Adani Power Ltd.
ADANIPOWERUtilities filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
12 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 12 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20231109 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240131 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240507 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240809 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241105 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250205 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250505 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250808 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251105 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260204 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260506 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260729 | 2026-06-30 | yes |
ADANIPOWER
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.
| Last close | 199.48 |
| 52-week range | 132.96 – 248.91 |
| Return 1M | -3.32% |
| Return 3M | -12.99% |
| Return 1Y | 38.05% |
| Return 3Y | 161.68% |
| Return 5Y | 940.58% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 18,902.00 |
| Other income | 420.00 |
| Total income | 19,322.00 |
| Cost of materials consumed | 9,513.00 |
| Purchases of stock-in-trade | 26.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 242.00 |
| Finance costs | 901.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.75 | 0.00 |
| institutions foreign | 0.12 | 0.00 |
| institutions domestic | 0.04 | 0.00 |
| mutual funds | 0.04 | 0.00 |
| public | 0.25 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 12 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 7,044.00 | 7,764.00 | 10,242.00 | 11,006.00 | 12,991.00 | 12,991.00 | 13,364.00 | 14,956.00 | 13,339.00 | 13,671.00 | 14,237.00 | 14,109.00 | 13,457.00 | 12,451.00 | 14,223.00 | 18,902.00 |
| Other income | 1,402.00 | 526.00 | 553.00 | 7,103.00 | 1,945.00 | 364.00 | 518.00 | 518.00 | 724.00 | 1,162.00 | 298.00 | 465.00 | 851.00 | 543.00 | 1,766.00 | 420.00 |
| Total income | 8,446.00 | 8,290.00 | 10,795.00 | 18,109.00 | 14,936.00 | 13,355.00 | 13,882.00 | 15,474.00 | 14,063.00 | 14,833.00 | 14,536.00 | 14,574.00 | 14,308.00 | 12,995.00 | 15,989.00 | 19,322.00 |
| Cost of materials consumed | 5,261.00 | 5,533.00 | 7,547.00 | 6,762.00 | 6,762.00 | 7,549.00 | 7,380.00 | 7,898.00 | 7,032.00 | 7,425.00 | 7,918.00 | 7,309.00 | 7,205.00 | 6,758.00 | 7,896.00 | 9,513.00 |
| Purchases of stock-in-trade | 69.00 | 30.00 | 60.00 | 24.00 | 29.00 | 69.00 | 101.00 | 11.00 | 81.00 | 109.00 | 156.00 | 10.00 | 11.00 | 42.00 | 147.00 | 26.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 145.00 | 142.00 | 149.00 | 151.00 | 152.00 | 151.00 | 189.00 | 213.00 | 170.00 | 211.00 | 190.00 | 222.00 | 187.00 | 216.00 | 231.00 | 242.00 |
| Finance costs | 818.00 | 946.00 | 746.00 | 883.00 | 888.00 | 797.00 | 820.00 | 811.00 | 807.00 | 957.00 | 765.00 | 857.00 | 842.00 | 701.00 | 967.00 | 901.00 |
| Depreciation and amortisation | 833.00 | 838.00 | 817.00 | 935.00 | 1,004.00 | 1,002.00 | 990.00 | 996.00 | 1,059.00 | 1,170.00 | 1,085.00 | 1,089.00 | 1,193.00 | 1,135.00 | 1,147.00 | 1,167.00 |
| Other expenses | 620.00 | 590.00 | 579.00 | 555.00 | 876.00 | 577.00 | 844.00 | 639.00 | 779.00 | 903.00 | 1,161.00 | 883.00 | 903.00 | 1,197.00 | 1,218.00 | 1,172.00 |
