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Adani Power Ltd

| Audited Consolidated Financial Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤29th Apr 26

Summary : Adani Power reports strong FY26 results driven by capacity expansion and favorable regulatory outcomes, despite market challenges.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Fuel Cost: ₹29,168.02 Crores (FY26).
  2. Consolidated Finance Costs: ₹3,366.83 Crores (FY26).
  3. Consolidated Depreciation & Amortisation: ₹4,564.53 Crores (FY26).
  4. Consolidated Employee Benefits Expense: ₹855.18 Crores (FY26).
  5. Consolidated Trade Receivables: ₹11,791.37 Crores (FY26).
  6. Standalone Trade Receivables: ₹10,280.87 Crores (FY26).
  7. Consolidated Revenue from Operations: ₹54,240.52 Crores (FY26).
  8. Consolidated Other Income: ₹3,624.76 Crores (FY26).
  9. Segment Revenue - Power Generation: ₹54,240.52 Crores (FY26).
  10. Segment Revenue - Trading, Investment: ₹96.03 Crores (FY26).
  11. Net cash from operating activities: ₹20,513.65 Crores (FY26).
  12. Net cash used in investing activities: ₹(26,460.56) Crores (FY26).
  13. Net cash from financing activities: ₹6,554.93 Crores (FY26).
  14. Receivables subject to regulatory adjustments and closure.
  15. Pending approval of base rates for GUVNL power supply.
  16. Unilateral deductions by MSEDCL for change in law claims.
  17. Pending legal adjudication on Udupi TPP environmental non-compliance.
  18. PCKL and Karnataka Escom's appeal against Udupi TPP order.
  19. NCLT approved resolution process for Jaiprakash Associates Limited.
  20. Consolidated Total Assets: ₹142,279.92 Crores (FY26).
  21. Consolidated Total Equity: ₹66,401.92 Crores (FY26).
  22. Consolidated Total Liabilities: ₹75,878.00 Crores (FY26).
  23. Consolidated Non-current Assets: ₹113,591.84 Crores (FY26).
  24. Consolidated Current Assets: ₹28,688.08 Crores (FY26).
  25. SEBI found no non-compliance on related party transactions.
  26. Both standalone and consolidated financial results are presented.

Corporate Overview

  1. Gujarat
  2. Maharashtra
  3. Karnataka
  4. Rajasthan
  5. Chhattisgarh
  6. Madhya Pradesh
  7. Jharkhand
  8. Tamil Nadu
  9. Bhutan (hydroelectric project)
  10. Tepid power demand and rising renewable penetration.
  11. Lower offtake under some PPAs and merchant volumes.
  12. Cold weather and unseasonal rains affected Q4 FY26 demand.
  13. Subdued rates in the merchant market.
  14. Coal (domestic linkage, alternate coal).
  15. Power Purchase Agreements (PPAs).
  16. Development and operations of power generation plants.
  17. Related activities including trading, investment, and others.
  18. Confident about India's energy security and growth.
  19. Committed to achieving renewable energy targets.
  20. Focused on stabilizing grid and meeting peak demand.
  21. Crossing significant milestones in capacity expansion.
  22. Strong profitability and healthy cash flows.
  23. Well-positioned for multi-fold earnings growth.
  24. State Power Distribution Utilities (DISCOMs).
  25. Gujarat Urja Vikas Nigam Limited (GUVNL).
  26. Haryana Discoms.
  27. Maharashtra State Electricity Distribution Company Ltd. (MSEDCL).
  28. Bangladesh Power Development Board (BPDB).
  29. Power Generation and related activities.
  30. Trading, investment and other activities.
  31. Installed Capacity: 18,150 MW (FY26).
  32. Units Sold: 99.1 BU (FY26).
  33. 95% of operating capacity tied up in PPAs.
  34. Target of 23.7 GW thermal power capacity addition by 2032.
  35. Mahan Phase-II 1,600 MW USCTPP 86% complete.
  36. Raipur Phase-II 1,600 MW USCTPP 54% complete.
  37. Korba Power Ltd. 1,320 MW Phase-II expansion by FY27.
  38. New 1,600 MW PPA awarded by Maharashtra DISCOM.
  39. Setting up 570 MW hydroelectric project in Bhutan.
  40. Incorporated Adani Atomic Energy Limited for nuclear power.

