- Stable revenues despite muted power demand
- PAT at ₹2,488 crore; EBITDA holds firm at ₹4,636 crore
- ₹7,500 crore AA-rated NCDs fuel 23.7 GW expansion drive
- 2 GW Assam PPA lifts total tied-up expansion capacity to 11.7 GW
- Butibori plant fully operational in record four months
NE BUSINESS BUREAU
AHMEDABAD, JAN 29
Adani Power Ltd posted resilient financial performance in the third quarter of FY26, navigating temporary power demand disruption caused by extended monsoons and cooler temperatures, while accelerating long-term growth through capacity tie-ups and balance-sheet strengthening.
The company reported Continuing Revenue of ₹12,717 crore in Q3 FY26, compared with ₹13,434 crore a year ago, even as power market rates softened. Continuing EBITDA stood strong at ₹4,636 crore, reflecting earnings resilience supported by higher operating capacity and cost efficiencies.
Profit After Tax came in at ₹2,488 crore for the quarter, primarily impacted by lower one-time prior-period income compared to Q3 FY25.
Demand headwinds, resilient volumes
All-India power demand remained flat at 392 billion units in Q3 FY26, marginally lower than the previous year, weighed down by prolonged monsoons and a high base effect. Despite this, Adani Power recorded a slight rise in consolidated power sales to 23.6 BU, aided by higher effective operating capacity.
For the nine-month period, power sales grew 3.4% to 71.8 BU, underscoring the company’s ability to scale operations amid volatile market conditions.
Expansion momentum gathers pace
During the quarter, Adani Power secured a new 3,200 MW long-term Power Purchase Agreement from Assam DISCOM, taking total expansion capacity tied up under PPAs to 11.7 GW. With this, 90% of the company’s existing operating capacity is now secured under long- and medium-term PPAs, significantly reducing merchant market exposure.
The company also raised ₹7,500 crore through AA-rated Non-Convertible Debentures, attracting marquee investors. The funds will support ongoing capacity expansion and working capital needs.
Operational milestones
A key highlight was the 600 MW Butibori power plant, which became fully operational within four months of acquisition, demonstrating execution speed and integration capability.
Installed capacity increased to 18,150 MW, while Plant Load Factor stood at 62.6% in Q3 FY26 amid subdued demand and rising renewable penetration.
Management commentary
Commenting on the results, S B Khyalia, CEO of Adani Power, 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.”
Nine-month performance snapshot
For 9M FY26, Adani Power reported:
- Continuing Revenue: ₹40,524 crore
- Continuing EBITDA: ₹15,713 crore
- Profit After Tax: ₹8,700 crore
While revenues and profits moderated year-on-year due to lower tariffs and reduced one-time income, lower finance costs and higher operating capacity supported overall profitability.
With India’s largest thermal expansion program of 23.7 GW underway, strong PPA coverage, improving ESG scores, and disciplined capital allocation, Adani Power remains well-positioned to capitalise on India’s structural power demand growth and reinforce energy security over the medium to long term.
