Adani Power Ltd(ADANIPOWER)

NSE: ADANIPOWERBSE: 533096

₹ 182-1.60%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 3.51 L crWebsite: www.adanipower.comUpdated: 24 Oct 2026

About

Adani Power is India's largest private-sector thermal power producer. It sells power mainly to state utilities and distribution companies. Its single segment, power generation and related activities, reported FY26 revenue of Rs 54,240.52 Cr. As of FY25 it held a 7% share of all-India and a 21% share of private-sector coal and lignite generation capacity. It operates 18.15 GW of capacity and is building a locked-in pipeline of 23,720 MW, with a target fleet of 45 GW by FY31-32.^[1][2][3]

Business segments

Power generation and related activities is the only reported segment, making up 100% of revenue in FY26.^[3]

Plants and capacity

As of FY25 the portfolio had 12 assets serving power needs across eight states.^[1]
Mundra, Gujarat: 4,620 MW (4x330 MW + 5x660 MW) as of FY25, India's largest private thermal power plant.^[1]
Godda, Jharkhand is a 1,600 MW ultra-supercritical plant that supplies Bangladesh; it generated 2.519 BU in Q1 FY27, up from 2.362 BU in Q1 FY26.^[1][4]
As of FY25 the company owns a 989 km, 500 KV HVDC bipole line with 2,500 MW capacity, India's longest private HVDC system.^[1]
As of FY25, the Dhirauli coal mine will produce 5 MTPA for the Mahan plant, rising to 6.5 MTPA in its underground phase.^[1]

Key operating numbers

Consolidated PLF reached a record 78% in Q1 FY27, up from 67% in Q1 FY26; PLF for full-year FY26 was 67%.^[4]
Power sales rose 17% YoY to 28,777 MU in Q1 FY27. PPA volumes rose 30% to 25 BU, while merchant volumes fell to 4 BU from 6 BU in Q1 FY26.^[4]
PPA tariff realisation rose 8% YoY to ₹5.93/kWh in Q1 FY27; merchant and short-term realisation rose 13% YoY to ₹7.04/kWh.^[4]
O&M availability was 96% in Q1 FY27, up from 89% in Q1 FY26.^[4]
Generation in FY26 reached 105 billion units; power sales were 99.1 BU, up 3.4% YoY.^[5]

Customers and contracts

Customers are mainly B2B: state utilities and distribution companies (DISCOMs), as of FY25.^[1]
As of Q1 FY27, about 95% of the 18.15 GW operating fleet is tied up under long- or medium-term PPAs; only about 1,000 MW on an RTC basis is open to the merchant market.^[5]
In FY25, 7.7 billion units of power were sent to Bangladesh.^[1]
A 25-year, 3,200 MW PPA with the Assam DISCOM was won in Q3 FY26 at a total tariff of ₹6.30/kWh (capacity charge ₹4.16/kWh).^[6]
A 25-year, 1,600 MW PPA with the Maharashtra DISCOM was signed in Q1 FY27, after a March 2026 Letter of Award at ₹5.30/unit.^[4]
Locked-in expansion PPAs totalled 13.3 GW out of 23.7 GW planned, as of Q4 FY26.^[5]
New expansion PPAs carry 100% fuel cost pass-through and availability-based capacity charges.^[6]

Expansion and capex

As of Q1 FY27, the locked-in expansion is 23,720 MW across 13 projects, and the capacity target was raised to 45 GW by FY31-32 (from 42 GW).^[4]
Total capex for the pipeline is about ₹2,00,000 cr: about ₹25,000 cr in FY27, about ₹33,000 cr in FY28, and more than ₹35,000 cr a year after that.^[4]
Korba Phase-II (1,320 MW) is targeted for commissioning before December 2026 and was on track as of Q1 FY27.^[4]
Mahan Phase-II (1,600 MW): Unit 1 is expected in Q1 FY28 and Unit 2 about six months later; it was 86% complete as of Q4 FY26.^[4]
As of Q1 FY27, Raipur Phase-II was 62% complete and Raigarh Phase-II 54% complete; work on the Mirzapur greenfield plant has started.^[4]

Hydro and nuclear

On 06 Oct 2026, a shareholders agreement was signed with Druk Green Power for the 770 MW Chamkharchhu-I peaking run-of-river hydro project in Bhutan (49:51 equity), with a 30-year concession.^[7]
Construction of Chamkharchhu-I is due to start in the first half of 2027, with commissioning targeted six years after groundbreaking.^[7]
As of Q1 FY27 the company is developing 5 GW of hydro capacity in Bhutan with DGPC, including the 570 MW Wangchhu project at an estimated cost of about ₹6,000 cr.^[4]
Subsidiary Adani Atomic Energy is targeting 10 GW of nuclear capacity by 2035; this depends on the Government of India notifying the rules.^[4]

Recent developments

On 14 Oct 2026, Uttarakhand Power Corporation issued a Letter of Award for 25-year supply of 1,234 MW net (1,320 MW installed) of thermal power.^[8]
The merger of Vidarbha Industries Power and nine other wholly owned subsidiaries into the company took effect on 25 Sep 2026; the appointed date is 1 Apr 2025.^[9]
In Q1 FY27 the company acquired Jaiprakash Associates' power assets for ₹4,194 cr: the 180 MW Churk plant, 24% of 2,220 MW JPVL and 11.49% of 1,980 MW Prayagraj Power.^[4]
In Q1 FY27 the board approved an enabling resolution for a QIP of up to ₹15,000 cr, subject to shareholder approval.^[4]
In Q3 FY26 the company raised ₹7,500 cr through AA-rated NCDs at an 8.0-8.4% coupon; its rating stayed at AA Stable.^[6]
Net debt was ₹47,643 cr as of June 2026, against ₹31,024 cr in June 2025; Net Debt/Continuing EBITDA (TTM) was 2.12x.^[4]

Market Cap

₹3,50,981 Cr

High / Low

₹254 / 128

Stock P/E

26.5

Price / Book

5.8

Book Value

₹34

EPS

₹6.7

No. of Shares

1,928.47 Cr

ROCE

17.3%

ROE

21.2%

OPM

32.6%

Debt / Equity

0.82

Sales

₹54,241 Cr

Net Profit

₹12,971 Cr

Promoter holding

75.0%

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Adani Power Ltd(ADANIPOWER)

About

Business segments

Plants and capacity

Key operating numbers

Customers and contracts

Expansion and capex

Hydro and nuclear

Recent developments

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