Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Adani Power Ltd (NSE: ADANIPOWER) Q4 2026 Earnings Call dated Apr. 30, 2026
Corporate Participants:
Shersingh B. Khyalia — Chief Executive Officer
Unidentified Speaker
Dilip Jha — Chief Financial Officer
Analysts:
Mohit Kumar — Analyst
Manish Somaiya — Analyst
Abhinav Nalawade — Analyst
Shirom Kapur — Analyst
Nikhil Nigania — Analyst
Ishan Verma — Analyst
Unidentified Participant
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Adani Power Limited Q4FY26 earnings conference call hosted by ICC Securities. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.
Mohit Kumar from ICICI Security. Thank you. And over to you sir.
Mohit Kumar — Analyst
Thank you. Swapnali. Good morning. On behalf of ICICI Securities, I would like to welcome you all to Q4FY26 earnings call of Adani Power Limited today we have with us from the management, Mr. S.P. Kalia, CEO, Mr. Dilip Jha, CFO and Mr. Nishit Dawe, Head Investor Relations. We will start with brief opening remarks which will be followed by Q and A. Thank you. And over to you sir.
Shersingh B. Khyalia — Chief Executive Officer
Good morning friends. I want to extend a warm welcome to everyone who has joined us today for our fourth quarter and full year 2526 earnings call. I appreciate you taking time out of your busy schedule to connect with us. Before we begin, I encourage you to download and review our quarterly results and the analyst presentation which are available on the stock exchange and our website.
Unidentified Speaker
With
Shersingh B. Khyalia — Chief Executive Officer
Me on the call today are our CFO Mr. Dilip Shah and our investor relations head, Nishit Tabi. As you all know, the world is trying to endure a major energy price shock which happened due to geopolitical reasons. Most of the people have nothing to do with this event and therefore they can’t avoid success. The only way to combat this is to mitigate the fallout. Which means we have to become self sufficient in our analysis which is vital for health and growth. Luckily for India, we have alternative resources.
Solar and wind energy or coal. They help us enhance our energy security and lead us to a position where we can enjoy energy sovereignty. Now the world has also come to realize that fossil fuel generated power cannot be just with it has a crucial role to play to balance the grid. As renewable energy penetration increases, as our power needs become more intense, it is reliable and domestic energy sources like coal that come to our health and provide electricity that runs our ACs or factories. Or data centers.
I am proud to say that Adani Power has consistently delivered a strong performance and supplied power reliably for its customers. In the financial year 2026 we achieved a milestone by generating 105 billion units of power. This is in the backdrop of Tapit growth in power demand which was only 0.08% for year 26 and 1.6% for quarter four, the financial electronics over the previous year. As you all know, this slow growth in March due to an early and extended monsoon that lasted almost till November and cold weather in some parts of the country following that.
However, we have started to see a good revival in power demand from March as warmer weather has arrived. Peak Demand has recently 256 gigawatts and it is expected to rise further in the current year. We believe that 2027 will see a strong growth in overall power demand as well as peak demand despite a dynamic demand environment influenced by variable weather patterns. We reported a robust
Unidentified Speaker
In
Shersingh B. Khyalia — Chief Executive Officer
2343 crores for the full year. Our performance in the fourth quarter was particularly strong with a EBITDA of 6498 crore marking a significant 27% increase year over year. This demonstrates our operational resilience and financial discipline. We have ended financial year 26 with a solid 12,971 crore profit after tax. Our capacity expansion program is a cornerstone of our strategy. We are making excellent progress towards our goal of adding 23.7 gigawatt of thermal capacity by 2032. During the year we have successfully tied up 10.4 gigawatt of spans and capacity under long term power purchase agreements.
A key highlight this quarter was securing a letter of award for a 1600 megawatt PPA from Arastra Disco. With this, our total diagram expansion capacity now stands at an impressive 13.3 gigawatt. Furthermore, we have ensured revenue visibility for our current operations with 95% of our operating capacity now tied up under long term and medium term PPAs. This strategy provides stability and de risk our business from short term market volatility. We expect higher PPA offtake and stronger bilateral Demand in the 2027.
As we look ahead, we are sure of reaching our capacity expansion goals. According to our target timelines, the 1600 megawatt Mahal Phase 2 project in Madhya Pradesh is 86% complete. In satisfactory Raipur Phase 2 has achieved 54% progress and Ryegard Phase 2 is 47% complete and the Corva Phase 2 project is close to completion. We expect to commission Corba 2 during the course of this Current year. Our upcoming capacity commissioning will drive the next phase of EBITDA and cash flow growth. We expect significant earnings growth in the years to come.
