Adani Power Ltd3:11 am IST
Adani Power Q1 FY27: record continuing revenue and EBITDA; strong capex expansion plan
Financial Performance
- Continuing revenue from operations for Q1 FY27: 17,550 crores, up 28%.
- Total continuing revenue including other income: 17,936 crores, up 27%.
- Continuing EBITDA: 6,983 crores; up 22%; reported EBITDA: 8,369 crores, up 36%.
- Profit after tax (continuing): 4,867 crores, up 47%; continuing PBT: 6,300 crores, up 50%.
- Power generation: 31 billion units; dispatch: 28.8 billion units; PLF at 78%.
- PPA realization: 5.93 per unit; merchant realization: 7.04 per unit.
Operating Update & Projects
- Korba Phase-II on track to be commissioned this year.
- Mahan Phase-II 1,600 MW to COD in Q1 FY28.
- Raipur Phase-II 62% and Raigarh Phase-II 54% progressed.
- 1,600 MW Mirzapur greenfield project commenced.
- Jaiprakash acquisition added 180 MW Churk plant; 24% JPVL stake; 11.49% Prayagraj stake.
- 24 GW BTG supply ordered; land secured; 56% of upcoming capacity under long-term PPAs.
Balance Sheet & Liquidity
- Total debt: 58,381 crores; net debt: 47,643 crores as of 30 June 2026.
- Capex program of over INR 2 lakh crores; funded mainly by internal accruals.
- FY27 capex ~ INR 25,000 crores; FY28 ~ INR 33,000 crores; later years > INR 35,000 crores.
- Interim funding gap ~ INR 60,000 crores to be bridged by debt market.
Q&A Highlights
- JPVL consolidation: 24% stake consolidated as profit share; P&L and balance sheet not consolidated.
- Nuclear plan: 10 GW by 2035; rules awaited; ordering only after rules; 5–8 years to implement.
- Bangladesh PPA: receivables around USD 400 million; monthly receipts about USD 100 million.
- Korba II timing: sign a PPA this year; may serve merchant initially.
- Equity raise via QIP: enabling provision; timeline to be decided by shareholders.
Guidance & Outlook
- Nuclear rules pending; potential 10 GW by 2035; execution contingent on government framework.
- Target capacity expansion to 45 GW; 42 GW plan earlier; 45 GW target by around 2031.
- Around 56% of capacity under long-term PPAs; rest via bids.