Analyst Concall
Adani Power to identify, fund projects beyond India
This story was originally published at 14:24 IST on 30 April 2026
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--To evaluate international projects in thermal, hydro sector
--CONTEXT: Adani Power mgmt's comments in post-earnings call with analysts
--Looking to expand beyond Indian geographies
--Merchant capacity now at 5% of 18 GW vs 16% at start of year
--Plan to add 1.32 GW capacity in FY27, 1.6 GW in FY28
--Plan capex of INR 250 bln in FY27
--Plan capex of INR 330 bln in FY28
--Awaiting govt rules to exploit nuclear power opportunity
--Identifying sites for now to set up nuclear power projects
--13 GW PPAs open for bids in Uttarakhand, Gujarat, other states
--Deferred commissioning of few projects by 6 months
--Moved commissioning of 1.6 GW Mahan project to FY28
Sunil Raghu and Shruti Nair
AHMEDABAD/MUMBAI – Adani Power Ltd. Thursday said it was expanding its area of focus beyond the Indian territory and will evaluate international projects in the thermal, hydro and transmission sectors, and invest in effective opportunities that qualify, the company management told analysts and investors in a call held post March quarter and FY27 earnings. The management cited the recent incorporation of a special-purpose vehicle to set up a 520 megawatt hydropower plant in Bhutan.
"We are also aligning ourselves to the emerging long-term opportunities in the power sector, such as nuclear power," the company official said. The company said that it would get into action once the government of India notifies the rules. For now, the company official said, they were getting ready and would proceed once they get clarity. "At this stage, we are only preparing ourselves, so therefore we are identifying the sites. Wherever we have the sites, we are planning for approvals," the official said, adding that the sites for nuclear power would be new and different from the company's existing assets.
In an analyst call held post the December quarter earnings, the company's management had said that it would 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. Of this, it plans to spend INR 250 billion as capital expenditure in FY27 and INR 330 billion in FY28. The company plans to add capacities of 1.32 gigawatt in FY27 and 1.6 GW in FY28.
The company has 18.15 GW in operating assets and has target capacity of 41.87 GW. While it was expected to add 1.6 GW of capacity at the Mahan project in FY27, a delay of six months has pushed the project commissioning to FY28. The company attributed this delay to situation arising in the wake of ongoing "geopolitical" upheaval in the world led by West Asian military conflict. The management said commissioning of some of its other projects was also delayed by six months in the current and next financial years. "So, if we only spread out starting from FY29 to FY32, we are commissioning four gigawatts or more every year," an official said.
The company management also pointed out the opportunity to bid for tenders seeking power purchase agreements for 13 GW from the states of Uttar Pradesh, Rajasthan, Uttarakhand, West Bengal, and Gujarat.
The management said that going ahead, the share of long-term power sold will continue to rise. Talking of the short-term merchant capacity, the company official said that currently it stood at about 5% of 18.15 GW, about 1 GW, compared with 16% at the "start of the year". The management said it has short-term, tradeable merchant power available from power stations at Mundra in Gujarat, the Mahan plant in Madhya Pradesh, and from the power project at Raipur, Chhattisgarh.
Adani Power's consolidated net profit for the March quarter jumped over 52% on year to INR 40.17 billion. Its consolidated revenues fell mere 0.1% on year to INR 142.23 billion. From the trailing quarter, the company posted a rise in both the metrics, with the bottom line rising 62% and the top line rising over 14%. The company's other income for the quarter rose a staggering 492% on year, or nearly six-fold, to INR 17.66 billion from INR 2.98 billion a year ago.
The company's other income includes amounts pertaining to earlier years, based on orders received from various regulatory authorities such as the Central Electricity Regulatory Commission, the Appellate Tribunal for Electricity, and the Supreme Court of India.
Adani Power posted its March quarter and FY26 earnings during market hours on Wednesday. At 1348 IST, the company's shares traded 0.1% higher at INR 219.45 on the National Stock Exchange. End
Edited by Akul Nishant Akhoury
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