These new BPAs are highly earning accretive which will generate significant cash flows in the coming years. We will maintain a careful approach to capital allocation to take advantage of new opportunities in India’s expanding energy sector. We are expanding our area of focus beyond the Indian territory. We will evaluate influential projects in the thermal, hydro and transmission sectors and invest in attractive opportunities that qualify. We have recently incorporated SPV in Bhutan for setting up the 570 megawatt hydropower plant.
With this end we are also aligning ourselves to the emerging long term opportunities in the power sector such as nuclear power. We have incorporated several SPGs in India for enhanced and nuclear power projects. We are identifying lands for these projects and seeking necessary approvals. This is a very exciting time for the committed IPP players in India like us. I would now like to hand over the call to our CFO Mr. Dilig to elaborate further on the quarter four results and four year results. Thank you.
And over to you Mr. Dilk.
Dilip Jha — Chief Financial Officer
Thank you Taylor sir and good morning everyone. I will take you through the financial and operational performance for quarter four and FY26 and then share a brief update on our balance sheet. On operating environment front, let me start with the operating backdrop. FY26 was marked by weather induced demand volatility, lower peak temperatures and increased renewable generation. As a result, merchant prices remain subdued through most of the year. However, poor demand drivers linked to economy growth remain intact and demand recovery is already visible as we move into FY27 on operational performance.
Despite this environment, Adani Power achieved excellent operating performance in the recently concluded quarter. Consolidated PLF for quarter four remain healthy and at quarter four this is 74% on annual basis this is 66.5% reflecting strength in the middle of demand volatility. Our quarter four power sales reached 27.2 billion unit while full year sales increased 3.4% to 99.1 billion unit. The volumes were supported by higher operating capacity, stable plant availability and new PPA for the existing capacities.
Manish Somaiya — Analyst
On revenue
Dilip Jha — Chief Financial Officer
Performance. Quarter for FY26 backing revenue grew to 15,059 crore up nearly 4% year on year. At the same time, reported revenue for quarter four FY26 grew 10% to 15,989 cr for FY26 grand continuing revenue was 55,583 crore. Broadly stable despite lower merchant rate tariff. Imported polling were also lower due to reduction in import coal prices on EBITDA performance continuing EBITA for quarter four FY26 increased 9% year on year to 5573 cross. At the same time reported EBITDA was 6498 crore up 27% year on year versus the EBITDA for quarter four last year.
This improvement was driven by higher PPA tariff contribution, cost discipline, better operating efficiency and contribution from recently acquired asset. But that’s not going to see containing EBITDA was 21,285 crore broadly stable year on year basis on profitability part. At the bottom line, water for FY26 pack increased sharply by 64% year on year to 4,700 4,471 crore. This was added by strong operating performance and lower tax charges. For FY20C BAT increased to 12,971 crore broadly in line with last year and demonstrating earning resilience despite market volatility on the balance sheet and funding front 3-31-26 total debt is stood at 53,556 cr while net debt was 45,022 crore.
The increase in leverage primarily reflects planned refinancing for ongoing capex. During the recent quarter we successfully raised 7,500 crore crore secured nonconvertible debentures. We also have entering fund from banks in the form of corporate debt. We have continuously maintained strong credit rating and liquidity access. We continue to follow a conservative capital management approach with the majority portion of expansion being funded for internal actuals over time on contracted portfolio and visibility front.
95% of our present operating capacity of 18.15 GW is now tied up under long term and medium term PPAs. We have water type of 13.3 gigawatt of long term PPs for the ongoing 23.7 gigawatt expansion. These PPAs provide availability based fixed charges offering stable per megawatt EBITDA. New PPAs carry materially better capacity charges improving future return metrics. As you may be aware the fuel cost is passed through for these PPAs. The fuel availability is also assured as the states have to first obtain fuel allocation and bend operate to the winning business.
Now to summarize our business fundamentals remain strong, operations continue to be highly liquid and profitable. Capacity expansion is progressing well. Liquidity and funding access are robust. Earning visibility has improved materially. Thank you for your continued confidence in Adani Power. We will now be happy to take your questions. Hand it over to moderator. Thank you.
Operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then one on the touchstone telephone. If you wish to remove yourself from the question queue you may press star and then two participants. You are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all. You may press star and then one on your touchstone telephone to ask a question.
We will take the first question from the line of Abhinav Nalavdi from ICSE Securities. Please go ahead.
Questions and Answers:
Abhinav Nalawade
Yeah. Hi. Good morning. Thanks for the opportunity. My first question is can you help us with the detailed contours of RERTC, the 2.5 gigawatt MACD cell contract? If possible, can you also share the tariff?
Shersingh B. Khyalia
This capacity which we have assigned with Maharashtra is not specifically only for harmology. Having improved all type of products. Renewable is with agl. The battery installation is also happening with agl. Harmonic power is having thermal capacity. Cover will be left out from the PPAs will be obviously offered under the trading platform. So this PPA is signed from the point of view of offering these residual capacities and by creating a suitable product as to the customer. So this PPA will be served through the trading platform which we are going to create under either of the companies.
