Adani Power Ltd (APL) has delivered a resilient financial performance in the third quarter of FY26, navigating subdued power demand and lower market tariffs while maintaining strong profitability and cash flows.
The country’s largest private thermal power producer reported a consolidated profit after tax (PAT) of Rs. 2,488 crore for the quarter ended December 31, 2025, underscoring the strength of its operating model despite a challenging demand environment.
According to an official release on Thursday, for Q3 FY26, Adani Power’s continuing total revenue stood at Rs. 12,717 crore, broadly stable compared to Rs. 13,434 crore in the same period last year, even as power prices softened and other income declined.
Continuing EBITDA came in at a robust Rs. 4,636 crore, reflecting cost discipline and contributions from newly acquired assets, including the Butibori power plant, which became fully operational within four months of acquisition, the company said.
The company’s profitability remained resilient despite a marginal dip year-on-year, largely due to lower one-time prior period income compared to Q3 FY25. Profit before tax for the quarter increased 5.3% to Rs. 2,800 crore, aided by lower finance costs that offset pressure on margins from weaker merchant tariffs.
Operationally, Adani Power sold 23.6 billion units (BU) of electricity during the quarter, slightly higher than the 23.3 BU recorded in Q3 FY25, despite early and prolonged monsoons that dampened demand across several regions. The plant load factor stood at 62.6%, marginally lower than last year, but higher effective operating capacity helped sustain volumes.
For the nine months ended December 2025, the company posted a consolidated PAT of Rs. 8,700 crore, compared to Rs. 10,150 crore in the corresponding period last year. Continuing EBITDA for the nine-month period remained strong at Rs.15,713 crore, supported by higher operating capacity and disciplined cost management, even as revenues moderated due to lower power selling rates
Adani Power’s balance sheet also remained healthy. During the quarter, the company raised Rs.7,500 crore through AA-rated non-convertible debentures to fund capacity expansion and working capital needs. Rating agency CareEdge reaffirmed the company’s AA (Stable) and A1+ ratings, reflecting confidence in its financial strength and liquidity position
Looking ahead, the company has significantly improved revenue visibility, with 90% of its operating capacity now tied up under long- and medium-term power purchase agreements. A new 3,200 MW long-term PPA from Assam further strengthens future earnings stability. Despite short-term demand volatility, Adani Power’s Q3 FY26 results highlight its ability to sustain profitability while preparing for the next phase of capacity-led growth.
Also Read: Adani Power Signs PSA With Bihar Govt https://www.vibesofindia.com/adani-power-signs-psa-with-bihar-govt/
