Adani Power announces Q2 FY26 results

Reports strong profitability, adds 4.5 GW of new PPAs

Higher power sales volume of 23.7 BU in Q2 FY26, up 7.4% y-o-y despite slower power demand growth

Higher Revenue for Q2 FY26 at 14,308 Crore, despite lower tariffs

Stable EBITDA for Q2 FY26 at Rs. 6,001 Crore

Strong Profit After Tax for Q2 FY26 at Rs. 2,906 Crore

Editor's Synopsis

Q2 FY26 Highlights

New Long Term Power Purchase Agreement awards of 2,400 MW from Bihar DISCOM, 1,600 MW from Madhya Pradesh DISCOM, and 570 MW from Karnataka DISCOM (by October ’25).
Acquisition of 600 MW Vidarbha Industries Power Limited under Corporate Insolvency Resolution Process, taking total capacity to 18,150 MW.
Higher consolidated power sale volume by 7.4% at 23.7 Billion Units in Q2 FY26, vs 22 BU in Q2 FY25, despite high base effect and demand disruption due to early and prolonged monsoons.
Higher Consolidated Total Revenue for Q2 FY26 at Rs. 14,308 Crore vs Rs. 14,063 Crore in Q2 FY25, despite lower merchant tariffs and import coal prices · Stable Consolidated EBITDA for Q2 FY26 at Rs. 6,001 Crore vs Rs. 6,000 Crore for Q2 FY25; despite additional operating expenses of recent acquisitions year-on-year
Strong Consolidated Profit After Tax for Q2 FY26 at Rs. 2,906 Crore vs Rs.3,298 Crore for Q2 FY25; despite higher depreciation and deferred tax expense.

H1 FY26 Highlights

Consolidated power sale volume grows by 4.4% at 48.3 BU in H1 FY26, vs 46.2 BU in H1 FY25.
Stable Consolidated Total Revenue for H1 FY26 at Rs. 28,882 Crore vs Rs. 29,537 Crore in H1 FY25.
Robust Consolidated EBITDA for H1 FY26 at Rs. 12,151 Crore vs Rs. 12,712 Crore for H1 FY25.
Strong Consolidated Profit After Tax for H1 FY26 at Rs. 6,212 Crore vs Rs.7,210 Crore for H1 FY25.

Ahmedabad, 30th October 2025: Adani Power Ltd. [“APL”], a part of Adani portfolio of companies, today announced the financial results for the second quarter and half year ended 30th September 2025.

Commenting on the results, Mr. S B Khyalia, CEO, Adani Power Limited, said, “Adani Power has once again demonstrated robust and stable financial performance this quarter, in the face of weather-driven fluctuations in demand, highlighting our operational efficiency and competitive advantages. We are steadily expanding our presence in the market by securing another 4.5 GW of new long-term PPAs under the SHAKTI scheme. Our strong profitability and liquidity position us well to achieve our enhanced capacity expansion goal of 42 GW by 2031-32. We have already arranged ordering for equipment and land for the entire 23.7 GW expansion, with project implementation progressing rapidly. We are proud to play a pivotal role in India’s power sector growth, and stay strongly committed to supporting the nation’s need for dependable, scalable, and sustainable electricity.”

Power market update

Monsoons started early in May ’25 and have continued in spells more than a month beyond their usual abatement horizon.
These unprecedented weather patterns have disrupted demand in peak and non-peak hours, subduing tariffs in the merchant market.
Power demand growth statistics have been further affected by a high base effect due to the heat wave phenomenon and resultant demand surge in H1 FY25.
Consequently, all-India energy demand grew at a slower pace of 3.2% to 449.2 BU in Q2 FY26 as compared to 435.1 BU in Q2 FY25. Energy demand growth for H1 FY26 was 0.8% at 894.4 BU as compared to 887.5 BU for H1 FY25.

Operating performance

Parameter	Q2 FY26	Q2 FY25	H1 FY26	H1 FY25	FY25
Installed Capacity (MW)	18,150	17,550	18,150	17,550	17,550
Plant Load Factor (PLF)	62.8%	66.9%	64.8%	72.3%	70.5%
Units Sold (BU)	23.7	22.0	48.3	46.2	95.9

MW: Mega Watts; BU: Billion Units

Consolidated Operating capacity grew from 17,550 MW as of 30th September 2024 to 18,150 MW as of 30th September 2025 on account of acquisition of the 600 MW Vidarbha Industries Power Ltd.
Despite the slowdown in energy demand growth, APL was able to register a growth of 7.4% in power sales during Q2 FY26 due to a larger effective operating capacity.
Merchant and short-term sale volume for Q2 FY26 was 12.9% higher at 5.7 BU, as compared to 5.0 BU in Q2 FY25. Similarly, the merchant volume was 10.5% higher at 11.4 BU for H1 FY26, as compared to 10.3 BU for H1 FY25.

