Adani Power Q1 FY26 Net Profit Falls 15.5% On-Year to ₹3,305 Crore

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Adani Power Ltd. reported a consolidated Profit After Tax (PAT) of ₹3,305.13 crore for the quarter ended June 30, 2025, reflecting a 15.53% year-on-year decrease. The company's total continuing revenue stood at ₹14,167.49 crore.

Financial Performance

The company's total continuing revenue for Q1 FY26 was ₹14,167.49 crore, compared to ₹15,051.60 crore in Q1 FY25, primarily due to lower merchant tariff realization and import coal prices year-on-year. However, the revenue remained similar to Q4 FY25, despite lower volumes, due to improved merchant realization on a sequential basis.

Continuing EBITDA for Q1 FY26 stood at ₹5,743.62 crore, compared to ₹6,290.28 crore for Q1 FY25, due to lower revenue and additional operating expenses of recent acquisitions year-on-year. Despite this, the continuing EBITDA for Q1 FY26 was 12.67% higher than Q4 FY25 due to higher merchant tariffs and lower fuel costs as well as operating expenses.

Operational Highlights

• Consolidated power sale volume grew by 1.6% to 24.6 BU in Q1 FY26, from 24.2 BU in Q1 FY25, despite a high base effect and demand disruption due to early monsoons.
• Merchant sales for Q1 FY26 were 7.7% higher at 5.7 BU, compared to 5.3 BU in Q1 FY25.

Business Updates

• The Godda power plant has started receiving regular payments from the Bangladesh Power Development Board after the release of USD 437 million in June '25 and USD 75 million in July '25.
• Adani Power (Jharkhand) Limited ["APJL"] has been amalgamated with APL, its holding company, effective from 1st April 2024. As a result, the 1,600 MW power generation capacity of the Godda plant will form part of the standalone entity of APL.
• Vidarbha Industries Power Ltd. (“VIPL”], has been acquired by APL on 7th July 2025, enhancing APL's operating capacity to 18,150 MW.
• APL has signed a PPA with the UP Power Corporation Ltd. for supply of 1,500 MW (net) electricity for a period of 25 years from a new 2x800 MW (1,600 MW) Ultra-supercritical power project to be set up in Uttar Pradesh.

Other Key Points

• Higher depreciation is on account of the newly acquired power plants.
• Control on Finance Costs in Q1 FY26 as compared to Q1 FY25 despite new acquisitions and increased scale of operations.
• During Q1 FY26, APL redeemed Unsecured Perpetual Securities ["UPS”) of principal amount of ₹2,579 crore out of its operating surplus. The amount of UPS principal outstanding as of Rs. 30th June 2025 is ₹478 crore.

APL is expanding its installed capacity to 30,670 MW by 2030 by setting up seven brownfield power projects and one greenfield power project with total capacity of 12,520 MW.

The choice of Ultra-supercritical technology for the new power plants will enable APL to generate power with greater fuel efficiency, with a lower consumption of coal resulting in lower emissions for both fuel transportation and power generation. These projects, which are generating local employment opportunities and providing a boost to the regional economy, will also enable greater integration of renewable energy by providing grid-stabilising, base load and peaking power supply.

APL's water intensity performance for Q1 FY26 is 2.21 m³/MWh, which is significantly lower than the statutory limit for hinterland plants.

APL has achieved 110% aggregate fly ash utilization for Q1 FY26 as part of its continuous efforts to meet its environmental obligations and follow sustainable practices.