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Informist, Thursday, Jan. 29, 2026

Sunil Raghu and Durgesh Nandan

MUMBAI – Adani Power Ltd. plans to spend INR 2 trillion on capital expenditure over six to seven years to add 24 gigawatts of power generation capacity and fund it primarily through internal accruals, the management told analysts at a call held post December quarter earnings.

The management said that with 18.5 GW operating assets, they may generate earnings before interest, tax, depreciation and amortisation at INR 200 billion every year. This, over years would generate nearly INR 1.4 trillion, with a gap of INR 600 billion, the company management said. "...So funding from a mix of the domestic capital market, as well as from domestic debt. And this recent NCD (non-convertible debenture) issue of INR 75 billion, may be one of the examples," Adani Power management said.

As of Dec. 31, the company's total debt was INR 453.31 billion, up from INR 386.79 billion in the same quarter a year ago. The management said that the weighted average cost of borrowing was a little lower than 9%. The company has also incurred a capex of about INR 500 billion in the first nine months of 2025-26 (Apr-Mar).

Adani Power's net profit for the December quarter fell almost 19% on year to INR 24.80 billion. Its consolidated revenue fell almost 9% on year to INR 124.51 billion. On the sequential basis, the company posted a fall in both the metrics for the quarter, with the bottom line falling 16% and the top line declining over 7%. 

The consolidated power sales volume of the company for the reporting quarter was 23.6 billion units, up marginally on year. The power sales rose despite tepid demand due to the prolonged monsoon, the company said in its press release. Its plant load factor for the December quarter was 62.6%, down from 63.9% in the year-ago period. Sharing details, the management said that during the December quarter, it sold 4.3 billion units in spot market, earning INR 4.37 per unit compared with INR 4.56 per unit in December quarter last year.

Talking about Godda power plant, from where the company supplies electricity to Bangladesh, the company management said its revenue for the December quarter was INR 22.10 billion and for Apr-Dec was INR 67 billion. Adani Power has been supplying power to Bangladesh from 1,496 MW Godda power plant in Jharkand since June 2023. The change in political leadership in Bangladesh and unrest in late 2024 saw Bangladesh accumulating nearly $850 million in arrears, after missing a series of payments. This saw Adani Power cut power supply to Bangladesh by 50%, which it eventually restored to 100% after a gap of four months.

Unlike in the past, when Bangladesh had accumulated dues for months together, the company management said that they were exporting electricity on a regular basis and were receiving the dues on time. The dues to the tune of only two months remain for now, which the management now says is "regular".

Adani Power posted its December quarter earnings during market hours. On Thursday. the company's shares closed 0.6% lower at INR 133.88 on the National Stock Exchange.  End

Edited by Akul Nishant Akhoury

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