Business updates

APL signed a Power Supply Agreement (PSA) of 2,400 MW (gross) capacity for a period of 25 years with the Bihar State Power Generation Company Limited (BSPGCL), to be supplied from a new 2,400 MW greenfield Ultra-Supercritical Thermal Power Project (USCTPP) at Pirpainti in Bhagalpur district, Bihar.
APL received Letters of Allocation (LOA) for 1,600 MW (gross) capacity from the MP Power Management Company Limited (MPPMCL) for supply of power for a period of 25 years from a 2,400 MW greenfield USCTPP at Anuppur district, Madhya Pradesh,.
APL received an LOA of 570.5 MW (gross) capacity from the Power Company of Karnataka Ltd (PCKL) to be supplied from the existing 1,370 MW capacity of the Raipur thermal power plant for a period of 25 years.
Vidarbha Industries Power Ltd. has signed a 500 MW (net) medium term PPA with Maharashtra DISCOM for a period of 5 years starting from 01 November 2025.
Mahan Energen Ltd. has received an approval from the Ministry of Coal to commence operations at the Dhirauli Mine in Singrauli, Madhya Pradesh. The mine has a peak capacity of 6.5 MTPA and reserves of 558 MMT.
APL completed a Shares Split on September 22, 2025, in a 1:5 ratio, converting each equity share of Rs. 10 face value into five equity shares of Rs. 2 each. Following the split, the total number of equity shares issued by the Company have increased from 3,85,69,38,941 equity shares of Rs. 10 face value each to 19,28,46,94,705 equity shares of Rs. 2 face value each.
India Ratings has affirmed AA (Stable) / A1+ credit rating to APL’s Bank Loan facilities amounting to Rs. 58,000 Crore.

Financial performance

Particulars (Rs. in Crore)	Q2 FY26	Q2 FY25	Change +/-	H1 FY26	H1 FY25	Change +/-
Continuing Revenue from Operations ⁽¹⁾	13,106.34	12,949.12	1.21%	26,809.28	27,666.01	(3.10%)
Continuing Other Income ⁽²⁾	532.92	516.18	3.24%	998.00	850.89	17.29%
Total Continuing Revenue	13,639.26	13,465.30	1.29%	27,807.29	28,516.90	(2.49%)
Total Reported Revenue	14,307.79	14,062.84	1.74%	28,881.49	29,536.79	(2.22%)
Continuing EBITDA	5,332.71	5,402.00	(1.28%)	11,076.87	11,692.28	(5.26%)
Reported EBITDA	6,001.24	5,999.54	0.03%	12,151.07	12,712.17	(4.41%)
Continuing Profit Before Tax	3,297.68	3,536.54	(6.75%)	7,096.31	8,019.70	(11.51%)
Reported Profit Before Tax	3,966.20	4,134.08	(4.06%)	8,170.51	9,039.59	(9.61%)
Tax expenses / (Credit)	1,059.74	836.56	26.68%	1,958.92	1,829.28	7.09%
Profit After Tax	2,906.46	3,297.52	(11.86%)	6,211.59	7,210.31	(13.85%)

