Company Overview

Adani Power Limited (APL), India's largest private base load power company, submitted its USD version Investor Presentation for August 2026 to BSE Limited (Scrip Code: 533096) and National Stock Exchange of India Limited (Scrip Code: ADANIPOWER) on August 22, 2026. The presentation was digitally signed by Puneet Bansal, Company Secretary.

Operational Capacity and Portfolio

APL currently operates 18.33 GW of capacity spread across 9 states, comprising:

  • 10,840 MW of modern and efficient organic capacity
  • 7,490 MW from acquired stressed assets (successfully turned around)

The portfolio includes 59% organic and 41% inorganic assets, with technology mix of 9% ultra-supercritical, 51% supercritical, and 41% others. 95% of capacity is tied up under Power Purchase Agreements (PPAs), with 5% supplying short-term demand.

Financial Performance

Q1 FY27 Highlights (USD figures):

  • Revenue from Operations: $1,996 million
  • EBITDA: $884 million (43% margin)
  • Profit After Tax: $501 million
  • Effective Capacity: 18,150 MW
  • Plant Availability: 96%
  • Plant Load Factor: 78%
  • PPA Realization: ₹5.93/kWh
  • Merchant Realization: ₹7.05/kWh

Historical Financial Trends (FY22-FY26):

  • Revenue CAGR: 14% (from $3,655 million to $6,142 million)
  • Continuing EBITDA CAGR: 10%
  • PAT CAGR: 23%
  • EPS CAGR: 31%

Balance Sheet Position (as of March 2026):

  • Total Assets: $16,112 million
  • Gross Fixed Assets (including CWIP): $15,911 million
  • Cash and Cash Equivalents: $953 million
  • Total Equity: $7,519 million
  • Net Debt: $5,030 million
  • Net Debt to Continuing EBITDA: 2.12 times (down from 9.75 times in FY19)

Growth Projects and Expansion Pipeline

APL has 23.7 GW of fully locked-in growth projects in advanced development stages with:

  • 100% land availability
  • 100% BTG equipment ordering completed for 22.4 GW
  • 60% brownfield development providing execution advantage
  • 63% near-pithead locations providing fuel cost advantage

Specific Project Pipeline:

  • 13 projects totaling 23,720 MW capacity
  • 13.9 GW of PPAs already signed
  • Environmental clearance obtained for 87% of projects

Key Projects with PPA Status:

  • Pirpainti: 2,400 MW (PPA signed)
  • Chapar: 3,200 MW (PPA signed)
  • Mirzapur: 1,600 MW (PPA signed)
  • Raipur Phase-II: 1,600 MW (PPA signed)
  • Mahan Phase-II: 1,600 MW (1,320 MW PPA signed)
  • Anuppur: 2,400 MW (1,600 MW PPA signed)

Market Opportunity and Demand Outlook

India requires ~100 GW of additional thermal capacity by 2032 to meet growing base load and peak demand. Key demand drivers include:

  • Low per capita electricity consumption in large states (Uttar Pradesh: 617 kWh, Bihar: 317 kWh vs India average: 1,460 kWh)
  • Government policy supporting thermal investments through SHAKTI Policy coal allocations
  • Ongoing long-term thermal PPA bids of ~13,000 MW among various states

APL has been awarded 13.9 GW of PPAs under SHAKTI Policy, including:

  • Madhya Pradesh: 2,920 MW out of 5,320 MW awarded
  • Bihar: 2,400 MW out of 2,400 MW awarded
  • Uttar Pradesh: 1,600 MW out of 1,600 MW awarded
  • Maharashtra: 3,200 MW out of 3,200 MW awarded
  • Assam: 3,200 MW out of 3,200 MW awarded

Operational Excellence

APL maintains industry-leading operational metrics:

  • Consistent 90%+ plant availability over many years
  • 40% EBITDA margin in thermal power (sector highest)
  • AI/ML enabled O&M capabilities through Energy Network Operations Center
  • Predictive maintenance optimizing Mean Time Between Failure
  • Fuel tracker for coal supply chain optimization

Fuel Management and Logistics

APL has significant competitive advantages in fuel management:

  • Decades of in-house coal sourcing and end-to-end logistics management
  • 87% of domestic coal-based capacity has fuel security through long-term FSAs
  • Developing four coal mines with 14 MTPA production capacity
  • Logistics assurance through Adani Logistics

Capital Structure and Ratings

APL has a robust capital structure with:

  • Effectively unlevered position providing significant free cashflow to equity
  • Strong liquidity providing financial flexibility
  • Majority of capex funded through internal accruals
  • AA+/Stable and AA/Stable ratings from four leading domestic rating agencies
  • 8-9 notch rating upgrades over past 6-7 years

ESG Performance

Key ESG achievements and targets:

  • GHG emission intensity: 0.86 tCO2e/MWh in FY26 (target: 0.84 tCO2e/MWh by FY27)
  • Water intensity: 2.42 m3/MWh for inland plants in Q1 FY27
  • 93% ash utilization in Q1 FY27
  • All 13 operating locations certified Single-use Plastic Free
  • Zero Liquid Discharge at all hinterland TPPs
  • ESG ratings: S&P Global CSA 69/100, FTSE Russel 4.3/5.0, CareEdge ESG 80/100

Corporate Governance

Board composition includes:

  • 100% of statutory committees chaired by Independent Directors
  • 40% Independent Directors on board
  • 6 additional business-specific committees
  • Pathway to strengthen governance including ID tenure limits, management ownership requirements, and related party transaction reviews

Key management:

  • Gautam Adani: Chairman
  • Rajesh Adani: Director
  • Anil Sardana: Managing Director
  • Shersingh Khyalia: Whole-time Director and CEO

Annexures and Historical Data

The presentation includes detailed historical financial and operational data from FY22 to Q1 FY27, showing consistent growth across all metrics including capacity, revenue, EBITDA, and profitability ratios.