Adani Power (ADANIPOWER) Q4 25/26 earnings summary

Executive summary

• Achieved record power generation of 405 billion units in FY26, with 95%+ of 18,150 MW operating capacity tied under long-term PPAs, and major new agreements secured.

• FY26 consolidated revenue was ₹57,865 Cr, PAT reached ₹12,971 Cr (up 2% YoY), and EBITDA was ₹24,008 Cr, reflecting strong operational resilience and profitability.

• Q4 FY26 revenue rose 10% YoY to ₹15,989 Cr, EBITDA increased 27% YoY to ₹6,498 Cr, and PAT surged 64% YoY to ₹4,271 Cr.

• 91% plant availability and 74% PLF in FY26 demonstrated robust operations amid volatile demand.

• Major capacity expansion projects and new PPAs support future growth, with significant management and board appointments finalized.

Financial highlights

• Q4 FY26 continuing revenue was ₹15,059 Cr (+3.7% YoY); continuing EBITDA was ₹5,573 Cr (+9.3% YoY); PAT was ₹4,271 Cr (+64.3% YoY).

• FY26 continuing revenue was ₹55,583 Cr (-1.6% YoY); continuing EBITDA was ₹21,285 Cr (-1.3% YoY); PAT was ₹12,971 Cr (+1.7% YoY).

• Reported revenue and EBITDA included one-time income of ₹2,283 Cr in FY26.

• Fuel costs declined 4.1% YoY in FY26 due to lower import coal prices and efficient sourcing.

• Total debt as of March 31, 2026, was ₹53,556 Cr; net debt at ₹45,022 Cr, reflecting bridge financing for CapEx.

Outlook and guidance

• Capacity expansion targets remain on track, with 23.7 GW thermal power addition by 2032 and 13.3 GW already tied up under PPAs.

• CapEx planned at ₹25,000 Cr for FY27 and ₹33,000 Cr for FY28, with 1.32 GW and 1.6 GW capacity additions, respectively.

• Targeting 42 GW capacity by 2032, with annual additions ramping up post-2029.

• Management expects continued strong profitability and cash flows, supported by prudent capital allocation and robust demand.

• EBITDA expected to double to ₹50,000 Cr by 2030-31 if expansion proceeds as planned.