Adani Power Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 17 Jul 2026 | Power | Market Cap: ₹4.0L Cr
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.
Price
₹206
Market Cap
₹4.0L Cr
P/E Ratio
27.8
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Compare Adani Power Ltd against every Power company this quarter on revenue, margins and earnings-call signals.
Adani Power Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹14.2K Cr, net profit ₹4.3K Cr.
Full financials →📊 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.
- →Incremental sales/revenue driven by commissioning of new plants (e.g., Korba, Mahan, Raipur) from FY27 onwards.
- →Management expresses confidence in long-term power demand and revenue growth visibility.
📈 Profitability & Margins
- →Adani Power plans to expand capacity from 18.15 GW to 42 GW by FY '31-'32, adding 24 GW over 6-7 years.
- →Majority of the INR 2 trillion (USD 22 billion) capex will be funded through strong internal accruals (INR 1.4 trillion expected EBITDA/FFO over 5-6 years).
- →EBITDA and cash flow expected to be robust enough to fully repay debt by FY '31-'32, still leaving significant surplus cash flow.
- →New PPAs for added capacity have higher tariffs with 100% EBITDA driven by fixed capacity charges and fuel pass-through, improving earnings visibility and margins.
- →Operating assets generate yearly EBITDA of about INR 22,000 crores and FFO of INR 20,000 crores, providing strong recurring earnings.
- →Growth supported by improved plant efficiencies, technological upgrades, and focus on long-term contracted revenues reducing merchant exposure.
- →Return on assets expected to be among the best in the industry by FY '31-'32.
🏗️ 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.
- →Ongoing projects: Mahan Phase-II (~80% complete), Raipur Phase-II (~44%), Raigarh Phase-II (~38%), and Korba Phase 2 construction resumed; phased commissioning from FY '27 onwards.
- →Focus on tying up capacity via long-term PPAs to ensure revenue visibility and reduce market volatility.
💰 Fundraising & Capital Structure
- →Adani Power is not pursuing any project-wise financial closure.
- →Majority of the capex will be funded from internal accruals generated by operating assets (about INR 1.4 lakh crores over 5-6 years).
- →There is an interim funding gap of approximately INR 60,000 crores.
- →This interim gap is being funded through a mix of domestic capital markets and domestic banks.
- →A recent example includes a INR 7,500 crore Non-Convertible Debenture (NCD) issuance in four tranches with coupon rates ranging from 8% to 8.4%.
- →The company has strong liquidity and a solid credit rating (AA stable).
- →By FY '31-'32, Adani Power aims to have sufficient cash flow and EBITDA to fully pay down its entire debt.
- →No explicit plans for new equity fundraising were mentioned.
📋 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.
- →A 3,200 MW greenfield project in Assam has been awarded; it's part of upcoming capacity additions.
- →The company plans to move from 18.15 GW to 42 GW capacity by 2031-32, underpinned by secured PPAs.
Key Metrics
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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.