Any current/future new fundraising through debt or equity?

Currently arranging interim funding from the domestic capital market or domestic banks to cover interim gaps. Recently raised INR 7,500 crores via secured non-convertible debentures. Raised interim funds from domestic banks as corporate debt. The majority portion of expansion capex is planned to be funded through internal accruals over time. No explicit mention of future equity fundraising as of now. Focus is on maintaining strong credit ratings, liquidity, and conservative capital management. Plans to pay off entire debt by FY31-32 and become a debt-free company thereafter.

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

FY26-27 capex: ~INR 25,000 crores FY27-28 capex: ~INR 33,000 crores Ongoing expansion plan total: INR 2 lakh crores Capacity additions: 1.32 GW (Korba Phase-II) in FY26-27; 1.6 GW (Mahan plant) in FY27-28 Planned to add 4 GW+ capacity annually from FY29 to FY32 Target capacity: 42 GW by FY31-32 (planned 24 GW thermal expansion currently underway) Potential strategic investments in nuclear power through new SPVs; site identification and approvals in progress pending government rules Incorporated SPV in Bhutan for a 570 MW hydro power plant Business expects large cash surpluses p

Future growth expectations in sales/revenue/volumes?

FY27 expected to see strong growth in overall power demand and peak demand, supported by economic recovery and warmer weather. Power sales volume increased 3.4% in FY26 to 99.1 billion units with 27.2 billion units in Q4 FY26. Capacity expansion progressing well: 23.7 GW thermal capacity addition planned by 2032. New PPAs secured totaling 13.3 GW for expansion; 95% of operating capacity tied under long/medium-term PPAs ensuring revenue visibility. Upcoming commissioning of projects like Korba Phase-II (1.32 GW), Mahan Phase-II (1.6 GW next year), Raipur and Raigarh Phase-II supporting volume g

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

Adani Power targets EBITDA to reach INR 50,000 crores by FY 2031, possibly as early as FY 2030 if no disruptions occur. FY 26 EBITDA stood at INR 23,431 crores, with strong Q4 growth of 27% year-on-year to INR 6,498 crores. PAT for FY 26 was INR 12,971 crores, demonstrating earnings resilience. Capacity expansion of 23.7 GW planned by 2032, with 13.3 GW tied up under long-term PPAs, assuring stable and increased revenue streams. Majority of operating capacity (95%) is under long/medium-term PPAs, providing earnings visibility and reduced market volatility risk. Surplus cash flow expe

Current/ Expected Orderbook/ Pending Orders?

Adani Power has tied up 10.4 GW of expansion capacity under long-term power purchase agreements (PPAs) during FY26. The total tied-up expansion capacity now stands at 13.3 GW, with new PPAs including a 1,600 MW from Maharashtra DISCOM. Upcoming PPAs in the market amount to approximately 13 GW from states like Uttar Pradesh, Rajasthan, Uttarakhand, West Bengal, and Gujarat. Gujarat has recently issued a bidding document for another 4,000 MW. Capacity additions under the expansion plan aim to reach 42 GW by FY31-32. Revenue visibility is strengthened with 95% of operating capacity tied under lon

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Adani Power LtdQ1 FY27Power

Adani Power Ltd Q1 FY27 Earnings Call Analysis

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

Price: ₹214P/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

→FY27 expected to see strong growth in overall power demand and peak demand, supported by economic recovery and warmer weather.
→Power sales volume increased 3.4% in FY26 to 99.1 billion units with 27.2 billion units in Q4 FY26.
→Capacity expansion progressing well: 23.7 GW thermal capacity addition planned by 2032.
→New PPAs secured totaling 13.3 GW for expansion; 95% of operating capacity tied under long/medium-term PPAs ensuring revenue visibility.
→Upcoming commissioning of projects like Korba Phase-II (1.32 GW), Mahan Phase-II (1.6 GW next year), Raipur and Raigarh Phase-II supporting volume growth.
→EBITDA expected to double to INR 50,000 crore by FY31, driven by capacity addition and better PPA tariffs.
→Anticipated significant earnings and cash flow growth post expansion, with improved future return metrics due to higher capacity charges.

Margin guidance

Category 3

→Adani Power targets EBITDA to reach INR 50,000 crores by FY 2031, possibly as early as FY 2030 if no disruptions occur.
→FY 26 EBITDA stood at INR 23,431 crores, with strong Q4 growth of 27% year-on-year to INR 6,498 crores.
→PAT for FY 26 was INR 12,971 crores, demonstrating earnings resilience.
→Capacity expansion of 23.7 GW planned by 2032, with 13.3 GW tied up under long-term PPAs, assuring stable and increased revenue streams.
→Majority of operating capacity (95%) is under long/medium-term PPAs, providing earnings visibility and reduced market volatility risk.
→Surplus cash flow expected by FY 31-32 after debt repayment, enabling further growth or becoming a debt-free company.
→Cash flow growth will be driven by commissioning of new capacity additions from FY 29 to FY 32, adding 4+ GW annually.
→Operating cash flows improved from INR 14,000 crores in FY23-24 to around INR 21,000 crores in FY25-26, expected to grow with capacity expansion.

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Fundraise plans

Yes

→Currently arranging interim funding from the domestic capital market or domestic banks to cover interim gaps.
→Recently raised INR 7,500 crores via secured non-convertible debentures.
→Raised interim funds from domestic banks as corporate debt.
→The majority portion of expansion capex is planned to be funded through internal accruals over time.
→No explicit mention of future equity fundraising as of now.
→Focus is on maintaining strong credit ratings, liquidity, and conservative capital management.
→Plans to pay off entire debt by FY31-32 and become a debt-free company thereafter.

Order book

→Adani Power has tied up 10.4 GW of expansion capacity under long-term power purchase agreements (PPAs) during FY26.
→The total tied-up expansion capacity now stands at 13.3 GW, with new PPAs including a 1,600 MW from Maharashtra DISCOM.
→Upcoming PPAs in the market amount to approximately 13 GW from states like Uttar Pradesh, Rajasthan, Uttarakhand, West Bengal, and Gujarat.
→Gujarat has recently issued a bidding document for another 4,000 MW.
→Capacity additions under the expansion plan aim to reach 42 GW by FY31-32.
→Revenue visibility is strengthened with 95% of operating capacity tied under long- and medium-term PPAs.
→The company is actively commissioning projects, e.g., Korba Phase-II (1.32 GW), and plans capex near INR 25,000 crores for FY27 and INR 33,000 crores for FY28 to support the expansion.

Capex plans

Yes

→FY26-27 capex: ~INR 25,000 crores
→FY27-28 capex: ~INR 33,000 crores
→Ongoing expansion plan total: INR 2 lakh crores
→Capacity additions: 1.32 GW (Korba Phase-II) in FY26-27; 1.6 GW (Mahan plant) in FY27-28
→Planned to add 4 GW+ capacity annually from FY29 to FY32
→Target capacity: 42 GW by FY31-32 (planned 24 GW thermal expansion currently underway)
→Potential strategic investments in nuclear power through new SPVs; site identification and approvals in progress pending government rules
→Incorporated SPV in Bhutan for a 570 MW hydro power plant
→Business expects large cash surpluses post FY31-32 used for further growth or making the company debt-free
→Focus on execution to achieve planned capacity and leverage new opportunities in power (thermal, hydro, nuclear, transmission)

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