Adani Power is looking to increase its capital expenditure by over 60% to Rs 13,000 crore in the current financial year, as it aims to ramp up its capacity from 17.5 GW to 30.67 GW by 2029-30. In FY25, the company invested Rs 8,000 crore.
The Adani Group firm plans to meet its funding requirements through internal accruals on the back of healthy Ebitda, its chief executive SB Khyalia said in an investor call.
Group companies Adani Energy Solutions and Adani Green Energy are looking to invest Rs 18,000 crore and Rs 31,000 crore, respectively, in FY26.
Adani Power posted a net profit of Rs 2,649 crore in the fourth quarter of FY25 – down 3% year-on-year. It revenues rose 6.5% year-on-year to Rs 14,237 crore from Rs 13,364 crore.
“We are developing six sets of 2X800 MW ultra supercritical units across our sites in Raipur, Raigarh, Kawai, Mahan, and Mirzapur, and the BTG (boiler, turbine, generator) order has already been placed for this,” company CFO Dilip Jha said.
Jha said Adani Power is expected to close the acquisition of the 600 MW Vidharbha Industries Power in Butibori in Maharashtra soon as the NCLT resolution process is on its last legs.
The 2,920 MW expansion of its project in Korba, which was earlier known as Lanco Amarkanrtak, is likely to be completed by the end of this financial year or early next financial year.
Khyalia said the demand for thermal power remains strong and the government has recently upped its projection for new thermal capacity to 100GW from 80GW.
The company expects merchant power demand to be strong in FY26, with higher demand and lower thermal capacity addition. Close to 90% of its capacity is tied up under long-term power purchase agreement (PPA), with the balance being sold in the open market.
In FY25, the company saw lower merchant realisation at Rs 5.93/ unit vs Rs 6.92/unit in FY24. It’s PPA tariff during the year was Rs 5.60/ unit. In FY25, it generated and sold 102 billion units of electricity.
Khyalia said the company remains confident of signing PPAs for its upcoming capacity. “Coal supply is not a challenge….there is plenty of coal available in the open market,” he said.
Confident Bangladesh will pay dues soon
On Bangladesh, the company said its current outstanding stands at about $900 million, including late payment charges, but the situation is improving. “We continue to supply full power to Bangladesh. Last quarter, outstanding fell by about Rs 500 crore and the payment they are making is more than the monthly billing. We are confident that our old outstanding will get liquidated soon,” Khyalia said.