Reports strong profitability in dynamic demand environment
Achieves 105 Billion Units power generation in FY26
Expansion capacity tie-ups reach 13.3 GW with new DBFOO PPA of 1.6 GW in Q4 FY26 and 10.4 GW in FY26
95% of operating capacity now tied up in PPAs
Strong Profit After Tax for Q4 FY26 at Rs. 4,271 Crore, up 64% Y-o-Y
Solid EBITDA growth of 27% Y-o-Y for Q4 FY26 at Rs. 6,498 Crore
Robust Revenue growth of 10% Y-o-Y in Q4 FY26 at Rs. 15,989 Crore
Editor’s Synopsis
Power Sector Updates
- All-India power demand revival commences in Q4 FY26, growing 1.6% higher at 422 Billion Units [“BU”] vs 415 BU in Q4 FY25 with advent of summer.
- Demand growth of 0.8% to 1,709 BU in FY26, vs 1,695 BU in FY25.
- Average Market Clearing Price in IEX Day Ahead Market down by 12.4% to Rs. 3.88/kWh in Q4 FY26 and by 13.7% to Rs. 3.86/kWh in FY26 due to weather-induced demand variability.
Q4 FY26 Highlights
- New Long Term Power Purchase Agreement [“PPA”] award of 1,600 MW by Maharashtra DISCOM under Design, Build, Finance, Own, and Operate [“DBFOO”] mode.
- Consolidated power sale volume of 27.2 BU in Q4 FY26 vs 26.4 BU in Q4 FY25; despite weaker merchant demand.
- Healthy Consolidated Continuing Total Revenue for Q4 FY26 at Rs. 15,059 Crore vs Rs. 14,522 Crore in Q4 FY25; in line with volume growth and average power selling rates.
- Robust Consolidated Continuing EBITDA for Q4 FY26 at Rs. 5,573 Crore, higher by 9% vs Rs. 5,098 Crore for Q4 FY25; reflecting core earnings resilience in a dynamic demand growth environment.
- Strong Consolidated Profit After Tax for Q4 FY26, growing by 64% to Rs. 4,271 Crore vs Rs. 2,599 Crore for Q4 FY25; following provision of lower tax expenses.
FY26 Highlights
- Annual power generation reached 105 BU in FY26.
- Consolidated power sale volume grew by 3.4% to 99.15 BU in FY26, vs 95.88 BU in FY25; due to improving demand and higher effective operating capacity.
- Consolidated Continuing Total Revenue for FY26 at Rs. 55,583 Crore vs Rs. 56,473 Crore in FY25; due to lower merchant rates.
- Robust Consolidated Continuing EBITDA for FY26 at Rs. 21,285 Crore vs Rs. 21,575 Crore for FY25; due to higher operating capacity and improved tariff mix offsetting lower merchant realisation.
- Strong Consolidated Profit After Tax, higher at Rs. 12,971 Crore for FY26 vs Rs.12,750 Crore for FY25; following provision of lower tax expenses.
Ahmedabad, 29 April 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 fourth quarter and financial year ended 31st March 2026.
Commenting on the results, Mr. S B Khyalia, CEO of Adani Power Limited, said, “As the world goes through another energy price shock, the security and sovereignty of India’s energy supply assume critical importance. Our abundant natural resources, including coal, will power our growth and development for a long time. As India progresses quickly to achieve its renewable energy targets, thermal power is rising to the challenge of stabilizing the grid and meeting peak demand. At the same time, Adani Power is consistently crossing significant milestones in its ongoing 23.7 GW capacity expansion and tying up long-term PPAs while generating strong profitability and healthy cash flows in a dynamic demand environment. We are well set to achieve our capacity expansion targets and register multi-fold earnings growth over the coming years, while following a prudent capital allocation policy to seize the next phase of opportunities.”
Power market update
- Power demand in Q4 FY26 was affected by cold weather and unseasonal rains in several parts, subduing offtake till February. However, demand growth has resumed in March with the advent of warmer climate.
