Adani Power (ADANIPOWER) Q4 25/26 earnings summary

Executive summary

• Achieved record power generation of 405 billion units in FY 2026, with 18,150 MW operating capacity and 95%+ tied under long-term PPAs, demonstrating strong operational resilience and India's largest private thermal IPP status.

• FY26 consolidated revenue was ₹57,865 Cr, PAT reached ₹12,971 Cr (up 2% YoY), and EBITDA was ₹24,008 Cr, reflecting stable earnings and robust profitability.

• Q4 FY26 revenue was ₹15,989 Cr (up 10% YoY), EBITDA ₹6,498 Cr (up 27% YoY), and PAT ₹4,271 Cr (up 64% YoY), highlighting strong quarterly performance.

• Major new PPAs and capacity expansion projects secured, with 23.7 GW thermal capacity targeted by 2032 and 13.3 GW already tied up under PPAs.

• 91% plant availability and 74% PLF in FY26, with robust ESG ratings and key management appointments supporting future growth.

Financial highlights

• FY26 consolidated revenue was ₹57,865 Cr; Q4 revenue was ₹15,989 Cr (up 10% YoY); PAT for FY26 was ₹12,971 Cr (up 1.7% YoY); Q4 PAT was ₹4,271 Cr (up 64% YoY); EBITDA for FY26 was ₹24,008 Cr.

• Net debt as of March 31, 2026, stood at ₹45,022 Cr; total debt at ₹53,556 Cr, reflecting bridge financing for CapEx.

• Raised ₹7,500 Cr through secured non-convertible debentures in Q4 FY26.

• Fuel costs declined 4.1% YoY in FY26 due to lower import coal prices and efficient sourcing.

• Reported revenue and EBITDA include one-time income of ₹2,283 Cr in FY26.

Outlook and guidance

• Capacity expansion program on track, targeting 23.7 GW thermal capacity by 2032, with 13.3 GW already tied up under PPAs.

• CapEx planned at ₹25,000 Cr for FY27 and ₹33,000 Cr for FY28.

• Confident of achieving 34 GW capacity by 2030 and 42 GW by 2032, with only minor deferrals due to geopolitical and supply chain issues.

• Management expects continued strong profitability and cash flows, supported by prudent capital allocation and robust demand.

• Ongoing long-term PPA bids of ~13 GW among various states.