Adani Power Ltd.New PPA Economics Drive EBITDA Visibility

Adani Power delivered resilient Q3 FY26 results with EBITDA of ₹4,636 crore (down 3.1% YoY) and underlying PBT growing 5.3% YoY to ₹2,800 crore despite weaker demand from extended monsoons and softer merchant prices.

Revenue declined 5.3% YoY to ₹12,717 crore while PAT fell to ₹2,488 crore — largely a base-effect distortion from ₹1,400 crore prior period income in Q3 FY25 versus ₹278 crore in Q3 FY26. The structural story remains compelling: 90%+ capacity is under long-term PPAs and the 23.7 GW expansion pipeline will generate 100% of its EBITDA from availability-based capacity charges, fully insulating earnings from commodity price risk.

A ₹7,500 crore AA-rated NCD issuance supports the self-funded ₹2 lakh crore expansion program. With Q4 FY26 demand already recovering 10–12% month-on-month and merchant prices expected to improve in FY27, Adani Power is well positioned for strong earnings growth as 2.9 GW commissions in FY27, scaling to 42 GW by FY32.