| Total expenses | 7,747.00 | 8,078.00 | 9,898.00 | 9,309.00 | 9,712.00 | 10,145.00 | 10,324.00 | 10,568.00 | 9,929.00 | 10,775.00 | 11,274.00 | 10,369.00 | 10,342.00 | 10,050.00 | 11,605.00 | 13,022.00 |
| Profit before exceptional items and tax | 699.00 | 212.00 | 898.00 | 8,800.00 | 5,224.00 | 3,210.00 | 3,558.00 | 4,906.00 | 4,134.00 | 4,059.00 | 3,261.00 | 4,204.00 | 3,966.00 | 2,945.00 | 4,384.00 | 6,300.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 699.00 | 212.00 | 898.00 | 8,800.00 | 5,224.00 | 3,210.00 | 3,558.00 | 4,906.00 | 4,134.00 | 4,059.00 | 3,261.00 | 4,204.00 | 3,966.00 | 2,945.00 | 4,384.00 | 6,300.00 |
| Current tax | -18.00 | 280.00 | -1,642.00 | 0.00 | 0.00 | 0.00 | 14.00 | 141.00 | 130.00 | 222.00 | -437.00 | 18.00 | 144.00 | 500.00 | 906.00 | 1,476.00 |
| Deferred tax | 21.00 | -77.00 | -2,703.00 | 40.00 | -1,371.00 | 472.00 | 807.00 | 851.00 | 706.00 | 897.00 | 1,099.00 | 881.00 | 915.00 | -43.00 | -793.00 | 75.00 |
| Tax expense | 3.00 | 203.00 | -4,345.00 | 40.00 | -1,371.00 | 472.00 | 821.00 | 993.00 | 837.00 | 1,119.00 | 662.00 | 899.00 | 1,060.00 | 457.00 | 113.00 | 1,552.00 |
| Profit for the period | 696.00 | 9.00 | 5,242.00 | 8,759.00 | 6,594.00 | 2,738.00 | 2,737.00 | 3,913.00 | 3,298.00 | 2,940.00 | 2,599.00 | 3,305.00 | 2,906.00 | 2,488.00 | 4,271.00 | 4,867.00 |
| Profit attributable to owners | 696.00 | 9.00 | 5,242.00 | 8,759.00 | 6,594.00 | 2,738.00 | 2,737.00 | 3,913.00 | 3,332.00 | 3,057.00 | 2,637.00 | 3,385.00 | 2,953.00 | 2,480.00 | 4,017.00 | 4,806.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -34.00 | -117.00 | -38.00 | -80.00 | -46.00 | 9.00 | 254.00 | 61.00 |
| Other comprehensive income | -18.00 | -34.00 | 43.00 | -42.00 | 22.00 | -2.00 | -5.00 | 7.00 | -15.00 | -7.00 | 12.00 | 3.00 | 21.00 | -4.00 | -1.00 | 7.00 |
| Total comprehensive income | 677.00 | -25.00 | 5,286.00 | 8,717.00 | 6,616.00 | 2,736.00 | 2,732.00 | 3,920.00 | 3,283.00 | 2,933.00 | 2,612.00 | 3,308.00 | 2,928.00 | 2,485.00 | 4,271.00 | 4,874.00 |
| Earnings per share, basic | 0.98 | -0.81 | 12.81 | 21.90 | 16.48 | 6.61 | 6.63 | 9.72 | 8.21 | 7.67 | 6.62 | 8.62 | 1.53 | 1.29 | 2.08 | 2.49 |
| Earnings per share, diluted | 0.98 | -0.81 | 12.81 | 21.90 | 16.48 | 6.61 | 6.63 | 9.72 | 8.21 | 7.67 | 6.62 | 8.62 | 1.53 | 1.29 | 2.08 | 2.49 |
Annual results, as filed
| Line | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 23,884.00 | 26,468.00 | 26,221.00 | 27,711.00 | 38,773.00 | 50,351.00 | 56,203.00 | 54,241.00 |
| Other income | 2,477.00 | 1,374.00 | 1,928.00 | 3,975.00 | 4,267.00 | 9,930.00 | 2,703.00 | 3,625.00 |
| Total income | 26,362.00 | 27,842.00 | 28,150.00 | 31,686.00 | 43,041.00 | 60,281.00 | 58,906.00 | 57,865.00 |
| Cost of materials consumed | 15,949.00 | 17,580.00 | 14,781.00 | 14,762.00 | 25,481.00 | 28,453.00 | 30,273.00 | 29,168.00 |
| Purchases of stock-in-trade | 810.00 | 467.00 | 365.00 | 546.00 | 214.00 | 222.00 | 357.00 | 210.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 363.00 | 427.00 | 432.00 | 470.00 | 570.00 | 644.00 | 784.00 | 855.00 |
| Finance costs | 5,657.00 | 5,315.00 | 5,106.00 | 4,095.00 | 3,334.00 | 3,388.00 | 3,340.00 | 3,367.00 |
| Depreciation and amortisation | 2,751.00 | 3,006.00 | 3,202.00 | 3,118.00 | 3,304.00 | 3,931.00 | 4,309.00 | 4,565.00 |
| Other expenses | 1,808.00 | 2,308.00 | 1,975.00 | 2,119.00 | 2,464.00 | 2,852.00 | 3,483.00 | 4,202.00 |
