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Informist, Thursday, Jul. 23, 2026

--Adani Power: Continue to follow conservative capital management policy 

--CONTEXT: Comments by Adani Power mgmt in post-earnings analyst concall 

--Adani Power: Evaluating domestic, global technology for nuclear power plan 

--Adani Power: Estimate execution of nuclear power plans at least 5 yrs away 

--Adani Power: More stake in Jaiprakash Associates assets can aid FY32 goal 

--Adani Power: See net debt-to-EBITDA ratio below 3 for next few years 

--Adani Power: See capex at INR 230 bln for FY27, INR 300 bln for FY28 

--Adani Power: See FY29 capex in INR 330 bln and INR 350 bln range 

--Adani Power: Prioritising reinvestment of surplus into capacity expansion 

--Adani Power: Confident of completing INR 2 tln capex programme in time 

By Astha Oriel and Shakshi Jain

By Astha Oriel and Shakshi Jain

NEW DELHI – 

Adani Power Ltd. expects its net debt-to-earnings before interest, tax, depreciation, and amortisation ratio at less than three times for the next few years, the management told analysts in a post-earnings analyst conference call Thursday. 

"We are maintaining a very robust capital management programme. And also we are ensuring you know, our deployment of single penny in the best possible and effective manner. Net debt to EBITDA, as on date, so on June, it is slightly higher than two," the management said, adding that the company does not expect the net debt-to-EBITDA ratio to cross three times at any point of time. "So, this net debt to EBITDA between two to three will run over the period of time."

Adani Power plans to incur capital expenditure of INR 2 trillion towards the ongoing thermal power capacity expansion of 23.7 gigawatt by the financial year 2031-31 (Apr-Mar). Of this, 2.22 GW comes from the 24% equity stake acquired in Jaiprakash Power Ventures Ltd., the management said. "Going forward, let us say, if we can get more stake in that, then this itself can be considered as, let us say, part of this another 3 gigawatts."

For FY27, the company expects capex at INR 230 billion. The company expects capex in FY28 to be more than INR 300 billion, and for FY29, the figure is likely to range between INR 330 billion and INR 350 billion, as per the management. 

"We are firm and confident that our capex programme of INR 2 lakh crores (INR 2 trillion) will be able to achieve in the defined timeline," the management said. "So the majority of financing and funding we will be arranging from our internal accruals. Any interim gap that we will take from the market."

According to the management, the company is generating INR 200 billion through funds from operations on a yearly basis, and for the next five years, funds on operations will amount to more than INR 1.4 trillion. "There will be an interim requirement of around 1,000 crores (INR 10 billion) that we will take from the market," it said. 

To an analyst's question related to bonus and dividend distribution, the management said Adani Power has a large capex programme for the next six to seven years. "So, rather than distributing, we are reinvesting in the capex programme. And as you may be aware that our return on investment or return on the capital is quite good...," the management said, adding that the company is giving higher capital appreciation. "..and therefore, we are reinvesting whatever surplus we are generating."

As part of its expansion plans, the company is diversifying into international hydropower projects and preparing itself for new opportunities in the field of nuclear power, as per the management. 

The company is targetting 10 GW nuclear power plant capacity by 2035. "As per our standard of execution, it (nuclear project) should take around, let us say, maybe, that is, not that we have not experienced this, but it should take at least five years," the management said. The company is evaluating domestic as well as international technology for plans in the domain.

For the June quarter, the company's consolidated net profit was INR 48.06 billion on revenues of INR 189.02 billion. At 1447 IST, shares of the company traded 2.3% lower at INR 212.07 on the National Stock Exchange.  End 

Edited by Avishek Dutta

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