Adani Power announces Q1 FY26 results

Delivers another quarter of robust and resilient performance

Operating Capacity grows to 18,150 MW in July 2025

Power generation of 25.7 BU in Q1 FY26

Profit After Tax for Q1 FY26 at Rs. 3,305 Crore

Continuing EBITDA for Q1 FY26 at Rs. 5,744 Crore

Editor’s Synopsis

Q1FY26 Highlights

Consolidated power sale volume grows by 1.6% at 24.6 BU in Q1 FY26, vs 24.2 BU in Q1 FY25, despite high base effect and demand disruption due to early monsoons.
Consolidated continuing total revenue for Q1 FY26 at Rs. 14,167 Crore vs Rs. 15,052 Crore in Q1 FY25; primarily due to lower merchant tariff realization and import coal prices year-on-year.
Consolidated continuing total revenue for Q1 FY26 at similar level to Q4 FY25, despite lower volumes, due to improved merchant realization on a sequential basis.
Consolidated continuing EBITDA for Q1 FY26 at Rs. 5,744 Crore vs Rs. 6,290 Crore for Q1 FY25; due to lower revenue and additional operating expenses of recent acquisitions year-on-year.
Consolidated continuing EBITDA for Q1 FY26 higher by 12.7% vs Q4 FY25 due to higher merchant tariffs and lower fuel costs as well as operating expenses.
Consolidated Profit After Tax for Q1 FY26 at Rs. 3,305 Crore vs Rs. 3,913 Crore for Q1 FY25 on account of lower merchant tariffs and elevated operating expenses following acquisitions.
Consolidated Profit After Tax for Q1 FY26 higher by 27.1% vs Q4 FY25 due to higher one-time income and continuing EBITDA on a sequential basis.
APL is receiving regular payments from Bangladesh, with over $500 million received over the last two months.

(Continuing Revenues exclude one-time prior period income recognition)

Ahmedabad, 1st August 2025: Adani Power Ltd. [“APL”], a part of Adani portfolio of companies, today announced the financial results for the first quarter ended 30th June 2025.

Commenting on the results, Mr. S B Khyalia, CEO, Adani Power Limited, said, “Adani Power’s stable financial performance this quarter is a testament to its resilience and core strengths, even in the face of variability in power demand and unpredictable weather. We continue to bolster our capacity through swift project execution and strategic acquisitions, ensuring we are well-prepared for future growth on our path to 30 Giga Watts (GW) by 2030. By securing critical equipment like Ultra-supercritical boilers, turbines, and generators ahead of schedule, we’re reinforcing our competitive edge and supporting India’s growing energy needs. Our commitment to sustainability and operational excellence remains unwavering, as we strive to deliver reliable, affordable power that drives the nation’s progress.”

Operating performance

Parameter	Q1 FY26	Q4 FY25	Q1 FY25	FY25
Installed Capacity (MW)	17,550	17,550	15,250	17,550
Plant Load Factor (PLF)	67.0%	74.2%	78.0%	70.5%
Units Sold (BU)	24.6	26.3	24.2	95.9

MW: Mega Watts; BU: Billion Units

Consolidated Operating capacity grew from 15,250 MW in Q1 FY25 to 17,550 MW in Q1 FY26 on account of acquisition of the 1,200 MW Moxie Power Generation Ltd. [“MPGL”], 600 MW Korba Power Limited [“KPL”], and 500 MW Adani Dahanu Thermal Power Station [“ADTPS”]. It has further grown to 18,150 MW in July 2025 upon completion of the acquisition of the 600 MW Vidarbha Industries Power Ltd.
Power demand was affected by an early monsoon in Q1 FY26, in comparison to the demand surge witnessed in Q1 FY25 due to a heat wave phenomenon. As a result, all-India energy demand came down by (-) 1.6% to 445.2 BU in Q1 FY26 as compared to 452.4 BU in Q1 FY25.
Peak demand for Q1 FY26 was also lower by (-) 2.8% at 243 GW as compared to 250 GW in Q1 FY25, affecting merchant demand and tariffs.
As a result of the variability in demand, and weather conditions, average market clearing price on the Indian Energy Exchange declined by 16% year-on-year to Rs. 4.41/kWh in Q1 FY26 as compared to the tariffs in Q1 FY25. The Day Ahead Market volumes also declined by 7% to 12,399 MU in this period.
Despite the slowdown in energy demand, APL was able to register a growth of 1.6% in power sales due to greater operating capacity and higher offtake in some of the plants.
Merchant sales for Q1 FY26 were 7.7% higher at 5.7 BU, as compared to 5.3 BU in Q1 FY25.

