Thank you, Rutuja. Good evening.

On behalf of ICICI Securities, I would like to welcome you all to Q3 FY26 earnings call of Adani Power Limited. Today, we have with us from the management: Mr.

Dilip Jha, CFO; Mr. Nishit Dave, Head, Investor Relations.

We'll start with brief opening remarks, which will be followed by Q&A. Over to you, sir.

Hi. Thank you, Mohit.

Good afternoon. Good afternoon, everyone.

Thank you for joining the call. Our CEO, Mr.

S.B. Khyalia, could not join us today due to some business exigency, and we apologize for this.

Now, let me take you through our performance for the quarter of FY26 and 9 months. On operational operating environment, let me brief you that power demand in quarter 3 FY26 was weaker than last year.

As this year monsoons started early in May and extended up to October. Temperatures were also cooler compared to last year.

As a result, all-India power demand was marginally lower at about 392 billion units. This was broadly flat versus the same period last year.

Higher renewable generation also impacted thermal demand. Together, these factors led to lower merchant market market price.

The average market clearing price in the day-ahead market declined sharply year-on-year. Now, on operational performance, despite this environment, our operations remained resilient due to our fuel logistics cost advantages, long-term tie-ups, and competitive merit order position in most PPAs.

Our installed capacity stands at 18.15 GW as of 31st December '25. This was higher than last year due to acquisition of Vidarbha plant.

Power sales in Q3 FY26 were 23.6 billion units. This was slightly higher than 23.3 billion units same period last year.

This increase came despite a lower plant load factor of 62.6%. PLF declined from 63.9% last year due to weaker demand.

Higher operating capacity helped offset lower utilization. For the 9-month period, power sales increased to 71.8 billion units.

This was up from 69.5 billion units in 9 months last year. The increase was driven by our capacity additions.

One important development is that we have made the 600 MW Butibori power plant fully operational now. When we acquired it in July 2025, it had been in a shutdown state for several years.

We have tied up its capacity in a 5 years PPA with Maharashtra Discom, which is being supplied at full capacity now. On revenue performance, continuing total revenue for quarter 3 FY26 was ₹12,717 crore.

This was slightly lower than ₹13,434 crore in in the same period last year. The decline was mainly due to lower power selling rates.

Merchant prices were significantly lower year-on-year. Import coal prices were also lower, because of which energy charge is lower in some import coal linked PPAs.

However, we have been able to get higher realization due to short-term bilateral tie-ups. Other income for quarter 3 of last year was higher, mainly due to higher late payment surcharge income as compared to quarter 3 of this year.

For the 9-month period, continuing revenue was ₹40,524 crore. This compares with ₹41,951 crore in 9-month '25.

Higher volumes have largely offset the impact of lower rates for 9-month period. Fuel costs for quarter 3 FY26 was 9.7% lower in quarter 3 FY26 at ₹6,800 crore, as compared to ₹7,500 crore for quarter 3 of the same last year.

This reflects the reduction in import coal prices, as I explained you. Fuel cost was similarly lower by 5.4% between the two corresponding 9-month period ended 31st December.

Continuing operating expenses were higher by 14.8% at ₹1,280 crore in quarter 3 FY26, as compared to ₹1,115 crore in quarter quarter 3 FY25. This is largely due to the recently acquired asset being operational for the full period under consideration, overhauling expenses at various plants, and higher outlay for CSR expenses spend.

EBITDA performance: Despite lower revenue, profitability remained strong. Continuing EBITDA for quarter 3 FY26 was ₹4,636 crore, which was slightly lower than ₹4,786 crore in quarter 3 FY25.

This decline reflects lower realization, however, cost control and operating efficiency helped protect margin. Contribution from newly acquired assets also supported EBITDA.

For the 9-month period, continuing EBITDA was ₹15,713 crore. This compares with ₹16,478 crore last year.

Lower powering sale rates and higher CSR spend were partly offset by scale benefits. On profit before tax and PAT front, continuing profit before tax for quarter 3 FY26 was ₹2,800 crore.

This was higher than ₹2,659 crore in quarter 3 FY25. The improvement was driven by lower finance costs, this offsets the decline in EBITDA.

Profit after tax for quarter 3 FY26 was ₹2,488 crore. This compares with ₹2,940 crore last year.

Last year PAT in quarter 3 was higher due to higher one-time prior period income recognized in quarter 3 FY25 as compared to quarter 3 FY26. In quarter 3 FY25, prior period income was slightly higher at ₹1,400 crore as compared to ₹278 crore for quarter 3 this year.

