Adani Power announces Q2 FY27 results

Record Revenue and Profitability Mark Strong Q2 FY27 Performance

142% Y-o-Y growth in PAT to ₹7,019 Crore, Driven by Strong Operating Performance Amid Rising Power Demand

46% Y-o-Y growth in Q2 FY27 Reported EBITDA at Rs. 8,743 Crore (Continuing EBITDA Rs. 6,321 Crore)

39% Y-o-Y growth in Q2 FY27 Reported Revenue at Rs. 19,951 Crore (Continuing Revenue Rs. 17,528 Crore)

Editor’s Synopsis

Q2 FY27 Highlights

Receipt of Letter of Award from the Uttarakhand Power Corporation Limited for a 25-year Power Supply Agreement (“PSA”) of 1,320 MW (1,234 MW net).
Adani Power Limited (“APL”) selected as Successful Resolution Applicant under the Corporate Insolvency Resolution Process of GVK Energy Limited, which owns and operates the 330 MW Alaknanda Hydroelectric power plant in Uttarakhand.
Grid synchronization of first 660 MW Supercritical Unit of Korba Phase-II project achieved.
Signing of Shareholders’ Agreement between APL and Druk Green Power Corporation Limited for setting up the 770 MW Chamkarchhu Hydropower Project in Thimphu, Bhutan through a 49:51 jointly incorporated entity.
Consolidated power sale volume higher by 11.5% at 26.4 BU in Q2 FY27 vs 23.7 BU in Q2 FY26; on back of strong power demand growth.
Strong 28.5% growth in Consolidated Continuing Total Revenue for Q2 FY27 at Rs. 17,528 Crore vs Rs. 13,639 Crore in Q2 FY26; in line with volume growth and improved power selling rates.
Solid 18.5% growth in Consolidated Continuing EBITDA for Q2 FY27 at Rs. 6,321 Crore, vs Rs. 5,333 Crore for Q2 FY26; underscoring core profitability strength despite higher fuel costs.
Sharp growth of 141.5% in Consolidated Profit After Tax at Rs. 7,019 Crore for Q2 FY27, vs Rs. 2,906 Crore for Q2 FY26; due to strong continuing EBITDA and higher one-time prior period revenue recognition.

Ahmedabad, 23^rd October 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 second quarter of financial year 2026-27.

Commenting on the results, Mr. S B Khyalia, CEO of Adani Power Limited, said, “Adani Power continues to grow from strength to strength, achieving newer milestones in profitability and project execution. As India’s leading private thermal power producer, our vision is focused on ensuring the timely availability of high quality and reliable power supply to meet the country’s growing baseload requirements. The primacy of domestic coal-based power in meeting India’s long-term power needs has become clearer every day in light of geopolitical events and climate vagaries. We are proud to be the leaders in capacity addition to address the need of 100 GW new thermal power capacities by 2032. We are ensuring, with the determined support of our experienced teams and capable partners, that India will always have access to the power supply it needs round-the-clock to meet its growth aspirations.”

Power market update:

During Q2 FY27, India’s power demand grew by 11.5% at 502 BU as compared to Q2 FY26, driven by rapid economic growth and a weak monsoon. Growing demand resulted in 11% higher power generation year-on-year to reach 536 Billion Units (“BU”), which coupled with lower hydropower potential resulted in higher contribution in power supply from Coal and Lignite-fired power generation at 66% as compared to 65% in Q2 FY26. Coal and Lignite-based power accounted for 73% of the incremental power generation in the quarter. Aggregate Plant Load Factor (“PLF”) of coal-based power plants in India rose to 68% in Q2 FY27, as compared to 62% in Q2 FY26.

Peak power demand reached 270 GW in Q2 FY27, up 18% from 230 GW recorded in the previous year. Large states like Uttar Pradesh and Maharashtra accounted for 27 GW of peak demand each during Q2 FY27, followed by Gujarat, Tamil Nadu, and Karnataka with 23 GW, 20 GW, and 16 GW respectively.

During Q2 FY27, the Day-Ahead Market Clearing Price on the Indian Energy Exchange rose by 46% year-on-year to Rs. 5.7/unit. The Real-Time Market Clearing Price also increased by 49% year-on-year to Rs. 5.2/unit.

Operating performance:

Parameter	Q2 FY27	Q2 FY26	H1 FY27	H1 FY26	FY26
Operating Capacity (MW)⁽¹⁾	18,150	18,150	18,150	18,150	18,150
Plant Load Factor (PLF)	70.1%	62.8%	74.1%	64.8%	66.5%
Units Sold (BU)	26.4	23.7	55.1	48.3	99.1

MW: Mega Watts; BU: Billion Units
(1) Excludes the 180 MW Churk thermal power plant, which is under revival post-acquisition

Higher power demand under PPAs as well as in the merchant and short-term markets drove higher volumes in Q2 FY27 as compared to Q2 FY26.
Power sales under PPAs grew by 29.7% to 23.4 Billion Units (BU), while tariff realization improved by 12.7% to Rs. 6.4/kWh on continuing basis in Q2 FY27 over Q2 FY26.
Merchant and short-term realization improved by 33.1% to Rs. 7.2/kWh in Q2 FY27 as compared to Q2 FY26 due to stronger demand, while volumes supplied were 43% lower due to incremental tie-ups of open capacity in medium-term contracts.

