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Informist, Monday, Oct. 26, 2026

 

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--Adani Power: Better EBITDA margin Q2 on medium-term power purchase pacts 
--CONTEXT: Comments by Adani Power mgmt in post earnings analyst call 
--Adani Power: Higher domestic coal use improving margins 
--Adani Power: Expect 2nd unit of Korba power plant operational by Dec-end 
--Adani Power: Optimist about prospects in Bhutan 
--Adani Power: Expect strong growth in power market in FY28 due to demand

 

By Astha Oriel and Avishek Rakshit

 

NEW DELHI/KOLKATA – Adani Power expects the second unit of its Korba thermal power plant to be operational by December, a senior company official told analysts in a post-September quarter earnings conference call on Monday.

 

"Korba unit 3, that is the first 650-megawatt unit, we have recently synchronised it. We expect that it should be commissioned very soon. So, in the third quarter, it should start operating. And the second unit of Korba is expected to start operating by around December," the official said.

 

For the September quarter, the company's continuing earnings before interest, tax, depreciation, and amortisation grew 19% on year to INR 63.21 billion, driven by higher volumes, improved tariffs, and merchant realisation, and controlled operating expenses despite higher fuel costs. The company's better EBITDA margins for the September quarter are due to medium-term power purchase pacts and higher domestic coal usage, according to the official. 

 

The company had added new capacities in the financial year 2025-26 (Apr-Mar), which it is utilising in the current year, leading to EBITDA growth, the official said. "And we have also nine medium-term PPAs (power purchase agreements). As compared to running this capacity in the merchant market intermittently earlier, we have been able to get full revenue and profitability and good tariff because of the PPAs that we have signed over there. Secondly, we have also been able to get better profitability in some of our PPAs because of, you can say, the tariff increasing in line with the international coal prices. So, there is additional margin that we are also making in some of the PPAs now," the official added.

 

The company is optimistic about prospects in Bhutan, according to the official. "We signed a shareholder settlement with Trust Green Power (in Bhutan), our project partner, for a 770 MW hydropower project. The project will be developed through a 49-51 joint venture. It is our second joint development in Bhutan after the 570 MW hydro project. We are progressing quickly and steadily on our 24 Giga Watt thermal capacity pipeline," the official said. 

 

For the financial year 2027-28 (Apr-Mar), the company expects strong growth in the power market. "The power market has actually performed better. So, obviously, there is an increase overall, you know, profitability has also improved in line with that. 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," the official said. 

 

For the September quarter, the company's consolidated net profit jumped over 134% on year to INR 69.19 billion on revenues of INR 30.42 billion. At 1319 IST, shares of the company traded 1.1% higher at INR 184.05 apiece on the National Stock Exchange.  End 

 

Edited by Akul Nishant Akhoury

 

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