Operational Performance Highlights

  • Installed capacity: 18,330 MW (vs 18,150 MW in Q2 FY26)
  • Power sales volume: 26,385 MU, up 11.5% YoY (23,663 MU in Q2 FY26)
  • Plant Load Factor: 74% in H1 FY27
  • PPA realization: ₹6.4/kWh, up 12.7% YoY
  • Merchant realization: ₹7.2/kWh, up 33.1% YoY
  • Specific water consumption: 2.28 m³/MWh for inland plants (35% below statutory limit of 3.50 m³/MWh)
  • All-plant average specific water consumption: 2.18 m³/MWh

Financial Performance (Q2 FY27 vs Q2 FY26)

  • Continuing operating revenue: ₹17,014 Cr (vs ₹13,106 Cr), up 29.8%
  • Continuing other income: ₹514 Cr (vs ₹533 Cr), down 3.5%
  • Total continuing revenue: ₹17,528 Cr (vs ₹13,639 Cr), up 28.5%
  • One-time/prior period income: ₹2,422 Cr (vs ₹669 Cr)
  • Reported revenue: ₹19,951 Cr (vs ₹14,308 Cr), up 39.4%
  • Fuel cost: ₹10,229 Cr (vs ₹7,216 Cr), up 41.8%
  • Other operating expenses: ₹978 Cr (vs ₹1,090 Cr), down 10.3%
  • Continuing EBITDA: ₹6,321 Cr (vs ₹5,333 Cr), up 18.5%
  • Reported EBITDA: ₹8,743 Cr (vs ₹6,001 Cr), up 45.7%
  • Depreciation: ₹1,191 Cr (vs ₹1,193 Cr)
  • Finance cost: ₹760 Cr (vs ₹842 Cr), down 9.7%
  • Continuing PBT: ₹4,370 Cr (vs ₹3,298 Cr), up 32.5%
  • Reported PBT: ₹6,792 Cr (vs ₹3,966 Cr), up 71.2%
  • Profit After Tax: ₹7,019 Cr (vs ₹2,906 Cr), up 141.5%

H1 FY27 Performance

  • Power sales volume: 55,147 MU (vs 48,267 MU in H1 FY26), up 14.25%
  • Continuing operating revenue: ₹34,564 Cr (vs ₹26,809 Cr), up 28.93%
  • Reported revenue: ₹39,273 Cr (vs ₹28,881 Cr), up 35.98%
  • Profit After Tax: ₹11,886 Cr (vs ₹6,212 Cr), up 91.35%

Business Updates and Strategic Developments

  • Letter of Award from Uttarakhand Power Corporation Limited for 25-year Power Supply Agreement of 1,320 MW (1,234 MW net)
  • Declared Successful Resolution Applicant for GVK Energy Limited (330 MW Alaknanda Hydroelectric power plant)
  • Amalgamation of 10 wholly owned subsidiaries with APL effective
  • Signed Shareholders' Agreement with Druk Green Power Corporation for 770 MW Chamkarchhu Hydropower Project in Bhutan (49:51 JV)
  • CARE Ratings and India Ratings upgraded credit ratings to AA+; Stable
  • S&P Global Corporate Sustainability Assessment Score: 71/100 for FY 2025-26 (sector average: 41/100)
  • NSE Sustainability ESG score: 66, maintaining 'leading player' position in Thermal Power Generation sector

Capacity Expansion and Growth Plans

  • Ongoing capacity expansion of 23.7 GW thermal power plants with estimated capex of ₹2 Trillion
  • Target completion by FY 2031-32
  • Further additions of 3 GW generation capacity targeted
  • Entry into international hydroelectric power sector with 5 GW capacity target in Bhutan
  • Nuclear power targeting capacity of 10 GW by 2035
  • 13,320 MW of new PPAs secured for upcoming projects
  • Ongoing long-term thermal PPA bids of 16,660 MW among various states

Debt Profile (as of September 30, 2026)

  • Total senior secured loans: ₹48,889 Cr
  • Working capital loans: ₹12,703 Cr
  • Inter-corporate deposits and other unsecured loans: ₹269 Cr
  • Total gross debt: ₹61,860 Cr
  • Cash and cash equivalents: ₹16,014 Cr
  • Net debt: ₹45,846 Cr
  • Net debt/MW: ₹2.50 Cr
  • Net fixed assets: ₹1,14,070 Cr
  • Net fixed assets/net total debt: 2.49x
  • Continuing EBITDA (TTM): ₹24,029 Cr
  • Net total debt/continuing EBITDA (TTM): 1.91x

ESG Performance

  • Specific water consumption: 2.28 m³/MWh for inland plants (35% below statutory limit)
  • All operating locations certified Single-use Plastic Free
  • Zero health and safety related injuries
  • 1.82 million beneficiaries benefited under CSR programs
  • Improved ESG Risk Rating of 31.7 by Sustainalytics (industry average: 36.6)
  • FTSE Russel ESG rating: 4.3/5.0 (June 2026)
  • CareEdge ESG rating: 80/100 ('Leadership' position)
  • CDP scores: B (Management) in both Climate and Water for FY25

Corporate Governance

  • Board composition: 100% Independent Directors
  • All statutory committees chaired by Independent Directors
  • 6 additional business-specific committees
  • Tenure of IDs: up to 3 years for maximum 2 terms
  • Management ownership requirement for CEO and executive committee members
  • Independent 3rd party review & certification for Related Party Transactions
  • Minimum 4 training sessions per year for Independent Directors