Adani Power announces Q3 FY26 results

Reports robust profitability in face of temporary demand disruption

Raises Rs. 7,500 Crore through AA rated NCDs for capacity expansion

Adds new PPA of 3.2 GW, taking expansion capacity tie-ups to 11.7 GW

90% of existing capacity now tied up in PPAs

600 MW Butibori plant fully operational within four months of acquisition

Stable Continuing Revenue in Q3 FY26 at Rs. 12,717 Crore despite lower rates

Robust Continuing EBITDA for Q3 FY26 at Rs. 4,636 Crore

Strong Profit After Tax for Q3 FY26 at Rs. 2,488 Crore

Editor's Synopsis

Power Sector Updates

All-India power demand for Q3 FY26 0.1% lower at 392.2 Billion Units vs 392.6 BU in Q3 FY25 due to extended monsoons, cooler temperatures, and high base effect.
Demand growth of 0.5% to 1,287 BU in 9M FY26, vs 1,280 BU in 9M FY25.
Average Market Clearing Price in IEX Day Ahead Market down by 13.2% to Rs. 3.22/kWh in Q3 FY26 and by 14.1% to Rs. 3.85/kWh in 9M FY26.

Q3 FY26 Highlights

New Long Term Power Purchase Agreement award of 3,200 MW from Assam DISCOM.
Consolidated power sale volume of 23.6 BUs in Q3 FY26, vs 23.3 BU in Q3 FY25, despite demand disruption due to early and prolonged monsoon.
Stable Consolidated Continuing Total Revenue for Q3 FY26 at Rs. 12,717 Crore vs Rs. 13,434 Crore in Q3 FY25, despite lower rates and lower other income,
Robust Consolidated Continuing EBITDA for Q3 FY26 at Rs. 4,636 Crore vs Rs. 4,786 Crore for Q3 FY25; reflecting earnings resilience in a weak demand growth environment,
Continuing Profit Before Tax for Q3 FY26 higher by 5.3% at Rs. 2,800 Crore vs Rs. 2,659 Crore for Q3 FY25 primarily due to lower finance cost offsetting lower EBITDA,
Strong Consolidated Profit After Tax for Q3 FY26 at Rs. 2,488 Crore vs Rs.2,940 Crore for Q3 FY25; mainly due to lower one-time prior period income

9M FY26 Highlights

Consolidated power sale volume grows by 3.4% to 71.8 BU in 9M FY26, vs 69.5 BU in 9M FY25 due to higher effective operating capacity.
Consolidated Continuing Total Revenue for 9M FY26 at Rs. 40,524 Crore vs Rs. 41,951 Crore in 9M FY25 due to lower power selling rates and lower other income.
Robust Consolidated Continuing EBITDA for 9M FY26 at Rs. 15,713 Crore vs Rs. 16,478 Crore for 9M FY25.
Continuing Profit Before Tax of Rs. 9,896 Crores for 9M FY26 vs Rs. 10,679 Crore for 9M FY25, higher depreciation of newly acquired plants offset by lower finance cost.
Strong Consolidated Profit After Tax for 9M FY26 at Rs. 8,700 Crore vs Rs.10,150 Crore for 9M FY25, affected by lower one-time prior period income as compared to 9M FY25.

Ahmedabad, 29 January 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 third quarter and nine months ended 31st December 2025.

Commenting on the results, Mr. S B Khyalia, CEO of Adani Power Limited, said, “Adani Power continues to deliver strong performance and maintain robust liquidity, thanks to our significant competitive advantages and cost-efficient power plants. 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 in PPAs with State DISCOMs. Our project execution is progressing exceptionally well, meeting or exceeding our targets. We are proud to support the States in achieving their development goals by providing reliable and affordable power. Our confidence in India’s long-term power demand remains unwavering, and we recognize the essential role of thermal power in the country’s energy mix. Adani Power is fully dedicated to strengthening India’s energy security and is eager to embrace new opportunities that will contribute to a prosperous and sustainable future for all.”

Power market update

Power demand in Q3 FY26 was affected by extended monsoons, which lasted till October in several parts of India, as well as by cooler temperatures in comparison to FY 2024-25, which had a demand surge from a strong heat wave.
All-India energy demand was flat at 392 BU in Q3 FY26 as compared to 393 BU in Q3 FY25. Energy demand growth for 9M FY26 was 0.5% at 1,287 BU as compared to 1,280 BU for 9M FY25.
Peak demand for the nine-month period of FY26 was 242 GW, which was lower in comparison to the peak demand of 250 GW recorded during FY25.
This demand disruption, coupled with rising generation from renewable energy projects, subdued rates in the merchant market during Q3 FY26.

