Key Quantitative Figures

Operational Metrics (Q1 FY27):

  • Installed Capacity: 18,330 MW (4.44% YoY increase from 17,550 MW)
  • Power Sales Volume: 28,777 MU (16.96% YoY increase from 24,604 MU)
  • Plant Load Factor: 78% (significant improvement from previous periods)

Financial Performance (Q1 FY27 vs Q1 FY26):

  • Continuing Operating Revenue: ₹17,550 crore (28.08% increase from ₹13,703 crore)
  • Continuing Other Income: ₹385.52 crore (17.01% decrease from ₹464.55 crore)
  • Total Continuing Revenue: ₹17,936 crore (26.60% increase from ₹14,167 crore)
  • One-time/Prior Period Income: ₹1,386 crore (includes specific adjustments)
  • Reported Revenue: ₹19,322 crore (32.58% increase from ₹14,574 crore)
  • Fuel Cost: ₹9,539 crore (30.34% increase from ₹7,319 crore)
  • Other Operating Expenses: ₹2,800 crore (85.30% increase from ₹1,511 crore)
  • Continuing EBITDA: ₹6,983 crore (21.57% increase from ₹5,744 crore)
  • Reported EBITDA: ₹8,369 crore (36% increase from ₹6,150 crore)
  • Depreciation: ₹1,167 crore (7.22% increase from ₹1,089 crore)
  • Finance Cost: ₹901.37 crore (5.19% increase from ₹856.93 crore)
  • Continuing Profit Before Tax: ₹4,914 crore (29.38% increase from ₹3,798 crore)
  • Profit Before Tax: ₹6,300 crore (49.86% increase from ₹4,204 crore)
  • Profit After Tax: ₹4,867 crore (47.24% increase from ₹3,305 crore)

Debt Profile (as of June 2026):

  • Total Senior Secured Loans: ₹45,814 crore
  • Working Capital Loans: ₹12,302 crore
  • Inter-Corporate Deposits and other unsecured loans: ₹265 crore
  • Total Gross Debt: ₹58,381 crore
  • Cash and Cash Equivalents: ₹10,739 crore
  • Net Debt: ₹47,643 crore
  • Net Debt/MW: ₹2.60 crore
  • Net Fixed Assets: ₹1,09,698 crore
  • Net Fixed Assets/Net Total Debt: 2.30x
  • Continuing EBITDA (TTM): ₹22,524 crore
  • Net Total Debt/Continuing EBITDA: 2.12x

Capacity Expansion and Growth Initiatives

Thermal Power Expansion:

  • Ongoing capacity expansion of 23.7 GW thermal power plants
  • Estimated capex: ₹2 trillion
  • Targeted completion by FY 2031-32
  • Further additions of 3 GW generation capacity targeted

International Hydroelectric Power:

  • Development of 5 GW hydroelectric power capacity in Bhutan
  • Partnership with Bhutan's Druk Green Power Corporation
  • First project: 570 MW under SPV Wangchhu Hydroelectric Power Ltd. (49:51 stake APL:DGPC)
  • Estimated project cost: ₹60 billion

Nuclear Power Initiative:

  • Wholly owned subsidiary Adani Atomic Energy Ltd. established
  • Targeting 10 GW capacity by 2035
  • Sites identified for project location

PPA Awards and Pipeline:

  • Secured 13.9 GW of PPAs from recent state bids
  • Ongoing long-term thermal PPA bids of ~13,000 MW among various states
  • Current tied-up capacity: 18,330 MW
  • Target capacity: 42,050 MW

Market Context and Demand Environment

  • Above-normal temperatures in Summer 2026 with frequent heatwaves
  • Delayed rainfall over large parts of India
  • Peak demand crossed 270 GW in May 2026 during solar hours
  • All-India power demand grew by 8.4% during Q1 FY27 vs Q1 FY26
  • Power demand resumes projected trajectory after weather-induced delay of one year

Credit Profile and Ratings

  • 8-notch upgrade in last 6 years
  • Current ratings: AA/Stable from multiple rating agencies
  • Strong revenue visibility supported by high PPA tie-ups (90%+ of capacity)
  • 87% of domestic coal-based capacity has fuel security through long-term FSAs

ESG Performance

  • Average Emission intensity: 0.86 tCO2e/MWh for FY26
  • Target: 0.84 tCO2e/MWh intensity by FY27
  • Water Intensity: 2.42 m3/MWh for Q1 FY27 for inland plants
  • 93% ash utilization in Q1 FY27
  • Zero Liquid Discharge at all hinterland TPPs
  • All 13 operating locations certified with Single-use Plastic Free certification
  • Zero health and safety related injuries