| Total expenses | 27,337.00 | 29,104.00 | 25,861.00 | 25,109.00 | 35,366.00 | 39,490.00 | 42,546.00 | 42,366.00 |
| Profit before exceptional items and tax | -976.00 | -1,262.00 | 2,289.00 | 6,577.00 | 7,675.00 | 20,792.00 | 16,360.00 | 15,500.00 |
| Exceptional items | 0.00 | -1,003.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | -976.00 | -2,265.00 | 2,289.00 | 6,577.00 | 7,675.00 | 20,792.00 | 16,360.00 | 15,500.00 |
| Current tax | 68.00 | 17.00 | 21.00 | 768.00 | -768.00 | 14.00 | 56.00 | 1,544.00 |
| Deferred tax | -60.00 | -8.00 | 997.00 | 897.00 | -2,284.00 | -51.00 | 3,553.00 | 984.00 |
| Tax expense | 9.00 | 10.00 | 1,019.00 | 1,666.00 | -3,052.00 | -37.00 | 3,610.00 | 2,528.00 |
| Profit for the period | -984.00 | -2,275.00 | 1,270.00 | 4,912.00 | 10,727.00 | 20,829.00 | 12,750.00 | 12,971.00 |
| Profit attributable to owners | 0.00 | -2,275.00 | 1,270.00 | 4,912.00 | 10,727.00 | 20,829.00 | 12,939.00 | 12,834.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -189.00 | 137.00 |
| Other comprehensive income | -8.00 | 10.00 | -30.00 | 44.00 | 34.00 | -27.00 | -3.00 | 20.00 |
| Total comprehensive income | -992.00 | -2,264.00 | 1,240.00 | 4,955.00 | 10,760.00 | 20,801.00 | 12,747.00 | 12,991.00 |
| Earnings per share, basic | -3.21 | -8.19 | 0.06 | 9.63 | 24.57 | 51.62 | 32.32 | 6.62 |
| Earnings per share, diluted | -3.21 | -8.19 | 0.06 | 9.63 | 24.57 | 51.62 | 32.32 | 6.62 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 86,620.00 | 85,821.00 | 89,709.00 | 92,325.00 | 110,784.00 | 112,918.00 | 125,551.00 | 142,280.00 |
| Non-current assets | 67,276.00 | 66,268.00 | 70,107.00 | 66,738.00 | 83,874.00 | 86,588.00 | 98,899.00 | 113,592.00 |
| Current assets | 19,344.00 | 19,553.00 | 19,602.00 | 25,587.00 | 26,895.00 | 26,313.00 | 26,652.00 | 28,688.00 |
| Property, plant and equipment | 51,762.00 | 50,544.00 | 64,604.00 | 62,813.00 | 70,943.00 | 69,027.00 | 70,785.00 | 69,076.00 |
| Capital work-in-progress | 11,550.00 | 12,880.00 | 461.00 | 925.00 | 9,455.00 | 12,104.00 | 19,779.00 | 35,053.00 |
| Goodwill | 191.00 | 191.00 | 191.00 | 191.00 | 191.00 | 205.00 | 205.00 | 205.00 |
| Other intangible assets | 10.00 | 12.00 | 10.00 | 13.00 | 14.00 | 17.00 | 19.00 | 29.00 |
| Inventories | 4,967.00 | 3,075.00 | 3,074.00 | 4,142.00 | 3,739.00 | 3,317.00 | 3,140.00 | 3,623.00 |
| Trade receivables | 9,152.00 | 11,529.00 | 10,546.00 | 11,677.00 | 14,703.00 | 13,022.00 | 9,438.00 | 11,791.00 |
| Cash and cash equivalents | 346.00 | 349.00 | 820.00 | 1,136.00 | 524.00 | 320.00 | 4,683.00 | 928.00 |
| Total equity and liabilities | 86,620.00 | 85,821.00 | 89,709.00 | 92,325.00 | 110,784.00 | 112,918.00 | 125,551.00 | 142,280.00 |
| Equity | 24,203.00 | 29,876.00 | 40,509.00 | 43,145.00 | 57,996.00 | 57,674.00 | 59,647.00 | 66,402.00 |
| Equity share capital | 3,857.00 | 3,857.00 | 3,857.00 | 3,857.00 | 3,857.00 | 3,857.00 | 3,857.00 | 3,857.00 |
| Other equity | 20,346.00 | 26,019.00 | 36,652.00 | 39,288.00 | 52,097.00 | 52,490.00 | 54,594.00 | 61,080.00 |
| Total liabilities | 62,417.00 | 55,946.00 | 49,200.00 | 49,180.00 | 52,789.00 | 55,244.00 | 65,904.00 | 75,878.00 |
| Non-current liabilities | 43,739.00 | 38,201.00 | 31,761.00 | 33,391.00 | 37,435.00 | 38,803.00 | 49,026.00 | 55,550.00 |
| Current liabilities | 18,678.00 | 17,745.00 | 17,439.00 | 15,789.00 | 15,354.00 | 16,441.00 | 16,878.00 | 20,328.00 |