So that is the intent of this agreement.
Abhinav Nalawade
Sorry sir, I mean we will be. I mean there will be some coal capacity that will be sent. That is a written understanding.
Dilip Jha
Can you repeat?
Abhinav Nalawade
There will be certain coal capacity that will be signed. And that will be what we are done if our will is applying. Right? That understanding is correct.
Shersingh B. Khyalia
Yeah. Whatever coal capacity is left out. Let’s say we have been saying it that at the end of all the tie ups which we will be doing there is a possibility of one to one and a half percent capacity left out. Small, small capacity in different power stations. So that capacity will also be used under this ppa. We will also use the renewable, either wind or solar. We will also use the batteries. So this would be a product created by the trading platform. And through the trading platform we will be servicing this ppe.
Abhinav Nalawade
Understood. So my second question is on merchant power. When you say merchant sales, trying to understand how you exactly define it. Given that you know 20, 21% of total units sold was merchant that will roughly come out to be about 4 gigawatts. So how much of this capacity is under medium term? And I mean is there anything that will get converted into long term?
Shersingh B. Khyalia
So as stated in the speech that today the merchant capacity is only 5%. The the meaning of merchant is not made up under long term and the medium term. So if you take 5% of 18,000 it let us say works out only about 1000 megawatt on RTC basis. But in the beginning of the year we were at 16% merchant capacity. So these units are supplied through this average capacity may have remained throughout the year regime from 16 to today it is five. So that is the way we have achieved this quantum. Apart from that sometimes when a PP based power station is out and there is a possibility and there is a, let us say facility which is allowed that you can buy from the market and you can service this quantum which is supplied under the PPA medium term or long term through buying from the market.
So that type of quantum is also considered a andro merchant.
Abhinav Nalawade
Understood. So my final question is on, on capacities that we expect to get commission in FY 2728 and what will be the CAPEX plan? Capex plan for FY 2728 and the funding for it?
Dilip Jha
2728.
Abhinav Nalawade
Yeah. FY27.
Dilip Jha
Yeah. So capacity, you know, so What? We are 100% sure of that. From FY26 27 we are adding Korba 1.32 gigawatt. And in terms of capex for FY26 27 it will be near about 25,000 crore for our expansion.
Shersingh B. Khyalia
And
Dilip Jha
It asking 27, 28 and
Abhinav Nalawade
28 as well.
Dilip Jha
So for FY27 28 it will be near about 30 to 33,000 crore. Roughly, you can say 33,000 crore. And what capacity will be commissioned next year? Our capacity will be 1.6 gigahert. So to precisely for FY20 our capacity addition will be 1.32 gigawatt. For 2728 our capacity addition will be 1.6 gigawatt. In terms of capex, FY26 27 it is roughly, you know, so 25,000 crore. And for FY27 28 it will be near about 33,000 crore.
Abhinav Nalawade
Understood? Yeah, thanks. That’s helpful. Thank you.
Operator
Thank you. We have the next question from the line of Manish Sumiya from Kantor. Please go ahead.
Manish Somaiya
Good morning gentlemen. Just to stay on the last topic on Korba and maybe if you can also help us with Mahan, but first with Korba, when should we, what quarter should we expect the commissioning in 27 and then with Mahan, if you can just give us some sense of commissioning I would imagine that’s fiscal 28 and if you can also just also help us with EBITDA contribution from Korba and from Mahanish.
Shersingh B. Khyalia
Your voice is not very clear. But what I understood is that you are seeking the details of when the Korba and the will get commissioned. The Korba will get commissioned? Yes, commissioned something between June to September. So it will be in the second quarter of this year. First unit and the second unit will get commissioned before the year end. And as regards to Mahaji concern, Mahan say first need is likely to get commissioned in the last quarter of this year. But at the most it will get commissioned in the first quarter of the next year and second unit six months thereafter.
Manish Somaiya
Okay, that’s helpful. And then how should we think about the EBITDA contribution from Korba and Samahan in 27 and 28?
Dilip Jha
Yeah. So in terms of contributions, this is an estimated number that as we are adding this year only. So its EBITDA will be contributed roughly near about 1000 crore and subsequently it will, you know some adding in its contribution. So from next year 27:28 it will be the full year and it will, you know contribute roughly 2500 crore plus. And its peak while it will be at peak when it will be under ppa, we are expecting that the contribution will go to near about 3,000 crore. In terms of Mahan, as you are adding this capacity in FY27 28, we are expecting that it did tell we bring you know, so near about 2200 or 2,300 crore.
Manish Somaiya
Okay, that’s super helpful. And then just to go back to the plant load factor, obviously we saw nice improvement in the fourth quarter sequentially. If you can just give us an idea of how that’s faring so far in Q1 of 27 and how should we think about PLS in fiscal 27?