Similarly, total prior period income for 9 months ended December '25 was ₹1,353 crore as compared to ₹2,420 crore for the corresponding period of FY25. For the 9-month period, PAT was ₹8,700 crore.

This compares with ₹10,150 crore in 9-month FY25. Now turning to the balance sheet, we continue to maintain strong liquidity with timely payments being received from all customers, including Bangladesh.

Total debt as of December 31st '25 was ₹45,331 crore. Net debt stood at ₹38,679 crore.

Debt increased from March '25 levels. This was mainly due to bridge financing for capital expenditure.

Importantly, leverage remains comfortable. Strong cash generation supports ongoing expansion.

Now let me brief you on PPA portfolio and visibility. A key strength for us remains our contracted revenue profile.

During the quarter, we received a letter of award for a 3,200 MW project in Assam. This project will be developed on greenfield basis under the DBFOO model.

Fuel linkage will be arranged under SHAKTI policy. With this, half of our upcoming capacity is already tied up under long-term PPAs.

We have now tied up existing operating capacities under long-term and medium-term PPAs with various state discoms. Out of our present operating fleet of 18.15 GW, we have almost tied up under PPA 90%.

This provides strong revenue visibility. It also reduces exposure to short-term market volatility.

On capital raising and credit profile, recently we further strengthened our funding profile. We raised ₹7,500 crore through AA rated non-convertible debentures.

The issuance was done in four tranches. Tenors ranged from 2 to 5 years, and coupons rate ranged from 8% to 8.4%.

We have been able to get investments from some of the largest mutual funds and commercial banks, among together among others. The fund will support capacity expansion and working capital.

Our credit rating continued to be AA, stable, even with the new additions of debt. This reflects our strong business and financial positions.

Now, on project executions front, let me now update you know some of our project executions. We progressing well on the 23.7 GW thermal expansion program.

Mahan phase is about 80% complete. Raipur Phase 2 is around 44% complete.

Raigarh Phase 2 is close to 38% complete. Construction at Korba Phase 2 project has also resumed.

These projects are scheduled to be commissioned in phases from FY27 onwards. Advance equipment ordering and in-house execution provide us strong competitive advantages.

We are looking at ongoing bids of 15 GW to fill up the balance 12 GW capacity. We also expect the other states to come up with their long-term PPA bids for thermal power soon.

Now, let me conclude with our business outlook. We expect the return on strong power we expect to return the strong power demand in the ensuing year as the base effect wears out.

We are already witnessing good bilateral PPA demand with high tariff being tied up. However, we are focusing on capacity tie-up under long-term and medium-term contracts to moderate exposure to rate volatility.

Our increasing share of contracted capacity provides stability to earnings as well as visibility to revenue and liquidity. Our upcoming capacity additions will drive earnings growth.

It is worth repeating here that the new PPAs generate EBITDA from plant availability, while fuel charges are a pass-through. These new PPAs have much better higher capacity charges than our legacy PPAs.

This will lead to much better per-megawatt EBITDA in the in the coming years. In conclusion, our balance sheet is strong, liquidity is excellent, and we are well-positioned to fund growth.

We remain confident in the long-term power demand outlook for India. Thank you for your time.

We will now be happy to take your questions. Thank you.

Good evening, sir. Thanks for the opportunity.

My first question is for the Assam and Karnataka PPA, what is the tariff, fixed and variable charge? Also, have we signed any extra 200 MW PPA with Assam?

Assam PPA for 3,200 MW, the energy charges is ₹6.30, out of that capacity is ₹4.16. You are asking for Raipur?

Karnataka?

Karnataka

PPA, right.

Yeah. This is ₹5.78 per unit for Karnataka.

The fixed component would be?

₹4.05.

All right, understand. My second question is on capex.

What is the capex incurred in 9-month FY26? We had estimated about 130 billion for the whole year.

Where are we now? Also, can you give the exact timelines in terms of which quarter we can expect the upcoming three facilities: Mahan, Raipur, and Raigarh to get commissioned?

We have spent capex in this year as on 31st Just give me, yeah, just give me 1 minute, huh? On expansion side, this year we have, invested the capex of near about you can say, the ₹15,000 crore, including advance payment we have given to our the BTG supplier.

Okay. In terms of timelines, when can we expect, if you can get specific in terms of quarter, in which quarter we can expect?

What so this is as per the scheduled target. Next year, we are going to add we have already scheduled for addition of Korba, 660 x 2, this year next year we will add.

Also, though this is the the scheduled Mahan, we are also putting all the best possible efforts also to so to complete Mahan Phase 2 as well.

Mahan Phase 2 as well next year?

Yeah. Yeah.

For the other plants, you can expect commissioning 6 months after Mahan, one unit after the other.

