Adani Power Ltd. makes a corporate announcement

The September 2026 quarterly presentation confirms both projects as advanced-stage, fully tied-up developments, but it does not disclose project-wise capital expenditure incurred to date. Raipur appears closer to commissioning, while Mirzapur is still described as under execution.

The presentation’s aggregate capacity schedule shows 1,320 MW of additions in FY27 and 1,600 MW in FY28, but it does not map those additions to individual projects. Therefore, the schedule alone cannot be used to assign a commissioning year to Mirzapur or to revise Raipur’s Q1 FY28 indication ^[3].

As of 30 June 2026, BPDB-related receivables were approximately USD 400 million, equivalent to around Rs 3,863 Crores. The USD figure was disclosed by management on the Q1 FY27 earnings call; the quarterly financial-statement note confirms that Godda continues to invoice BPDB and receive payments regularly, but does not separately quantify the BPDB balance. ^{[4] [5]}

Godda generated revenue of Rs 2,473 Crores in Q1 FY27, so the BPDB receivable was roughly 1.56 times one quarter of Godda revenue, calculated using the reported receivable and quarterly revenue. ^{[6] [5]}

Working-capital impact

• Cash conversion remains the main issue: the receivable represents billed revenue that has not yet converted into cash, tying up operating capital and increasing the funding requirement for fuel, operations and capex.
• Collections are reducing the burden: management said BPDB payments averaged about USD 100 million per month, including a payment of approximately USD 100 million in the preceding month, and that monthly collections were slightly higher than monthly billing. ^[4]
• The direction has improved: management said Bangladesh receivables had reduced materially quarter-on-quarter after a significant payment in June-July of the previous year. ^[4]
• Company-level liquidity ratios nevertheless weakened: the quarterly filing’s ratio table shows the current ratio at 1.44x in Q1 FY27 versus 1.72x at 31 March 2026, while the non-annualised debtor-turnover ratio improved to 1.53x from 1.29x. These ratios are company-level indicators and do not isolate the Godda receivable. ^[7]

Analytical read: the BPDB balance is still material and lengthens Adani Power’s cash-conversion cycle, but the collection run-rate is currently higher than monthly billing, implying gradual liquidation rather than further accumulation. The key uncertainty is the timing of recovery: the Godda reconciliation remains under discussion, with an expert appointed through the Singapore International Arbitration Centre process. ^[8]

Adani Power’s current leverage is higher than at FY24-end. The latest structured data shows consolidated TTM net debt-to-EBITDA at 2.05x in Q1 FY27, versus 1.41x at FY24-end on the company’s continuing-EBITDA basis; the company’s June 2026 presentation shows a comparable current ratio of 2.08x versus 1.39x in FY24. ^{[9] [10]} This represents an increase of roughly 0.6–0.7x, or about 45–50%, depending on the reported convention.

What drove the increase

• FY24 ended with consolidated net debt of Rs 26,545 Crores and continuing EBITDA of Rs 18,789 Crores. ^[11] Since then, the company has used bridge financing and higher borrowings to fund acquisitions, working capital and the expansion programme; management specifically attributed the Q3 FY26 debt increase to bridge financing for capex. ^[12]
• The expansion burden remains substantial. Management has described a capex programme of more than Rs 2 lakh Crores over the coming years, with the interim gap between internal cash accruals and capex being funded through shorter-term debt-market borrowings. ^[13]
• The balance sheet already shows the investment cycle: consolidated capital work in progress reached Rs 35,053.5 Crores by Q4 FY26, up from Rs 12,104.4 Crores at Q4 FY25. ^[14]

Repayment schedule and credit implication

The repayment burden is staggered rather than front-loaded. The FY26 filing disclosed Rs 27,500 Crores of debentures outstanding on a standalone basis, carrying 8.00–8.40% interest and repayable from FY28 through FY31. ^[15] Management has stated that the majority of expansion capex should be funded through internal accruals, supported by roughly Rs 20,000 Crores of annual FFO from operating assets, with domestic-market funding used for interim gaps. ^[16]

The analytical takeaway is that the higher ratio reflects growth investment, not simply deterioration in operating earnings. However, leverage has moved away from FY24’s deleveraging position, while FY26 consolidated debt-service coverage also declined to 4.66x from 5.47x in FY25. ^[17] The key determinant of future leverage will be whether commissioning capacity converts the current capex and work-in-progress into sufficient EBITDA and cash flow before the scheduled FY28–FY31 repayments accelerate.