 105 billion units (FY26)
p. 3
“we achieved a milestone by generating 105 billion units of power”
S. B. Khyalia, page 3 of the filed PDF · View the filing
Tied-up expansion capacity: 13.3 gigawatts
p. 4
“With this, our total tie-up expansion capacity now stands at an impressive 13.3 gigawatts.”
S. B. Khyalia, page 4 of the filed PDF · View the filing
Operating capacity tied up under PPA: 95%
p. 4
“we have ensured revenue visibility for our current operations with 95% of our operating capacity now tied up under long-term and medium-term PPA”
S. B. Khyalia, page 4 of the filed PDF · View the filing
Consolidated PLF: 74% (Q4 FY26)
p. 5
“Consolidated PLF for Q4 remained healthy at 74%.”
Dilip Jha, page 5 of the filed PDF · View the filing
Annual PLF: 66.5% (FY26)
p. 5
“On an annual basis, this is 66.5%, reflecting competitive strength in the midst of demand volatility.”
Dilip Jha, page 5 of the filed PDF · View the filing
Power sales: 27.2 billion unit (Q4 FY26)
p. 5
“Our Q4 power sales reached 27.2 billion unit, while full year sales increased 3.4% to 99.1 billion unit.”
Dilip Jha, page 5 of the filed PDF · View the filing
Revenue: INR15,059 crores (Q4 FY26)
p. 5
“Q4 FY26 revenue grew to INR15,059 crores, up nearly 4% year-on-year.”
Dilip Jha, page 5 of the filed PDF · View the filing
Reported revenue: INR15,989 crores (Q4 FY26)
p. 5
“reported revenue for Q4 FY26 grew 10% to INR15,989 crores”
Dilip Jha, page 5 of the filed PDF · View the filing
Continuing revenue: INR55,583 crores (FY26)
p. 5
“For FY26, continuing revenue was INR55,583 crores, broadly stable, despite lower margin rate.”
Dilip Jha, page 5 of the filed PDF · View the filing
Continuing EBITDA: INR5,573 crores (Q4 FY26)
p. 5
“Continuing EBITDA for Q4 FY26 increased 9% year-on-year to INR5,573 crores.”
Dilip Jha, page 5 of the filed PDF · View the filing
Continuing EBITDA: INR21,285 crores (FY26)
p. 6
“For FY26, Continuing EBITDA was INR21,285 crores, broadly stable year-on-year basis.”
Dilip Jha, page 6 of the filed PDF · View the filing
PAT: INR4,271 crores (Q4 FY26)
p. 6
“Q4 FY26 PAT increased sharply by 64% year-on-year to INR4,271 crores.”
Dilip Jha, page 6 of the filed PDF · View the filing
Total debt: INR53,556 crores (as of March 31, 2026)
p. 6
“at March 31, '26, total debt stood at INR53,556 crores, while net debt was INR45,022 crores”
Dilip Jha, page 6 of the filed PDF · View the filing
NCD raised: INR7,500 crores (Q4 FY26)
p. 6
“During the recent quarter, we successfully raised INR7,500 crores secured non-convertible debentures.”
Dilip Jha, page 6 of the filed PDF · View the filing
MSEDCL PPA tariff: INR5.30/unit
p. 9
“As regards to the tariff is concerned, it is INR5.30/unit, which consists of INR4.11 as the capacity charge and INR1.19 as the energy charge.”
S. B. Khyalia, page 9 of the filed PDF · View the filing
Plant availability: more than 91% (Q4 FY26)
p. 8
“Our plant availability for the quarter is more than 91%.”
Dilip Jha, page 8 of the filed PDF · View the filing
Cost of borrowing: about 8%
p. 11
“So recently, the rate getting from the market, is about 8%,and its either DCM or from domestic banks.”
Dilip Jha, page 11 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.
Korba Phase-II capacity — 1.32 GW commissioning · FY27
stated firmly by Dilip Jha
p. 7
“In FY26-27, we are adding Korba Phase-II of 1.32 GW, and, capex for FY26-27 will be near about INR25,000 crores, for our expansion.”
Dilip Jha, page 7 of the filed PDF · View the filing
Capex — INR33,000 crores · FY27-28
stated firmly by Dilip Jha
p. 7
“For FY27-28, it will be near about INR33,000 crores.”
Dilip Jha, page 7 of the filed PDF · View the filing
Korba commissioning — first unit in Q2, second unit before year-end · FY27
stated firmly by S. B. Khyalia
p. 8
“Korba will get commissioned something between June to September. The first unit will be in the second quarter of this year, and the second unit will get commissioned before the year-end.”