Understand.

By the middle of FY29, all these three projects would be completed. Our all projects are going on as per the scheduled plan.

Next year, we will be adding the Korba. Also, we are putting efforts for Mahan.

Then every single project, these are as per the scheduled timeline. We are confident that we will be able to complete all the projects as per pre-scheduled targeted timeline.

Understand. My next question is on if you can give PLF, revenue, and EBITDA for Godda power plant?

Godda power plant, yeah. Just give me 1 minute.

The Godda, quarter 3 revenue is ₹2,210 crore, continuing EBITDA ₹1,092 crore. If you will ask for 9 months, right, the revenue is ₹6,700 crore, and continuing EBITDA is ₹3,247 crore.

Okay. Sir, my last question is given the Vidarbha and Karnataka get operational, will the dependence on merchant reduce in coming quarters?

Yeah. You might be witnessing our strategy.

If you'll see that 2 years ago, our open capacity, and the PPA was 80:20, which got reduced to 84:16. Now this is 90 and 10.

We are very much mindful about the merchant tariffs and rates. What we have strategized that we are minimizing, our portfolio to open capacity, resulting into ensuring, the assured revenue, EBITDA, irrespective of market volatility.

This is already at 10%, the open capacity.

Thank you, sir. That's helpful.

Thank you.

Sir. Thank you so much.

Sir, just one question. If you can give the volume long-term and merchant volumes for the quarter?

Yeah. Give me for a moment.

Merchant volume for the quarter was 4.3 billion units.

Okay.

For 9 months, this is 15.65 billion units.

15.65, right, sir.

For 9 months.

For three

for quarter 3, this is 4.3 billion.

4.3. That's the only question, sir.

Thank you so much, and all the best. Thank you.

Thank you.

Yes, sir. Thank you.

In your opening remarks, sir, you mentioned about the impact of merchant prices being significantly lower as well as imported coal price impacting the energy charges. Just to understand, could you quantify both of these on a y-o-y basis?

Hello?

Yeah. Sorry, we were on mute.

Just a second, please. I'm sorry, it was on mute, this is so I missed that.

Merchant realization in terms of tariff, if you will see for this quarter, this is 4 point ₹4.37, right, as against that, if you'll see in the same period last year, it was ₹4.56. If we will talk about 9 months, this 9-month this year 9-month ₹5.44, and it was ₹6.16.

I'm repeating it again. For quarter-on-quarter basis, per unit realization this year for quarter 3, ₹4.37.

Same period, same quarter last year, it was ₹4.56. For 9 months, it is ₹5.44.

Last year for 9 months, it was 16 ₹6.16. As I explained to you that we are mindful about this market volatility.

What we have done? We have now around the more than 90% capacity under PPA, and only we have 10%, in open capacity.

It is our strategy also over the period of time, we are also trying to reduce this capacity, maybe by 3% to 4% over the period of time. Over the period of 6, 7 years, it will further reduce from 10% to 3% to 4%.

Understood. On the imported coal price, what's the cost at which you have bought or incurred at a landed basis this quarter versus the same quarter last year?

Let me, brief you about the indices. This time, quarter 3, the indices, I'm talking about the HBA index, it is $104, as against that the same quarter last year, it was $123.

So, $123 versus $104. Right.

If you'll talk on year-and-year basis, this is, I guess, $138 to $108. There is reduction of near about the $15-$16 on per metric ton basis.

This resulted into a little bit, in because so our revenue in some of the plants based on the imported coal. If imported coal indices will reduce, our revenue also will reduce.

Understand that. I just from the earlier question, I missed the PLF number for Godda.

If you could let me know for this quarter versus last year? As well as you mentioned this year's revenue EBITDA, could you also let me know the same for the same quarter last year for Godda?

The PLF for Jharkhand for Godda this year it is on quarter basis, this is 68%, and same period last quarter last year it was 50 50%. If you'll see, quarter 3 last year 50% PLF, this time it is 68% PLF.

There is increase in some PLF in Godda by 18%. Supply of units has also increased, in comparison to last year, this year the supply has also increased in Jharkhand.

Right. The revenue EBITDA number for last year same quarter for Godda?

Last year, give me some time, I have to check, you know. This last year number is I have to check.

Just give me 1 minute. Yeah.

Quarter 3 FY25, the revenue was ₹2,132 crore, and EBITDA was ₹1,222 crore. If you will ask for 9 months same period, it was ₹6,604 crore, and EBITDA was ₹3,989 crore.

Now, if you'll see on the comparative basis, right, right, for 9 months, this EBITDA is for this year ₹3,247 crore, as against, the 9 months last year ₹3,989 crore. There is reduction of ₹700 crore.

