Adani Power533096Earnings call transcript

Q2 FY27 call: profit after tax above Rs. 7,000 crore, Korba unit synchronised, 1,320 MW PPA won

Transcript of the Q2 FY27 earnings call held on October 26, 2026.

By ScoutQuest · Fri 30 Oct 2026, 10:09 PM IST · 3 min read

62%Long-term PPAs as share of 24 GW thermal pipeline

Long-term PPAs as share of 24 GW thermal pipeline: 62%.

Consolidated profit after tax: more than INR7,000 crores, up 142% year-on-year
Continuing revenue from operations: Rs. 17,014 Crore, up 29.8%
PLF / sales volume: PLF 70.1% against 62.8%; sales volume 26.4 billion units, up 11.5%

Continuing revenue from operations: Rs. 17,014 Crore, up 29.8% from Rs. 13,106 Crore in Q2 FY26.
Continuing other income: Rs. 514 Crore, against Rs. 533 Crore a year earlier.
Total continuing revenue: INR17,528 crores, up 28.5% year-on-year.
Continuing EBITDA: INR6,300 crores, up more than 18%.
Reported EBITDA: more than INR8,700 crores, up 46%.
Consolidated profit after tax: more than INR7,000 crores, up 142%, helped by strong operating profit and one-time prior period revenue.
For H1 FY27: total continuing revenue INR35,464 crores (up 27.5%), continuing EBITDA INR13,300 crores and profit after tax nearly INR12,000 crores.

Plant load factor (PLF) rose to 70.1% in Q2 FY27 from 62.8% in Q2 FY26; H1 FY27 PLF was 74.1% against 64.8%.
Consolidated sales volume expanded 11.5% to 26.4 billion units, from 23.7 billion units; H1 FY27 volume grew 14.3% to 55.1 billion units.
Sales under long-term and medium-term PPAs expanded 29.7% to 23.4 billion units, as DISCOMs took more power and more capacity ran under PPAs than a year earlier.
PPA realisation improved 12.7% on a continuing basis, supported by pass-through of import coal indices and recent medium-term PPAs.
Merchant and short-term volume was 43% lower year-on-year as previously open capacity was tied up under medium-term contracts; short-term merchant tariffs rose 33% per unit.

Korba Phase-II: the first 660 MW unit has achieved grid synchronisation; commercial commissioning is expected shortly. The second unit is planned for quarter 4 of '27.
Mahan Phase-II (1,600 MW): at an advanced stage, with commercial operations targeted for early Financial Year '28.
Raipur Phase-II, Raigarh Phase-II, Mirzapur and Anuppur projects are under execution.
A third phase is being added at Raipur: a 1,600 MW ultra-supercritical plant that will expand the site to 4,570 MW and supply the second long-term PPA to Maharashtra DISCOM.
Management said India needs more than 100 gigawatts of new thermal capacity by 2032 and that the company has the execution capability, fuel logistics and balance sheet to support this growth.

A letter of award was received for a 25-year PPA of 1,320 megawatts from Uttarakhand Power Corporation Limited, to be supplied from the upcoming Korba 2 project.
Long-term PPAs have now been secured for 62% of the upcoming 24 gigawatt thermal pipeline.
The company was declared successful resolution applicant for GVK Energy Limited under the CIRP process, marking entry into hydro generation through the operational 330-megawatt Alaknanda plant in Uttarakhand.
A shareholders' agreement was signed with Druk Green Power for a 770-megawatt hydropower project in Bhutan, to be developed through a 49:51 joint venture; this is the second joint development in Bhutan after the 570-megawatt Wangchhu hydro project.
The credit rating was upgraded from AA to AA+.

India's power demand rose 11.5% year-on-year to 502 billion units in Q2, with lower hydropower output due to weak monsoons; coal and lignite met 73% of the incremental generation needed.
Average thermal PLF increased to 68% from 62% a year earlier, and peak demand reached 270 gigawatts.

The transcript sets out both the reported numbers and the timelines management gave for the units under execution, which are the dates to track for future capacity coming on stream.
Reported EBITDA and profit after tax for the quarter included one-time prior period revenue, as stated on the call, while continuing revenue and continuing EBITDA are shown separately.
Merchant volumes fell 43% while merchant tariffs rose 33% per unit, reflecting a shift of capacity into medium-term contracts.

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