- Adani Power delivers its strongest-ever quarterly operating and financial performance amid an 8.8% surge in India’s power consumption
- Q1FY27 reported PAT jumps 47% to ₹4,867 crore, while reported EBITDA rises 36% to ₹8,369 crore
- Continuing EBITDA climbs 22% to a record ₹6,983 crore as continuing revenue grows 27% to ₹17,936 crore
- Power generation hits an all-time quarterly high of 31 BU, while power dispatch surges 17% to 28.8 BU
- Installed capacity rises to 18,330 MW as plant load factor leaps to 77.9% from 67% a year ago
- Jaiprakash Associates power-asset acquisition and 1,600-MW Maharashtra PSA strengthen Adani Power’s 45-GW expansion roadmap
NE BUSINESS BUREAU
AHMEDABAD, JULY 22
India’s power story is entering a new high-demand era—and Adani Power’s latest quarterly performance offers a compelling snapshot of an electricity-hungry economy powering ahead.
As heatwaves pushed national power demand to unprecedented levels and electricity consumption surged, Adani Power Ltd (APL), India’s largest private-sector thermal power generator, delivered its highest-ever quarterly operating performance, with record power generation, dispatch, revenue and continuing profitability.
The company reported a 47.24% year-on-year rise in Q1FY27 Profit After Tax to ₹4,866.60 crore, while reported EBITDA surged 36.09% to ₹8,369.09 crore.
On a continuing basis, EBITDA rose 21.57% to ₹6,982.75 crore, while continuing total revenue grew 26.60% to ₹17,935.96 crore.
Record demand creates a record quarter
India’s power consumption grew 8.4% year-on-year to 485.4 billion units (BU) in Q1FY27, while peak power demand reached a record 270.8 GW in May 2026 amid persistent heatwaves.
The demand surge was reflected in power markets, with the Indian Energy Exchange Day-Ahead Market Clearing Price rising 15.7% year-on-year to ₹5.1 per unit. The Real-Time Market Clearing Price also rose 13.8% to ₹4.5 per unit.
Against this backdrop, APL’s consolidated power sale volume jumped 16.9% to 28.8 BU, compared with 24.6 BU in Q1FY26.
The company generated 31 BU, its highest-ever quarterly generation, while power dispatch also reached a record level.
| Key Metric | Q1FY27 | YoY Growth |
| Reported Revenue | ₹19,322 crore | 33% |
| Continuing Revenue | ₹17,936 crore | 27% |
| Reported EBITDA | ₹8,369 crore | 36% |
| Continuing EBITDA | ₹6,983 crore | 22% |
| Profit After Tax | ₹4,867 crore | 47% |
| Power Sale Volume | 28.8 BU | 16.9% |
‘Reliable and competitive electricity’ at the core
Commenting on the results, S B Khyalia, CEO, Adani Power Ltd, said:
“Adani Power has once again demonstrated strength of its efficient and cost-competitive portfolio and operational excellence in various spheres by posting its highest ever quarterly EBITDA on continuing basis. APL has consolidated firmly on the path to expand its portfolio to 45GW, with rapid progress on ongoing projects and strong liquidity from current operations. As we expand our reach further with the acquisition of Jaiprakash Associates’ stake in power assets, we are also diversifying into domestic and international hydro power projects and preparing ourselves to enter new opportunities in the nuclear power field. We are strongly committed to helping India meet its long term development goals with the supply of reliable and competitive electricity.”
Higher capacity, stronger plf, bigger power sales
APL’s installed capacity rose to 18,330 MW in Q1FY27 from 17,550 MW a year earlier.
Plant Load Factor (PLF) surged to 77.9%, compared with 67% in Q1FY26 and 66.5% in FY26.
Power sales under PPAs grew 30.3% to 24.5 BU, while tariff realisation improved 8.5% to ₹5.95 per kWh.
Merchant and short-term realisation rose 13.1% to ₹7.04 per kWh, supported by robust demand.
The growth in power sales was driven by stronger demand, higher operating capacity and the signing of PPAs for previously open capacity, including the Butibori and Mutiara (Tuticorin) power plants.
45-GW expansion roadmap gathers pace
Adani Power’s ongoing capital expenditure programme to expand generation capacity to 45 GW is progressing as planned.
The 1,320-MW Korba Phase-II Supercritical Thermal Power Project is expected to be commissioned during the current year.
The 1,600-MW Mahan Phase-II Ultra-Supercritical Thermal Power Project is scheduled for commercial operations in Q1FY28 and had achieved over 88% overall progress as of June 30, 2026.
The 1,600-MW Raipur Phase-II and 1,600-MW Raigarh Phase-II projects have achieved over 62% and 54% progress, respectively.
Execution has also commenced for the 1,600-MW Mirzapur Greenfield Ultra-Supercritical Thermal Power Project in Uttar Pradesh.
Environmental clearance has been received for 87% of the upcoming capacity, while 56% has already been tied up under long-term PPAs through the Design, Finance, Build, Own and Operate model.
Jaiprakash asset acquisition adds strategic muscle
During the quarter, APL acquired power assets of Jaiprakash Associates Ltd under the Corporate Insolvency Resolution Process.
The acquisition comprises:
- the 180-MW Churk thermal power plant;
- a 24% equity stake in Jaiprakash Power Ventures Ltd, which has a 2,220-MW capacity; and
- an 11.49% equity stake in Prayagraj Power Generation Company Ltd, which has a 1,980-MW capacity.
APL also signed a 25-year Power Supply Agreement with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for the long-term supply of 1,600 MW from a proposed 2×800-MW ultra-supercritical thermal power plant to be established under the Design, Build, Finance, Own and Operate model.
Brand power meets power-generation power
Adani Power was ranked India’s Most Valuable Energy Brand 2026 by Brand Finance, with a brand value of USD 1.8 billion, a Brand Strength Index score of 85.4 and an AAA rating.
The Adani brand was also ranked India’s eighth most valuable brand overall by Brand Finance.
Profitability holds firm amid higher fuel costs
Continuing operating revenue rose 28.08% to ₹17,550.43 crore, supported by higher demand, increased operating capacity and improved tariff realisation.
Continuing EBITDA increased 21.57% to ₹6,982.75 crore.
Fuel costs rose 30.15% to ₹9,512.70 crore, driven by higher volumes and increased landed prices of imported coal.
Despite the expanded scale of operations, finance costs rose only 5.19% to ₹901.37 crore, reflecting tight financial discipline.
Continuing Profit Before Tax rose 29.38% to ₹4,914.15 crore, while reported PBT jumped nearly 50% to ₹6,300.49 crore.
The company also recognised ₹117.69 crore as its share of profit from an associate following the acquisition of its stake in Jaiprakash Power Ventures Ltd.
Adani Power follows a conservative capital-management approach to support its expansion programme. Total debt stood at ₹58,381.32 crore as of June 30, 2026, while net debt stood at ₹47,642.80 crore.
ESG performance adds to the growth story
Adani Power achieved specific water consumption of 2.42 cubic metres per MWh for inland thermal power plants, 30.81% below the statutory limit of 3.50 cubic metres per MWh.
The all-thermal-power-plant average specific water consumption stood at 2.24 cubic metres per MWh.
The company also achieved 93% ash utilisation across all operational thermal power plants in Q1FY27.
With India’s electricity demand accelerating, capacity expansion advancing and the company targeting a 45-GW generation portfolio, Adani Power’s Q1FY27 results underline the scale of the power challenge—and the opportunity—before India.
