Power Generation Capacity Expansion Carries Execution Tests

Power generation capacity of 18.33 GW, stronger EBITDA and higher contracted coverage supported CareEdge’s AA+ long-term rating for Adani Power. A1+ short-term ratings were reaffirmed. Contracted capacity reached about 95% of installed capacity, while merchant revenue declined to 17% of Q1 FY2027 revenue. The Power generation capacity base produced EBITDA of Rs 8,369 crore, up from Rs 6,150 crore one year earlier. FY2026-end cash and liquid investments were Rs 10,739 crore. Total debt to EBITDA stood at 2.7 times. However, EnergylineIndia.com notes that Power generation capacity includes about 24 GW under development and roughly Rs 2 lakh crore of capex. The rating case depends on timely commissioning, stable availability, contracted cash flows and leverage control. Completed acquisitions involving Rs 4,194 crore add integration and funding exposure. This Power generation capacity classified summary therefore records a stronger credit profile while retaining construction, schedule and debt risks associated with Coal power projects.