This is due to, the reduction in the indices.

Sure. Of that almost this quarter the reduction is close to ₹120 crore on a y-o-y basis.

Yeah. On EBITDA, right?

Okay. Okay.

The other part to understand was they're two essentially large PPAs that were in the works for Rajasthan and Uttarakhand, which we were expecting to come. I think there's been some sort of news with respect to the regulator not approving the Rajasthan tender.

Just your thoughts on that, and going forward, when can we expect these tenders to

come? Dhruv, Nishit here.

Just to actually clarify about the regulator's view, the regulator felt, based on the submissions given, that the full 3,200 MW PPA may not be required at all together, which was actually based on the resource adequacy plans that the regulator had seen, which were submitted by the discom. This is based on the proceedings in the regulatory hearings.

The discom has represented that they would like to revisit the assumptions and prove their, you can say, actually sort of support their case, emphasize their case that they require this sort of power require 3,200 MW of PPAs, and the regulator has given them that permission to present their case again. I think that should take place in some time, and we should see the PPA moving ahead after that.

That was the case of Rajasthan. Because the state discom actually felt that the numbers considered by the CEA were a bit more conservative as compared to what the discom itself saw in terms of the demand for power.

In case of Uttarakhand, again, the bid documents have been released. I think that it's going to take a little bit longer in case of Uttarakhand.

We should see the bids being submitted over the course of the next few months.

Okay. Fair.

Just two more questions. One is I can see that the interest cost has been declining fairly well.

How is the average cost of borrowing now looking for us compared to, let's say, 1 year back?

If you see on the long-term rate, this is near about 8.5%, right. The PFC, the funding for Jharkhand, because Jharkhand is already merged with Adani Power, and now Jharkhand is also being part of Adani standalone entity, this asset is also rated AA.

The interest cost has also got reduced significantly. Apart from that, our working capital rate is also near about six 6.5% to 6.8%, and the non-fund-based rates are also come very very competitive.

If you'll see in the overall basis, there is significant reduction in interest cost in comparison to the last year.

Okay. What would be the weighted average, sir, right now?

Weighted average cost will be near about and it will be less than 9% this year.

Okay. Fair.

Just on the merchant portfolio that's remaining, the remaining 10% of, let's say, 18.1, which is about 1.8 GW, could you quantify that across plants? Where would be merchant 1.8 GW?

Just give me a moment. We have readily available.

If you want to quantify it, for Kawai, we have 50 MW. For our Udupi, we have near about the very insignificant, 2 7 to 10 in a megawatt.

In Mundra, we have 226 MW. Raigarh, we have near about 100 MW.

In Raipur operating plant, this is near about the 400 MW. In Mahan operating plant, we have near about 600 MW, and some small parts in some of the other plants.

Making it total, it's 10% of overall fleet.

Understood. Fair.

Those were my questions. Thank you.

Thank you.

Good afternoon, good evening. By the way, that's not fair that I only get two questions and everybody else gets five, but that's okay.

[laughter] I'm kidding, by the way. Just couple of questions I guess I'll limit it to two.

First is you talked about renewable capacity scaling, which impacted merchant pricing. How should we think about that as renewable capacity increases over the next few years?

How should we think about the structural impact on thermal dispatch and merchant pricing?

Okay. Let me so brief you.

We have 18.15 GW of operating capacity, and we have the plans for capacity expansion of another 23.8, near about 24 GW, making it total 42 GW over the period of next 6, 7 years, in a way financial year '31-'32. Being the baseload power, this is two-part tariff: one, fixed capacity charges on the basis of availability of the plant, and then energy charges.

Out of operating capacity of 18 GW, this is again fixed capacity charges and energy charges. Fixed capacity charges, which is availability of the plant, where we are ensuring that our plant is available, near about 90% plus.

In terms of PLF, it is driven by the market, right, when this depend upon the demand and supply. If demand is high, then the PLF will be high, and subject to the merit order dispatch.

Mainly EBITDA is coming out from the capacity charges a basis availability of the plant. Now, coming to the addition of the plant, 24 GW, our 100% EBITDA is driven by capacity charges only because fuels are 100% pass-through.

There will be no impact in terms of whether there's demand or not. If plant is available, we will raise our bill, and our EBITDA will be ensured.

To sum it up so answer to your question: operating assets, 18.15, then majority of the EBITDA is driven by capacity. Yes, there is some energy efficiency contributing to the energy charges, but 24 GW, 100% EBITDA is driven by the capacity charges.

That is why from our operating assets, we have 90% in the PPA and 10% open. We have mitigated the market volatility risk.

