Adani Power (ADANIPOWER) Q2 26/27 earnings summary

Executive summary

• Q2 reported revenue reached ₹19,950.60 crore (+39.4% YoY) and PAT ₹7,019.32 crore (+141.5%); continuing revenue was ₹17,528 crore (+28.5%) and continuing EBITDA ₹6,321 crore (+18.5%).

• Sales volume rose 11.5% to 26,385 MU and Q2 PLF was 70.1%; higher volumes and realizations supported continuing performance despite higher fuel costs.

• H1 reported revenue was ₹39,273 crore and PAT ₹11,885.92 crore; continuing EBITDA rose 20.1% to ₹13,304 crore.

Financial highlights

• Q2 reported revenue was ₹19,950.60 crore and reported EBITDA ₹8,743 crore; continuing revenue was ₹17,528 crore and continuing EBITDA ₹6,321 crore.

• Q2 continuing PBT increased 32.5% to ₹4,369.51 crore; reported PBT rose 71.2% to ₹6,791.76 crore. Net profit was ₹7,019.32 crore.

• H1 continuing revenue reached ₹35,464 crore and continuing EBITDA ₹13,304 crore; reported revenue was ₹39,273 crore, EBITDA ₹17,112 crore and PAT ₹11,885.92 crore.

• Q2 fuel cost rose 41.8% YoY to ₹10,229.38 crore; H1 fuel cost increased 36% to ₹19,768.50 crore.

• Q2 basic and diluted EPS was ₹3.59; H1 EPS was ₹6.08, versus ₹1.53 and ₹3.26 in the comparable periods.

Outlook and guidance

• Targeting 45 GW of base-load capacity by FY32, with 23,720 MW under construction and estimated capex of ₹2 trillion; a further 3 GW addition is targeted.

• Korba Phase II Unit 1 was synchronized, with commissioning expected shortly; Unit 2 is targeted for Q4 FY27. Mahan Phase II is targeted for early FY28, while Raipur and Raigarh Phase II are slated for FY29.

• A 1,320 MW (1,234 MW net) 25-year Uttarakhand agreement lifts tie-ups for the upcoming 23.72 GW thermal capacity to 62%; long-term thermal PPA bids total 16,660 MW.

• Bhutan plans include 5 GW of hydropower development; a 49:51 joint entity with Druk Green Power Corporation is planned for the 770 MW Chamkharchhu-I project.

• A wholly owned nuclear energy subsidiary was established, with a 10 GW capacity target by 2035 and project sites identified.