Adani Power Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

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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Adani Power Ltd — 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.

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.

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.
→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.

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.
→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

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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 Ltd Q3 FY26 results?

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.