Adani Power (ADANIPOWER) investor relations material

Executive summary

• Q1 FY26 saw resilient operations and robust profitability, with power sales volume up 1.6% year-over-year to 24.6 BU despite early monsoon-induced demand softness and a high base year.

• Operating capacity increased to 18,150 MW by July 2025, driven by acquisitions such as VIPL, and a new 1,500 MW PPA was signed with UPPCL for 25 years.

• The Scheme of Amalgamation of Adani Power (Jharkhand) Limited with the parent company became effective April 2024, consolidating operations.

• Over $500 million in payments were received from Bangladesh Power Development Board, normalizing receivables.

• Profit after tax for Q1 FY26 was ₹3,305 crore, down 15.5% year-over-year but up 27.1% sequentially.

Financial highlights

• Q1 FY26 consolidated revenue was ₹14,167 crore, down 5.9% year-over-year due to lower merchant tariffs and coal prices.

• EBITDA for Q1 FY26 was ₹5,744 crore, down 8.7% year-over-year but up 12.7% sequentially, with margin at 42%.

• Profit after tax for Q1 FY26 was ₹3,305 crore, compared to ₹3,913 crore in Q1 FY25 and ₹2,599 crore in Q4 FY25.

• Total debt as of June 30, 2025, was ₹44,372 crore, up from ₹38,335 crore at March 31, 2025, due to bridge financing and working capital needs.

• Unsecured Perpetual Securities of ₹2,579 crore redeemed during Q1 FY26; principal outstanding at ₹478 crore.

Outlook and guidance

• Targeting expansion to 30,670 MW by 2030 through seven brownfield and one greenfield project totaling 12,520 MW, with all key land and equipment secured.

• Incremental PPA tie-ups for 4,520 MW to be supplied from upcoming projects.

• Expects power demand to pick up in the second quarter as monsoon impact shifts, with improved merchant rates anticipated.

• No specific revenue or EBITDA guidance provided, but expects stable margins until capacity expansion is realized.

• Confident in long-term growth prospects due to India's economic trajectory and government targets for thermal capacity addition.