I think in the past

Please go ahead.

Sorry. No, I was just going to say that I think in the past you have said that the goal is to get the PPAs even higher, right?

Maybe closer to 100%. Obviously, it may not be possible to get to exactly 100%, but close to it.

Is that still the plan?

You have to see the baseload and thermal capacity differently because this is part of resource adequacy, irrespective of sources of the power. Now, as so every state has to demonstrate that they have proper resource.

To demonstrate proper resource, they are tying up all these PPAs. Now, the baseload, which is mainly from the thermal, irrespective of the sourcing of power, this resource availability is there.

To ensure resource availability, every single state and discoms, they are paying the capacity charges. Now, over and above this resource adequacy capacity charges, if any discom will source from thermal, then the energy charges will be added, the fuel charges.

If it is from green, then green charges will be added. The resource adequacy part for baseload capacity is constant, irrespective of sourcing of power.

That is where the baseload is ensuring that our EBITDA is driven by availability of the plant, not on the basis of demand. Yeah.

Manish, just to sort of go back to that original question that you had related to the increasing penetration of renewables. In the last quarter and also the year till date, till December, what has actually happened is that because of the extended monsoons, we have seen a good amount of increase in hydropower generation, and the cooler temperatures, etcetera, have also taken the peak off a little bit.

This is generally the time when thermal power comes in to supply more power, but this is where hydropower and, to some extent, the other sources of renewable power have also been able to meet the demand. If you look at the mix overall, the contribution of thermal energy in Q3 FY26 fell to 73% from 76% earlier.

For the total renewable energy contribution, which was around 20% earlier, that is both normal renewables plus large hydro, it has actually increased to around 24%. That is actually a transient sort of a phenomenon.

Of course, as renewable energy capacity increases, we'll start to see more and more power being supplied into the grid. When it comes to merchant power, it would still have to contend with the inability to generate power on demand.

Again, for hydropower, etcetera, as the hydropower resources have get used up, actually on a seasonal basis, the contribution comes down. We are starting to see that also in terms of the daily merchant price movements on a 15-minute to 15-minute basis, hour-to-hour basis.

Over a longer period of time, of course, the edge will come off a little bit, but at the same time, we also believe that peak demand will start to increase as more of household consumption of power increases and as also the industrialization-related drivers come into place. We expect to see that sort of 380 to 400 GW peak requirement by fiscal '32, which would mean that there'll still be good demand in the merchant market.

For the coming year at least, we are hoping to see better merchant prices as compared to the last year, the current year.

Okay. That's helpful.

Then just for my second question, as obviously, we're sort of towards the end of January, maybe if you can just give us a sense for how some of the operating metrics might be looking like on O&M availability, PLF, and should we be aware of any exceptional items in this March quarter?

We hope, if you see the demand for December and January, this is already increased on year-on-year basis. Also, this is the demand is higher by 10%-12% on month-to-month basis.

We are expecting that in quarter 4, the demand will definitely be higher than the current quarter. Of the O&M availability 90% is anyway is there.

We think that PLF will also be so better than quarter 3. Yeah.

As we approach the hotter months, Manish, typically, we see the PLFs going up. In the current year, when it comes to availability, we have carried out regular scheduled maintenance, both annual overhauls and capital overhauls, in large number of units.

We are actually very much compliant with the normative capacity that we provide under PPAs. For the full year, we should be ending with more than 90% overall plant availability anyway, now that the overhauls have been completed.

Right. Also, you also have to consider that we actually have acquired some of these plants that have not been operated very well, not been maintained very well in the past, we have undertaken lots of activities to improve their efficiency and uptime.

It should start to show fruits going forward.

Okay. Thank you.

Thank you so much.

Thank you.

Thank you, sir. Just got a couple of questions.

Can you just repeat again the physical progress plant-wise which you had mentioned in the opening remarks? Also, I think you mentioned that Korba is likely to get commissioned next year.

I believe that there is no PPA for Korba as of now, what are the plans over there?

Sorry, can you repeat the first part of the question again?

Can you mention the physical progress plant-wise which you mentioned in the opening

remarks? Okay.

Sure. Mahan, we have actually progressed nearly 80%, Mahan Phase 2.

Raipur Phase 2, we are at around 44%, and Raigarh Phase 2, around 38%. These two plants actually we started just around 1, 1 and 1/2 years ago,

and

Mahan, we had started a little bit more than 2 years ago. We have actually achieved excellent progress when it comes to execution of these power plants.

Korba Phase 2, as you would know, we actually acquired this Phase 2 project in a defunct state, and we have now revived the project. We have received the clearances, etcetera, also necessary for carrying out the activities.

