AI-generated · cited to primary sources · not investment advice
Adani Power (533096) Feb 2026 Filing Analysis
Does management do what it says?
The company successfully issued AA rated NCDs and maintained a robust capital structure with a Net Debt to Continuing EBITDA ratio of 2.12x. While the exact weighted average cost is not explicitly stated as a single percentage for the full year, the successful issuance of AA rated debt on January 27, 2026, supports the maintenance of competitive borrowing costs. (2 met across 2 tracked commitments)
“Weighted average cost will be less than 9% this year.”
The Godda project was commissioned and its debt is now fully reflected in the senior debt profile as of December 31, 2025. (1 met across 1 tracked commitment)
“It is our strategy also, we are also trying to reduce this capacity, so maybe by 3% to 4% over the period of time. So, over the period of 6, 7 years, it will further reduce from 10% to 3% to 4%.”
As of the end of FY26, the average emission intensity stands at 0.85 tCO2e/MWh, which is marginally above the target of 0.84 tCO2e/MWh. (1 in progress, 2 met across 3 tracked commitments)
“Reduction in GHG emission intensity to 0.84 tCO2e/MWh by FY 26”
Management confirmed that 100% of land is available and 100% of BTG (Boiler, Turbine, Generator) sets have been ordered for the 23,720 MW organic growth pipeline. (1 met, 1 revised across 2 tracked commitments)
“Next year, we are going to add Korba Phase-II, 2 x 660 MW, this year. Next year, we are also putting all the best possible efforts also to complete Mahan Phase 2 as well.”
The company is currently participating in ongoing thermal PPA bids for over 13 GW of capacity. (2 in progress across 2 tracked commitments)
“We are looking at ongoing bids of 15 gigawatts to fill up the balance 12 gigawatt capacity.”
See the full cited Management analysis of Adani Power
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