Business updates

The Godda power plant has started receiving regular payments from the Bangladesh Power Development Board after the release of USD 437 million in June ’25 and USD 75 million in July ‘25.
Adani Power (Jharkhand) Limited [“APJL”] has been amalgamated with APL, its holding company, effective from 1st April 2024 following the approval of the Scheme of Amalgamation by the Hon’ble National Company Law Tribunal, Ahmedabad bench [“NCLT”]. As a result of this amalgamation, the 1,600 MW power generation capacity of the Godda plant will form part of the standalone entity of APL
Credit rating of the Godda power plant effectively upgraded to AA/Stable from BBB/Stable post-amalgamation, which will lead to a reduction in its finance cost
Vidarbha Industries Power Ltd. [“VIPL”], a company undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code has been acquired by APL on 7th July 2025 following the receipt of approval from Hon’ble NCLT, Mumbai bench. VIPL operates a 2x300 MW (600 MW) thermal power plant at Butibori in Nagpur District of Maharashtra. The acquisition enhances APL’s operating capacity to 18,150 MW and strengthens its position in the key industrialised state of Maharashtra.
APL has signed a PPA with the UP Power Corporation Ltd. for supply of 1,500 MW (net) electricity for a period of 25 years from a new 2x800 MW (1,600 MW) Ultra-supercritical power project to be set up in Uttar Pradesh. With this, APL now has incremental PPA tie-ups for 4,520 MW capacity, which will be supplied from its upcoming 12,520 MW expansion projects.

Financial performance

Particulars (Rs. in Crore)	Q1 FY26	Q1 FY25	Change +/-	Q4 FY25	Change +/-	FY25
Continuing Revenue from Operations⁽¹⁾	13,702.94	14,716.89	(6.89%)	14,145.31	(3.13%)	54,502.81
Continuing Other Income⁽²⁾	464.55	334.71	38.79%	377.08	23.20%	1,969.91
Total Continuing Revenue	14,167.49	15,051.60	(5.87%)	14,522.39	(2.44%)	56,472.72
Total Reported Revenue	14,573.70	15,473.95	(5.82%)	14,535.60	0.26%	58,905.83
Continuing EBITDA	5,743.62	6,290.28	(8.69%)	5,097.62	12.67%	21,575.07
Reported EBITDA	6,149.83	6,712.63	(8.38%)	5,110.83	20.33%	24,008.18
Continuing Profit Before Tax	3,798.10	4,483.16	(15.28%)	3,248.07	16.93%	13,926.40
Reported Profit Before Tax	4,204.31	4,905.51	(14.29%)	3,261.28	28.92%	16,359.51
Tax expenses / (Credit)	899.18	992.72	(9.42%)	662.05	35.82%	3,609.90
Profit After Tax	3,305.13	3,912.79	(15.53%)	2,599.23	27.16%	12,749.61

^{(1), (2): Continuing Operating Revenues and Continuing Other Income exclude prior period income recognition
on account of coal shortfall claims and late payment surcharge.}

EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization

Key financial highlights

Robust Continuing Operating Revenue for Q1 FY26 of Rs. 13,703 Crore, marginally affected by lower prices of imported coal as well as lower merchant tariffs, as compared to Rs. 14, 717 Crore in Q1 FY25.
Resilient Continuing EBITDA performance of Rs. 5,744 Crore in Q1 FY26 as compared to Rs. 6,290 Crore in Q1 FY25 supported by moderation in fuel costs despite lower tariffs and higher operating costs on account of recent acquisitions.
Higher depreciation is on account of the newly acquired power plants.
Control on Finance Costs in Q1 FY26 as compared to Q1 FY25 despite new acquisitions and increased scale of operations.
Lower one-time revenue recognition of prior period items of Rs. 406 Crore in Q1 FY26 as compared to Rs. 422 Crore in Q1 FY25. One-time revenue recognition has reduced substantially following resolution of all major regulatory matters and realisation of outstanding dues from DISCOMs in FY 24 and FY25.
Profit After Tax for Q1 FY26 was a strong Rs. 3,305 Crore as compared to Rs. 3,913 Crore in Q1 FY25
APL continues to enjoy a strong balance sheet position and sound liquidity. Total debt outstanding as of 30th June 2025 is Rs. 44,372 Crore as compared to Rs. 38,335 Crore as of 31st March 2025. The net debt position for the two dates is Rs. 37,437 Crore and Rs. 31,023 Crore respectively. The increase in debt is on account of bridge financing for capital expenditure and working capital borrowings in line with the increased scale of operations.
During Q1 FY26, APL redeemed Unsecured Perpetual Securities [“UPS”] of principal amount of Rs. 2,579 Crore out of its operating surplus. The amount of UPS principal outstanding as of Rs. 30th June 2025 is Rs. 478 Crore.

Project Updates

AAPL is expanding its installed capacity to 30,670 MW by 2030 by setting up seven brownfield power projects and one greenfield power project with total capacity of 12,520 MW.

The execution of three Ultra-supercritical power plants of 2x800 MW (1,600 MW) capacity each is in full swing at the existing sites at Mahan (Madhya Pradesh) as well as Raipur and Raigarh (Chhattisgarh). Further, APL’s wholly owned subsidiary KPL has also received Environmental Clearance for revival of its 2x660 MW (1,320 MW) Supercritical power project at Korba (Chhattisgarh) and recommenced project execution.

APL already possesses the required land at strategic locations for the 12,520 MW expansion, thus removing a critical bottleneck for project execution. Moreover, it has already secured supplies of key equipment like Ultra-supercritical boilers, turbines, and generators by giving advance orders to a leading Indian Original Equipment Manufacturer, thereby ensuring timely capital equipment supplies. These proactive steps, coupled with the Adani Group’s in-house project management expertise, provide APL an unparalleled advantage to achieve capacity expansion in a timely and cost-effective manner, and meet India’s growing power demand with reliable and cost-effective supply.

The choice of Ultra-supercritical technology for the new power plants will enable APL to generate power with greater fuel efficiency, with a lower consumption of coal resulting in lower emissions for both fuel transportation and power generation. These projects, which are generating local employment opportunities and providing a boost to the regional economy, will also enable greater integration of renewable energy by providing grid-stabilising, base load and peaking power supply.

ESG Performance

APL’s water intensity performance for Q1 FY26 is 2.21 m3/MWh, which is significantly lower than the statutory limit for hinterland plants. For comparison, the water intensity for Q1 FY25 was recorded at 2.41 m3/MWh.
APL has achieved 110% aggregate fly ash utilization for Q1 FY26 as part of its continuous efforts to meet its environmental obligations and follow sustainable practices.
As a part of its Corporate Social Responsibility program, APL has been actively involved in enhancing education and healthcare services in many locations across India. For instance, under the Utthan project, 77 government schools in Mundra Taluka have been adopted, benefiting 11,663 students. Additionally, regular mobile health care units and rural clinics have provided essential healthcare services to thousands of beneficiaries across various locations.
APL has focused on empowering women through economic initiatives as part of its Sustainable Livelihood and Community Engagement programs. It has also engaged in community development activities like tree plantation programs and infrastructure development projects, benefiting numerous villagers.