Now we have started the work on this. This project should get commissioned the first unit somewhere around the middle of next year and the next second unit by the end of next year.

We are looking at various opportunities in the market for bidding for PPAs. This would be a plant capacity that would be ready immediately, while states might require power in the, let's say, 5-year time horizon.

Depending on the opportunity, we can sell power in the medium-term market, we can also look at supplying power in the merchant market because actually, this plant is located right in the middle of some very large mines. It's got an excellent fuel cost advantage over there.

Understood. Sir, broadly in terms of the 24 GW of under-construction capacity, can you just break it down as to how much is likely to get commissioned say by FY28, FY30, and beyond?

Broadly speaking, next year around 2.9 GW get commissioned, in fiscal '28, another 2.4 GW, in fiscal '29, 2.4 GW, in fiscal '30, we have 8 GW being commissioned all together, in fiscal '31, we will have 5.6 GW, and then 2.4 GW. The entire capacity, this is how it is actually expected to shape up.

The plants that we expect to get commissioned in fiscal '30, we have started work on some of these plants. We'll progress ahead as and when we get the environmental clearances for the rest of the power plants.

Everything else that is required for setting up these power plants is already with us. Sure.

Just a final one, a short question. This Uttarakhand PPA that we have signed for 400-odd MW, I guess.

What is the tariff for that?

Sorry, Uttarakhand medium-term PPA, you said? Yeah.

Its tariff is ₹5.85.

Capacity would be around?

This is 50:50%.

50:50% fixed cost, ₹2.9-odd.

Yeah. Correct.

Thank you. Thanks, and all the best.

Thank you.

Hi. Thank you for taking my question.

My first question is on the Bangladesh power plant, the Godda power plant. Wanted to clarify now that coal exports are allowed from India, are we allowed to use domestic coal for this plant, A?

B, there was some recent press article around the plant. Just wanted to make sure contractually there are no termination clauses that are there in the contract and that we are well-protected.

Let me so appraise you about this plant, which is situated in Godda district of Jharkhand, northern Jharkhand, and dedicatedly supplying power to Bangladesh. You will appreciate that this plant we completed in record time in a scheduled time, and that too under COVID, by connecting three countries: China, Bangladesh, and India.

We are supplying around the 10% of Bangladesh total effective capacity the required. The zone where we are supplying this power, this is around 20%.

Also, you will appreciate that we continued our supply when there was a huge turmoil. There was a very hardship time over there.

We never ever stopped. We continued our supply.

The receivable were all-time high, but we continued our supply, right? Now, this is the plant dedicatedly supplying and earning around $1 billion forex dollar for the country.

Now, the supply is regular. The payment collection is regular.

The relationship is very much the normal. Even in the difficult time, in the August last year also, their controller were engaged with us, our operation team, and then the power supplies were continued.

In that extreme difficult time also, we supported, we supplied on as usual basis. Though the relationship in terms of the supply, payment, everything is continued, is normal, but we are mindful.

We are very much the mindful about the circumstances and environment over there. You guys also must be so So, there may be some sort of in that country, and but we are mindful that the circumstances and environment, and we are keeping watch on it.

Our the operation, supply, and everything is continued. We think that these are very temporary period, and then these things will be over.

Yeah.

Nikhil, in Yeah, please. Sorry, please.

Yeah. Related to this coal use, actually, Nikhil, in August '24, the government of India modified its guidelines related to the export of power from India on a cross-border basis, so that is to nearby countries, right?

What the amended policy says is actually that electricity of electricity that is generated from coal-based power plants will be permitted only if this electricity is generated utilizing either imported coal or spot e-auction coal or coal that is obtained from commercial miners or if the government allows any specific other use. This was not permitted earlier.

Later on, they have eased this policy now that there is commercially mined coal available in India. Now the mining act actually allows bidders to bid for coal mines without specifying any end use, which means that they can sell coal also in the open market.

Previously, it was only imported coal, but now domestically sourced coal, as long as it's not the government-controlled-price coal, as we could call it, that is not used, you can actually use domestically.

Got it. Appreciate the detailed answer, very helpful and very clear.

Second question I had was on this pipeline of 15 GW of ongoing thermal tenders. Could you give some more color on that?

I think the color on Rajasthan helped. Out of the 15, have any of them progressed to financial bid submission, or are they still in the bid invitation stage only?

Yeah. As we understand, Maharashtra financial bidding has been done, but the bidding process we think it is still to be closed.

In other cases, I think we are at the pre-qualification bids or discussion on the bidding document stage.

Got it. No other states reconsidering like Rajasthan at least that's come to your notice?

