Executive Summary

Adani Power Limited (APL) is India's largest private thermal power producer with 18.33 GW capacity spread across 8 states. The presentation highlights the company's structural advantages, operational excellence, locked-in growth pipeline, and strong financial position.

Key Investment Highlights

Market Position and Capacity

  • India's largest private thermal power producer with 18.33 GW portfolio across 8 states
  • Successful acquisition and turnaround of 7.5 GW stressed assets
  • 95% of existing capacity tied up under long-term Power Purchase Agreements (PPAs)

Operational Performance Metrics (FY22-FY26)

  • Effective Capacity: 12,450 MW (FY22) to 18,000 MW (FY26) - 10% CAGR
  • Plant Availability: Consistently maintained 90%+ (89% in FY26)
  • Plant Load Factor: 52% (FY22) to 67% (FY26)
  • PPA Realization: ₹4.75/kWh (FY22) to ₹5.53/kWh (FY26)
  • Merchant Realization: ₹3.83/kWh (FY22) to ₹5.3/kWh (FY26)

Financial Performance (FY26)

  • Revenue from Operations: ₹54,241 Crores
  • EBITDA: ₹23,431 Crores (40% margin)
  • Profit After Tax: ₹12,971 Crores
  • Earnings Per Share: ₹6.62/share
  • Return on Assets: 18.5%
  • Return on Capital Employed: 17.5%
  • Return on Equity: 20.9%

Growth Pipeline

  • Secured project portfolio of 23.7 GW capacity
  • 100% land availability for new projects
  • 100% BTG (Boiler, Turbine, Generator) sets ordered for expansion
  • 60% of upcoming capacity is brownfield development
  • 13.9 GW PPAs already tied up from recent bids
  • Ongoing long-term thermal PPA bids of ~13,000 MW among various states

Capital Structure and Funding

  • Strong cashflow generation enables fully-funded growth over next 8 years
  • FY26 Fund Flow from Operations: ₹20,000 Crores
  • Existing fleet to generate aggregate FFO of ₹140,000 Crores over next 7 years
  • Majority of expansion capex (₹202,000 Crores) to be funded through internal accruals
  • Net Debt to Continuing EBITDA improved from 9.75x (FY19) to 2.12x (FY26)
  • AA/Stable rating from four leading domestic rating agencies

Operational Excellence

  • Consistent 90%+ plant availability maintained over many years
  • Highest EBITDA margin in sector (40% in Thermal power)
  • Real-time monitoring through Energy Network Operations Center
  • AI/ML based advanced pattern recognition for anomaly detection
  • Predictive maintenance optimizing Mean Time Between Failure
  • Fuel tracker for monitoring coal supply chain optimization

ESG Performance

  • Average Emission intensity: 0.86 tCO2e/MWh for FY26
  • Water Intensity: 2.13 m3/MWh for FY26
  • Zero Liquid Discharge at all hinterland thermal power plants
  • 113% ash utilization in FY26
  • All 13 operating locations certified Single-use Plastic Free
  • Zero health and safety related injuries
  • ESG ratings: 69/100 (S&P Global), 80/100 (CareEdge ESG 1+), 65 (NSE Sustainability Ratings)

Diversified Asset Portfolio

  • 10,840 MW of modern and efficient organic capacity
  • 7.5 GW through acquisition of stressed assets
  • Portfolio includes 40 MWp solar power plant at Bitta, Kutch, Gujarat
  • 49% stake in Moxie Power Generation Limited (1,200 MW)

Fuel Management Advantages

  • Abundant domestic coal availability (400 Billion Tonne reserves)
  • Decades of in-house coal sourcing and end-to-end logistics management
  • APL developing four coal mines with 14 MTPA production capacity
  • Logistics assurance through Adani Logistics
  • 87% of domestic coal-based capacity has fuel security through long-term FSAs

Board and Management

  • Gautam Adani: Chairman
  • Rajesh Adani: Director
  • Anil Sardana: Managing Director (40+ years experience)
  • Shersingh Khyalia: Whole-time Director and CEO (35+ years experience)
  • Independent Directors chair all statutory committees
  • 100% of statutory committees chaired by Independent Directors

Annexures Included

  • Detailed historical financials from FY22 to FY26
  • Operating metrics and performance indicators
  • Balance sheet information
  • ESG performance data
  • Project gallery showcasing execution excellence