Operator
Sorry to interrupt sir, if you’re speaking right now we are able to hear you.
Shersingh B. Khyalia
My name is Jeff. Unfortunately our questions is not very clear. So.
Manish Somaiya
Let me ask it a different way. On the plant load factor in 27, how should we think about that? Obviously in 26 or 66.5. I was just wondering how that’s faring to so far in Q1 of this year and how should we think about PLS for the full year?
Dilip Jha
So Manif, what though your voice is breaking but what we understood you want to know the you know, the plant availability. And then so to reply to that our plant availability for the quarter is more than 91% and the same time the name of quarter last year it was roughly near about 88% on a year on year basis. It is, you know, in the same line. In terms of PLF BLF for this quarter is 74%. If you’ll compare same quarter in the last year it was almost in the same line but on a year on year basis this time the PLA tip, you know, so slightly lower than the last year plf.
You know, so due to all these merchants and now in terms of 27, you know, the. The PLF it is better. We are expecting that the PLF will be far more better than in the last last year, the first quarter of last year. And in terms of, you know, sort of the expectation what also said that and the power demand is rapidly increasing and due to all the geopolitical scenario also the dependence on power, especially for power is increasing. So what we hope that this quarter, first year, first this year and also during the year PLF will be far more better than last year.
Manish Somaiya
Okay. And then just lastly if I can just squeeze one more in on the Bangladesh Power Development Board receivable collection and the reconciliation process. Can you just give us a quick update on where we stand?
Dilip Jha
Really very sorry we are unable to know. We are hearing your voice but getting.
Shersingh B. Khyalia
So whatever we could interpret what you said because of the issue in about clarity of your voice the outstanding has gone down. And therefore we are getting now regular payments from the Bangladesh. As regards to the other issue probably which you are asking or seeking details about is the the disputed amount in its regulation process. So as a part of the process
Shirom Kapur
We have
Shersingh B. Khyalia
Appointed an expert and expertise going to hear the both parties soon. And once the order of the expert is received, if it is acceptable to both parties, it will get implemented. If it is not accepted by any of the party, either of the party, the party can approach Singapore International Arbitration Council. So that is where we are today. Thank you.
Manish Somaiya
Okay, wonderful. Well, thank you so much and congratulations again.
Dilip Jha
Thank you. There is a feedback that our audio is not very clear. So I would request the moderator to reconnect us. Can you if everybody excuses us for a minute or so. We hope that the line will become clearer after that.
Operator
Sure, sir. Ladies and gentlemen, please stay connected. We will join the management back. Ladies and gentlemen, the line for the management has been connected over to you, sir.
Dilip Jha
All right. So let’s. Let’s go ahead to the next question.
Operator
Sure. We will take the next question from the lineup. Oma Menon from Bernstein, please go ahead.
Nikhil Nigania
Hi. Thank you for taking my question. My first question was on the recent the 1600 megawatt PPA with MSE DCL. Since this doesn’t increase our pipeline, which project out of the list of projects will this be assigned to? And if you could also please share the tariff details for the pps.
Shersingh B. Khyalia
We have yet not assigned the project location so far. So the probability is either the rigor or Raipur. So these are the two probabilities. Or at the most it can be recorded as. These are three locations where we are developing the power stations and where we have not allocated the capacity to certain PPAs. So either it can be considered as RailGad or Rapid or Corba. So that is the first part as regards to the tariff is concerned. The tariff has been sitting I think in the stock excess Island530 which consists of 4 rupees 11 paisa the capacity charge and 1.19 as the RSD charge.
Thank you.
Nikhil Nigania
Thank you for that sir. My second question is on the Jayprakash resolution plan. What exactly would Adani Power’s role be? Since in the presentation it is mentioned as an implementing agency. Could you please elaborate on that, sir.
Shersingh B. Khyalia
So there are. There is one asset within the jail. That is a small netting capacity at say 180megawatts. So that will be taken over by Adani Power as an implementing agency. Apart from that the Delhi is having 24% shareholding of DPV. So that 24% shareholding will again be taken over by Adani Power as. So these are the two generating assets in case of JP Real. Actually generating stations are three. One is in the green and the other is. And third one is. These are the three projects.
Nikhil Nigania
Could you please repeat the three projects. Your voice broke a little bit.
Shersingh B. Khyalia
In case of JBL there are three power projects. One is at Nigri.
Nikhil Nigania
Second is
Shersingh B. Khyalia
At Bina and third is Vishnu Priya. So these would be three assets under jpbl. And there is a small generating station under jl. Itself is Church Power station which is one hundred and eighty megawatt. So overall there will be these four locations and four stations.
