Adani Power Stock Analysis 2026: Doubling Capacity to 42 GW — Revenue Growth Rank 2

Company Overview

Adani Power (NSE: ADANIPOWER) is India's largest private thermal power producer with an installed capacity of 18.15 GW. The company is on an ambitious expansion trajectory, planning to nearly double its capacity to 42 GW by FY 2031-32, making it one of the most aggressive growth stories in India's power sector.

Revenue Growth Outlook

Our AI-powered analysis of the latest earnings call transcript reveals strong forward-looking signals:

• Capacity expansion from 18.15 GW to 42 GW by FY 2031-32, adding 24 GW over 6-7 years
• Power sales increased from 69.5 billion units to 71.8 billion units (9M FY26), showing volume-driven growth
• Operating assets generate EBITDA of ~Rs. 22,000 crore annually, expected to grow with new capacity
• Over 90% of operating capacity tied under long-term PPAs, providing revenue visibility
• New PPAs generate EBITDA mainly from fixed capacity charges, ensuring steady earnings

Capital Expenditure — Massive Expansion Underway

Adani Power has committed approximately Rs. 2 lakh crore (USD 22 billion) in capex over the next 5-6 years:

• Majority funded through internal accruals (FFO of ~Rs. 20,000 crore annually)
• Interim funding gap of Rs. 60,000 crore met via domestic capital markets and bank borrowings
• Recent AA-rated NCD issuance of Rs. 7,500 crore at competitive rates
• Assam greenfield 3,200 MW project at ~Rs. 10 crore per MW under DBFOO model
• Mahan Phase-II (~80% complete), Raipur Phase-II (~44%), Raigarh Phase-II (~38%)

Fundraising — Active

The company is actively raising capital through domestic markets. External borrowings are structured through a diversified mix including NCDs and bank term loans, maintaining a weighted average borrowing cost under 9% with a AAA stable credit rating.

Orderbook — Strong Pipeline

Adani Power is progressing well on its 23.7 GW thermal expansion program with approximately 15 GW of ongoing thermal tenders in the pipeline. Projects under construction are on schedule for phased commissioning starting FY 2027.

Key Takeaway

Adani Power presents a compelling growth story backed by India's rising power demand (projected peak of 380-400 GW by FY32). With strong internal cash generation, disciplined capital allocation, and over 90% PPA-tied capacity, the company offers a combination of growth and revenue stability that is rare in the power sector.