| Borrowings, non-current | 34,741.00 | 33,703.00 | 25,080.00 | 26,595.00 | 28,855.00 | 27,647.00 | 36,110.00 | 42,830.00 |
| Borrowings, current | 10,501.00 | 8,549.00 | 7,134.00 | 7,862.00 | 8,572.00 | 10,688.00 | 11,144.00 | 10,726.00 |
| Trade payables | 3,558.00 | 3,079.00 | 4,395.00 | 3,636.00 | 3,134.00 | 2,978.00 | 2,977.00 | 2,841.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 4,258.00 | 8,431.00 | 9,944.00 | 14,170.00 | 10,488.00 | 21,501.00 | 14,939.00 | 20,514.00 |
| Net cash from investing activities | 1,219.00 | 1,545.00 | 6,235.00 | 3,485.00 | -3,375.00 | -17,142.00 | -13,074.00 | -26,461.00 |
| Net cash from financing activities | -5,913.00 | -10,408.00 | -15,709.00 | -16,864.00 | -9,795.00 | -5,175.00 | 2,498.00 | 6,555.00 |
| Purchase of property, plant and equipment | 1,619.00 | 3,244.00 | 1,050.00 | 2,602.00 | 0.00 | 11,559.00 | 10,608.00 | 23,299.00 |
| Net increase in cash | -436.00 | -433.00 | 471.00 | 787.00 | -613.00 | -816.00 | 4,363.00 | 608.00 |
| con:CFO.BEFORE_TAX | 4,310.00 | 8,509.00 | 9,966.00 | 14,228.00 | 10,488.00 | 21,509.00 | 14,785.00 | 20,411.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 52.00 | 79.00 | 21.00 | 57.00 | 0.00 | 8.00 | -154.00 | -102.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 42.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 42.00 | 125.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 1.00 | 1.00 | 0.00 | 1.00 | -3,438.00 | 15.00 | 16.00 | 19.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 989.00 | 0.00 | 536.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 727.00 | 727.00 | 0.00 | 3.00 | 1,020.00 | 6,396.00 | 3,964.00 | 3,965.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 24.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 74.97 | 74.97 | 69.56 | 71.75 | 71.75 | 72.71 | 74.96 | 74.96 | 74.96 | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
| Domestic institutions | 0.01 | 0.04 | 0.76 | 1.18 | 1.41 | 1.43 | 1.53 | 1.61 | 1.65 | 0.02 | 0.03 | 0.03 | 0.04 | 0.04 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 0.02 | 0.03 | 0.03 | 0.04 | 0.04 |
| Insurance companies | 0.00 | 0.00 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Foreign institutions | 11.70 | 11.95 | 17.51 | 15.86 | 15.91 | 14.73 | 12.66 | 12.35 | 12.37 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 |
| Government | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 25.03 | 25.03 | 30.44 | 28.25 | 28.25 | 27.29 | 25.04 | 25.04 | 25.04 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Non-institutional | 13.32 | 13.04 | 12.18 | 11.20 | 10.93 | 11.13 | 10.85 | 11.09 | 11.02 | 0.11 | 0.11 | 0.10 | 0.10 | 0.09 |
| Shares outstanding | 3856938941 | 3856938941 | 3856938941 | 3856938941 | 3856938941 | 3856938941 | 3856938941 | 3856938941 | 3856938941 | 3856938941 | 19284694705 | 19284694705 | 19284694705 | 19284694705 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Adani Enterprises Limited | Entities over which one or more Ke | Any other transaction, Purchase of goods or services | 84,158,900,000.00 | 22 |
| Korba Power Limited (Formerly known as Lanco Amarkantak Powe | Wholly Owned Subsidiary | Any other transaction, Interest received | 42,124,000,000.00 | 8 |
| Adani Properties Private Limited | Entities over which one or more Ke | Any other transaction, Purchase of goods or services | 40,410,400,000.00 | 10 |
