Adani Power Q2 profit jumps 142% to ₹7,019 crore on prior-period income
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Adani Power Ltd reported a 141.5% year-on-year increase in consolidated net profit to ₹7,019.32 crore for the September quarter, supported by higher power sales and one-time prior-period revenue recognition of ₹2,422.25 crore, primarily due to revisions in historical energy charges under certain power purchase agreements (PPAs).
The company had reported a net profit of ₹2,906.46 crore in the corresponding quarter last year. Consolidated reported revenue rose 39.4% year-on-year to ₹19,950.60 crore from ₹14,307.79 crore, while reported earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 45.7% to ₹8,743.22 crore.
Excluding prior-period income recognition, continuing revenue grew 28.5% to ₹17,528.35 crore, while continuing EBITDA rose 18.5% to ₹6,320.97 crore.
The company also reported a tax credit of ₹230.60 crore in the September quarter, compared with a tax expense of ₹1,059.74 crore a year earlier. The current quarter included a reversal of ₹1,211.43 crore in tax relating to earlier years.
Power sales rise as demand strengthens
Adani Power's consolidated power sale volumes increased 11.5% year-on-year to 26.4 billion units (BU), against 23.7 BU in the year-ago quarter. Its plant load factor rose to 70.1% from 62.8%.
Power sales under PPAs grew 29.7% to 23.4 BU, while tariff realisation improved 12.7% to ₹6.4 per unit on a continuing basis. Merchant and short-term power realisation increased 33.1% to ₹7.2 per unit, although volumes supplied through these markets fell 43% as the company tied up more of its previously open capacity through medium-term contracts.
Fuel costs rose amid higher generation volumes and an increase in the landed cost of imported coal. Continuing EBITDA nevertheless increased 18.5%, which the company attributed to higher volumes, improved tariffs and merchant realisation, and control over operating expenses.
“Adani Power continues to grow from strength to strength, achieving newer milestones in profitability and project execution,” chief executive officer S B Khyalia said.
He added that the company was focused on ensuring reliable power supply to meet India's growing baseload requirements. “We are proud to be the leaders in capacity addition to address the need of 100 GW new thermal power capacities by 2032,” he said.
Company expands generation pipeline
Adani Power received a letter of award from Uttarakhand Power Corporation for a 25-year power supply agreement covering 1,320 MW of capacity, or 1,234 MW net. This takes total tie-ups for its upcoming 23.72 GW thermal power capacity to 62%.
The company was also selected as the successful resolution applicant for GVK Energy Ltd, which operates the 330 MW Alaknanda hydroelectric power plant in Uttarakhand. Separately, the first 660 MW supercritical unit at its Korba Phase-II project has been synchronised with the grid, with commissioning expected shortly.
Adani Power's total outstanding debt stood at ₹61,860.37 crore on September 30, 2026, compared with ₹53,555.54 crore at the end of March. Net debt increased to ₹45,845.92 crore from ₹45,022.02 crore over the same period.
Shares of Adani Power ended 1.74% at ₹182.04 apiece on the NSE. The stock has gained over 10% during the past year, outperforming the Nifty Next 50 index that has slipped over 5% during the same period.