Adani Power Limited Incorporates Wholly Owned Subsidiary Integrated Power Supply Limited

Adani Power Limited has incorporated a wholly owned subsidiary, Integrated Power Supply Limited ("IPSL"), on May 14, 2026, with the Certificate of Incorporation received on May 16, 2026. The development was disclosed to stock exchanges on May 17, 2026, under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Incorporation Details

The new subsidiary has been incorporated in India and operates within the power sector. The key details of the incorporation, as disclosed in the regulatory filing, are presented below:

Parameter: Details Name of Entity: Integrated Power Supply Limited ("IPSL") Date of Incorporation: May 14, 2026 Country of Incorporation: India Holding Company: Adani Power Limited Relationship with Listed Entity: Wholly Owned Subsidiary Industry: Power Nature of Consideration: Cash Authorised Share Capital: Rs. 5,00,000/- Number of Equity Shares: 50,000 equity shares of Rs. 10/- each Shareholding by Adani Power Limited: 100%

Business Scope of IPSL

IPSL has been established to deal as a trader, agent, broker, representative, or otherwise in all forms of electricity and in other forms of energy from any source whatsoever. No governmental or regulatory approvals were required for the incorporation of the subsidiary.

Regulatory Disclosure

The intimation was submitted in accordance with the SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The filing was signed by Puneet Bansal, Company Secretary of Adani Power Limited, on May 17, 2026.

Adani Power has reported a robust financial performance for the fourth quarter of fiscal year 2026, with EBITDA rising 27% year-over-year to INR6,498 crores. The company’s profit after tax (PAT) for the quarter increased sharply by 64% to INR4,271 crores, driven by higher PPA tariff contributions, cost discipline, and improved operating efficiency. For the full year FY26, the company recorded an EBITDA of INR23,431 crores and a PAT of INR12,971 crores.

Operational Performance and Demand Outlook

During the quarter, Adani Power achieved a healthy plant load factor (PLF) of 74%, with power sales reaching 27.2 billion units. The full-year sales volume grew 3.4% to 99.1 billion units. The company noted that power demand growth was tepid during the year due to an extended monsoon and cold weather, but a strong revival has been observed since March. Peak demand recently reached 256 gigawatts, and management expects strong growth in overall power demand in FY27.

Strategic Expansion and New PPAs

Adani Power continues to advance its capacity expansion program, targeting the addition of 23.7 gigawatts of thermal capacity by 2032. A key development in Q4 was securing a letter of award for a 1,600-megawatt PPA from Maharashtra DISCOM. This brings the total tied-up expansion capacity to 13.3 gigawatts. The company stated that 95% of its current operating capacity of 18.15 gigawatts is tied up under long-term and medium-term PPAs, providing significant revenue visibility.

Project Updates and Capex Plans

Management provided updates on specific projects, noting that the 1,600-megawatt Mahan Phase-II project is 86% complete, while Raipur Phase-II and Raigarh Phase-II have achieved 54% and 47% progress, respectively. The Korba Phase-II project is expected to be commissioned during the current year. For the upcoming fiscal years, the company estimates capex of approximately INR25,000 crores for FY26-27 and INR33,000 crores for FY27-28 to fund these expansions.

Brokerage Outlook and Valuation

Reflecting the company's strong operational outperformance and long-term growth trajectory, Jefferies has reiterated its Buy rating on Adani Power and raised its target price to INR255. The brokerage highlighted the Q4 EBITDA beat and improved thermal tariffs as key drivers. Adani Power remains focused on executing its expansion roadmap while maintaining financial discipline and strong credit ratings.

Metric Details Q4 FY26 EBITDA INR6,498 crores (up 27% YoY) Q4 FY26 PAT INR4,271 crores (up 64% YoY) FY26 Total Power Generation 105 billion units New PPA 1,600 MW (Maharashtra) Tied-up Expansion Capacity 13.3 GW Target Capacity (2032) 42 GW Jefferies Rating Buy Jefferies Target Price INR255

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