| Moxie Power Generation Limited | With Subsidiary | Any other transaction, Interest received | 35,998,600,000.00 | 9 |
| Mahan Energen Limited | With Subsidiary | Any other transaction, Interest received, Sale of go | 35,617,300,000.00 | 18 |
| Adani Power (Jharkhand) Limited | Wholly Owned Subsidiary | Any other transaction, Interest received, Sale of go | 30,406,200,000.00 | 17 |
| North Maharashtra Power Limited | Entities over which one or more Ke | Any other transaction | 8,150,000,000.00 | 1 |
| Adani Rail Infra Private Limited | Entities over which one or more Ke | Any other transaction | 7,000,000,000.00 | 2 |
| Adani Infra (India) Limited | Entities over which one or more Ke | Any other transaction, Interest paid, Sale of goods | 5,500,300,000.00 | 14 |
| Kutchh Power Generation Limited | Wholly Owned Subsidiary | Any other transaction, Interest received | 4,877,700,000.00 | 5 |
| Adani Ports and Special Economic Zone Limited | Entities over which one or more Ke | Any other transaction, Purchase of goods or services | 4,094,300,000.00 | 6 |
| Mirzapur Thermal Energy (UP) Private Limited (W.e.f. 05.06.2 | With Fellow Subsidiaries | Any other transaction, Sale of fixed assets | 3,445,800,000.00 | 5 |
| Adani Infrastructure Management Services Limited | Entities over which one or more Ke | Any other transaction, Purchase of goods or services | 2,911,100,000.00 | 7 |
| Adani Global Pte Limited | Entities over which one or more Ke | Any other transaction, Purchase of goods or services | 2,652,000,000.00 | 2 |
| MPSEZ Utilities Limited | Entities over which one or more Ke | Any other transaction, Purchase of goods or services | 2,046,500,000.00 | 5 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-07-29 | Q1FY27 | ADANI POWER LIMITED, POWER LIMITED | Read the call |
| 2026-05-06 | Q4FY26 | ADANI POWER LIMITED, POWER LIMITED | Read the call |
| 2026-02-04 | Q3FY26 | ADANI POWER LIMITED, POWER LIMITED | Read the call |
| 2025-11-05 | Q2FY26 | LIMITED | Read the call |
| 2025-08-08 | Q1FY26 | POWER LIMITED | Read the call |
| 2025-05-05 | Q4FY25 | LIMITED | Read the call |
| 2025-02-05 | Q3FY25 | Read the call | |
| 2024-11-05 | Q2FY25 | ADANI POWER LIMITED, LIMITED, POWER LIMITED | Read the call |
| 2024-08-09 | Q1FY25 | ADANI POWER LIMITED | Read the call |
| 2024-05-07 | Q4FY24 | ADANI POWER LIMITED, ENGAGEMENT | Read the call |
| 2024-01-31 | Q3FY24 | ADANI POWER LIMITED | Read the call |
| 2023-11-09 | Q2FY24 | Read the call |
What they said about it, quarter by quarter
| Topic | Q2FY25 | Q2FY26 | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | We have utilized the proceeds for regulatory recovery judiciously to deleverage and to fund capex. | The increase is mainly due to bridge financing for capital expenditure and working capital needs supporting our ambitious growth plans. | India is going through kind of a thermal capacity addition, even the government is asking everyone to add thermal capacity. | Except for NTPC and few states, for the time being, there is no capacity addition. | This was mainly due to bridge financing for capital expenditure. | And the Mahan 2 what will be the total capex for this project? | Now, to summarise the project expansion plan, we have already incurred around INR8,000 crores in FY ‘25 itself, and we have planned of INR13,307 crore… | The increase in leverage primarily reflects planned bridge financing for ongoing capex. |