Nikhil Nigania
Understood sir. Thank you. Thank you for that. Sir. My third question would be on the nuclear plan that we have. I think. Great to hear that. But are we planning only small modular reactors? Is there a target capacity or timeline that we have planned for? So far
Shersingh B. Khyalia
Government of India has not notified the rules. So we are only let’s say getting ourselves ready as and when the rules will come. That means that will give us clarity what type of size of capacity and how we will proceed. Proceed ahead. So once we will get the rules from the Government of India. Then only we can I think elaborate on this. At this stage we are only preparing ourselves. So therefore we are identifying the sites. We are wherever we have already decides. We are applying for the necessary approvals.
So we are preparing ourselves ready for the opportunity as and then the rules will come so that we can move fast. Thank you.
Nikhil Nigania
We are planning on the existing thermal sites only we have. Or are we looking for newer land sites for these?
Shersingh B. Khyalia
In our case this would be all new sites. It will not be at existing thermal sites.
Nikhil Nigania
Understood, sir. Thank you for that. Sir. I’ll join back in the queue for the questions.
Operator
Thank you. We will take the next question from the line of Ishan Verma from antique stock token. Please go ahead.
Ishan Verma
Good morning, sir. Thank you for taking my question. One continuing question is that on the 1600 megawatt Maharashtra PPA what is the timeline of starting of this PPA?
Shersingh B. Khyalia
PPA is yet to sign. So once the PPA is signed then only we can decide the timelines. We have received the LoA and Maharashtra is yet to file the pay application for tariff adoption. So we expect that in next next three months we should be in a position to get the PPA signed. And then we will need 48 months. So from now onwards you can consider four to five years in commissioning with project related to this PPE.
Ishan Verma
Okay. Secondly, what is the capex per megawatt for the Korba expansion and Mahan expansion? Initially we were targeting to commission that capacity in December. What has led to the delay in postponing it to FY28?
Shersingh B. Khyalia
Can you repeat your question?
Ishan Verma
Firstly, I wanted to understand what is the capex per megawatt for Korba? And secondly, what has led to the delays in postponing commissioning of Mahan in FY28? Initially we were targeting it at around October to December this year. Right.
Shersingh B. Khyalia
As regards to the power is concerned the overall capex in addition to the. You are asking the capex of the project which we are going to commission this year?
Manish Somaiya
Yes.
Shersingh B. Khyalia
So in addition to the amount which we spend on acquiring this asset around 4100 crores, we are going to spend another 4000 crores. So it would be roughly 80008500 crores in total. Which includes the first two units commission and these two two units which are which we are going to commission. So it would be very difficult to specifically say what would be the per megawatt post of unit 3 and 4. Because the acquisition cost includes 1, 2. Also as regards to Mahan is concerned. Mahan, we thought of that we should be in a position to commission both elites this year.
We are still hopeful but because of this ongoing geopolitical situation which is slightly impacting the availability of labor, the availability of lpg. So therefore we are taking a generative approach and thinking and of the view that one unit. Yes, we are targeting by end of this year if the bureaucratic situation continues for a longer time then at the most it can go to the first quarter of the next year.
Ishan Verma
Okay, got it. Lastly, I just wanted to know what is the weighted average cost of boring right now post the increase in debt.
Dilip Jha
Yeah. So recently what we are getting rate from the market. This is near about 8%. The recent, you know the recent getting from market either DCM or from domestic.
Ishan Verma
Okay, got it. Thank you sir. Those are my questions.
Dilip Jha
Thank you.
Operator
Thank you. We will take the next question from the line of Vishal Perival from PL Capital. Please go ahead.
Unidentified Participant
Yes sir. Thanks for the opportunity. Is my audio clear to you?
Dilip Jha
Yeah, it’s better than previous.
Unidentified Participant
Okay, fine. Thank you sir. So in terms of the merchant share you mentioned currently only 5% is there. So is it fair to say from quarter one and FY27 we’ll have a 5% as a merchant capacity and generation or it is staggered over the years.
Shersingh B. Khyalia
Not this, this year since we have already achieved the 95% tie up under the medium term or the long term PPA. So obviously 5% of capacity will be available for machine during this current.
Unidentified Participant
Okay. Starting quarter one onwards and then. And is it fair to say. I think you did mention on Corba as giving an example like how the EBITDA move in PPA and non ppa. So once we move our capacity to a PPA then EBITDA trajectory is better vis a vis what we are getting in merchant.
Shersingh B. Khyalia
I. It would not be fair to say in advance that whether you will get realization battery in merchant or the ppa. Under PPA you have surety that you will get let us say 5 and half rupees or so. Whereas in case of merchant nowadays you are getting seven rupees, eight rupees also and sometimes you are getting three rupees. So. So it all depends on the the weather, volatility. So we will not be in a position to forecast or make a comment exactly on whether the merchant would be better or whether the PPA would be better.
