Any current/future new fundraising through debt or equity?

Currently arranging funding for the interim gap via domestic capital markets or domestic banks. Recently raised INR7,500 crores through secured non-convertible debentures. Interim funds have also been raised from banks in the form of corporate debt. The company follows a conservative capital management approach, funding majority of expansion from internal accruals over time. Weighted average cost of borrowing recently is around 8%, sourced from debt capital markets or domestic banks. No explicit mention of immediate equity fundraising in the discussed period. Future capital allocation will be

Any current/future capex/capital investment/strategic investment?

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 expan

Future growth expectations in sales/revenue/volumes?

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

Future growth expectations in earnings/operating earnings/profits/EPS?

EBITDA expected to double to INR50,000 crore by FY31, potentially as early as FY30 if plans proceed smoothly. Continued capacity expansion targeting 23.7 GW addition by 2032, aiming for a total capacity of 42 GW by FY31-32. Operating cash flow rising with capex around INR25,000 crore in FY26-27 and INR33,000 crore in FY27-28. By FY31-32, debt expected to be fully repaid; thereafter, significant cash surpluses anticipated. New PPAs tied up totaling 13.3 GW expansion with 95% existing operating capacity under medium- to long-term PPAs for stable earnings. Despite market volatility, FY26 PAT was

Current/ Expected Orderbook/ Pending Orders?

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. Upcoming PP

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Adani Power LtdQ1 FY26Power

Adani Power Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹230P/E: 33.3Market Cap: ₹4.3L CrSector: Power

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→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).
→Revenue and EBITDA growth will be supported by higher PPA tariffs and capacity expansion execution.
→Capacity planned to reach 42 GW by FY31-32, enabling substantial cash flow and business scaling.

Margin guidance

Category 3

→EBITDA expected to double to INR50,000 crore by FY31, potentially as early as FY30 if plans proceed smoothly.
→Continued capacity expansion targeting 23.7 GW addition by 2032, aiming for a total capacity of 42 GW by FY31-32.
→Operating cash flow rising with capex around INR25,000 crore in FY26-27 and INR33,000 crore in FY27-28.
→By FY31-32, debt expected to be fully repaid; thereafter, significant cash surpluses anticipated.
→New PPAs tied up totaling 13.3 GW expansion with 95% existing operating capacity under medium- to long-term PPAs for stable earnings.
→Despite market volatility, FY26 PAT was INR12,971 crore with strong EBITDA resilience.
→Future growth driven by commissioning of new capacity and higher PPA tariffs improving return metrics.
→Business likely to transition to a debt-free company with multiple avenues for cash deployment and strategy to leverage growth in thermal, nuclear, and renewable energy sectors.

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Fundraise plans

Yes

→Currently arranging funding for the interim gap via domestic capital markets or domestic banks.
→Recently raised INR7,500 crores through secured non-convertible debentures.
→Interim funds have also been raised from banks in the form of corporate debt.
→The company follows a conservative capital management approach, funding majority of expansion from internal accruals over time.
→Weighted average cost of borrowing recently is around 8%, sourced from debt capital markets or domestic banks.
→No explicit mention of immediate equity fundraising in the discussed period.
→Future capital allocation will be careful to seize new opportunities in India's expanding energy sector, implying possible future funding needs aligned with expansion plans.

Order book

→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.
→Upcoming PPAs in the market total almost 13 GW across states including Uttar Pradesh, Rajasthan, Uttarakhand, West Bengal, and Gujarat, with Gujarat issuing bidding documents for an additional 4,000 MW.
→About 95% of current operating capacity is tied up under medium- or long-term PPAs, reducing merchant capacity to 5%.

Capex plans

Yes

→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.
→Continued emphasis on internal accrual funding and conservative capital management.
→Potential for investing beyond India in thermal, hydro, transmission, and nuclear sectors.

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