**Business Performance:** Adani Power (APL) delivered a strong Q4 FY26, with revenue up 10% YoY to ₹15,989 Cr and profit (PAT) surging 64% YoY to ₹4,271 Cr.

For the full year FY26, revenue was ₹57,865 Cr (down 2%) and PAT grew 2% to ₹12,971 Cr.

APL showed resilience through high PPA tie-ups, efficient fuel sourcing, and 89% operational availability, despite softer power demand. **Growth Drivers & Strategy:** APL is aggressively expanding, targeting 41,870 MW capacity.

It secured new long-term PPAs for 1,600 MW in Maharashtra and 600 MW in Tamil Nadu, raising contracted capacity to 95% for operational plants.

APL’s brownfield strategy, with 13,320 MW of locked-in projects, positions it well for India's growing base load demand. **Recent Developments:** APL is acquiring power assets from Jaiprakash Associates Ltd. and issued ₹7,500 Cr in AA-rated Non-Convertible Debentures.

The company also achieved an impressive CareEdge ESG rating of 80, outperforming peers by 35%, and maintains strong water efficiency and plastic-free operations. **Key Financial Metrics & Outlook:** FY26 Continuing EBITDA was ₹21,285 Cr, with Net Debt to Continuing EBITDA at 2.12x and RoCE at 17.5%. Management highlights APL's leadership in base load power, benefiting from a massive market and derisked PPAs.

Focus remains on self-funded growth.