But obviously in PPA you get surety. You get complete sight what we are going to get at the end of the year. But in case of merchant it can give you upside at the same time sometimes because of weather problems your realization may go down also.
Unidentified Participant
Okay, but. But is it fair to say like when we assign those PPAs and moving from merchant to PPA so the EBITDA trajectory for them it is maybe equal or better or anything on on the signed PPA visa with the merchant which then we were selling power.
Shersingh B. Khyalia
But why we are signing the long term PPA is that it leaves you a stability and long term stability in case of merchant. Of course let’s say the last to last year the prices or the rates were very good. 20, 26, 27 the rates were not very good. Current quarter the rates are very good. But going forward we are not sure but we feel we are of the view that more and when more and more renewability get added the prices of merchant are bound to go down. So that is the risk which we are trying to mitigate by signing the more and more so risk is visible what would be the impact of that risk, how much that risk is Only future will tell.
But one thing is sure that renewable is going to get added every year in a big quantum and that is going to suppress the merchant price.
Unidentified Participant
Sure sir. Got it. And then in the PPP I think there is one slide of consolidated profile that we have which talks about like you know how exactly has been the next fixed asset movement in FY26 over FY25 which has seen increase of almost like 25 odd percent at 2080-20 almost like 25% movement year on year basis but our capacities have moved by maybe like 6, 7%. So what exactly could be the reason for this, sir?
Dilip Jha
Yes, as I explained in one of the question that we have incurred near about 22,23,000 crore in the capex or expansion plan. Also we have acquired you know the some assets in the market. So you know, so the capacity operating capacity addition of Bidderbha adding into the fixed assets addition then also the expansion plan the work in progress expenditure is also adding. That is why you know the operating capacity has not increased by that proportionate it is only added by 600. But in terms of expenditure capacity acquisition for 600 and also part of expansion plan.
So this WIP is also adding into the total fixed size.
Unidentified Participant
Okay, okay, got it. The CWIP is part of it. Okay, okay, got it.
Dilip Jha
Yeah. And sorry to interrupt in
Operator
Between. Vishal, I would really request you to please rejoin the queue again for more questions. Thank you. Before we take the next question ladies and gentlemen. In order to ensure that the management will be able to address all the Questions from the participants in the conference call. We request you to kindly limit your questions to two per participant. If you have a follow up question, please rejoin the queue. Again we will take the next question from the line of Kartik Sharma from Anandrati.
Please go ahead.
Unidentified Participant
Thank you. My question was answered by the other gentleman. But I do have a question on a macro level. Given the coal shortages and the situation. Could you just give us a insight?
Operator
Sorry to interrupt.
Dilip Jha
Sorry Karthik, we are not really audible clearly. Can you please here.
Unidentified Participant
Am I audible now?
Dilip Jha
Yeah,
Unidentified Participant
Yeah. My. I have. I had questions on the Ktex and the capacities which were answered earlier. But I. If you could give some insights on the coal shortages that are happening in India and how. How insulated are we or how. How are we taking measures to. To mitigate that? Yeah.
Mohit Kumar
Shortages. How shortage?
Shersingh B. Khyalia
So so far there is no call shortage which. Which we are facing. So. And since since the domestic coal is not directly impacted by the geopolitical party so. And the production of coal in India is sufficient. So we are not really having any issue as far as domestic coal availability is concerned. As regards to imported coal is also concerned there is some impact on the price because of increase in bunker fuel etc. And therefore the shipping cost has gone slightly high. But since it is passed through, we will not get impacted by that.
Thank you.
Unidentified Participant
Understood. Thank you so much.
Operator
Thank you. We will take the next question from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Mohit Kumar
Yeah. Good afternoon sir. First question is on the the minority interest or non controlling interest item in P and L. I think the sharp jump QoQ. Can you please explain that?
Dilip Jha
Sorry, we are not getting so your voice is breaking.
Mohit Kumar
Non controlling interest, the minority interest. The entry in the P and L consolidated P and L has jumped from 8.5 crore in Q3FY26 to 254 crore in Q4FY26. Can you please help explain that?
Dilip Jha
If you see. You know the moxi last year. So the finance period 526 and financial year 2425 we acquired Moxie. You know last year it was operational 5 partly. But during the year 2526 our 21 plan both will operational fully due to the timing of both the year. This year it is 12 month. We said this last year it was not 12 months. So that is why this percentage, you know increased.
Mohit Kumar
My question more about the Q moment, sir. Qq QQ also there is sharp jump Q.
Dilip Jha
Yeah, let me see. Let me give a moment please.
Ishan Verma
Should I Go ahead to the next question. Sir.
Dilip Jha
So here monitor. Sorry, we took a few, you know, seconds. This is due to impact in PPA itself. This impact a minority controlling interest is the impact of ppa.
