Adani Power’s Q2 FY26 earnings call highlighted a 7% increase in power sale volumes to 23.7 billion units. Despite weather-related challenges impacting PLF, the company maintained stable EBITDA at ₹5,333 crores and a healthy profit after tax of ₹2,906 crores. Adani Power is progressing with its expansion plans, aiming for 42 GW capacity by 2032, supported by new long-term PPA wins.
Financial Performance in Q2 FY26
Adani Power reported a 7% increase in power sale volumes, reaching 23.7 billion units in Q2 FY26, up from 22 billion units in Q2 FY25. Revenue stood at ₹13,639 Crores. The company achieved a PLF of 62.8% during the quarter due to adverse weather conditions. Despite this, EBITDA remained stable at ₹5,333 crores, with profit after tax at ₹2,906 crores.
Capacity Expansion and New Projects
Adani Power is targeting a generation capacity of 42 GW by 2032, increasing market share in the thermal power sector. The company secured new long-term PPA bids for over 9 GW. Recent awards include 2,400 MW in Bihar and 1,600 MW in Madhya Pradesh, plus 570 MW from Karnataka. Four projects are under construction, totaling 6,120 MW, with completion expected between FY27 and FY29.
Strategic Initiatives and Outlook
Adani Power is focused on securing more long-term PPAs to reduce volatility and has revived the 600 MW Butibori plant, signing a 500 MW PPA with Maharashtra DISCOMs for five years. The company anticipates improved power demand growth and offtake under long-term contracts.
Debt and Capital Expenditure
As of September 30, 2025, total debt stood at ₹47,254 crores, an increase from ₹38,335 crores at the end of March 2025, mainly for capital expenditure and working capital. Net debt remains healthy at ₹36,776 crore. A significant portion of future CAPEX will be funded through internal accruals, with interim bridge financing sourced from domestic capital markets and banks.
Key Discussion Points from Q&A
Adani Power expects average PPA realization to remain at ₹5.70 per unit. They anticipate merchant realization to be around ₹6 per unit for the balance of the year. The company aims to increase the proportion of capacity tied up under PPAs to reduce pricing volatility. 8.5 GW of the upcoming capacity is already tied up under PPAs. Operational capacity is approximately 16,300 MW out of 18,150 MW.
Source: BSE
