Adani Power Ltd
Adani Power Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management said on revenue, margins and capex.
Adani Power Ltd Q3 FY26 key numbers
- Revenue
- Expected capex for the expansion is about INR 2 trillion (~USD 22 billion), largely funded through internal accruals and some market/bank financing.
As stated in Adani Power Ltd's Q3 FY26 earnings call transcript · published 17 Jul 2026. Reported figures, not investment advice.
The short version
Adani Power plans to expand capacity from 18.15 GW to 42 GW by FY '31-'32, nearly doubling capacity. Adani Power plans to expand capacity from 18.15 GW to 42 GW by FY '31-'32, adding 24 GW over 6-7 years.
From Adani Power Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Adani Power plans to expand capacity from 18.15 GW to 42 GW by FY '31-'32, nearly doubling capacity.
- Expected capex for the expansion is about INR 2 trillion (~USD 22 billion), largely funded through internal accruals and some market/bank financing.
- Higher capacity tied up under PPAs provides stable revenue visibility; 90%+ of current operating fleet under long-term/medium-term PPAs, reducing market volatility exposure.
- EBITDA growth expected from new PPAs with better capacity charges and pass-through fuel costs.
- Power sales volume rose to 71.8 billion units for 9M FY26, up from 69.5 billion units last year, supported by capacity additions.
- Demand is projected to rise with power peak expected to reach 380-400 GW by FY32, supporting merchant market demand and pricing.
2 more points from Adani Power Ltd's call on revenue
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Profitability & Margins
See what Adani Power Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Adani Power plans a capex of around INR 2 lakh crores (USD 22 billion) over 5-6 years to add 24 GW capacity, expanding total capacity from 18.15 GW to 42 GW by FY '31-'32.
- Majority of capex funding will come from internal accruals (~INR 1.4 lakh crores from existing assets) with interim funding via domestic capital markets and banks to cover a gap of INR 60,000 crores.
- No project-wise funding; capex will be funded from overall company accruals.
- Capex cost for the Assam greenfield project is ~INR 10 crores per MW.
- Recent fundraise through INR 7,500 crores AA-rated NCDs supports capacity expansion and working capital.
2 more points from Adani Power Ltd's call on capex
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Top-ranked in Power
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Adani Power Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Adani Power is progressing well on a 23.7 GW thermal expansion program.
- Current orderbook includes projects like Mahan Phase-II (80% complete), Raipur Phase-II (44% complete), Raigarh Phase-II (38% complete), and Korba Phase 2 (construction resumed).
- These projects are scheduled for phased commissioning starting FY '27.
- The company is actively participating in ongoing bids for 15 GW to fill the remaining 12 GW capacity.
- Expectation of new long-term PPA bids for thermal power from other states soon.
2 more points from Adani Power Ltd's call on order book
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Adani Power Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹19.4K Cr, net profit ₹7.0K 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
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY20 earnings call →
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Frequently Asked Questions
What were Adani Power Ltd Q3 FY26 results?
Adani Power plans to expand capacity from 18.15 GW to 42 GW by FY '31-'32, nearly doubling capacity. Adani Power plans to expand capacity from 18.15 GW to 42 GW by FY '31-'32, adding 24 GW over 6-7 years.
What is Adani Power Ltd share price analysis?
Adani Power Ltd currently shows a neutral. The stock trades at a P/E of 27.8 with a market cap of ₹395,818 Cr. Investors should review the full earnings analysis for detailed insights.
Is Adani Power Ltd planning capital expenditure?
Adani Power plans a capex of around INR 2 lakh crores (USD 22 billion) over 5-6 years to add 24 GW capacity, expanding total capacity from 18.15 GW to 42 GW by FY '31-'32.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.