Operating performance

Parameter	Q3 FY26	Q3 FY25	9M FY26	9M FY25	FY25
Installed Capacity (MW)	18,150	17,550	18,150	17,550	17,550
Plant Load Factor (PLF)	62.6%	63.9%	64.1%	69.2%	70.5%
Units Sold (BU)	23.6	23.3	71.8	69.5	95.9

MW: Mega Watts; BU: Billion Units

Weak power demand and rising renewable penetration resulted in lower offtake under some Power Purchase Agreements (PPAs) and lower merchant volumes.
APL was able to register a slight growth in power sales during Q3 FY26 as compared to Q3 FY25 despite lower PLF due to a larger operating capacity.
Merchant and short-term sale volume for Q3 FY26 was 4.3 BU, as compared to 4.6 BU in Q3 FY25. For 9M FY26 the merchant volume was higher at 15.7 BU, as compared to 15 BU for 9M FY25.

Business updates

APL has received a Letter of Award (“LoA”) from Assam Power Distribution Company Limited (“APDCL”) for supply of power on a long-term basis, comprising the entire capacity of a 3,200 MW (4X800 MW) greenfield Ultra-supercritical thermal power plant to be developed in Assam on Design, Build, Finance, Own and Operate (“DBFOO”) model by sourcing fuel from the allocated coal linkage arranged by the Utility under the SHAKTI Policy.
90% of APL’s operating capacity is now tied up in long term and medium term PPAs, enhancing the stability of revenues and reducing exposure to short term volatility.
APL has raised funds through the issuance of AA rated Non-Convertible Debentures (NCDs) of Rs. 7,500 Crore, in four tranches of two- to five-year tenures, through private placement with marquee investors on 27th January 2026. The proceeds will be used to finance the Company’s capacity expansion, working capital requirements, etc.
CareEdge Ratings has assigned and reaffirmed AA (Stable) / A1+ credit rating to APL’s Bank Loan facilities amounting to Rs. 58,000 Crore and NCD facilities of Rs. 11,000 Crore.

Financial performance

Particulars (Rs. in Crore)	Q3 FY26	Q3 FY25	Change +/-	9M FY26	9M FY25	Change +/-
Continuing Revenue from Operations ⁽¹⁾	12,412.20	12,691.83	(2.20%)	39,221.48	40,357.84	(2.82%)
Continuing Other Income ⁽²⁾	304.72	741.94	(58.93%)	1,302.19	1,592.83	(18.25%)
Total Continuing Revenue	12,716.92	13,433.77	(5.34%)	40,523.67	41,950.67	(3.40%)
Total Reported Revenue	12,994.70	14,833.44	(12.40%)	41,876.19	44,370.23	(5.62%)
Continuing EBITDA ⁽³⁾	4,636.38	4,785.51	(3.12%)	15,712.71	16,477.79	(4.64%)
Reported EBITDA	4,781.33	6,185.18	(22.70%)	16,932.40	18,897.35	(10.40%)
Continuing Profit Before Tax	2,800.07	2,658.97	5.31%	9,895.84	10,678.67	(7.33%)
Reported Profit Before Tax	2,945.02	4,058.64	(27.44%)	11,115.53	13,098.23	(15.14%)
Tax expenses / (Credit)	456.93	1,118.57	(59.15%)	2,415.85	2,947.85	(18.05%)
Profit After Tax	2,488.09	2,940.07	(15.37%)	8,699.68	10,150.38	(14.29%)

(1), (2), (3): Continuing Operating Revenues and Continuing Other Income exclude prior period income recognition. Continuing EBITDA excludes prior period income and expenses