Mohit Kumar
And you can see the
Dilip Jha
Mops. We have PP last to last quarter. So in quarter three there was no PPI in moxie totaling we entered into an agreement with. You know, so moxie with Tamil Nadu 558 megawatt. So the impact of PPA midterm PPA we. So we executed.
Mohit Kumar
Understood Sir. My second question is can you help us with the outlook on the new BPA from the states? How many active tenders you see currently? And has there been any development in Rajasthan which will help us tie up the 3.2 gigawatt kawaii kauai power plant.
Dilip Jha
So the upcoming PPA in the market we have almost 13 gigawatt. Precisely. It is from Uttar Pradesh, Rajasthan, Uttarakhand, West Bengal, Gujarat. So there are PPS in the market. And if we starting point 1.8Gw further. Gujarat has also issued a D document for bidding process for procurement of another 4,000 gigawatt. So PPAs are in the market from various states including Uttar Pradesh, Rajasthan, Uttarakhand, West Bengal and Gujarat.
Mohit Kumar
Understood. Sir, my last question on the You. You mentioned that your merchant capacities is going to decline significantly, right? And I understand the Darwa is going to medium term 625 megawatt. Karnataka will start up, will start operational. Coastal has tied at 600 megawatt. But still does it also mean the sum of the capacities? Our merchant capacities will also tie up with the group in FY27 on the long term PPS?
Shersingh B. Khyalia
No.
Dilip Jha
So Mohit, are you asking about the PPA that we have with group companies related to that
Shersingh B. Khyalia
Moit? I go to your question. You are saying have you signed any long term PPA within the group? Because
Mohit Kumar
The. Because. Because merchant capacity is declining significantly. I do understand that few of the long. Few of the short term capacity will move to medium term and long term. But is there something which also type tied to the group companies?
Shersingh B. Khyalia
No, we have not signed during the year 2627.
Mohit Kumar
Understood sir. Thank you. And all the best. Thank you.
Operator
Thank you. We will take the next question from the line of Sriram Kapoor from Jeffries. Please go ahead.
Shirom Kapur
Hi sir. Thanks for the opportunity. My first question is on your open merchant capacity. It was 5%. Would it be possible for you to give a breakup plant wise which plants have the open merchant capacity? You had shared this in 3Q but now could you share the updated number.
Dilip Jha
Yeah. So primarily open capacities now are with Mundra. We have some open capacity available in Indra in the unit number nine that partially tighter and apart from that we have got machine capacity spread between different. Mainly you can say.
Shersingh B. Khyalia
So mainly we have now in three power stations in merchant capacity, Mahandi stage 1, then Munda unit 9 and small capacity in Rajpur. So these are the three stations where we have small, small capacities which makes it to 5%.
Shirom Kapur
Understood sir, thank you. And second is, you know you had last, last quarter shared an annual edition plan of how you plan to get to the 42 gigawatt number. So you had mentioned FY27, you would be adding 2.9 gigawatts, FY28 would be 2.4 gigawatts, FY29, 2.4. But now you seem to have revised that downwards with FY27 only being 1.3, 2 FY28 only being 1.6 being the Mahan plant. So could you, you know, give an updated sort of plan till 32 of how you would be adding your capacities to achieve this 42 gigawatts.
Bearing in mind that 27 and 28 now have been revised down.
Shersingh B. Khyalia
I think we can give this trajectory in the presentation because giving all those five, six years trajectory on a core may be difficult. But yes, earlier we said that even the Mahan and box index will come in this current year. But because of this geopolitical issue we are taking a conservative approach because certain things, as I said earlier, the issue of availability of workforce, there are issues of availability of certain critical sources like LPD Etc. So, so therefore we are moving this 1.6 gigawatt of Mahan to the next year.
But we are still trying that it should get the first unit should get commissioned in the current year. And therefore on conservative side we have considered this year 1.3 gigawatt, next year 1.6 gigawatt and for the rest of the period we will give the trajectory separately in the presentation.
Shirom Kapur
Understood sir. But just directionally, you know, last time you had mentioned by 30 you would have around 34 gigawatt capacity. Are we still on track for that or would it be now directionally lower?
Abhinav Nalawade
Yeah, these are on track.
Dilip Jha
Actually what’s happening, zero means we are only differing the sort of commissioning targets by an average of six months and that falls across, you know that over the financial year boundary. So in, in FY29 there would be, you know, the capacities that are being shifted, let’s say from FY28 commission in FY 29th and then similarly there would be around a six month. But beyond that actually it is very much in line with what we have said. So it’s evenly spread out starting from FY29 to FY32. We are commissioning 4 gigawatts or more every year.
And you know, as JLS has said, you know our plan is still so it we are moving at per hour but on the conservative approach. So we are completing like that. But still we are confident that we are in line with our plan on this.