S. B. Khyalia, page 8 of the filed PDF · View the filing
Mahan commissioning — first unit by year-end, second unit six months later · FY27/FY28
stated conditionally by S. B. Khyalia
p. 11
“One unit, yes, we are targeting by the end of this year. If the geopolitical situation continues for a longer time, then at the most, it can go to the first quarter of the next year.”
S. B. Khyalia, page 11 of the filed PDF · View the filing
PLF — FY27
stated as an aspiration by Dilip Jha
p. 8
“So, what we hope that this quarter, first quarter of this year and also during the year, PLF will be far better than last year.”
Dilip Jha, page 8 of the filed PDF · View the filing
Merchant capacity share — 5% · Q1 FY27
stated firmly by S. B. Khyalia
p. 11
“So obviously, 5% of capacity will be available for merchant during this current quarter.”
S. B. Khyalia, page 11 of the filed PDF · View the filing
EBITDA — INR50,000 crore · FY2031
stated conditionally by S. B. Khyalia
p. 15
“we should be in a position to achieve INR50,000 crore conservatively by FY 2031. If what we have planned today, if we could achieve that and let's say, no issues arise during this period”
S. B. Khyalia, page 15 of the filed PDF · View the filing
Thermal capacity — 42 gigawatt · FY31-32
stated as an aspiration by Dilip Jha
p. 16
“we are confident that by FY31-32 our capacity will be 42 gigawatt from a planned capacity”
Dilip Jha, page 16 of the filed PDF · View the filing
Debt — entire debt paid off · FY31-32
stated as an aspiration by Dilip Jha
p. 16
“because literally by FY 31-'32, we can pay our entire debt”
Dilip Jha, page 16 of the filed PDF · View the filing
Thermal capacity expansion target — 23.7 gigawatts · 2032
stated firmly by S. B. Khyalia
p. 4
“We are making excellent progress towards our goal of adding 23.7 gigawatts of thermal capacity by 2032.”
S. B. Khyalia, page 4 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.
Management explained the PPA will be serviced through a trading platform combining thermal, renewable, PSP and battery capacity from across the group, not exclusively Adani Power.
Answered by S. B. Khyalia
Asked by Abhinav Nalawade: What are the details and tariffs of the 2.5 GW RE RTC MSEDCL contract?
p. 7
“This PPA is signed from the point of view of offering these residual capacities by creating a suitable product as per the needs of the customer.”
S. B. Khyalia, page 7 of the filed PDF · View the filing
Management said merchant capacity has fallen from 16% to 5% of total capacity through the year as more PPAs were tied up.
Answered by S. B. Khyalia
Asked by Abhinav Nalawade: How is merchant power defined and how much capacity is under it?
p. 7
“So as I stated in the speech that today, the merchant capacity is only 5%.”
S. B. Khyalia, page 7 of the filed PDF · View the filing
Management gave commissioning windows for both projects and estimated Korba's initial EBITDA contribution at around Rs 1,000 crore this year, rising in FY28.
Answered by Dilip Jha
Asked by Manish Somaiya: When will Korba and Mahan be commissioned, and what EBITDA will they contribute?
p. 8
“Its EBITDA contribution may be near about INR1,000 crores.”
Dilip Jha, page 8 of the filed PDF · View the filing
Management said the outstanding balance has declined and an expert has been appointed to review the disputed amount, with arbitration as a fallback.
Answered by S. B. Khyalia
Asked by Manish Somaiya: What is the update on Bangladesh Power Development Board receivables?
p. 9
“As regards to collection is concerned, the outstanding has gone down. And therefore, we are getting regular payments from the Bangladesh.”
S. B. Khyalia, page 9 of the filed PDF · View the filing
Management gave the composite tariff and its capacity and energy charge components.
Answered by S. B. Khyalia
Asked by Uma Menon: What is the tariff for the new 1,600 MW MSEDCL PPA?
p. 9
“As regards to the tariff is concerned, it is INR5.30/unit, which consists of INR4.11 as the capacity charge and INR1.19 as the energy charge.”
S. B. Khyalia, page 9 of the filed PDF · View the filing
Management described the assets being taken over as implementing agency, including a 180 MW plant and a 24% stake in JPVL covering three generating stations.
Answered by S. B. Khyalia
Asked by Uma Menon: What is Adani Power's role in the Jaiprakash resolution plan?
p. 9
“There is one asset within JAL, which has a small capacity at 180 MW. So that will be taken over by Adani Power as the implementing agency.”
S. B. Khyalia, page 9 of the filed PDF · View the filing
Management attributed the delay to labour and LPG availability issues linked to the geopolitical situation and gave total capex figures for Korba.