No, none at all. In case of Rajasthan, it is primarily sort of, as I said, this is more about how the regulator sees what the CEA has worked out as part of the resource adequacy plan and what the discom itself says about their future requirements.

It is actually only about a small difference between the two, and the discom has been permitted by the regulator to come and present its case again with all the supporting information.

Perfect. Those were my questions.

Thank you a lot for answering them. Thank you.

Thank you.

Hi, sir. Most of my questions have been answered.

Thank you.

Hi, sir. Thanks for the opportunity.

Just had a bookkeeping question on your open versus PPA tied-up capacity. If your presentation mentions, and you mentioned on call, it's 90%, though in your presentation, we see that 5.5% is yet to be operationalized.

Is that 5.5 a part of that 90, which means currently 84.5% of the operational capacity has operational PPAs? Is that understanding correct?

All together, out of the total 100% capacity that we have, some of these PPAs are being operationalized as we go along. On an average basis, you can consider that 90% of the capacity is tied up and ready to supply power under the long-term PPAs.

Some of the additional capacity will start over the next few months, and then this will increase to around 93%.

Understood. Okay.

This 5.5 is part of that maybe some of it's part of that 10%, which is not tied up yet and eventually will get operationalized, just double check? Correct.

Correct. Correct.

Correct.

Got it. Right.

Similarly, on that 370 MW PPA that's been tied up with Uttarakhand, did that happen at the beginning of the quarter? Did you get the full impact of that during this quarter, or is this going to be operationalized after the quarter?

Could you give some timeline on that?

Just a second. Uttarakhand PPA, you mean?

Yeah. These PPAs that we are talking about, primarily that are not yet operationalized, they are PPAs that are with our group companies where we'll actually start to see them getting operationalized.

In the Uttarakhand PPA, we'll start supplying it from next month onwards.

Got it, from next month. Okay.

Just lastly, on the employee cost this quarter. It was about ₹216 crore.

In your notes, you mentioned that ₹56 crore is from increase in provisions regarding new labor codes. Just want to understand whether that is a part of this 216, and how much of that is a one-time increase, and how much is going to be recurring from that?

Yeah.

It's part of the P&L. It's actually charged to the P&L.

It's actually part of the regular number, we have not set it out as a one-time prior period item. The amount is around ₹56 crore.

Got it. This ₹216 crore which includes this 56, and it's a recurring item.

This is not a one-off expense that we should factor in?

No. We have not categorized it as a one-time expense when we are talking about continuing revenues and expenses, but otherwise, that ₹56 crore charge is a one-time charge.

Okay. Excluding that, your staff cost would be about 159, ₹160 crore, which shows a 25% decline year-on-year.

Excluding that amount, what has driven this decline in employee cost year-on-year? Because 3Q25, I see is about ₹211 crore.

Was there any one-off in that as well, or?

No. There is no one-off over there.

Some of the employees have shifted to other parts of the organization, so that actually accounts for this reduction.

Okay. This ₹150-₹160 crore is what we should take as the base going forward for subsequent quarters as well, right?

See, the organization is also growing, I can't actually put a number to this aspect. Generally, it would be in that ballpark, you can say.

Got it. Understood.

Thank you so much, sir.

Right. Thank you.

Okay. Thank you very much for taking my question.

My question is for 3,200 MW Assam Greenfield project, what is the estimated capex per megawatt, and what will be the equity and debt mix for the expansion we are planning?

Yeah. We are not going for any project-wise financial closure in Adani Power.

If you'll see our performance from operating assets, continuing EBITDA is so very good, and FFO on yearly basis from our operating assets is also very good, near about ₹20,000 crore FFO. Majority of our capex, we are funding from our internal accruals.

There is no project-specific funding we are doing. Now, in terms of the capex cost is concerned, for Assam, it will be near about the ₹10 crore per megawatt basis.

Understood. Yeah.

Sir, regarding it is presented in the results that Godda power plant, it is mentioned that a significant amount from the Bangladesh bodies in the 9 months that we have recovered significant amount. Could you please quantify the current outstanding receivable from Bangladesh Board as on 31st December?

What I explained to you, you see that the borrowings from Bangladesh is regular, right? Even let us understand Bangladesh.

Supply is regular, billing is regular, payment, we are getting on regular basis. If you see, the dues are near about equal to 1 month it's not due.

There are 2 months due is there, for Bangladesh is concerned. We are getting payment regularly from Bangladesh.

It's a regular deal.

Sir. Understood.

Sir, another question is regarding the unsecured perpetual securities, company has paid around ₹3,000 crore in the first 9 months, and what is the outstanding balance of this securities, and are we planning to extinguish this by the end of this financial year?

