Adani Power Q3 results: Net profit dips 19% to ₹2,479 crore amid softer rates; secures major 3.2 GW PPA
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Adani Power Limited on Thursday reported an 18.9% year-on-year (YoY) decline in its consolidated net profit (attributable to equity shareholders of parent) to ₹2,488 crore for the quarter ended December 31, 2025, compared to ₹2,940 crore in the corresponding quarter of the previous fiscal year. The dip was primarily driven by lower one-time prior period income and reduced power realisation rates.
The company’s revenue from operations for Q3 FY26 stood at ₹12,451 crore, registering an 8.9% decline against ₹13,671 crore reported in Q3 FY25. Total reported revenue, including other income, was ₹12,995 crore, down 12.4% YoY. The company attributed the lower revenue to reduced merchant sales volumes and lower tariff realisation under long-term power purchase agreements (PPAs) due to a drop in import coal prices.
The company’s EBITDA fell by 15.6% YoY to ₹4,238 crore, compared to ₹5,024 crore in the same quarter last year. This contraction reflects the combined impact of lower tariff realisations and additional operating expenses following recent acquisitions.
Operational highlights
Consolidated power sale volume for the quarter grew slightly by 1.0% to 23.6 billion units (BU), up from 23.3 BU in Q3 FY25. However, the plant load factor (PLF) moderated to 62.6% from 63.9% a year ago , largely due to an extended monsoon and cooler temperatures which softened power demand across India.
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Expansion and fundraising
Adani Power announced it has received a letter of award for a 3,200 MW long-term PPA with the Assam Power Distribution Company Limited (APDCL). This project involves setting up a greenfield ultra-supercritical thermal power plant in places the company firmly on track to achieve its target capacity of 41.9 GW. With this, 90% of the company’s operating capacity is now tied up under long-term contracts, de-risking its revenue profile.
The company successfully raised ₹7,500 crore through AA-rated Non-Convertible Debentures (NCDs) via private placement on January 27, 2026.
Commenting on the performance, SB Khyalia, CEO of Adani Power, said, "Adani Power continues to deliver strong performance and maintain robust liquidity... We are swiftly securing long-term power purchase agreements for our upcoming capacities, with nearly half of our 23.7 GW expansion already tied up".
The shares of Adani Power ended 0.62% lower at ₹133.89 apiece on the national stock exchange on Thursday. The company's stock has risen 28% in the past one year, outperforming the benchmark Nifty 50 index that has risen close to 12% during the period.