Adani Power

“So in the third quarter, it should start operating. And the second unit of Korba is expected to start operating by around December.”

“Raigarh Phase-II, Mirzapur, and Anuppur projects are also under execution.”

“Going forward, we may even have to revisit our strategy of capacity addition.”

“the plans that we have made in terms of our capacity expansion are also very much in line with the growth in demand that we are expecting.”

“We have now secured long-term PPAs for 62% of our upcoming 24 gigawatt thermal pipeline.”

“since Uttarakhand power will start after 4 years, so we will be looking for either medium term or merchant during these 4 years.”

“In case of UP, the bids are already submitted and likely to be opened in this month or early next month. In West Bengal, bid of 1,600 MW is to be submitted in the first week of next month, unless it is extended because of upcoming Diwali holidays.”

“Also Rajasthan bid submission is in first week of next month.”

“So, to summarize, the Rajasthan bid is state-specific, the West Bengal bid is location-specific, and the UP and Gujarat bids permit projects to be located anywhere in India.”

“Sales under long-term and medium-term PPAs expanded by 29.7% to 23.4 billion units, reflecting increasing offtake by DISCOMs.”

“PPA realization improved by 12.7% on a continuing basis, supported by the pass-through of import coal indices and recent medium-term PPAs.”

“Merchant and short-term volume were 43% lower year-on-year as we strategically tied up previously-open capacities under medium-term contract.”

“term merchant tariffs surged by 33% per unit, capturing strong demand momentum.”

“So, in case of data centers, we are not signing the PPAs directly with them.”

“India's power demand rose 11.5% year-on-year to 502 billion units in Quarter 2 with lower hydropower output because of weak monsoons.”

“In conclusion, India needs more than 100 gigawatts of new thermal capacity by 2032.”

“However, we are of the view that demand is likely to increase further because we have not yet started seeing the load from the data centers.”

“Next year also, we expect the power market to be quite strong given the pattern of demand and the way the demand has been growing.”

“Total fuel cost for Q2 FY27 increased by 41.8% to INR10,229 crores, compared to INR7,216 crores in Q2 of last year. This rise was driven by increased volumes, coupled with an approximate 50% increase in the landed cost of imported coal.”

“Yes, in a way, it has impacted slightly because, otherwise, our margin would have been higher, but it has gone down.”

“So whenever international price goes up, it will immediately get reflected in their billing. So there is no question of time lag there.”

“However, the effective cost of coal has risen slightly due to lower quality of coal received in the second quarter because of the rainy season, which increase the fuel cost.”

“Therefore,, the increase in fuel cost will naturally have an impact on the tariffs.”

“As of September 30, 2026, total debt stood at INR61,860 crores, compared to INR53,556 crores as of March '26.”

“Net debt stood at INR45,846 crores as of September 30, 2026, compared to INR45,022 crores as of March 31, '26.”

“We are funding our capex primarily through internal accruals. We rely on debt only to the extent of any gap between accruals and capex funding requirements.”

“Adani Power's credit rating was upgraded from AA to AA+.”

“Finance costs for the quarter decreased by 9.7% to INR760 crores in compared to INR842 crores in Q2 of last year, driven by disciplined debt and liquidity management.”

“We were declared the successful resolution applicant for GVK Energy Limited under the CIRP process. This marks our entry into hydro generation through the operational 330-megawatt Alaknanda plant in Uttarakhand.”

“We signed a shareholders' agreement with Druk Green Power, our project partner, for a 770-megawatt hydropower project. The project will be developed through a 49:51 joint venture.”

“we have already signed a memorandum of understanding with Bhutan for 5,000 MW of hydro projects.”

“At this moment, there is no change. As and when we willevaluate it, we'll inform the market.”

“we expect that the rules and regulation will be notified soon. Once the rules and regulations will be notified, we will take the capacity expansion forward.”

“recognized onetime net prior period revenue of INR2,422 crores compared to Rs 669 crores in Q2FY26, primarily arising from revision of the initial energy charges for the Gujarat PPAs”

“There is no past period recovery remaining in case of the Gujarat DISCOM as of now.”

“The quarter included a net tax credit of INR231 crores, which is due to the reversal of provisions made earlier following the amalgamation of subsidiaries with Adani Power.”

“So we have reversed that at this stage to adopt conservative accounting principles for the time being,.”

“Other expenses reduction on quarter-on-quarter basis is due to reversal of the provision of expenses.”

“as per the advice of the Auditors when the issue is not completely settled, even accounting for 50% is also not appropriate. So we accepted their advice, and based on that, we have reversed this.”

“So, considering overall situation, we don't foresee much of any implication.”

“As a result, Consolidated Profit After Tax for Q2 FY27 rose sharply by 141.5% to INR7,019 crores, compared to INR2,906 crores in Q2 of last year.”

“Our total continuing revenue stood at INR17,528 crores, which is 28.5% higher year-on-year basis.”

“Our continuing EBITDA for the quarter for FY27 was INR6,321 crores, compared to INR5,333 crores in quarter 2 of last year.”

“As per the Group’s strategy Adani Power is expected to pursue hydro projects at the international level only.”

“We have not done any tie-up with AESL...”