Answered by S. B. Khyalia
Asked by Ishan Verma: What is the capex per megawatt for Korba, and why was Mahan's commissioning delayed?
p. 14
“we are taking a conservative approach because certain things, as I said earlier, the issue of availability of workforce, there are issues of availability of certain critical resources like LPG, et cetera”
S. B. Khyalia, page 14 of the filed PDF · View the filing
Management said it could not predict which would be better, noting merchant prices are volatile while PPAs offer certainty.
Answered by S. B. Khyalia
Asked by Vishal Periwal: Will EBITDA be better under PPA versus merchant once capacity shifts?
p. 11
“It would not be fair to say in advance that whether you will get realization better in merchant or the PPA.”
S. B. Khyalia, page 11 of the filed PDF · View the filing
Management attributed this to expansion capex incurred and the Vidarbha acquisition being added to fixed assets.
Answered by Dilip Jha
Asked by Vishal Periwal: Why did net fixed assets rise 25% while capacity rose only 6-7%?
p. 12
“we have incurred near about INR22,000 crores in capex for expansion. Also, we have acquired some assets, Vidarbha, from the market.”
Dilip Jha, page 12 of the filed PDF · View the filing
Management said domestic coal supply is unaffected, though imported coal shipping costs have risen somewhat but are passed through.
Answered by S. B. Khyalia
Asked by Kartik Sharma: How exposed is the company to coal shortages amid the geopolitical situation?
p. 12
“So far, there is no coal shortage that we are facing, since the domestic coal supply is not directly impacted by the geopolitical issue and the production of coal in India is sufficient.”
S. B. Khyalia, page 12 of the filed PDF · View the filing
Management said this reflected the new medium-term PPA signed with Tamil Nadu for Unit 2 of Moxie Power.
Answered by Dilip Jha
Asked by Mohit Kumar: Why did minority interest jump sharply quarter-on-quarter?
p. 13
“We entered into an agreement with Tamil Nadu for 558 megawatt. So, this is the impact of the medium term PPA we started supplying.”
Dilip Jha, page 13 of the filed PDF · View the filing
Management listed active PPA tenders across several states totaling roughly 13.8 gigawatt.
Answered by Dilip Jha
Asked by Mohit Kumar: What is the outlook for new state PPAs?
p. 13
“There are PPA bids in the market for 13.8 gigawatt”
Dilip Jha, page 13 of the filed PDF · View the filing
Management identified Mundra Unit 9, Mahan Stage 1 and Raipur as the plants with residual merchant capacity.
Answered by S. B. Khyalia
Asked by Shirom Kapur: Which plants hold the open merchant capacity?
p. 14
“So mainly we have now in 3 power stations, the merchant capacity Mahan Stage 1, then Mundra Unit 9 and small capacity in Raipur.”
S. B. Khyalia, page 14 of the filed PDF · View the filing
Management said the plan is unchanged but commissioning has been deferred by about six months on average across projects.
Answered by Nishit Dave
Asked by Shirom Kapur: Has the capacity addition trajectory to 42 GW by FY32 been revised down given lower near-term additions?
p. 15
“we are only deferring the commissioning targets by an average of 6 months, and that falls across over the financial year boundary”
Nishit Dave, page 15 of the filed PDF · View the filing
Management said this could be achieved by FY2030 in a best case or FY2031 conservatively, depending on execution.
Answered by S. B. Khyalia
Asked by Bharat Shah: When will EBITDA reach Rs 50,000 crore?
p. 15
“we should be in a position to achieve INR50,000 crore conservatively by FY 2031.”
S. B. Khyalia, page 15 of the filed PDF · View the filing
Risks flagged
Merchant power prices are volatile and expected to decline as renewable capacity increases
p. 12
“we feel, we are of the view that when more and more renewables will get added, the prices of merchant are bound to go down”
S. B. Khyalia, page 12 of the filed PDF · View the filing
Weather-induced demand volatility and lower peak temperatures suppressed merchant prices during the year
p. 5
“FY26 was marked by weather-induced demand volatility, lower peak temperatures and increased renewable generation.”
Dilip Jha, page 5 of the filed PDF · View the filing
Geopolitical situation is affecting availability of labour and LPG, impacting project timelines
p. 11
“because of this ongoing geopolitical situation, which is slightly impacting the availability of labour and the availability of LPG, we are taking a conservative approach”
S. B. Khyalia, page 11 of the filed PDF · View the filing
Increase in bunker fuel costs raising shipping costs for imported coal
p. 12
“As far as imported coal is concerned, there is some impact on the price because of increase in bunker fuel, et cetera.”
S. B. Khyalia, page 12 of the filed PDF · View the filing
Increase in leverage reflecting bridge financing needs for ongoing capex
p. 6
“The increase in leverage primarily reflects planned bridge financing for ongoing capex.”
Dilip Jha, page 6 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.