Key Quantitative Figures

  • Operating Capacity: 18.33 GW spread across 9 states (India's largest private thermal power producer)
  • Q1 FY27 Financial Performance:
  • Revenue from Operations: ₹18,901 Cr
  • EBITDA: ₹8,369 Cr
  • EBITDA Margin: 43%
  • Profit After Tax (PAT): ₹4,867 Cr
  • Earnings Per Share: ₹2.49/share
  • Historical Financials (FY22-FY26):
  • Revenue from Operations growth: ₹27,711 Cr (FY22) to ₹54,241 Cr (FY26)
  • EBITDA growth: ₹13,789 Cr (FY22) to ₹23,431 Cr (FY26)
  • PAT growth: ₹4,912 Cr (FY22) to ₹12,971 Cr (FY26)
  • EPS growth: ₹1.93 (FY22) to ₹6.62 (FY26)
  • Balance Sheet (March 2026):
  • Total Assets: ₹1,42,280 Cr
  • Gross Fixed Assets (including CWIP): ₹1,40,501 Cr
  • Cash and Cash Equivalents: ₹8,418 Cr
  • Total Equity: ₹66,402 Cr
  • Long Term Borrowings: ₹44,493 Cr
  • Short Term Borrowings: ₹9,063 Cr
  • Return Metrics (June 2026 TTM):
  • Return on Assets (RoA): 15.3%
  • Return on Capital Employed (RoCE): 19.5%
  • Return on Equity (RoE): 22.6%

Capacity and Growth Pipeline

  • Current Operating Portfolio: 18.33 GW consisting of:
  • 59% organic capacity (10,840 MW)
  • 41% inorganic capacity (7.5 GW acquired stressed assets)
  • Technology Mix: 9% ultra-supercritical, 51% supercritical, 41% others
  • PPA Tie-ups: 95% of operating capacity tied up under long-term Power Purchase Agreements
  • Locked-in Growth Projects: 23.72 GW in advanced development stages
  • 100% land available for all projects
  • 100% BTG (Boiler, Turbine, Generator) sets ordered for 22.4 GW
  • 87% environmental clearance obtained
  • 13.32 GW PPAs already signed
  • 60% brownfield development enabling faster execution
  • Target Capacity: 42.05 GW by 2030-2031

Operational Excellence Metrics

  • Consistently maintained 90%+ plant availability over many years
  • Average emission intensity: 0.86 tCO2e/MWh for FY26
  • Water intensity: 2.42 m3/MWh for inland plants in Q1 FY27
  • 93% ash utilization in Q1 FY27, avoiding 3.7 million tCO2e emissions
  • Zero liquid discharge at all hinterland thermal power plants
  • AI/ML enabled operations through Energy Network Operations Center

Turnaround Case Studies of Acquired Assets

  • 1,200 MW Plant (acquired March 2022 for ₹2,500 Cr):
  • EBITDA increased from ₹549 Cr (FY22) to ₹644 Cr (Q1 FY27)
  • Cumulative EBITDA since acquisition: ₹6,950 Cr
  • Entire ₹2,500 Cr acquisition debt prepaid
  • Target capacity: 4,400 MW by 2030
  • 1,370 MW Plant (acquired August 2019 for ₹3,530 Cr):
  • EBITDA increased from ₹210 Cr (FY20) to ₹957 Cr (Q1 FY27)
  • Cumulative EBITDA since acquisition: ₹10,707 Cr
  • Target capacity: 2,970 MW by 2030

Credit Profile and Ratings

  • Rating Upgrades: 9 notches upgrade in last 7 years
  • Current Ratings (August 2026):
  • ICRA: AA+/Stable
  • CRISIL: AA+/Stable
  • CARE: AA/Stable
  • India Ratings: AA/Stable
  • Net Debt to Continuing EBITDA: Improved from 9.75x (FY19) to 2.12x (June 2026)
  • June 2026 TTM Continuing EBITDA: ₹47,643 Cr

ESG Performance

  • S&P Global CSA Score: 71/100 (August 2026)
  • FTSE Russel ESG Rating: 4.3/5.0 (June 2026)
  • CareEdge ESG Rating: 80/100 (FY26, 'Leadership' position)
  • NSE Sustainability Rating: 65 (FY25, 'Aspirational' position)
  • Morningstar Sustainalytics ESG Risk Rating: 32.03 (High Risk)
  • CDP Scores: B (Management) for both Climate and Water (FY25)
  • All 13 operating locations certified Single-use Plastic Free

Corporate Governance

  • Board Composition: 100% Independent Directors on statutory committees
  • Statutory Committees: All chaired by Independent Directors
  • Additional Business Committees: 6 committees with 17% Independent Director representation
  • Board Tenure Policy: IDs up to 3 years for maximum 2 terms
  • Management Ownership: CEO and executive committee members required to have share ownership

Market Context and Growth Drivers

  • India requires ~100 GW additional thermal capacity by 2032 to meet growing base load and peak demand
  • Electricity consumption per capita across states shows significant growth potential (India average: 1,460 kWh per person)
  • Ongoing long-term thermal PPA bids of ~13,000 MW among various states
  • Government policy support through SHAKTI Policy with coal allocations for fresh PPA bids
  • Two-part, availability-based tariff structure under PPAs ensures capital charge recovery

Capital Structure Impact

  • Effectively unlevered capital structure with significant free cashflow to equity
  • Strong liquidity provides financial flexibility for market opportunities
  • Majority of capital expenditure to be funded through internal accruals
  • Net debt to continuing EBITDA at 2.12x (June 2026)
  • Cash balances including deposits and current investments: ₹10,738 Cr (Q1 FY27)

Forward-Looking Information

The presentation contains forward-looking statements regarding general business plans, strategy, future outlook, growth prospects, and competitive environment. These statements are based on current expectations and are subject to risks and uncertainties including changes in business, competitive environment, technological changes, and political, economic, regulatory and social conditions in India.