Adani Power Limited has detailed a growth strategy targeting a total capacity of 42,050 MW, supported by an existing operating portfolio of 18,330 MW and a locked-in project pipeline of 23,720 MW. The company, which operates as India’s largest private sector thermal power producer, highlighted its ability to fund expansion through internal accruals, citing strong cash flow generation and an effectively unlevered capital structure.

The company reported an EBITDA of ₹23,431 crore for FY26, resulting in an EBITDA margin of 40%. Revenue from operations for the same period stood at ₹54,241 crore. Adani Power attributes its profitability to operational excellence, maintaining consistent plant availability above 90%, and a diversified asset portfolio spread across eight states.

Capacity Expansion and Pipeline

Adani Power’s growth strategy relies on a mix of organic and inorganic expansion. The current operating capacity of 18,330 MW includes 10,840 MW of organically executed capacity and 7,450 MW of inorganic capacity acquired through the turnaround of stressed assets. The company has secured land and equipment for its upcoming projects, with 60% of the new capacity classified as brownfield, which is expected to enable faster execution.

Financials and Funding

The company’s financials indicate a robust balance sheet with the ability to fund significant capital expenditure. Adani Power projects that its existing fleet will generate a total fund flow from operations (FFO) of ₹140k crore over the next seven years. This cash flow is expected to cover a large portion of the estimated ₹180k crore capex required for expansion, ensuring that the majority of funding comes from internal accruals.

Strategic Advantages and Market Position

Adani Power emphasized its structural advantages, including access to abundant domestic coal reserves and long-term Power Purchase Agreements (PPAs) that secure revenue visibility. Approximately 95% of its 18.15 GW capacity is tied up under PPAs, providing stability against market volatility. The company also noted the critical role of base load power in India’s energy mix, projecting that the country will require an additional 100 GW of thermal capacity by 2035 to meet rising demand.

Adani Power Limited has filed its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26 with BSE Limited and National Stock Exchange of India Limited. The filing, submitted by Company Secretary Puneet Bansal on May 29, 2026, provides a comprehensive overview of the company's environmental, social, and governance (ESG) performance on a consolidated basis.

The report highlights that the company achieved 100% utilisation of fly ash for beneficial uses, contributing to the circular economy, while all hinterland thermal power plants have attained Zero Liquid Discharge status. Adani Power exports 9.35% of its total power generation to Bangladesh, which contributes 15.59% of its total turnover, under a long-term Power Purchase Agreement with the Bangladesh Power Development Board.

ESG Performance and Materiality

Adani Power conducted a double materiality assessment in FY 2023-24, engaging with stakeholders including investors, customers, and regulators to identify material issues. The assessment followed GRI 3: Material Topics 2021 Standards and ESRS General Disclosures. Key material issues identified include air emissions, GHG emissions, water management, and occupational health and safety.

The company reported that its operating capacity stands at 18,150 MW. It has implemented management systems including ISO 9001:2015 for Quality, ISO 14001:2015 for Environment, and ISO 45001:2018 for Occupational Health and Safety. Independent assessment of the BRSR was carried out by M/s. TUV India Pvt. Ltd.

Workforce and Social Impact

The company reported a total workforce of 25,634, comprising 5,780 employees and 19,854 workers. The gender diversity among employees stands at 2.63%, while female workers constitute 2.57% of the total workforce. The turnover rate for permanent employees was 12.16% in FY 2025-26.

Adani Power invested ₹4.41 crore in training and development during the reporting period. The company reported that 100% of employees and 64% of workers were covered by health and safety training programs. Regarding safety incidents, the Lost Time Injury Frequency Rate (LTIFR) for workers was 0.07 per million person-hours worked, with one fatality reported among workers during the year.

Financial and Governance Disclosures

The report details the company's financial parameters for CSR applicability, with a turnover of ₹57,865.28 crore and a net worth of ₹66,401.92 crore. The Board of Directors has constituted a Corporate Responsibility Committee, chaired by an Independent Director, to oversee ESG strategies and policies.

Adani Power disclosed that it paid a penalty of ₹1,15,000 plus applicable GST to each of the stock exchanges regarding the delayed appointment of an Independent Director. The company stated that no appeal has been preferred against this penalty. The report also confirms that the company has an Anti-Corruption and Anti-Bribery policy in place.

Key Financial and Operational Metrics

The Integrated Annual Report and the BRSR have been uploaded to the company's website and are available at www.adanipower.com .