Adani Power Ltd

Operational Scale & Growth

• Operating capacity: 18.33 GW across 9 states (Q1 FY27).
• Over 90% of 18.15 GW capacity tied to PPAs.
• BTG equipment pre-booked: 22.4 GW across projects.
• Ongoing long-term PPA bids: 16,380 MW.

Financial Performance

• FY26 Revenue from operations: USD 6.14B.
• FY26 EBITDA: USD 2.65B; PAT: USD 1.47B; EBITDA margin 40%.
• Q1 FY27: Revenue USD 1.996B; EBITDA USD 0.884B; PAT USD 0.514B; EBITDA margin 43%.
• FY26 FFO: USD 2.29B; aggregate FFO over 7 years ~ USD 16B.
• Capex funding: ~USD 19B over 7 years; largely self-funded.
• Balance sheet: Total assets USD 16.11B; Total equity USD 7.52B.
• Net debt USD 5.03B; Net debt/EBITDA (TTM) 2.12x.

Strategic Priorities & Outlook

• Capex plan: USD 19-21B over 7 years, largely self-funded.
• Execution engine PMAG and brownfield-first strategy to accelerate delivery.
• 95% capacity tied under long-term PPAs; fuel linkages support revenue stability.
• Ongoing long-term PPA bids: 16,380 MW; BTG supply chain: 22.4 GW booked.

Governance & Leadership

• Board: independent directors 40%; all statutory committees chaired by independents.
• 83% of non-statutory committees chaired by independents; 17% independent directors on board.
• Management to hold share ownership; IDs tenure up to 3 years for max 2 terms.
• Minimum 4 training sessions per year for independent directors.

Risks & Mitigation

• Execution risk mitigated via brownfield model and PMAG.
• Supply chain risk mitigated by 22.4 GW BTG pre-bookings and vendor ecosystem.
• Fuel risk mitigated by DISCOM linkages, FSAs, and pass-through mechanisms.
• Liquidity risk mitigated by strong cash flows and high liquidity.

Meeting Details

• Event: Adani Annual Conference 2026.
• Dates: 7–8 September 2026; format: one-on-one and group.
• Abu Dhabi meeting: 9 September 2026, in-person; one-on-one and group.
• Organizer: Adani Annual Conference 2026.

Participants

• Key company participant: Company Secretary, Adani Power Limited.

Purpose

• Purpose: interact with institutional investors and analysts.

Additional Notes

• Presentation for the meeting uploaded on the company website.

Litigation update

• APTEL allowed Adani Power Limited's appeal; MERC order set aside; will compute Change in Law compensation per parameters.

Rating Action & Rated Instruments

• Long-term bank facilities ₹52,950 cr upgraded to CARE AA+; Stable (from CARE AA; Stable).
• LT/ ST bank facilities ₹15,050 cr: LT upgraded to CARE AA+; Stable; ST reaffirmed at CARE A1+.
• Non-convertible debentures ₹11,000 cr upgraded to CARE AA+; Stable.
• Non-convertible debentures ₹11,500 cr assigned to CARE AA+; Stable.
• Total facilities rated ₹90,500 cr.

Rationale

• Sustained strong financial and operational performance with diversified portfolio.
• Long-term/medium-term PPAs provide revenue visibility and improved fuel security.
• Stronger cash generation, capital structure, and comfortable liquidity.

Outlook & Changes

• Outlook: Stable for long-term ratings; short-term rating remains at CARE A1+.
• Material change: upgrade from CARE AA; Stable to CARE AA+; Stable; LT upgrade and ST reaffirmation.

Meeting Details

• Date and time: 21-08-2026 at 10:00 a.m.
• Type and mode: group of analysts/investors; in-person
• Event: Site Visit to Raipur Power Plant
• Organizer: Adani Power Limited

Participants

• Key company participant: Chief Financial Officer (CFO)

Purpose

• Site visit and investor/analyst interaction

Additional Notes

• Date subject to change due to company exigencies

Meeting Details

• Site visit to Raipur Power Plant, in-person, group of analysts/investors.
• Date: 21-08-2026; Time: 10:00 a.m.
• Mode: In Person; Meeting Type: Group of Analysts / Investors

Participants

• Key company participant: Chief Financial Officer (CFO) involved.

Purpose

• Purpose: site visit combined with investor/analyst interaction.

Additional Notes

• No recording/presentation details provided.

Resolutions

• Special resolution to increase borrowing limits up to ₹100,000 crore beyond paid-up capital and reserves.
• Special resolution to create mortgage/charge on assets within borrowing limits.
• Special resolution to convert loan into equity under Section 62(3) within borrowing limits.
• Special resolution to raise funds by issuing equity shares of ₹2 each or securities up to ₹15,000 crore.
• Special resolution for QIP or other permissible mode in one or more tranches, subject to approvals.

Voting

• Voting results will be submitted separately.

Proceedings

• EGM proceedings and video recording uploaded on the company website.

Context

• Issuer: Adani Power Ltd (533096) under Reg. 29(2) of SEBI (SAST) Regulations, 2011.

Investor meetings

• Citi India Industrials Day — Virtual one-on-one and group investor analysts interactions on 11-08-2026 and 13-08-2026, 9:00 a.m.
• Emkay Confluence 2026 — In-person, one-on-one and group investor meetings on 12-08-2026, 9:00 a.m.
• Motilal Oswal Conference — In-person, one-on-one and group investor interactions on 17-08-2026 and 18-08-2026, 9:00 a.m.

Scheme Sanction and Key Terms

• NCLT Ahmedabad sanctions amalgamation of transferors 1–9 into Adani Power; VIPL remains with NCLT Mumbai.
• Appointed Date to the Scheme: April 1, 2025; Scheme effective upon compliance steps.
• 10 wholly owned/step-down subsidiaries merged; assets and liabilities to transfer at carrying values.
• Board resolutions approving Scheme dated 30 Oct 2025; meetings/creditors largely dispensed.
• SEBI: Regulation 37 not applicable; no NOC required.
• ROCs/RDs require transfer of assets/liabilities at carrying values in transferee's standalone books; ongoing compliance with tax/regulators.
• Tax department notes outstanding demands across several transferors and transferee; potential tax liability remains with transferee post-scheme.
• Official Liquidator observations: CIRP status for KPL; compliance and charges disclosures required; transferee to address.
• Employees: all transferor employees to transfer to transferee with continuity.
• Appointed Date to Scheme 01.04.2025; compliance filings with RoC within 30 days; stamp duty to be finalized.