- Earnings momentum accelerates despite volatile demand and softer merchant tariffs
— Capacity tie-ups surge to 13.3 GW; 95% operational capacity secured under PPAs
— FY26 generation hits 105 BU as expansion pipeline powers ahead
— EBITDA and revenue growth reflect resilience in dynamic demand environment
— Strategic DBFOO wins and disciplined capital allocation anchor future outlook
NE BUSINESS BUREAU
AHMEDABAD, APR 30
In a quarter marked by fluctuating power demand and softer merchant tariffs, Adani Power Limited delivered a standout financial performance for Q4 FY26, underlining its operational resilience and long-term growth strategy.
The company reported a strong Profit After Tax (PAT) of Rs. 4,271 Crore, registering a sharp 64% year-on-year (Y-o-Y) growth, while Reported EBITDA surged 27% Y-o-Y to Rs. 6,498 Crore. Revenue rose 10% Y-o-Y to Rs. 15,989 Crore, reflecting stable volumes and improved operating efficiencies.
POWER DEMAND RECOVERY DRIVES MOMENTUM
India’s power demand showed early signs of revival in Q4 FY26, growing 1.6% to 422 Billion Units (BU) compared to 415 BU in Q4 FY25, aided by the onset of summer. For the full year FY26, demand rose modestly by 0.8% to 1,709 BU.
However, volatility in weather patterns and increased renewable energy penetration kept merchant tariffs under pressure, with IEX Day Ahead Market prices declining 12.4% to Rs. 3.88/kWh in Q4.
Q4 FY26: STRONG PROFITABILITY, STABLE OPERATIONS
Despite subdued merchant demand, APL recorded power sales of 27.2 BU (vs 26.4 BU YoY), supported by higher tied-up capacity.
- Continuing Revenue: Rs. 15,059 Crore (vs Rs. 14,522 Crore)
- Continuing EBITDA: Rs. 5,573 Crore (up 9%)
- PAT: Rs. 4,271 Crore (up 64%)
A key highlight was the 1,600 MW long-term PPA win from Maharashtra DISCOM under DBFOO model, boosting total capacity tie-ups.
FY26: SCALE, STABILITY, AND STRATEGIC EXPANSION
For FY26, APL achieved 105 BU of power generation, reinforcing its position as India’s largest private thermal power producer.
- Total Revenue: Rs. 55,583 Crore
- EBITDA: Rs. 21,285 Crore
- PAT: Rs. 12,971 Crore (up YoY)
- Power Sales Volume: 99.15 BU (up 3.4%)
While revenues remained slightly lower due to reduced merchant tariffs, improved tariff mix and capacity utilisation supported profitability.
CEO SPEAK
Commenting on the results, 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.”
EXPANSION ENGINE IN FULL THROTTLE
APL’s aggressive growth strategy continues to gain traction:
- Total capacity tie-ups reach 13.3 GW, including 1.6 GW added in Q4 FY26
- 95% of operational capacity secured under PPAs
- Major ultra-supercritical projects progressing:
- Mahan Phase-II (86% complete)
- Raipur Phase-II (54%)
- Raigarh Phase-II (47%)
The company targets 23.7 GW capacity by 2032, leveraging brownfield expansion, in-house execution, and early equipment sourcing.
BALANCED FINANCIAL STRATEGY
APL maintained a conservative capital allocation approach, raising Rs. 7,500 Crore via secured NCDs while preserving liquidity.
- Total Debt: Rs. 53,555 Crore (FY26)
- Net Debt: Rs. 45,022 Crore
Strong cash flows and profitability continue to support expansion without excessive leverage.
ESG OUTPERFORMANCE
APL also strengthened its sustainability credentials:
- ESG Score: 80 by CareEdge (35% above industry median)
- Water intensity: 34% below statutory limits
- Ash utilisation: 113%
- Single-use plastic-free certification across all plants