Shirom Kapur
Understood sir. Thank you so much and all the best.
Operator
Thank you. We will take the next question from the line of Bharat Shah from BCS Capital Ideas Ltd. Please go ahead
Unidentified Participant
Brother. Namaste. The operational cash flow. When we talk about last two three years, the operational cash flow three year in 23, 23, 24 was about 14,000 crore. I’m talking purely operational cash flow and 25 and 26 has been about 21,000 crore. If I look at our EBITDA they are 22 to 24,000 in last three years 24, 25 and 26. So when do we see our EBITDA kind of touching 50,000 crore number? Is that something a matter of 4 years or meter of 5 years?
Shersingh B. Khyalia
I think to clarify this let give some broader numbers.
Unidentified Participant
If you look at our EBITDA has been ranging from 22 to 24,000 in last three years. 23, 24, 24, 25 and 25 26. Given our upcoming capacity, the target of 30 gigawatt capacity which is to come up and the agreements which are in pipeline and commissioning schedule, these 2425,000 crore EBITDA, when do we see it essentially doubling to 50 or thousand crore in four years time, five years time. When do you think this is most likely to be the case?
Shersingh B. Khyalia
So Bharatbai, we should be in a position to achieve 50,000 conservatively 2031. What we have learned today, if we could achieve that and let us say no issues arise during this period related to like the presently we have this important etc. In that case we can touch this even in 2030. But if we have any reasons then at most it would be 2031.
Unidentified Participant
Okay, fantastic. Secondly, given the fact that while we are of course incurring decent amount of capex, 25,000 crore in 26, 27 and 33 or thousand 2728. But essentially the business is throwing lot of cash and as we complete our expense function program, I think the level of cash would be rising. So what Are what are broad thoughts? I’m sure you will find a way to invest in. But given the effect of large upcoming cash flows that the business will generate any broad thoughts on the deployment plan subsequently?
Dilip Jha
Yeah so now. So as you rightly said, you know that we are expecting that this year we will have capex of 25,000 crore and then subsequent year 3,000 crore in the overall gamut of 2 lakhs for our expansion plan basis, you know so if you will compute annualized and average cash flow this is 20,000 crore we are adding now the interim gap we are either arranging from domestic capital market or domestic bank. Now to second part of your question sir the quantum of cash flow we will generate from this business.
So what is our strategy and what is your plan? Also said that this is the moment for thermal expansion as peak capacity is growing on every state is ensuring their resource adequacy There are pps in the market moving from. You know. Sorry
Operator
To interrupt sir, your voice is not audible.
Dilip Jha
No sir, your
Operator
Voice was not audible sir.
Dilip Jha
Okay sir so entire voice you know so lost or some part.
Unidentified Participant
Hi diligent. Instead of speakerphone just lift the phone and speak that will be easier. Yeah
Dilip Jha
So
Unidentified Participant
Yeah yeah yeah
Dilip Jha
So so now you know to repeat it again that you know sir our capex manage to add 24 gigawatt to an export and for this year this is 25,000 crore next year this is 33,000 code so some on an annualized basis we are generating any FF of 20,000 crores so there is entering cash flow requirement which we are arranging on the market for short term period. But to answer sir, your next part of question what is our strategy plan for when we will have a huge amount of cash surplus? Because literally by 3132 we can pay our entire debt and thereafter also you know from 30 to 33 we will have huge cash supply.
So as KLSR also said that this is a moment for thermal capacity expansion is going on across the country. We have also targeted 24 gigawatt so this is the moment to invest all this cash flow in Tamil. But strategically if you see sir, as a country from 9 gigawatt to 100 gigawatt enough atomic energy in canal is there. So maybe that one of the area or the things are you know so in. In. In plate the person in the market. But it’s time to focus on execution and achieve our, you know some planned capacity of 24 gigawatts.
So we are confident that by 3132 our capacity will be 42 gigawatt from you know the plant capacity and the quantum of surplus multiple avenues we have we can deploy to leverage far more better value and it is a debt free company.
Unidentified Participant
No, no. I’m sure given the growth hunger we’ll always find way to utilize the cash flow that we generate. But
Dilip Jha
I just
Unidentified Participant
Wanted to get a kind of a glimpse into strategy or thought process. So thank you. Thank you.
Shersingh B. Khyalia
Thank you.
Operator
Thank you very much. A reminder to all, you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference back to the management for closing comments. Over to you sir.
Dilip Jha
Thank you very much for your time and opportunity given to us to present you know our business and we are hopeful that we will have same type of support and you know engagement. Thank you. Thanks a lot. Have a great day.
Operator
Thank you members of the management on behalf of ICSE Securities. That concludes this conference. Thank you all for joining with us today. And you may now disconnect your lines.