Vedanta Power has witnessed significant capacity addition, taking the installed capacity to 4,180 MW in FY 2025-26 and is expected to reach 4,780 MW by Q3 FY 2026-27.
Vedanta Power currently operates on 4 assets – Talwandi Sabo Power Limited (TSPL) with a capacity of 1,980 MW in Punjab, Jharsuguda IPP with 600 MW in Odisha, Meenakshi Energy Limited with 1,000 MW in Andhra Pradesh & Vedanta Limited Chhattisgarh Thermal Power Plant (VLCTPP) with Unit 1 (600 MW) operationalised and Unit 2 (600 MW) in Project Phase.
Vedanta Power’s operationalisation of VLCTPP and Meenakshi displayed the turnaround capability, business and operational excellence. These recent addition of asset is poised to position Vedanta Power for sustained growth in coming years. VLCTPP and MEL addition will provide stable and sustainable cash flows, which will reinforce balance sheet and ensure long-term margin stability
In alignment with Vedanta Power’s group philosophy, key safety risks have been identified, and risk committees have been formed for better integration of safety with work functions. This year, the focus was on advancing the Critical Risk Management (CRM) programme, with a focus on preventing catastrophic events. Training and capability-building programmes for line functions and business partners were prioritised. TSPL completed a comprehensive HAZOP study, developed CRM champions, and organised workshops on higher-risk assessments.
MEL also conducted HAZOP and LOPA studies to address potential hazards in processes, equipment, and facilities. VLCTPP, TSPL and MEL reported zero fatalities, demonstrating the effectiveness of their safety measures. The focus on ‘Visible Felt Leadership’ through senior management presence and improved reporting on ground continued to strengthen safety efforts. Additionally, digital platforms were increasingly leveraged to improve HSE (Health, Safety, and Environment) and sustainability decisions.
Vedanta Power is undertaking in-depth baseline study to understand and correctly prioritise the needs of the community. Vedanta Power currently has LTIFR 0.32 and TRIFR 1.68. Vedanta Power has 100% preventive medical examination and 83% Group Fatality CAPA closure.
Vedanta Power achieved Inframatrix compliance with 84% and rulematrix compliance of 92% and 33,284 critical control verification.
Additionally, it has closed 96% of the grievances. Local employment for FY 2025-26 was 65% and local procurement was 34%.
Vedanta Power is committed to environmental protection, with TSPL, VLCTPP & MEL maintaining a green cover of 854 acres, 326 acres & 90 acres, respectively and expanding it within the plant and surrounding communities.
In FY 2025-26, TSPL achieved 111% ash utilisation with VLCTPP at 76% and MEL at 68.5%, contributing to road construction and brick and cement production. Continuing its efforts towards minimising its environmental impact through the implementation of a robust waste management system and the advancement of a circular economy, Meenakshi and VLCTPP have achieved zero accumulated (Legacy) fly ash. In brief, MEL achieved Zero Legacy Ash (i.e. Zero ash in ash pond - old, accumulated ash utilised in road construction).
TSPL recycled 23.1% of the water used, reducing freshwater consumption through operational controls. MEL is also operating its unit entirely on saline water for plant operations and ensuring that no fresh water is used, reinforcing its commitment to being net water positive.
Meenakshi has 0% freshwater consumption.
GHG emission for Vedanta Power is at 12.9 million tCO2 and GHG intensity at 0.87 tCO2/MWh with ₹ 455 crore investment in GHG reduction projects. Further, 23% of LMV were decarbonised.
As Punjab’s largest private power plant, TSPL took a proactive approach to combat the issue of stubble burning under its CSR Project Navi Disha, aiming to improve air quality and ensure better health for future generations. Toward this, TSPL partnered with local vendors, successfully saving more than 28,000 acres of farmland from being burned and redirecting it to sustainable uses such as manure and for biofuel production. TSPL co-fired a total 3,60,348 MT of torrefied biomass pellets (i.e., 5.21% of total fuel consumption) resulting in a reduction of 4,50,648.46 tonnes of CO2 equivalent (tCO2e) in GHG emissions.
