Detailed Narrative
Resilient Performance Despite Weather Headwinds
Q1 FY26 saw all-India power demand decline 1.6% due to early monsoon, but Adani Power grew sales 1.6% to 24.6 billion units supported by 2,300 MW acquired capacity. Merchant realization at INR 6.51/unit was lower than INR 7.60/unit YoY. EBITDA improved 12.7% sequentially to INR 5,744 crore with controlled fuel costs at INR 7,319 crore.
Bangladesh Receivables Resolution and Balance Sheet Cleanup
USD 500M+ received from Bangladesh in June-July normalized outstanding receivables. Unsecured Perpetual Securities fully repaid (principal INR 2,579 crore + distribution INR 1,146 crore + balance INR 478 crore in July). Both long-standing investor concerns resolved, strengthening corporate governance narrative.
Expansion Progress and New PPA Additions
Mahan Phase 2 at 66%, Raipur at 25%, Raigarh at 20%. New 1,600 MW PPA with UPPCL at INR 5.39/unit total tariff takes fresh tie-ups to 4,520 MW. FGD exemption for most new projects will reduce capex. Additional INR 65 billion BHEL order hints at expansion beyond 30 GW target but management deferred details.
Dhirauli Coal Mine to Start Production
First captive coal mine at Dhirauli in Singrauli to begin production by September-October 2025, primarily serving merchant capacity at nearby Mahan plant. Total 4 mines with 14 MTPA capacity for 3,000 MW equivalent, with key savings from eliminated transportation costs.