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

Key financial highlights

Robust Continuing Operating Revenue performance for Q3 FY26 of Rs. 12,412.20 Crore, as compared to Rs. 12,691.83 Crore in Q3 FY25 due to higher operating capacity and volumes, which was partially offset by lower PPA rates on account of lower international coal prices, as well as lower merchant rates.
Continuing Operating Revenues for 9M FY26 were slightly lower at Rs. 39,221.48 Crore as compared to Rs. 40,357.84 Crore in 9M FY25 despite higher sales volumes due to lower rates.
Continuing Other Income for Q3 FY26 was lower at Rs. 304.72 Crores as compared to Rs. 741.94 Crore in Q3 FY25, primarily due to higher Late Payment Surcharge income during the previous year’s corresponding quarter.
Continuing Other Income was lower at Rs. 1,302.19 Crore in 9M FY26 as compared to Rs. 1,592.83 Crore in 9M FY25, due to similar reasons.
Resilient Continuing EBITDA performance of Rs. 4,636.38 Crore in Q3 FY26 as compared to Rs. 4,785.51 Crore in Q3 FY25, including contribution from the newly acquired Butibori power plant and higher capacity charges.
Continuing EBITDA for 9M FY26 was Rs. 15,712.71 Crore in comparison to Rs. 16,477.79 Crore for 9M FY25, with contribution of recently acquired power plants offsetting higher Corporate Social Responsibility (CSR) outlay and effect of lower rates.
Consistent control on Finance Costs in Q3 and 9M 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. 277.78 Crore in Q3 FY26 as compared to Rs. 1,399.67 Crore in Q3 FY25 and Rs. 1,352.52 Crore in 9M FY26 as compared to Rs. 2,419.56 Crore in 9M FY25. Q3 FY26 also had a one-time prior period expenditure of Rs. 132.83 Crore on account of transmission charges, which has been excluded for calculation of continuing EBITDA.
Continuing Profit After Tax for Q3 FY26 was a robust Rs. 2,488.09 Crore as compared to Rs. 2,940.07 Crore in Q3 FY25, primarily reflecting the effect of lower one-time prior period income recognized during the quarter, as compared to the corresponding quarter of FY25.
Profit After Tax for 9M FY26 was Rs. 8,699.68 Crore as compared to Rs. 10,150.38 Crore for 9M FY25, affected mainly by lower operating and one-time incomes and higher depreciation charge of newly acquired plants.
APL continues to benefit from strong liquidity and healthy profitability, which have helped in keeping leverage low despite the ongoing capacity expansion program. Total debt outstanding as of 31st December 2025 is Rs. 45,330.79 Crore as compared to Rs. 38,334.88 Crore as of 31st March 2025. The net debt position is Rs. 38,679.28 Crore as of 31st December 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.

Project Updates

APL has taken several proactive steps to capture the growth opportunity in the thermal power market, including commencement of India’s largest thermal power capacity expansion program of 23.7 GW, advance ordering of critical main plant equipment, and in-house project management, which together provide it unmatched project cost advantage. APL’s presence at strategically important locations enhances its competitive advantage by potentially lowering the cost of fuel logistics. These proactive steps, coupled with APL’s low leverage, self-financed capital expenditure strategy, provide it an unparalleled advantage to achieve capacity expansion in a timely and cost-effective manner.

The execution of APL’s brownfield expansion projects is progressing rapidly, with cumulative work for Mahan Phase-II 1,600 MW USCTPP at 80%, Raipur Phase-II 1,600 MW USCTPP at 44%, and Raigarh Phase-II 1,600 MW USCTPP at 38%. 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

APL has received an ESG rating score of 65 for FY25 from NSE Sustainability Ratings & Analytics (NSRA). This rating sets a new performance benchmark among the peer companies in the power generation utility segment.
APL’s score in Morningstar Sustainalytics’s ESG Risk Rating has improved from 33.14 (High Risk) to 29.2 (Medium Risk), showcasing stronger management of material ESG risks.
CRISIL ESG Ratings & Analytics Ltd. has assigned Adani Power Limited an ESG rating of ‘Crisil ESG 54; Adequate’ and a Core ESG rating of ‘CRISIL Core ESG 61’.
Water Intensity for APL’s fresh water-based power plants is 2.20 m3/MWh for Q3 FY26, which is 37% lower than the Statutory Limit for Hinterland plants (3.50 m3/MWh).
APL has achieved 105% of ash utilization till Q3 FY26 with respect to all operational thermal power stations.

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: During the quarter, education-focused CSR initiatives supported ~30,000+ students across foundational learning, exam readiness and enrichment activities. This included 2,700+ students receiving competitive‑exam coaching, 440 students mainstreamed after learning assessments, 1,800 students trained through abacus and mental‑maths programmes, and ~13,500 mothers engaged via structured school–community interactions, alongside ~1,900 students participating in exposure visits and digital learning initiatives.
Healthcare: Community healthcare efforts delivered ~30,000+ patient consultations through ongoing rural clinics and mobile health care units, supplemented by health camps. Over the quarter, 3,000+ patients were treated through general and specialty camps, including 1,000+ patients covered under mega camps, while 9,500+ villagers benefited from continued health insurance coverage, supported by ambulance and referral services for critical cases.
Sustainable Livelihood: Livelihood programmes during the quarter supported 7,300+ dairy farmers through milk collection and chilling centres, aggregating ~12.3 lakh litres of milk. Livestock initiatives enabled 230+ calves, women‑centric garment units produced ~84,000 garments benefiting 300+ women, and green initiatives completed plantation of 10,000 trees, aligning income generation with environmental outcomes.
Community Infrastructure Development: Community development initiatives focused on strengthening shared public assets and essential services, including development and upgradation of community halls, sheds and public facilities. Safe drinking water access reached ~6,000 villagers, water conservation works supported >500 farmers through improved irrigation potential, and targeted inclusion initiatives extended mobility and service support to persons with disabilities.