Risk Factors

  1. Pending regulatory and legal adjudications.
  2. Unilateral deductions by DISCOMs.
  3. Market demand volatility, renewable penetration.
  4. External investigations against director.

Key Drivers

  1. Strong Profit After Tax growth.
  2. Significant capacity expansion plans.
  3. New long-term power purchase agreements.
  4. Favorable regulatory outcomes on past claims.

Auditor’s Report

  1. Unmodified opinion on standalone and consolidated financial results.

Board Commentary

  1. Mr. Anil Sardana re-appointed as Managing Director for one year.
  2. BDO India Services Private Limited appointed as Internal Auditor.
  3. Mr. Harish Sharma ceased as Internal Auditor due to restructuring.
  4. Receivables subject to regulatory adjustments and closure.
  5. Pending approval of base rates for GUVNL power supply.
  6. Unilateral deductions by MSEDCL for change in law claims.
  7. MSEDCL appeal against MERC order pending adjudication.
  8. MSEDCL appeal against APTEL order on coal cost pending.
  9. GUVNL appeal against GERC order on solar plant dues pending.
  10. RUVITL appeal with APTEL on tariff compensation pending.
  11. NGT order for environmental compensation for Udupi TPP.
  12. PCKL and Karnataka Escom's appeal against Udupi TPP order.
  13. Acquisition of Vidarbha Industries Power Limited (VIPL).
  14. Joint venture for 570 MW hydroelectric project in Bhutan.
  15. Incorporation of Adani Atomic Energy Limited (AAEL).
  16. Allotment of ₹7,500 Crores in non-convertible debentures.

Corporate Governance

  1. Adherence to 'Code of Ethics' issued by ICAI.
  2. Mr. Anil Sardana is not related to any other Director.
  3. Board of Directors, Audit Committee, Nomination & Remuneration Committee.
  4. Short seller report allegations on Adani Group companies.
  5. SEBI SCNs on related party transactions and shareholding categorization.
  6. US DOJ/SEC indictment against a non-executive director.

Management Discussion & Analysis

Future Strategy

  1. Achieve capacity expansion targets and multi-fold earnings growth.
  2. Prudent capital allocation policy for future opportunities.
  3. Tying up long-term Power Purchase Agreements (PPAs).
  4. Harnessing technology and innovation for power surplus India.

Industry Overview

  1. Thermal power stabilizing grid, meeting peak demand.
  2. Increased renewable power generation, subdued merchant rates.

Macroeconomic Outlook

  1. All-India power demand revival commenced in Q4 FY26.
  2. Demand grew 1.6% in Q4 FY26, 0.8% for full FY26.

Operational Focus Areas

  1. Maintaining high plant uptime and operating efficiency.
  2. Achieved 113% ash utilization for FY26.
  3. Single Use Plastic Free certification for all plants.
  4. Reduced water intensity of power generation.

Performance Drivers

  1. High plant uptime and greater operating capacity.
  2. Favorable foreign exchange movement.
  3. Higher PPA tariff contribution.
  4. Lower tax expenses.
  5. Volume growth and average power selling rates.

Risk Control Measures

  1. Company expects no adverse outcome in pending matters.
  2. Recognizing change in law claims based on past practice.
  3. Management confident of recovering balance receivables.
  4. Submissions made to SEBI, legal opinion obtained.
  5. Udupi TPP operating in compliance with environmental clearance.

Critical Risks

  1. Receivables subject to regulatory adjustments and closure.
  2. Pending approval of base rates for GUVNL power supply.
  3. Unilateral deductions by MSEDCL for change in law claims.
  4. Pending legal adjudication on Udupi TPP environmental non-compliance.
  5. Allegations from short seller report on Adani Group companies.
  6. US DOJ/SEC indictment against a non-executive director.