Adani Power (ADANIPOWER) Q1 26/27 earnings summary

Executive summary

• Achieved record quarterly power generation of 31 billion units and dispatched 28.8 billion units, with revenue up 33% to INR 19,322 crore and PAT up 47% to INR 4,867 crore, driven by strong demand, higher PLF, and increased capacity.

• EBITDA rose 36% to INR 8,369 crore; continuing EBITDA up 22% to INR 6,983 crore, reflecting robust operational performance and margin improvement.

• Strategic acquisitions included a 180 MW power plant and stakes in Jaiprakash Power Ventures (24%) and Prayagraj Power, reinforcing growth trajectory.

• Signed a 25-year, 1,600 MW PPA with Maharashtra Discom, enhancing long-term revenue visibility.

• Ranked as India's most valued energy brand by Brand Finance, with a $1.8 billion brand value and AAA rating.

Financial highlights

• Q1 FY27 reported revenue: INR 19,322 crore (+33% YoY); continuing revenue: INR 17,936 crore (+27% YoY).

• Q1 FY27 reported EBITDA: INR 8,369 crore (+36% YoY); continuing EBITDA: INR 6,983 crore (+22% YoY).

• Q1 FY27 PAT: INR 4,867 crore (+47% YoY); continuing PBT: INR 4,914 crore (+29% YoY).

• Fuel costs rose 30% to INR 9,513 crore due to higher dispatch and imported coal indices.

• Net debt as of June 2026: INR 47,643 crore; total debt: INR 58,381 crore.

Outlook and guidance

• On track to commission 1,320 MW Korba Phase II in FY27 and 1,600 MW Mahan Phase II in Q1 FY28; major projects at Raipur, Raigarh, and Mirzapur progressing.

• Targeting 45 GW capacity by FY31/FY32, revised up from 42 GW; exploring 10 GW nuclear capacity by 2035.

• 56% of upcoming capacity already tied under long-term PPAs; confident of tying up remaining capacity.

• Entry into international hydroelectric sector with 5 GW in Bhutan.

• Strong demand outlook with 97 GW additional thermal capacity needed in India by FY35; project pipeline covers ~30% of this requirement.