| Capital allocation | And there is a difference between the acquisition value and the carrying value of the capital work in progress, and we believe that when we complete t… | Depreciation charge has increased in line with the acquisition of power plants over the last one year. | We are also moving closer to the acquisition of Coastal Energen under a consortium arrangement, for which, we have received a letter of intent from it… | Adani Power has continued its strong operational and financial performance in Quarter 3, with higher operating capacity after the recent acquisition o… | This was higher than last year due to acquisition of the Vidarbha plant. | — | Interest Charge for FY25 was nearly identical at INR3,380 crores for FY25 as compared to INR3,388 crores for FY24 and this is despite the acquisition … | So, it would be very difficult to specifically say what would be the per megawatt cost of Units 3 and 4 because the acquisition cost includes 1 and 2 … |
| Costs | — | — | — | — | — | So sir we have witnessed a new - so we just had a new tariff order in FY24. So, are there any benefits in terms of cost savings? | So, in terms of cost of coal, there will not be much of saving, but in most of the power plants almost 50% to 100% of the coal cost gets added in the … | — |
| Debt and cash | Our diverse capabilities and financial resilience provide a solid foundation for growth in our quest to reach 30+ GW of capacity by FY30. Our existing… | Now, we are set firmly on our path to raise our generation capacity from 18 GW to 42 GW by 2032, with an even faster growth in earnings and cash flows… | We have repaid the entire outstanding sustainable debt of Mahan Energen Ltd. Similarly, we have also prepaid other secured and unsecured debt of APL f… | And is our capacity target to reach 30 gigawatt there over 5-year time frame, I think we will have a lot of actually additional cash flow available ov… | The fund will support capacity expansion and working capital. | We have judiciously used the cash flow from operations and from regulatory recoveries to reduce debt through repayments. | During FY25, we had much lower one-time prior period income recognition of INR2,433 crores as compared to INR9,322 crores in FY24. As a result, the Re… | These new PPAs are highly earnings-accretive, which will generate significant cash flows in the coming years. |
| Demand | October 28, 2024 The Indian power sector has scaled new peaks with electricity demand growing at a fast pace. | We have fully de- risked our project execution pipeline with 100% advance ordering for Boilers, Turbines and Generators. | This allows us to gain the maximum benefit from the current surge in power demand. | As you all know, India's power demand has been growing strongly, barring some impact of seasonality and weather in recent months. | We are already witnessing good bilateral PPA demand with high tariff being tied up. | Our plants based on domestic coal also operated with high PLFs, both in case of PPAs and merchant capacity, due to the continuous demand growth being … | Adani Power Limited May 01, 2025 This growth is due to strong power demand and higher operating capacity, following our acquisition of 2,300 MW capaci… | However, we have started to see a good revival in power demand from March as warmer weather has arrived. |
