Adani Power Limited — Investor Meet, 29-07-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Adani Power reported its strongest Q1 FY27 performance, with continuing revenue up 27% to INR 17,936 Cr and PAT surging 47% to INR 4,867 Cr. This was driven by a record 31 billion units generation, 17% higher power sales (29 billion units), and an improved Plant Load Factor of 78%. PPA capacity utilization and realizations improved, while merchant volumes reduced as capacity shifted to PPAs.

Management is expanding its portfolio to 45 GW, completing acquisitions including a 24% stake in Jaiprakash Power Ventures and a 180-MW Churk plant. Key projects like Korba Phase-II (1,320 MW) are on track for commissioning by year-end, and Mahan Phase-II (1,600 MW) in Q1 FY28. The company has already tied up 56% of upcoming capacity via long-term PPAs. Future plans involve exploring 10 GW nuclear capacity by 2035, pending government guidelines, and adding 3 GW thermal capacity to meet state deficits.

The balance sheet remains robust, with net debt-to-EBITDA slightly above 2x and targeted to stay below 3x despite a significant INR 2 lakh Cr capex plan. Bangladesh receivables stand at ~USD 400 million, with consistent monthly payments. Management expresses confidence in its growth trajectory and financial discipline, prioritizing reinvestment of earnings for capital appreciation over immediate dividends.