(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 performance for Q2 FY26 of Rs. 13,106.34 Crore, as compared to Rs. 12,949.12 Crore in Q2 FY25 on the basis of higher volumes, which was marginally tempered by lower PPA tariff realization on account of lower international coal prices as well as lower merchant tariffs.
Continuing Operating Revenues for H1 FY26 were slightly lower at Rs. 26,809.28 Crore as compared to Rs. 27,666.01 Crore in H1 FY25 in line with lower merchant tariff realization and import coal prices.
Resilient Continuing EBITDA performance of Rs. 5,332.71 Crore in Q2 FY26 as compared to Rs. 5,402 Crore in Q2 FY25, despite expenses on scheduled overhauling in some of the power plants, in addition to the operating expenses of newly acquired plants.
Continuing EBITDA for H1 FY26 was Rs. 11,076.87 Crore in comparison to Rs. 11,692.28 Crore for H1 FY25, in line with continuing revenue.
Higher depreciation in Q2 FY 26 and H1 FY26 is on account of the newly acquired power plants.
Consistent control on Finance Costs in Q2 and H1 FY26 as compared to corresponding periods of FY25 despite new acquisitions and increased scale of operations.
One-time revenue recognition of prior period items of Rs. 668.53 Crore in Q2 FY26 as compared to Rs. 597.54 Crore in Q2 FY25 and Rs. 1,074.20 Crore in H1 FY26 as compared to Rs. 1,019.89 Crore in H1 FY25. One-time revenue recognition has moderated substantially in FY26 following resolution of all major regulatory matters and realisation of outstanding dues from DISCOMs in FY 24 and FY25.
Profit After Tax for Q2 FY26 was a strong Rs. 2,906.46 Crore as compared to Rs. 3,297.52 Crore in Q2 FY25, affected by slightly lower pre-tax profit and higher tax charge.
Profit After Tax for H1 FY26 was Rs. 6,211.59 Crore as compared to Rs. 7,210.31 Crore for H1 FY25, affected mainly by a lower operating income and higher depreciation charge.
APL continues to enjoy a strong balance sheet position and sound liquidity. Total debt outstanding as of 30th September 2025 is Rs. 47,253.69 Crore as compared to Rs. 38,334.88 Crore as of 31st March 2025. The net debt position is Rs. 36,775.72 Crore as of 30th September 2025 as compared to Rs. 31,023.43 Crore as of 31st March 2025. The increase in debt is on account of bridge financing for capital expenditure as well as working capital borrowings in line with the increased scale of operations.
During Q2 FY26, APL fully redeemed Unsecured Perpetual Securities [“UPS”] of Rs. 478.33 Crore principal amount along with the remaining cumulative distribution. The amount of UPS principal outstanding as of Rs. 30th September 2025 is NIL.

Project Updates

APL has increased its targeted capacity expansion to 41,870 MW by FY 2031-32 by several brownfield and greenfield projects with a combined capacity of 23,720 MW. It has already given advance orders for supply of main plant equipment such as Ultra-supercritical boilers, turbines, and generators to leading equipment manufacturers, thereby ensuring timely capital equipment supplies. APL already possesses the required land at strategic locations for the expansion, thus removing a critical bottleneck for project execution. 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 execution of APL’s brownfield expansion projects is progressing rapidly, with cumulative work for Mahan Phase-II 1,600 MW USCTPP at 73%, Raipur Phase-II 1,600 MW USCTPP at 35%, and Raigarh Phase-II 1,600 MW USCTPP at 30%. Further, APL’s wholly owned subsidiary Korba Power Ltd. has revived the construction of its 1,320 MW Supercritical power project at Korba (Chhattisgarh). These projects are scheduled to be completed in stages between FY 2026-27 and FY 2028-29.

ESG Performance

Sustainalytics has given APL an ESG Risk Rating of ‘Medium Risk’ with a score of 29.2, improved from High Risk - 33.14 in July 2023, and better than the Global Electric Utility Industry average of 36.9
APL has received CSR HUB ESG rating of 77 % in Q2 FY26, which is significantly better than the Global industry average of 51.
APL’s water intensity performance for Q2 FY26 is 2.22 m3/MWh, which is significantly lower than the statutory limit for hinterland plants.
During the quarter, Adani Power’s Corporate Social Responsibility (CSR) initiatives continued to make a significant impact across education, healthcare, sustainable livelihoods, and community infrastructure development.

Education: The Utthan Project supported over 11,500 students in Mundra and Mandavi Taluka, while school kit distribution in Udupi reached 7,000 students. In Tiroda, a major solar school project installed 256 kW units across 144 schools, and Raigarh’s Project Utthan mainstreamed 346 progressive learners.
Healthcare: CSR efforts included mobile health units and rural clinics, with Mundra serving over 1,100 patients monthly, Udupi’s unit reaching 1,504 villagers, and Godda’s four mobile units benefiting more than 7,400 patients in September alone.
Sustainable livelihood: Tree plantation drives were carried out across locations (6,000 trees in Viraniya, 17,090 saplings in Tiroda, and 20,000 planned in Godda), while dairy and animal husbandry initiatives supported hundreds of farmers and cattle, and garment production centers provided income to women.
Community infrastructure development: Pond deepening was carried out in Tuna and Rampar, safe drinking water provided for nearly 5,900 villagers in Udupi, and sports tournaments were organized in Godda with 792 youth participants.

Adani Group’s Energy Network Operation Center (ENOC), responsible for remote monitoring and control of energy assets, won the Platinum award under “Best LCA in Productivity Improvement” at the 9th CII National Low-Cost Automation Circle 2025