| Guidance | Are we looking to commission that under-construction capacity as well and if you can give us some guidance on the capex as well? | We expect our PLF to improve as the lingering impacts of weather abate and demand picks up. | On our rating upgrade efforts, any update on that, when can we expect or any update on our efforts on the rating update? | So, how much more should we expect from this going into next few quarters? | We expect to return the strong power demand in the ensuring year as the base effect wears out. | We expect to receive NCLT approvals for these two companies soon. | My number one question is, can you please update on the progress of under-construction power plants and what has been the capex incurred in FY25 and w… | We expect higher PPA offtake and stronger bilateral demand in 2027. |
| Margin | Our Continuing EBITDA for H1 FY25 grew by 38.3% to INR 11,692 crores, up from INR 8,457 crores in H1 FY24. Similarly, Continuing EBITDA for Q2 FY25 gr… | The portfolio’s scale in terms of investment, revenues, EBITDA and cash flows has grown by multiples. | As mentioned by the CEO, our plants have posted high uptime on a consistent basis which allows us to claim full capacity charges under PPAs and helps … | Our continuing EBITDA for the quarter was INR 4,786 crores, reflecting our ability to maintain profitability despite market challenges, like seasonabi… | Continuing EBITDA for quarter 3 FY '26 was INR 4,636 crores, which was slightly lower than INR 4,786 crores in quarter 3 FY '25. | However, to remove any ambiguity, today we will focus on continuing revenues and continuing EBITDA to evaluate core earnings. | Our Continuing EBITDA grew by 14.8% to INR21,575 crores and this was due to higher revenue and lower fuel prices. | Despite a dynamic demand environment influenced by variable weather patterns, we reported a robust EBITDA of INR23,431 crores for the full year. |
| People | — | — | — | — | So, to the extent that the cost economics allow in terms of how the overall energy mix works out, actually, they will continue to see a high level of … | We have seen a superb revival of PLFs in power plants based on imported coal, high level of power uptake from domestic coal- based PPAs, and higher ut… | — | — |
| Pricing | — | One, if you can just talk about the expectations on the merchant and PPA tariff realizations in the second half given softness in merchant pricing tha… | — | — | First is, you talked about renewable capacity scaling, which impacted merchant pricing. | — | — | — |
| Revenue growth | Our consolidated power sales volume for Q2 FY25 was 21.9 billion units, a 21% increase from 18.1 billion units in Q2 FY24. This growth was driven by i… | The subdued power demand and weakness in the tariff acted as a constraint on revenue growth despite the higher power sales volume. | This resulted in a strong growth of 242% in our recurring EBITDA to INR5,059 crores in Q3 FY '24 as compared to INR1,479 crores in Q3 of the previous … | On a 9-month basis, APL achieved a PLF of 69% and dispatch of 69.5 billion units till December '24, which is a growth of 22% over the corresponding pe… | — | — | In the fourth quarter of financial year 25, we achieved a power sales growth of 19% with sale of 26.4 billion units. | April 30, 2026 As you all know, this slow growth was due to an early and extended monsoon that lasted almost till November, and cold weather in some p… |