Adani Power

Q1 FY27Power

Adani Power Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book

Q1 FY27 earnings call: what management guided on revenue, margins and order book.

Price₹206

Market cap₹4.0L Cr

P/E27.8

Updated25 Aug 2026

Read5 min read

What the Q1 FY27 call signalled

4 of 5 strong

RevenueRank 2

MarginRank 3

CapexYes

FundraiseYes

Order bookYes

The short version

Adani Power expects strong growth driven by robust power demand and capacity expansions. Adani Power is confident in achieving its capex program of INR 2 lakh crore, with yearly spends rising from INR 25,000 crore in FY27 to over INR 35,000 crore in subsequent years.

From Adani Power's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.

Revenue & Sales Performance

Rank 2

Adani Power expects strong growth driven by robust power demand and capacity expansions.
Power sales volume increased 17% in Q1 FY'27 to 29 billion units from 25 billion units last year.
PPA-based power sales grew 30% to 25 billion units with increasing capacity tie-ups.
Merchant volumes decreased as more open capacity converted into PPAs, indicating a shift toward stable, contracted sales.
Revenue from operations increased 28% year-on-year to INR 17,550 crores in Q1 FY'27.
Tariff realizations under PPA improved by 8%, and merchant prices rose by 13%, enhancing revenue quality.
Capacity expansion plans include 1,320 MW in FY '27 and 1,600 MW in FY '28, with a capex of ~INR 25,000 crores and INR 33,000 crores respectively.
Target capacity revised upward from 42 GW to 45 GW by financial year 2031.
Overall, strong volume and realization growth supported by long-term PPAs and market conditions underpin positive revenue growth outlook.

Profitability & Margins

Adani Power is confident in achieving its capex program of INR 2 lakh crore, with yearly spends rising from INR 25,000 crore in FY27 to over INR 35,000 crore in subsequent years.
Capacity target has been revised from 42 GW to 45 GW by FY31, with confidence in meeting this timeline.
First quarter FY27 showed strong operating metrics: 78% plant load factor, 17% volume growth, and improved EBITDA by 22% year-on-year.
Profit after tax for Q1 FY27 surged 47% to INR 4,867 crores, indicating strong earnings momentum.
95% capacity tied up under long-term PPAs offers revenue and EBITDA stability.
Net debt/EBITDA expected to remain between 2-3x, ensuring financial discipline amid expansion.
Robust internal accruals will fund majority of capex, minimizing equity dilution impacts.
Expansion projects (Korba Phase-II, Mahan Phase-II) on track to enhance capacity and earnings in coming years.

See what Adani Power said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

Adani Power has a capex program of INR 2 lakh crore planned over the next few years.
Expected capex is INR 25,000 crore in FY27, INR 33,000 crore in FY28, and over INR 35,000 crore thereafter.
The company is confident of achieving its expansion plan targeting 45 GW capacity by FY31.
They have secured BTG supply for 24 GW and land for expansion.
56% of the upcoming capacity is already tied up under long-term PPAs; remaining to be tied through ongoing/upcoming bids.
Recent strategic acquisitions include a 180-MW Churk power plant, 24% stake in Jaiprakash Power Ventures, and 11.49% in Prayagraj Power Generation.
Planning 3 GW additions, currently at planning stage, aimed to meet future state bids.
Exploring 10 GW nuclear power capacity by 2035, dependent on government regulations.
QIP (Qualified Institutional Placement) approved as an enabling provision for potential equity capital raise to support expansion.

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Ranked on what management guided this quarter

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The company has requested shareholders' approval for a QIP (Qualified Institutional Placement) as an enabling provision to raise equity when needed; the exact timeline for execution will be communicated later.
Currently, major funding for capex is expected from significant internal accruals.
Any interim or short-term funding gaps between inflows and capex outflows will be met through the debt market.
The capex program totals INR 2 lakh crore over the next several years, with expected annual capex of INR 25,000 crores in FY27, INR 33,000 crores in FY28, and over INR 35,000 crores thereafter.
Net debt-to-EBITDA is currently slightly above 2 times, expected to remain between 2-3 times through the expansion period.
The company follows a conservative capital management policy, maintaining strong liquidity and financial discipline.

See what Adani Power said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Yes

As of the recent update, Adani Power has participated in various bids with significant pending capacities:
- Uttar Pradesh: 4,000 MW
- Gujarat: 4,000 MW
- Uttarakhand: 1,320 MW
- West Bengal: approximately 3,800 MW
Total long-term PPAs under progress amount to around 13,000 MW.
The company has an untied capacity of 11.1 GW, with a historic strike rate of about two-thirds in recent years.
An incremental capacity plan of another 3 GW is at a planning stage and linked partly to increasing stake in Jaiprakash Power Ventures (2,220 MW).
Expected commissioning includes Korba Phase-II by December-end this year and Mahan Phase-II units in first and possibly second quarters of next year.
Capex plan foresees INR 25,000 crores in FY27 and INR 33,000 crores in FY28 supporting the capacity additions.
Several bids from states are anticipated up to 2032-33 based on resource adequacy studies.

Adani Power — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹14.2K Cr, net profit ₹4.3K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Adani Power Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Adani Power Q1 FY27 results?

What is Adani Power share price analysis?

Adani Power currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 27.8 with a market cap of ₹396,300 Cr. Investors should review the full earnings analysis for detailed insights.

Is Adani Power planning capital expenditure?

Adani Power has a capex program of INR 2 lakh crore planned over the next few years.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.