Adani Power received a Letter of Intent on September 7, 2026, following the Committee of Creditors' approval of its resolution plan to acquire GVK Energy Limited.

Resolution plan development

The Committee of Creditors formally endorsed GVK Energy's resolution plan under the Insolvency and Bankruptcy Code 2016. Adani Power received the Letter of Intent from the Resolution Professional at 9:35 am on September 7, 2026. This marks a procedural milestone in the corporate insolvency resolution process, signalling creditor consensus on the proposed acquisition.

GVK Energy owns and operates a 330 MW hydroelectric power plant in Uttarakhand through its subsidiary Alaknanda Hydro Power Company Limited. The implementation of the resolution plan is subject to the terms of the Letter of Intent and requisite approvals from the National Company Law Tribunal, Hyderabad, and other regulatory authorities.

Adani Power Limited reported a 33% year-on-year increase in net profit to $514 million for the first quarter of FY27. The growth was supported by a 20% rise in revenue to $2,040 million and an expansion in EBITDA margins to 43%.

The company’s operating capacity stands at 18,330 MW, with plant availability reaching 96% in the quarter, up from 89% in FY26. This operational efficiency contributed to higher EBITDA of $884 million, reflecting a 23% YoY growth.

Financial Performance

Revenue from operations grew to $1,996 million, while fuel costs remained at $1,004 million. The company maintained strong profitability despite rising input costs, aided by efficient fuel management and high dispatch levels.

What the Numbers Show

Continuing EBITDA rose 10% YoY to $737 million, indicating steady core business performance. Meanwhile, total PAT grew at a faster pace (33%), suggesting that non-operational or exceptional items may have contributed to the bottom-line surge. With net debt standing at $5,030 million, the net debt-to-continuing EBITDA ratio remains manageable at approximately 2.1x (TTM as of June 2026).

Capacity and Growth Pipeline

Adani Power operates 13 assets across nine states. The company has 23,720 MW of locked-in capacity under development, with 13,320 MW already tied up through long-term power purchase agreements (PPAs).

Key highlights include:

• 95% of existing capacity is secured under PPAs.
• 60% of upcoming capacity is brownfield, ensuring faster execution.
• Target capacity expansion to 42,050 MW by FY32.

Operational Efficiency

Plant availability improved significantly to 96% in Q1FY27 from 89% in FY26. The company utilizes AI/ML-based predictive maintenance and real-time monitoring via its Energy Network Operations Center to optimize performance. Fuel security remains strong, with 87% of domestic coal-based capacity backed by long-term fuel supply agreements.

Balance Sheet Strength

As of June 2026, Adani Power held cash balances of $966 million, alongside fund flow from operations (FFO) of $2,293 million for FY26. The company’s credit ratings have been upgraded by multiple agencies, with CareEdge Ratings assigning an AA+/Stable outlook. This strong liquidity position supports its self-funded growth strategy for the next seven years.