Adani Power Limited conducted its Q1 FY27 earnings conference call on July 23, 2026, moderated by ICICI Securities Limited. The management team included CEO Mr. S B Khyalia, CFO Mr. Dilip Jha, and Head of Investor Relations Mr. Nishit Dave.

Operational Performance

  • Achieved highest-ever quarterly power generation of 31 billion units
  • Dispatched 28.8 billion units, representing 17% YoY growth
  • Consolidated plant load factor (PLF) improved significantly to 78% in Q1 FY27 compared to 67% in Q1 FY26
  • Power sales under PPAs grew by 30% to 25 billion units
  • Merchant volumes reduced to 4 billion units from 6 billion units in same quarter last year due to capacity tie-ups
  • Godda plant generation was 2.519 billion units compared to 2.362 billion units in Q1 FY26

Financial Performance

  • Total continuing revenue: ₹17,936 crores (27% YoY growth)
  • Continuing revenue from operations: ₹17,550 crores (28% YoY growth)
  • Total reported revenue including one-time items: ₹19,322 crores (33% YoY growth)
  • Continuing EBITDA without prior period items: ₹6,983 crores (22% YoY growth)
  • Reported EBITDA: ₹8,369 crores (36% YoY growth)
  • Profit Before Tax (continuing basis): ₹4,914 crores (29% YoY growth)
  • Reported Profit Before Tax: ₹6,300 crores (50% YoY growth)
  • Profit After Tax: ₹4,867 crores (47% YoY growth from ₹3,305 crores in Q1 FY26)
  • Fuel cost: ₹9,513 crores (30% increase driven by higher dispatch volumes and imported coal indices)
  • One-time net recognition of prior period revenues: ₹1,386 crores due to revision in historic energy charges under certain PPAs

Tariff Realizations

  • PPA realization: ₹5.93 per unit (8% improvement)
  • Merchant and short-term realization: ₹7.04 per unit (13% improvement)
  • Godda plant revenue: ₹2,473 crores (compared to ₹2,135 crores in Q1 FY26)

Strategic Developments and Acquisitions

  • Successfully acquired stake of Jaiprakash Associates in various power assets under corporate insolvency resolution process
  • Acquisition includes 180-MW Churk power plant, 24% stake in Jaiprakash Power Ventures, and 11.49% stake in Prayagraj Power Generation Company
  • Churk plant is not operational and will require approximately 6 months for revival
  • Signed 25-year power supply agreement with Maharashtra DISCOM for 1,600 MW power supply from 2x800-MW Ultra-Supercritical thermal power plant

Capacity Expansion Program

  • Target capacity expanded from 42 GW to 45 GW by 2031
  • 1,320 MW Korba Phase-II project on track for commissioning by December 2026
  • 1,600-MW Mahan Phase-II project scheduled for commercial operation in Q1 FY28
  • Raipur Phase-II achieved over 62% progress
  • Raigarh Phase-II achieved over 54% progress
  • Execution commenced for 1,600-MW Mirzapur greenfield project
  • Entire 24 GW of BTG supply ordered in advance
  • Land secured for expansion program
  • 56% of upcoming capacity tied under long-term PPAs

Balance Sheet and Capital Management

  • Total debt outstanding: ₹58,381 crores (as of June 30, 2026)
  • Net debt: ₹47,643 crores
  • Net debt-to-EBITDA ratio: slightly higher than 2 times, expected to not exceed 3 times
  • Capital expenditure program of over ₹2 lakh crores
  • Yearly FFO generation: ₹20,000 crores
  • FY27 capex: ₹25,000 crores
  • FY28 capex: ₹33,000 crores
  • Subsequent years capex: over ₹35,000 crores
  • Funding primarily from internal accruals with interim debt funding

New Business Initiatives

  • Diversifying into international hydropower projects
  • Preparing for opportunities in nuclear power field with target of 10 GW by 2035
  • Nuclear plans contingent on government guidelines and rules under the Act
  • Evaluating both domestic and foreign nuclear technologies
  • Exploring nuclear suitability at Bina site

Receivables Update

  • Bangladesh PPA receivables: approximately USD 400 million as of June 30, 2026
  • Receiving average monthly payments of USD 100 million from BPDB
  • Significant reduction in receivables compared to previous year

Market Context

  • India's peak demand reached record high of 271 GW in May 2026
  • Overall energy consumption rose by 8.4% YoY to 485 billion units in Q1 FY27
  • Thermal power remained mainstay for fulfilling electricity needs
  • Company ranked as India's most valued energy brand by Brand Finance with brand value of USD 1.8 billion and AAA rating