Adani Power ranked #1 among India’s Most Valuable Energy Brands by Brand Finance
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Highest ever quarterly performance on operating and financial results amidst rapidly rising power demand
Achieves highest ever quarterly power generation (31 BU) and dispatch (28.8 BU)
Highest ever quarterly revenue and profitability on continuing basis
47% Y-o-Y growth in Q1 FY27 Reported PAT at Rs. 4,867 Crore
36% Y-o-Y growth in Q1 FY27 Reported EBITDA at Rs. 8,369 Crore (Continuing EBITDA Rs. 6,983 Crore)
33% Y-o-Y growth in Q1 FY27 Reported Revenue at Rs. 19,322 Crore (Continuing Revenue Rs. 17,936 Crore)
Editor’s Synopsis
Power Sector Updates
Q1 FY27 Highlights
Ahmedabad, 22 July 2026: Adani Power Ltd. [“APL”], a part of Adani portfolio of companies and India’s private sector largest thermal power generator, today announced the financial results for the first quarter of financial year 2026-27.
Commenting on the results, Mr. S B Khyalia, CEO of Adani Power Limited, said, “Adani Power has once again demonstrated strength of its efficient and cost-competitive portfolio and operational excellence in various spheres by posting its highest ever quarterly EBITDA on continuing basis. APL has consolidated firmly on the path to expand its portfolio to 45GW, with rapid progress on ongoing projects and strong liquidity from current operations. As we expand our reach further with the acquisition of Jaiprakash Associates’ stake in power assets, we are also diversifying into domestic and international hydro power projects and preparing ourselves to enter new opportunities in the nuclear power field. We are strongly committed to helping India meet its long term development goals with the supply of reliable and competitive electricity.”
Power market update:
In Q1 FY27, India witnessed a hotter-than-usual summer, with persistent heatwaves and high temperatures across most regions of the country. This drove peak power demand to a record high of 270.8 GW in May 2026, while energy consumption rose by 8.4% on year-on-year basis to 485.4 BU during the quarter.
During Q1 FY27, the Day-Ahead Market Clearing Price on the Indian Energy Exchange rose by 15.7% year-on-year to Rs. 5.1/unit. The Real-Time Market Clearing Price also increased by 13.8% year-on-year to Rs. 4.5/unit.
Operating performance
| Parameter | Q1 FY27 | Q1 FY26 | FY26 |
|---|---|---|---|
| Installed Capacity (MW) | 18,330 | 17,550 | 18,150 |
| Plant Load Factor (PLF) | 77.9% | 67.0% | 66.5% |
| Units Sold (BU) | 28.8 | 24.6 | 99.1 |
MW: Mega Watts; BU: Billion Units
Business updates
Financial performance
| Particulars (Rs. in Crore) |
Q1 FY27 | Q1 FY26 | Change +/- | FY 26 |
|---|---|---|---|---|
| Continuing Revenue from Operations (1) | 17,550.43 | 13,702.94 | 28.08% | 53,781.45 |
| Continuing Other Income (2) | 385.52 | 464.55 | (17.01%) | 1,801.18 |
| Total Continuing Revenue | 17,935.96 | 14,167.49 | 26.60% | 55,582.63 |
| Total Reported Revenue | 19,322.30 | 14,573.70 | 32.58% | 57,865.28 |
| Continuing EBITDA | 6,982.75 | 5,743.62 | 21.57% | 21,285.35 |
| Reported EBITDA | 8,369.09 | 6,149.83 | 36.09% | 23,430.87 |
| Continuing Profit Before Tax (3) | 4,914.15 | 3,798.10 | 29.38% | 13,353.99 |
| Reported Profit Before Tax | 6,300.49 | 4,204.31 | 49.86% | 15,499.51 |
| Share of Profits from Associate (4) | 117.69 | - | -nm- | - |
| Tax Charge / (Credit) | 1,551.58 | 899.18 | 72.55% | 2,528.43 |
| Profit After Tax | 4,866.60 | 3,305.13 | 47.24% | 12,971.08 |
(1), (2), (3): Continuing Operating Revenues and Continuing Other Income exclude prior period income
recognition. Continuing EBITDA and Continuing Profit Before Tax exclude prior period income and expenses. | (4):
Results for Q1 FY27 include share of profits from Associate following the acquisition of stake in Jaiprakash
Power Ventures Ltd.
EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization | nm: Not Meaningful
Key financial highlights
Project Updates
APL’s ongoing capital expenditure programme to expand generation capacity to 45 GW is progressing as planned. The 1,320 MW Korba Phase-II Supercritical Thermal Power Project (“USCTPP”) is expected to be commissioned during the current year. The 1,600 MW Mahan Phase-II USCTPP is scheduled for commercial operations in Q1 FY28 and had achieved over 88% overall progress as of 30th June 2026. The 1,600 MW Raipur Phase-II and 1,600 MW Raigarh Phase-II USCTPPs have achieved over 62% and 54% progress respectively, while execution has also commenced for the 1,600 MW Mirzapur Greenfield USCTPP in Uttar Pradesh.
Environmental clearance has been received for 87% of the upcoming capacity, while 56% has already been tied up under long-term Power Purchase Agreements through the Design, Finance, Build, Own, and Operate model. APL is confident of receiving the balance clearances soon and tying up the presently open under-development capacity in long term contracts quickly through competitive bids being invited by various State DISCOMs.
APL’s rapid capacity expansion is supported by its strong project execution track record, largely brownfield development approach, in-house project management capabilities, and advance ordering of key equipment for upcoming capacity. Together, these factors provide a strong project cost advantage. Combined with low leverage and a predominantly self-financed capital expenditure strategy, they position APL to deliver its capacity expansion programme in a timely and cost-effective manner.
ESG Performance
About Adani Power
Adani Power (APL), a part of the Adani portfolio, is the largest private thermal power producer in India. The Company has an installed thermal power capacity of 18,290 MW spread across thirteen power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, Tamil Nadu, and Uttar Pradesh, apart from a 40 MW solar power plant in Gujarat. With the help of a world-class team of experts in every field of power, Adani Power is on course to achieve its growth potential. The company is harnessing technology and innovation to transform India into a power-surplus nation and provide quality and affordable electricity for all.
For more information, please visit www.adanipower.com
For media queries, contact: Roy.paul@adani.com
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