$ADANIPOWER

$ADANIPOWER Adani Power remains one of the strongest players in India’s thermal power space, backed by aggressive capacity expansion, rising long-term PPAs, and strong cash generation. The stock continues to stay highly volatile because of group-level debt concerns, regulatory overhang, and sharp movement in merchant power prices. Business Strengths India’s power demand is structurally rising due to manufacturing growth, EV adoption, AI/data centers, and infrastructure expansion. Adani Power is rapidly expanding thermal capacity and targets major capacity addition by 2032. Nearly 95% of operational capacity is now tied under long-term PPAs, improving revenue visibility and reducing dependence on volatile merchant tariffs. Recent contracts from Assam, Maharashtra, and Tamil Nadu strengthen long-term earnings stability. Financial Performance Recent FY26 numbers indicate operational resilience despite fluctuations in power demand: Q4 FY26 PAT jumped 64% YoY to ₹4,271 crore. EBITDA grew 27% YoY. Revenue rose 10% YoY. FY26 generation crossed 105 billion units. The company is still generating very strong operating cash flow, which supports expansion plans.