ADANI POWER — INDIA’S ELECTRICITY DEMAND, ITS GROWTH ENGINE!

AI data centres, manufacturing, urbanisation and electrification all need one thing: reliable power. And India’s thermal power fleet remains central to meeting that demand. Adani Power is one of India’s largest private-sector thermal power producers, with an expanding generation portfolio and long-term power supply opportunities. 📊 Q1 FY27: RECORD OPERATING PERFORMANCE 💰 Reported revenue: ₹19,322 crore, up 32.6% YoY. 🚀 Reported EBITDA: ₹8,369 crore, up 36.1%. 📈 Net profit: ₹4,867 crore, up 47.2%. ⚡ Power sales climbed 16.9% to 28.8 billion units, supported by higher demand and increased operating capacity. Continuing EBITDA, excluding prior-period items, grew 21.6% to ₹6,983 crore. 🔥 WHAT COULD POWER THE NEXT LEG? ✅ Rising electricity demand: Industrial expansion, cooling requirements and digital infrastructure could support long-term power consumption. ✅ Capacity expansion: Adani Power has outlined plans to expand its portfolio substantially, creating potential for higher generation and revenue. ✅ Long-term contracts: The company secured a 25-year agreement to supply 1,234 MW to Uttarakhand, subject to regulatory tariff approval. ✅ Acquisitions and new projects: Additional assets and power purchase agreements could expand its operating base, provided execution and financing remain disciplined. ⚠️ WHAT CAN DERAIL THE STORY? Coal prices, environmental regulations, capital expenditure, debt and project delays can affect returns. Merchant power prices can fluctuate, while reported earnings may include prior-period adjustments that do not recur. 🎯 THE BOTTOM LINE Adani Power offers exposure to India's growing electricity needs, backed by strong Q1 FY27 operating performance and an ambitious expansion pipeline. The opportunity is substantial — but capacity growth must translate into sustainable cash flow, manageable leverage and attractive returns on capital.