Key Quantitative Figures

  • Operating Capacity: 18.33 GW (18,330 MW) as of Q1 FY27
  • Revenue from Operations: ₹54,241 Cr (FY26), ₹18,902 Cr (Q1 FY27)
  • EBITDA: ₹23,431 Cr (FY26), ₹8,369 Cr (Q1 FY27) with 40% margin in FY26
  • Profit After Tax: ₹12,971 Cr (FY26), ₹4,867 Cr (Q1 FY27)
  • Earnings Per Share: ₹6.62 (FY26), ₹2.49 (Q1 FY27)
  • Plant Availability: 89% (FY26), 96% (Q1 FY27)
  • Plant Load Factor: 67% (FY26), 78% (Q1 FY27)
  • Net Debt: ₹47,643 Cr (June 2026)
  • Net Debt to Continuing EBITDA: 2.12 times (June 2026 TTM)
  • Cash and Cash Equivalents: ₹8,418 Cr (March 2026), ₹10,738 Cr including deposits and current investments (June 2026)

Capacity and Growth Details

  • Current Operating Portfolio: 18.33 GW spread across 9 states
  • Locked-in Growth Pipeline: 23.7 GW capacity with 100% land availability and 100% BTG sets ordered
  • PPA Awards: 13.9 GW won from recent state DISCOM bids out of 20.9 GW total awards
  • Target Capacity: 42.05 GW total portfolio including ongoing projects
  • Brownfield Development: 60% of upcoming capacity is brownfield enabling faster execution

Operational Performance Metrics

  • PPA Realization: ₹5.53/kWh (FY26), ₹5.93/kWh (Q1 FY27)
  • Merchant Realization: ₹5.30/kWh (FY26), ₹7.05/kWh (Q1 FY27)
  • 95% Capacity Tied-up: Under long-term and medium-term PPAs with state DISCOMs
  • Fuel Cost: ₹29,168 Cr (FY26), ₹9,513 Cr (Q1 FY27)
  • Ash Utilization: 93% in Q1 FY27
  • Water Intensity: 2.42 m³/MWh for inland plants, 2.24 m³/MWh for all plants in Q1 FY27

Financial Structure and Ratings

  • Fund Flow from Operations: ₹20,000 Cr (FY26)
  • Projected Capex: ₹202,000 Cr over next 7 years, majority funded through internal accruals
  • Credit Ratings: AA/Stable from four leading domestic rating agencies
  • Return Metrics: RoA 18.5% (FY26), RoCE 17.5% (FY26), RoE 20.9% (FY26)
  • Equity Share Capital: ₹3,857 Cr

ESG Performance

  • GHG Emission Intensity: 0.86 tCO2e/MWh (FY26), target 0.84 tCO2e/MWh by FY27
  • ESG Ratings: 69/100 (S&P Global CSA), 80/100 (CareEdge ESG 1+), 65 (NSE NSRA)
  • Single-use-Plastic-Free: All 13 operating locations certified
  • CSR Beneficiaries: 1.82 million beneficiaries

Management and Governance

  • Board Composition: 83% committees chaired by Independent Directors
  • Key Personnel: Gautam Adani (Chairman), Rajesh Adani (Director), Anil Sardana (Managing Director), Shersingh Khyalia (Whole-time Director and CEO)
  • Corporate Governance: Tenure limits for IDs, management ownership requirements, independent third-party RPT reviews

Market Context and Strategy

  • India Power Demand: Projected to reach 708 GW peak demand requiring 2,100 GW installed capacity by 2047
  • Thermal Capacity Need: ~100 GW additional thermal capacity required by 2032
  • Competitive Advantages: Domestic coal availability, operational excellence, derisked PPA structure, Adani execution engine
  • Execution Assurance: Project Management and Assurance Group (PMAG) oversight, advanced BTG equipment ordering