- All-India energy demand was higher by 1.6% at 422 BU in Q4 FY26 as compared to 415 BU in Q4 FY25. Energy demand growth for FY26 was 0.8% at 1,709 BU as compared to 1,695 BU for FY25.
- Peak demand recorded in FY26 was 243 GW, which was lower in comparison to the peak demand of 250 GW recorded during FY25.
- This demand volatility, coupled with increased share of renewable power generation, subdued rates in the merchant market during Q4 FY26.
Operating performance
| Parameter |
Q4 FY26 |
Q4 FY25 |
FY26 |
FY25 |
| Installed Capacity (MW) |
18,150 |
17,550 |
18,150 |
17,550 |
| Plant Load Factor (PLF) |
74.0% |
74.2% |
66.5% |
70.5% |
| Units Sold (BU) |
27.2 |
26.4 |
99.1 |
95.9 |
MW: Mega Watts; BU: Billion Units
- Tepid power demand and rising renewable penetration resulted in lower offtake under some Power Purchase Agreements (PPAs) and lower merchant volumes.
- Addition of new long-term and medium-term PPAs and operating capacity of the Butibori plant contributed to volume growth.
- Merchant and short-term sale volume for Q4 FY26 was 5.2 BU, as compared to 5.6 BU in Q4 FY25. For FY26 the merchant volume was 20.9 BU, as compared to 20.6 BU for FY25.
Business updates
- APL has received a Letter of Award (“LoA”) from Maharashtra State Electricity Distribution Company Ltd. (“MSEDCL”) for supply of 1,600 MW power for 25 years from a new Ultra-Supercritical Thermal Power Project [“USCTPP”] to be developed 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.
- APL’s subsidiary, Moxie Power Generation Ltd. [“MPGL”] has signed a 558 MW (Net) PPA with Tamil Nadu DISCOM for a period of five years, to be supplied from the Tuticorin (Mutiara) power plant. With this, the operating capacity of MPGL has been tied up fully, while APL’s aggregate operating capacity has been tied up to the extent of 95% under long and medium-term PPAs.
Financial performance
Particulars
(Rs. in Crore) |
Q4 FY26 |
Q4 FY25 |
Change +/- |
FY26 |
FY25 |
Change +/- |
| Continuing Revenue from Operations (1) |
14,559.97 |
14,145.31 |
2.93% |
53,781.45 |
54,502.81 |
(1.32%) |
| Continuing Other Income (2) |
498.99 |
377.08 |
32.33% |
1,801.18 |
1,969.91 |
(8.57%) |
| Total Continuing Revenue |
15,058.96 |
14,522.39 |
3.69% |
55,582.63 |
56,472.72 |
(1.58%) |
| Total Reported Revenue |
15,989.09 |
14,535.60 |
10.00% |
57,865.28 |
58,905.83 |
(1.77%) |
| Continuing EBITDA (3) |
5,572.64 |
5,097.62 |
9.32% |
21,285.35 |
21,575.07 |
(1.34%) |
| Reported EBITDA |
6,498.47 |
5,110.83 |
27.15% |
23,430.87 |
24,008.18 |
(2.40%) |
| Continuing Profit Before Tax |
3,458.15 |
3,248.07 |
6.47% |
13,353.99 |
13,926.40 |
(4.11%) |
| Reported Profit Before Tax |
4,383.98 |
3,261.28 |
34.43% |
15,499.51 |
16,359.51 |
(5.26%) |
| Tax Charge / (Credit) |
112.58 |
662.05 |
(83.00%) |
2,528.43 |
3,609.90 |
(29.96%) |
| Profit After Tax |
4,271.40 |
2,599.23 |
64.33% |
12,971.08 |
12,749.61 |
1.74% |
(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
- Continuing Operating Revenues for Q4 FY26 up by 2.93% at Rs. 14,559.97 Crore as compared to Rs. 14,145.31 Crore for Q4 FY25; due to high plant uptime being maintained, favourable foreign exchange movement, and greater operating capacity, despite lower merchant prices and lower prices of imported coal.
