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Adani Power Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 earnings call: what management said on revenue, margins and capex.

Price₹206
Market cap₹4.0L Cr
P/E27.8
Updated23 Aug 2026
Read4 min read

The short version

Power sales for FY26 were 99.1 billion units, growing 3.4% YoY, despite demand volatility. EBITDA expected to double to INR50,000 crore by FY31, potentially as early as FY30 if plans proceed smoothly.

From Adani Power's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Power sales for FY26 were 99.1 billion units, growing 3.4% YoY, despite demand volatility.
  • Peak power demand reached 256 GW recently and is expected to rise further in FY27.
  • FY27 is anticipated to see strong growth in overall power demand and peak demand.
  • New PPAs tied cover 13.3 GW of expansion capacity, supporting revenue visibility.
  • 95% of operating capacity (18.15 GW) is under long/medium-term PPAs, ensuring stability.
  • Upcoming capacity additions (23.7 GW expansion by 2032) will drive future volume and revenue growth.
  • EBITDA expected to reach INR 50,000 crores by FY31 (potentially FY30 if no issues).

2 more points from Adani Power's call on revenue

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Profitability & Margins

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

Capital Expenditure Plans

  • FY26-27 capex: INR 25,000 crores; FY27-28 capex: INR 33,000 crores for expansion.
  • Ongoing expansion plan totaling INR 2 lakh crores with annualized capex around INR 20,000 crores.
  • Capacity additions spread from FY29 to FY32, targeting to commission 4 GW or more each year.
  • Focus on thermal capacity expansion to reach 42 GW by FY31-32.
  • Exploring opportunities in nuclear power, with SPVs incorporated and sites identified, pending government rules.
  • Recent incorporation of SPV in Bhutan for 570 MW hydro project.
  • Strategic plan to deploy cash surplus post debt repayment by FY31-32 into further expansion or new investments.

2 more points from Adani Power's call on capex

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Top-ranked in Power

Ranked on what management guided this quarter

Guidance-ranked
1Insolation Ener
Rev 1Mar 1
2ACME Solar Holdings Ltd
Rev 1Mar 3
3
Rev 1Mar 3
4
Rev 1Mar 3
5
Rev 2Mar 3
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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

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Order Book & Pipeline

  • Adani Power has successfully tied up 10.4 GW of expansion capacity under long-term PPAs during FY26, increasing the total tie-up expansion capacity to 13.3 GW with recent addition of a 1,600 MW PPA from Maharashtra DISCOM.
  • The company is progressing on a massive expansion plan targeting 23.7 GW of thermal capacity addition by 2032.
  • Capacity commissioning planned includes Korba Phase-II (1.32 GW) in FY27 and Mahan Phase-II (1.6 GW) in FY28, among others.
  • An overall expansion capex plan of about INR 2 lakh crore, with INR 25,000 crore allocated for FY27 and INR 33,000 crore for FY28.

2 more points from Adani Power's call on order book

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Adani Power — Quarterly revenue & net profit

Revenue Net profit
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26
Jun 2026Q1 FY27
Sep 2026Q2 FY27

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.

Full financials →

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Frequently Asked Questions

What were Adani Power Q4 FY26 results?

Power sales for FY26 were 99.1 billion units, growing 3.4% YoY, despite demand volatility. EBITDA expected to double to INR50,000 crore by FY31, potentially as early as FY30 if plans proceed smoothly.

What is Adani Power share price analysis?

Adani Power currently shows a neutral. 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?

FY26-27 capex: INR 25,000 crores; FY27-28 capex: INR 33,000 crores for expansion.

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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.