Financial Performance Highlights (Consolidated)

Q1 FY27 vs Q1 FY26 Comparison:

  • Installed Capacity: 18,330 MW (4.44% increase from 17,550 MW)
  • Power Sales Volume: 28,777 MU (16.96% increase from 24,604 MU)
  • Continuing Operating Revenue: ₹17,550 Cr (28.08% increase from ₹13,703 Cr)
  • Continuing Other Income: ₹385.52 Cr (17.01% decrease from ₹464.55 Cr)
  • Total Continuing Revenue: ₹17,936 Cr (26.60% increase from ₹14,167 Cr)
  • One-time/Prior Period Income: ₹1,386 Cr (includes ₹1 Cr one-time, ₹386 Cr prior period)
  • Reported Revenue: ₹19,322 Cr (32.58% increase from ₹14,574 Cr)
  • Fuel Cost: ₹9,539 Cr (30.34% increase from ₹7,319 Cr)
  • Other Operating Expenses: ₹2,800 Cr (85.30% increase from ₹1,511 Cr)
  • Continuing EBITDA: ₹6,983 Cr (21.57% increase from ₹5,744 Cr)
  • Reported EBITDA: ₹8,369 Cr (36% increase from ₹6,150 Cr)
  • Depreciation: ₹1,167 Cr (7.22% increase from ₹1,089 Cr)
  • Finance Cost: ₹901.37 Cr (5.19% increase from ₹856.93 Cr)
  • Continuing Profit Before Tax: ₹4,914 Cr (29.38% increase from ₹3,798 Cr)
  • Profit Before Tax: ₹6,300 Cr (49.86% increase from ₹4,204 Cr)
  • Profit After Tax: ₹4,867 Cr (47.24% increase from ₹3,305 Cr)

Full Year FY26 Performance:

  • Installed Capacity: 18,150 MW
  • Power Sales Volume: 99,148 MU
  • Continuing Operating Revenue: ₹53,781 Cr
  • Continuing Other Income: ₹1,801 Cr
  • Total Continuing Revenue: ₹55,582 Cr
  • One-time/Prior Period Income: ₹2,283 Cr
  • Reported Revenue: ₹57,865 Cr
  • Fuel Cost: ₹29,378 Cr
  • Other Operating Expenses: ₹4,920 Cr
  • One-time/Prior Period Expense: ₹137 Cr
  • Continuing EBITDA: ₹21,285 Cr
  • Reported EBITDA: ₹23,431 Cr
  • Depreciation: ₹4,565 Cr
  • Finance Cost: ₹3,367 Cr
  • Continuing Profit Before Tax: ₹13,354 Cr
  • Profit Before Tax: ₹15,500 Cr
  • Profit After Tax: ₹12,971 Cr

Operational Metrics

  • Plant Availability: 96% in Q1 FY27 (vs 89% in FY26)
  • PLF (Plant Load Factor): 78% in Q1 FY27
  • PPA Realization: ₹5.93/kWh in Q1 FY27
  • Merchant Realization: ₹7.05/kWh in Q1 FY27

Debt Profile (as of June 2026)

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

Capacity Expansion Projects

  • Locked-in Growth Portfolio: 23,720 MW secured project portfolio
  • Target Capacity: 42,050 MW by FY 2031-32 (excluding 3GW at proposal stage)
  • Estimated Capex: ₹2 Trillion
  • Strategic Advantages: 60% brownfield project cost advantage, 63% near-pithead fuel cost advantage, 100% land availability, 100% BTG ordering completed
  • BTG Sets Ordered: 22.4 GW advance ordering for supply chain assurance

New Business Initiatives

International Hydroelectric Power Entry

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

Nuclear Power Venture

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

ESG Performance

  • GHG Emission Intensity: 0.86 tCO2e/MWh for FY26 (target: 0.84 tCO2e/MWh by FY27)
  • Water Intensity: 2.42 m3/MWh for inland plants, 2.24 m3/MWh for all plants in Q1 FY27
  • Ash Utilization: 93% in Q1 FY27 (avoided 3.7 million tCO2e emissions)
  • ESG Ratings:
  • S&P Global CSA: 69/100 for FY25
  • CareEdge ESG: 80/100 (Leadership position)
  • NSE NSRA: 65 (Aspirational position)
  • Morningstar Sustainalytics: 32.03 (High Risk)
  • FTSE Russel: 3.5/5.0 for FY25
  • CDP Ratings: B (Management) in both Climate and Water for FY25

Corporate Governance

  • Board Composition: 100% Independent Directors on statutory committees
  • Statutory Committees: All chaired by Independent Directors
  • Additional Business Committees: 6 non-statutory committees for specific risk management
  • Management Ownership: CEO and executive committee members have share ownership requirements

Market Context

  • Power Demand Growth: All-India power demand grew 8.4% during Q1 FY27 vs Q1 FY26
  • Peak Demand: Crossed 270 GW in May 2026 during solar hours, 248 GW during non-solar hours
  • Industry Outlook: 97 GW additional thermal capacity needed by 2035 to meet India's growing base load demand

Upcoming Events

  • Earnings conference call scheduled for July 23, 2026 at 12:00 noon IST
  • Presentation uploaded on company website