- Continuing Operating Revenues for FY26 at Rs. 53,781.45 Crore, in line with Rs. 54,502.81 Crore in FY25; due to lower merchant rates and lower import coal prices.
- Continuing Other Income for Q4 FY26 was higher by 32.33% at Rs. 498.99 Crores as compared to Rs. 377.08 Crore in Q4 FY25; primarily due to gain on favourable forex movement.
- Continuing Other Income was lower at Rs. 1,801.18 Crore in FY26 as compared to Rs. 1,969.91 Crore in FY25, which was higher in the previous year due to write-back of provisions and tax refunds.
- Strong Continuing EBITDA performance of Rs. 5,572.64 Crore in Q4 FY26 as compared to Rs. 5,097.62 Crore in Q4 FY25; due to higher PPA tariff contribution and greater operating efficiency, partly offset by lower merchant realisation.
- Continuing EBITDA for FY26 was Rs. 21,285.35 Crore in comparison to Rs. 21,575.07 Crore for FY25, with contribution of recently acquired power plants offsetting higher Corporate Social Responsibility (CSR) outlay and effect of lower power selling rates.
- One-time revenue recognition of prior period items of Rs. 930.13 Crore in Q4 FY26 as compared to Rs. 13.21 Crore in Q4 FY25 and Rs. 2,282.65 Crore in FY26 as compared to Rs. 2,433.11 Crore in FY25. One-time prior period expenditure of Rs. 4.30 Crore in Q4 FY26 as part of Operating Expenses, and Rs. 137.13 Crore in FY26 on account of transmission charges, which have been excluded for calculation of Continuing EBITDA.
- Profit After Tax for Q4 FY26 was a strong Rs. 4,271.40 Crore as compared to Rs. 2,599.23 Crore in Q4 FY25; following provision of lower tax expenses.
- Profit After Tax for FY26 was Rs. 12,971.08 Crore as compared to Rs. 12,749.61 Crore for FY25; following provision of lower tax expenses.
- APL is following a conservative capital management policy to fund its capacity expansion. It has issued Secured Non-Convertible Debentures of Rs. 7,500 Crores in Q4 FY26 as part of its fund-raising program. However, it continues to benefit from strong liquidity and healthy profitability, which have helped in keeping leverage low. Total debt outstanding as of 31st March 2026 is Rs. 53,555.54 Crore as compared to Rs. 38,334.88 Crore as of 31st March 2025. The net debt position is Rs. 45,022.02 Crore as of 31st March 2026 as compared to Rs. 31,023.43 Crore as of 31st March 2025.
Project Updates
Project execution is progressing swiftly in pursuit of APL’s target of 23.7 GW thermal power capacity addition by 2032. As of 31st March 2026, the cumulative work for Mahan Phase-II 1,600 MW USCTPP has reached 86%, Raipur Phase-II 1,600 MW USCTPP has reached 54%, while Raigarh Phase-II 1,600 MW USCTPP has reached 47%. Further, the 1,320 MW Phase-II expansion of APL’s wholly owned subsidiary Korba Power Ltd. is also set to be completed in FY 2026-27.
APL’s rapid capacity expansion is supported by its extensive experience in project execution, largely-brownfield mode of development, in-house project management, and advance ordering of key equipment for the entire upcoming capacity, which together provide it unmatched project cost advantage. These proactive steps, coupled with APL’s low leverage and predominantly self-financed capital expenditure strategy, provide it an unparalleled advantage to achieve capacity expansion in a timely and cost-effective manner.
ESG Performance
- APL has received an ESG rating score of 80 by CareEdge ESG Ratings, with the Company outperforming the industry median score by 35%.
- Water Intensity of power generation is 2.34 m³/MWh for FY26 which is 34% lower than the Statutory Limit for inland plants (3.50 m³/MWh).
- Overall Sweet Water Consumption for APL is 2.18 m³/MWh for FY26 for all 12 operational plants.
- APL has achieved 113% of ash utilization for FY26 with respect to all operational thermal power stations.
- Single Use Plastic Free (SUPF) certification completed for all 13 plants/locations.
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 18,110 MW spread across twelve power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, 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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