Yeah. We have paid the entire amount.

If you'll ask what is outstanding, as of now, there is no outstanding at all. You can say nil.

No outstanding.

Understood, sir. That's all, sir.

All other questions were covered up by previous Q&A. Thank you.

Thank you. Thanks, Kalpit.

Good evening to the team. I have forward-looking question.

With power demand remaining strong and thermal generation continuing to play a critical role in grid stability, how is Adani Power thinking about optimizing its operating portfolio between contracted and merchant exposure? In this context, how do you prioritize fuel sourcing tactics, plant efficiency improvements, and long-term capacity utilization to ensure sustainable returns across different demand and pricing regimes?

Thank you.

Thanks, Sukrit. Actually, if you followed the discussion, see, we have 18 GW capacity now.

We are adding another 24 GW. Now for the new capacities that we are setting up, actually, we intend to tie up the entire capacity in long-term PPAs, and the existing capacity also has 90% tie-up in long-term PPAs.

We actually are reducing our merchant exposure going forward. Now if you look at the overall structure of the new PPAs, in this case, now the entire game has become keeping generation capacity available to help integrate more renewable power into the grid and to continue to supply baseload power.

The PPAs now will act, or you can say the power plants will now act more as increasingly, as we go along, they will start to act more as balancing power plants. Therefore, the focus would be on keeping the plant uptime as high as possible, rather than actually trying to maximize the PLF out of them.

That said, actually, these power plants that we are setting up are the state of art in technology with very good levels of thermal efficiency, which means that they utilize lesser amount of coal to generate a unit of power up to around 5% to 10% advantage over the older technology power plants. They would be able to do it at a lower cost as well because most of these power plants are located very close to the coal sources, the loading of logistics cost on the coal price would also be lesser.

To the extent that the cost economics allow in terms of how the overall energy mix works out, actually, they will continue to see a high level of utilization. As we are using the latest technology, which is also technologically more advanced, we actually also have the ability to control finer aspects of the power plants' operations more granularly.

We are employing technology to improve the predictability of plant operations and to carry out preventive maintenance, etcetera. As an organization, we are very much involved and invested in utilizing the latest available technologies to improve power plant efficiency.

Thank you. I have just one question for Mr.

Jha. Can I ask my question, please?

Please. Very short,

please. Thank you.

Given the constant volatility in the fuel cost and the constant regulatory compliances, which will also keep on changing from time to time, just want to understand what is your vision on approaching margin visibility and cash flow across the board? Additionally, can you just shed some light on the capital allocation and balance sheet priority as the company balances maintaining capex and potential growth?

Just want to understand your view on this. Thank you.

Yeah. As we are briefing that our overall capex plan over the period of 6, 7 years to add 24 GW is near about ₹2 trillion.

In dollar terms, we can say that $22 billion US dollars, ₹2 lakh crore capex program we have in Adani Power that we are going to incur over the period of 5, 6 years. Now, the funding arrangement, majority of the funding arrangement, we will do from our internal accruals.

We have operating assets of 18.15 GW. From that, on yearly basis, we are generating an EBITDA of near about ₹22,000 crore and FFO of ₹20,000 crore.

In the same period of time, over the period of 5, 6 years, we are generating from our operating assets only ₹1.4 trillion, ₹1.4 lakh crore. There is a gap of ₹60,000 crore, and this interim gap is we are funding from a mix from the domestic capital market as well as from domestic bank.

This recent NCD issue of ₹7,500 crore may be one of the example that the investor confidence and part of our planned program to mitigate this interim gap. Now, if you'll see this time, presently, our operating capacity 18.15.

We are adding 24 GW. Our capacity will be 42 GW.

On an average basis, our EBITDA is ₹22,000 crore, our FFO is ₹20,000 crore. If you'll see by the '31-'32, where we will add our entire capacity, by that point of time, our EBITDA and cash flow, we will have sufficient cash flow.

We can pay our entire debt, and even after paying entire debt, we will have significant amount of cash flow in hand. We are not going for any project-wise funding.

We are funding our entire capex majority from our internal accruals, and the gap interim, we will be funding from domestic capital market as well as domestic banks. Sukrit, thank you.

I hope that answer explained the matters to you well. We would now like to close the call.

Thank you very much for your kind time and attention. The Adani Power is from operating assets.

Revenue is visible. Liquidity is very clear.

The growth plan is sufficiently funded by ensured liquidity from our operating assets. We are very much confident that in the planned way, we will add our capacity.

Also, we will move from 18.15 GW capacity to 42 GW capacity by '31 and '32. Of our return on assets will be one of the best in the industry.

Thank you very much.