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
|---|---|---|---|
| Total Power | 16,770 | 12,983 | 29% |
| HZL Wind Power | 372 | 348 | 7% |
| Vedanta Limited Chhattisgarh Thermal Power Plant | 2,293 | - | - |
| Meenakshi Energy Limited | 1,637 | 160 | - |
| Jharsuguda IPP | 2,604 | 2,244 | 16% |
| Talwandi Sabo Power Limited (TSPL) | 9,863 | 10,230 | (4%) |
| TSPL – availability | 83% | 81% | 2% |
Power sales for the year FY 2025-26 was 16,770 MU which is 29% increase Y-o-Y. TSPL has 25 years long-term PPA with PSPCL till 2041 and equivalent amount of linkage coal requirement is secured. Punjab State Power Corporation Limited compensates TSPL based on the availability of the plant and power sales at TSPL was 9,863 MU with 83% availability in FY 2025-26, highest in past 5-years.
TSPL achieved 5.21% biomass co-firing in FY 2025-26, much higher than 0.35% in FY 2024-25. TSPL transition to >5% biomass cofiring was enabled through 2x500 TPD biomass pellet manufacturing plant. TSPL realised ₹ 250 crore from PSPCL post APTEL Favourable Order in Misdeclaration Matter.
MEL secured 5 years 300 MW Mid-Term PPA with Tamil Nadu Power Distribution Corporation Limited starting February 2026 and balance volume is planned for sale through short-term tie-ups.
MEL achieved 70% PAF in FY 2025-26. MEL is currently transitioning from import-based plant to Domestic-based plant, which will result in cost competitive power generation and shield from fluctuating market prices. In FY 2025-26, MEL achieved 20% domestic coal consumption and in FY 2026-27 MEL has planned to consume ~65% domestic coal and our end goal remain 100% consumption of domestic coal. This transition from Import-based plant to Domestic-based is executed through detailed study to accommodate higher ash content domestic coal and subsequent retrofitting in plant machinery to accommodate the same.
VLCTPP secured 5 years 200 MW Mid-Term PPA with Tamil Nadu Power Distribution Corporation Limited starting February 2026, and balance volume is planned for sale through short-term tie-ups.
VLCTPP achieved 78% PAF and 68% PLF in FY 2025-26, even in the first year of operation for Unit 1. VLCTPP is in pithead, which makes it ideal for low-cost power generation and fuel security. VLCTPP aims to stabilise Unit 1 while simultaneously ramping up Unit 2 commissioning process.
Shakti B III - 2.79 MnT linkage coal secured for VLCTPP (1.15 MnT) and MEL (1.64 MnT) through Coal India Limited auctions for a period of 5 years. Shakti Window II – Meenakshi secured 1 MnT linkage coal for 25 years and VLCTPP secured 1.55 MnT for 5 years (Unit 1). VLCTPP also secured 1.5 MnT for 25 years (Unit 2)
Jharsuguda IPP 600 MW has a 25-year long-term PPA with GRICDO till 2037, and equivalent coal linkage is secured. JSG IPP achieved PAF 70% and PLF 53% in FY 2025-26.
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
|---|---|---|---|
| Average sales realisation (₹/kWh)1 | 4.39 | 3.31 | 33% |
| Average cost of production (₹/kWh)1 | 3.38 | 3.44 | (2%) |
| TSPL sales realisation (₹/kWh)2 | 4.25 | 4.06 | 4.6% |
| TSPL cost of production (₹/kWh)2 | 3.41 | 3.23 | 5.6% |
1. Power generation excluding TSPL
2. TSPL sales realisation and cost of production is considered above, based on Normative availability during the respective period
Average power sale prices for the year were ₹ 4.39/kWh excluding TSPL, 33% up Y-o-Y and the average generation cost was ₹ 3.38/kWh, 2% down Y-o-Y.
TSPL’s average sales price was ₹ 4.25/kWh which is 4.6% increase Y-o-Y at, and power generation cost was ₹ 3.41/kWh, 5.6% increase Y-o-Y.
(₹ crore, unless stated)
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
|---|---|---|---|
| Revenue | 9,026 | 6,159 | 47% |
| EBITDA | 1,623 | 737 | - |
| EBITDA margin | 18% | 12% |
Revenue for the year was ₹ 9,026 crore whereas EBITDA for the year was ₹ 1,623 crore, up by 120%. Increase in revenue was driven through operationalisation of MEL 1,000 MW and VLCTPP Unit 1 (600 MW).
In FY 2026-27, our primary focus will be on ensuring plant availability, enhancing operational efficiency, cost-competitive power generation, while remaining steadfast in our commitment to achieve commissioning timelines for VLCTPP Unit 2 (600 MW).
Our strategic priorities for the year are outlined as follows:
