Adani Power Limited has informed the Exchange about receipt of Letter of Award from MSEDCL
ORDERS
▲ Positive Development
MEDIUM RISK
📅 Filed on BSE: 15 Mar 2026, 04:12 PM IST · BSE ID: 4c269632-06dd-4f43-adbb-e4911023055c
View Original BSE Filing (PDF)
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In Simple Terms
Adani Power won a contract to supply electricity to Maharashtra for 25 years at a fixed rate of Rs. 5.30 per kilowatt-hour starting 2030.
🤖 AI Summary
- Adani Power receives LoA from MSEDCL for 1,600 MW thermal power supply
- First-year tariff Rs. 5.30/kWh under 25-year Power Supply Agreement
- Power supply to commence FY 2030-31 from ultra-supercritical thermal project
- Fifth PSA win in FY25-26; total 10,400 MW capacity won this fiscal
- 13.3 GW long-term PSAs tied-up from 23.8 GW under-implementation pipeline
🔢 Key Numbers — exact figures from BSE filing, not rounded
Thermal power capacity awarded
1,600 MW
First-year quoted tariff
Rs. 5.30/kWh
Power Supply Agreement duration
25 years
Power supply commencement
FY 2030-31
Long-term PSAs tied-up from pipeline
13.3 GW out of 23.8 GW
PSA wins in FY25-26
Five bids, 10,400 MW capacity
Current operating capacity secured under PSAs
More than 95% of 18.15 GW
🏢 How This Affects the Company
Strengthens contracted capacity visibility. Adds 1,600 MW to long-term PSA portfolio, bringing secured capacity to 13.3 GW out of 23.8 GW pipeline. Over 55% of upcoming 23.8 GW now under 25-year PSAs, reducing merchant exposure and revenue uncertainty.
Provides revenue certainty for 25 years at fixed tariff of Rs. 5.30/kWh first year. Reduces cash flow volatility from merchant power sales. Tariff includes pre-determined coal linkage, lowering fuel cost risk over contract term.
Requires execution of 1,600 MW ultra-supercritical thermal project by FY 2030-31. Part of broader capex program expanding capacity from 18.15 GW to 41.87 GW by FY 2031-32 with investments of approximately Rs. 2 lakh crore.
Execution risk on project completion by FY 2030-31 commissioning date. Performance obligations under 25-year PSA with MSEDCL. Pre-determined coal linkage mitigates fuel availability and cost volatility risks.
👥 What This Means For Shareholders
✅
Action Required
No action required. Monitor PSA contract execution progress toward FY 2030-31 commissioning.
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Who Is Affected
All shareholders benefit from reduced revenue volatility. Long-term PSA structure provides stable cash flows across 25-year term, reducing price discovery and merchant power risks.
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Management Signal
Management demonstrating execution capability in competitive bidding and portfolio diversification across state utilities. Achieving stated objective of securing entire pipeline under long-term contracts.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
PSA execution milestones — project development updates toward FY 2030-31 commissioning
Capex progress reports — track Rs. 2 lakh crore investment deployment across capacity expansion
Q4 FY26 results — confirm order book status and PSA pipeline updates
MEDIUM RISK
Execution risk on 1,600 MW project by FY 2030-31. Revenue stream contingent on timely commissioning. Four-year lead time exposes to regulatory, fuel, and operational cost inflation risks.
💡 Investor Takeaway
Adani Power has now secured 13.3 GW out of 23.8 GW under-implementation pipeline under long-term PSAs, with this 1,600 MW MSEDCL contract at Rs. 5.30/kWh first-year tariff. Over 55% of upcoming 23.8 GW capacity now under 25-year agreements. Five PSA wins in FY25-26 totaling 10,400 MW capacity demonstrate sustained order momentum.
⚖️ Strengths & Concerns
✅ Positives
- Fixed tariff Rs. 5.30/kWh locks revenue certainty across 25-year PSA term with major state utility MSEDCL.
- Secured 13.3 GW out of 23.8 GW pipeline under long-term contracts; 55% upcoming capacity contracted.
⚠️ Concerns
- Power supply commencement only in FY 2030-31; four-year execution timeline creates project delivery risk.
- Continued capex intensity of approximately Rs. 2 lakh crore required to expand from 18.15 GW to 41.87 GW.
📅 Company Track Record
Adani Power is India's largest private thermal power generator with current installed capacity 18.15 GW across twelve power plants in eight states plus 40 MW solar. Current operating capacity over 95% tied-up under medium-to-long-term PSAs. Company targeting 41.87 GW by FY 2031-32 through Rs. 2 lakh crore capex program aligned with India's 100 GW thermal capacity addition goal by 2032.
Based on publicly available historical data. For context only.