Business updates:

APL has been declared the Successful Resolution Applicant for the resolution plan submitted by it for GVK Energy Limited (“GVKEL”), a company undergoing the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code. GVKEL owns and operates the 330 MW Alaknanda Hydroelectric Power Plant in Uttarakhand. The acquisition of GVKEL will allow APL to enter the hydroelectric power generation sector.
APL has received an LOA from the Uttarakhand Power Corporation Limited for power supply from a 1,320 MW (1,234 MW net) Supercritical Thermal Power Capacity under a 25-year Power Supply Agreement. This PSA will take total tie-ups for APL’s upcoming 23.72 GW thermal power capacity to 62%.
APL and Druk Green Power Corporation Limited (“DGPC”), a State-owned entity of the Government of Bhutan, have entered into a Shareholders Agreement for setting up the 770 MW Chamkarchhu Hydropower Project in Thimphu, Bhutan through a jointly incorporated entity with a 49:51 shareholding respectively. This is the second hydropower project to be undertaken by the two partners after the 570 MW Wangchhu Hydropower Project in Bhutan.
CARE Ratings and India Ratings have upgraded APL’s credit rating from “AA; Stable” to “AA+; Stable”, reflecting the Company’s sustained strong financial and operational performance, its market leadership position with a diversified operating portfolio, and strong revenue visibility. The ratings also factor in APL’s healthy financial flexibility and adequate liquidity in view of its capital commitments towards its capacity expansion plans.
Following the fulfilment of conditions pertaining to the Scheme of Amalgamation of APL with its 10 wholly owned subsidiaries, which was approved by the Hon’ble National Company Law Tribunal, Ahmedabad and Mumbai benches, the Scheme has become effective on 25^th September 2026. As a result, 10 wholly owned subsidiaries including Korba Power Limited and Vidarbha Industries Power Limited have been amalgamated with APL.

Financial performance:

Particulars (Rs. in Crore)	Q2 FY27	Q2 FY26	Change +/-	H1 FY27	H1 FY26	Change +/-	FY 26
Continuing Revenue from Operations⁽¹⁾	17,014.06	13,106.34	29.8%	34,564.49	26,809.28	28.9%	53,781.45
Continuing Other Income⁽²⁾	514.29	532.92	(3.5%)	899.81	997.47	(9.8%)	1,801.18
Total Continuing Revenue	17,528.35	13,639.26	28.5%	35,464.30	27,806.75	27.5%	55,582.63
Total Reported Revenue	19,950.60	14,307.79	39.4%	39,272.90	28,881.49	36.0%	57,865.28
Continuing EBITDA	6,320.97	5,332.71	18.5%	13,303.71	11,076.33	20.1%	21,285.35
Reported EBITDA	8,743.22	6,001.24	45.7%	17,112.31	12,151.07	40.8%	23,430.87
Continuing Profit Before Tax⁽³⁾	4,369.51	3,297.68	32.5%	9,283.66	7,095.77	30.8%	13,353.99
Reported Profit Before Tax	6,791.76	3,966.20	71.2%	13,092.25	8,170.51	60.2%	15,499.51
Share of Profits from Associate⁽⁴⁾	(3.04)	-		114.65	-		-
Tax Charge / (Credit)	(230.60)	1,059.74	(121.8%)	1,320.98	1,958.92	(32.6%)	2,528.43
Profit After Tax	7,019.32	2,906.46	141.5%	11,885.92	6,211.59	91.4%	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 and H1 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:

Continuing Operating Revenues: For Q2 FY27, continuing operating revenue increased by 29.8% to Rs. 17,014.06 Crore from Rs. 13,106.34 Crore in Q2 FY26. This growth was driven by higher volumes on account of a significant increase in power demand and higher PPA tariffs due to a sharp increase in import coal prices, and improved merchant realisation.
Continuing Operating Revenues for H1 FY27 grew by 28.9% to Rs. 34,564.49 Crore from Rs. 26,809.28 Crore in H1 FY26 for similar reasons.
Fuel cost for Q2 FY27 was higher by 41.8% at Rs. 10,229.38 Crore vs Rs. 7,216.23 Crore for Q2 FY26 due to higher volumes and 50% higher landed cost of imported coal.
Fuel cost for H1 FY27 similarly increased by 36% to Rs. 19,768.50 Crore as compared to Rs. 14,535.04 Crore for H1 FY26.
Strong Continuing EBITDA performance of Rs. 6,320.97 Crore in Q2 FY27, 18.5% higher as compared to Rs. 5,332.71 Crore in Q2 FY26; due to higher volumes, improved tariffs and merchant realization, and control on operating expenses despite an increase in fuel costs.
Continuing EBITDA for H1 FY27 similarly increased by 20.1% to Rs. 13,303.71 Crore as compared to Rs. 11,076.33 Crore in H1 FY26.
One-time prior period revenue recognition of Rs. 2,422.25 Crore in Q2 FY27, primarily due to revision in historic energy charges under certain PPAs, as compared to Rs. 668.53 Crore in Q2 FY26.
Prior period revenue recognition for H1 FY27 is Rs. 3,808.60 Crore as compared to prior period revenue recognition of Rs. 1,074.74 Crore in H1 FY26.
Finance costs were lower by (-) 9.7% at Rs. 760.23 Crore for Q2 FY27 as compared to Rs. 841.63 Crore due to strong operating cash flow generation and controlled utilization of operational debt.
Similarly, Finance costs for H1 FY27 were lower by (-) 2.2% at Rs. 1,661.60 Crore as compared to Rs. 1,698.56 Crore for H1 FY26.
Continuing Profit Before Tax, before one-time items, registered a strong increase of 32.5% at Rs. 4,369.51 Crore in Q2 FY27 vs Rs. 3,297.68 Crore in Q2 FY26 on account of strong operating earnings performance and tight control on finance costs.
Similarly, Continuing Profit Before Tax for H1 FY27 is 30.8% higher at Rs. 9,283.65 Crore as compared to Rs. 7,095.77 Crore for H1 FY26.
Reported Profit Before Tax for Q2 FY27 is sharply higher by 71.2% at Rs. 6,791.76 Crore in Q2 FY27 as compared to Rs. 3,966.20 Crore in Q2 FY26 on account of strong continuing profitability, further supplemented by higher one-time prior period income recognition during the quarter.
Similarly, Reported Profit Before Tax for H1 FY27 is 60.2% higher at Rs. 13,092.25 Crore as compared to Rs. 8,170.51 Crore for H1 FY26.
Consequently, Profit After Tax for Q2 FY27 also rose sharply by 141.5% to Rs. 7,019.32 Crore as compared to Rs. 2,906.46 Crore in Q2 FY26.
Similarly, Profit After Tax for H1 FY27 is also 91.4% higher at Rs. 11,885.92 Crore as compared to Rs. 6,211.59 Crore in H1 FY26.
Total debt outstanding as of 30^th September 2026 is Rs. 61,860.37 Crore as compared to Rs. 53,555.54 Crore as of 31^st March 2026. Net debt outstanding as of 30^th September 2026 is Rs. 45,845.92 Crore as compared to Rs. 45,022.02 Crore as of 31^st March 2026.

Project Updates:

APL is progressing rapidly on its capacity expansion program to add 23,720 MW of new thermal power capacity. The execution of the 1,320 MW Korba Phase-II Supercritical Thermal Power Project and the 1,600 MW Mahan Phase-II Ultra-Supercritical Thermal Power Project (“USCTPP”) is in advanced stages of completion.

The first Supercritical 660 MW Unit of Korba Phase II has been synchronized with the grid, with commissioning expected shortly. The second unit is expected to be commissioned in Q4 FY27. The Mahan Phase-II project is expected to be fully commissioned in the early part of FY 2027-28. Similarly, the 1,600 MW Raipur Phase-II USCTPP and the 1,600 MW Raigarh Phase-II USCTPP have achieved more than 65% progress within less than 30 months from commencement and are slated to be commissioned in FY 2028-29.

Apart from these projects, the execution of the 1,600 MW Mirzapur greenfield USCTPP, 1,600 MW Mahan Phase-III USCTPP, and Anuppur greenfield 2,400 MW USCTPP has commenced and achieved satisfactory progress.

APL will expand the capacity of the Raipur site to 4,570 MW by further undertaking a 1,600 MW Phase-III USCTPP, which will supply power to a 1,600 MW PSA it has signed the Maharashtra Electricity Distribution Co. Ltd. (“MSEDCL”) in July 2026. This PSA is in addition to the 1,600 MW PSA signed by APL with MSEDCL in FY 2024-25, which will be supplied from the upcoming Raipur Phase-II USCTPP.

ESG performance:

APL has achieved Specific Water Consumption of 2.28 m³/MWh for inland Thermal Power Plants, which is 35% lower than the statutory limit of 3.50 m³/MWh while All-TPP average Specific Water Consumption is 2.18 m³/MWh
APL has achieved an ESG score of 66, placing it in the Aspiring category, in the annual assessment carried out by NSE Sustainability, reflecting APL’s continued commitment towards ESG principles and reinforcing its position as a ‘leading player’ in the Thermal Power Generation sector.
S&P Global has revised APL’s Corporate Sustainability Assessment (CSA) score to 71/100 for FY 2025-26, placing it well above the utilities sector average of 41/100.

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 operating thermal power capacity of 18,110 MW spread across twelve power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, in addition to a 180 MW thermal power plant under revival in Uttar Pradesh, and 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