Adani Power Ltd

- Adani Power plans to fund a significant portion of its CAPEX from internal accruals generated by operating assets. - Over the next 2-3 years, there will be an interim bridge financing requirement for CAPEX. - This interim financing will be sourced from the market, including a mix of short-term and long-term borrowings from domestic capital markets and domestic banks. - The company follows an efficient capital structure policy without a high reliance on debt. - Total debt increased to Rs. 47,254 crores as of September 30, 2025, mainly due to bridge financing for CAPEX and working capital needs supporting growth plans. - Net debt remains steady and healthy at Rs. 36,776 crores. - No specific mention of equity fundraising in the disclosed details.

- Adani Power is undertaking a significant capacity expansion program aiming to raise generation capacity from 18 GW to 42 GW by FY2032. - The planned new capacity addition is approximately 23.72 GW. - Total estimated CAPEX for the 23 GW expansion is about Rs. 2 lakh crore. - Four projects totaling 6,120 MW are currently under construction, expected to be completed between FY2026-27 and FY2028-29. - All equipment for the expansion has been 100% advance ordered, marking full de-risking of the project pipeline. - CAPEX funding will primarily come from internal accruals; interim funding needs will be met through a mix of domestic capital markets and bank borrowings. - Strategic investments include acquisition and revival of existing plants like the 600 MW Butibori plant, with signed PPAs to ensure utilization. - The company is confident of tying up upcoming capacities under long-term PPAs, supporting steady cash flows and returns.

- Adani Power expects power demand growth to pick up as weather impacts subside, leading to improved offtake under long-term contracts and more traction in the short-term market. - Power sale volumes grew over 7% in Q2 FY26 to 23.7 billion units versus 22 billion units in Q2 FY25, despite subdued demand due to weather. - The company aims to increase generation capacity from 18 GW to 42 GW by FY32, with rapid commissioning planned between FY27 and FY30. - Recent awards of long-term PPAs for over 9 GW out of 14.5 GW bids bolster growth prospects. - They plan to tie up more capacity under medium- to long-term PPAs to reduce price volatility. - Four projects totaling 6,120 MW are under construction for staged commissioning between FY27 and FY29. - Expected earnings growth aligns with capacity expansion and improved demand. - The company remains confident of meeting capacity and revenue targets despite short-term challenges.

- Adani Power plans to raise generation capacity from 18 GW to 42 GW by 2032, driving faster earnings and cash flow growth. - New long-term PPA bids secured for more than 9 GW out of 14.5 GW awarded so far, supporting steady cash flows and higher returns. - Four projects under construction totaling 6,120 MW, to be commissioned between FY27 and FY29, enabling rapid earnings growth. - Company expects improved PLF and power demand growth as weather impacts abate, boosting volumes and revenues. - Recent tie-ups of medium- and long-term PPAs reduce volatility, supporting stable EBITDA and profits. - EBITDA and profit growth expected from commissioning new capacities and ramping up existing operations. - Management confident of delivering projects on schedule with capital cost leadership. - Internal accruals and efficient capital structure to fund expansion, maintaining healthy net debt.

- Total capacity expansion planned: 23.72 GW. - Out of 23.72 GW, 8.52 GW is already tied up under PPAs. - Recently, won 3.2 GW Assam bid as L1 bidder; approval received. - Additional tied-up capacity includes 1,100 MW from existing capacities (500 MW Maharashtra, 570 MW Karnataka). - Four projects under construction totaling 6,120 MW, scheduled for completion between FY 2026-27 and FY 2028-29. - 100% advance ordering of Boilers, Turbines, and Generators completed for expansion projects. - Bids at various stages totaling approximately 22,000 MW in several states: Rajasthan (3,200 MW), Uttarakhand (1,320 MW), Maharashtra (1,600 MW), Uttar Pradesh (4,000 MW), West Bengal (2,260 MW), Karnataka (1,600 MW), Gujarat (4,000 MW), Assam (3,200 MW). - Total bid pipeline is around 42 GW by FY32, with 91% of operational capacity currently tied under PPAs.