Adani Power Ltd. [“APL”], a part of Adani portfolio of companies and India’s private sector largest thermal power generator, today announced the financial results for the first quarter of financial year 2026-27.
Commenting on the results, Mr. S B Khyalia, CEO of Adani Power Limited, 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.”
Power market update:
In Q1 FY27, India witnessed a hotter-than-usual summer, with persistent heatwaves and high temperatures across most regions of the country. This drove peak power demand to a record high of 270.8 GW in May 2026, while energy consumption rose by 8.4% on year-on-year basis to 485.4 BU during the quarter.
During Q1 FY27, the Day-Ahead Market Clearing Price on the Indian Energy Exchange rose by 15.7% year-on-year to Rs. 5.1/unit. The Real-Time Market Clearing Price also increased by 13.8% year-on-year to Rs. 4.5/unit.
Growth in power demand, higher operating capacity, and PPA tie-ups of previously open capacity such as the Butibori and Mutiara (Tuticorin) power plants contributed to boost power sale volumes during Q1 FY27.
Power sales under PPAs grew by 30.3% to 24.5 Billion Units (BU), while tariff realization improved by 8.5% to Rs. 5.95/kWh in Q1 FY27 over Q1 FY26.
Merchant and short-term realization improved by 13.1% to Rs. 7.04/kWh in Q1 FY27 as compared to Q1 FY26 due to stronger demand.
Business updates
APL acquired the 180 MW Churk thermal power plant, 24% equity stake in Jaiprakash Power Ventures Limited (2,220 MW), and 11.49% equity stake in Prayagraj Power Generation Company Limited (1,980 MW) as per the terms of the Approved Resolution Plan for Jaiprakash Associates Limited, under the Corporate Insolvency Resolution Process.
APL signed a 25-year Power Supply Agreement (“PSA”) with Maharashtra State Electricity Distribution Company Limited (“MSEDCL”) for supply of 1600 MW power on long term basis from a 2×800 MW Ultra-Supercritical Thermal power plant to be established under Design, Build, Finance, Own & Operate (DBFOO) basis.
APL has been rated as India’s Most Valued Energy Brand – 2026 by Brand Finance, with a Brand Value of USD 1.8 Billion, Strength Score of 85.4, and AAA rating.
Key financial highlights
Continuing Operating Revenues: For Q1 FY27, continuing operating revenue increased by 28.08% to Rs. 17,550.43 Crore from Rs. 13,702.94 Crore in Q1 FY26; This growth was driven by a significant increase in power demand, higher operating capacity, and improved tariff realisation.
Strong Continuing EBITDA performance of Rs. 6,982.75 Crore in Q1 FY27, 21.57% higher as compared to Rs. 5,743.62 Crore in Q1 FY26; due to higher volumes, and improved PPA tariff contribution.
One-time net recognition of revenues pertaining to prior periods of Rs. 1,386.34 Crore in Q1 FY27, primarily due to revision in historic energy charges under certain PPAs, as compared to Rs. 406.21 Crore in Q1 FY26.
Fuel cost for Q1 FY27 was higher by 30.15% at Rs. 9,512.70 Crore vs Rs. 7,309.19 Crore for Q1 FY26 due to larger volumes and higher landed prices of imported coal.
Operating expenses moved in line with the increasing scale of operations and growing capacity.
Tight control on finance costs despite the recent acquisitions and ongoing capital expenditure program led to an increase of only 5.19% to Rs. 901.37 Crore in Q1 FY27 vs Rs. 856.93 Crore for Q1 FY26.
Profit Before Tax registered a strong increase of 29.38% on continuing basis to Rs. 4,914.15 Crore in Q1 FY27 vs Rs. 3,798.1 Crore in Q1 FY26 on account of strong operating earnings performance and tight control on finance costs.
Reported Profit Before Tax jumped by nearly 50% to Rs. 6,300.49 Crore in Q1 FY27 vs Rs. 4,204.31 Crore in Q1 FY26 on account of improved continuing profitability, further supported by higher one-time prior period income recognition during the quarter.
During the quarter, APL recognized Rs. 117.69 Crore as share of profit from associate following the acquisition of stake in Jaiprakash Power Ventures Ltd.
Consequently, Profit After Tax for Q1 FY27 rose by a strong 47.24% to Rs. 4,866.60 Crore as compared to Rs. 3,305.13 Crore in Q1 FY26.
APL follows a conservative capital management policy to fund its capacity expansion. Benefit from strong liquidity and healthy profitability, which have helped in keeping leverage low. Total debt outstanding as of 30th June 2026 is Rs. 58,381.32 Crore as compared to Rs. 53,555.54 Crore as of 31st March 2026. Net debt outstanding as of 30th June 2026 is Rs. 47,642.80 Crore
Project Updates
APL’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 (“USCTPP”) is expected to be commissioned during the current year. The 1,600 MW Mahan Phase-II USCTPP is scheduled for commercial operations in Q1 FY28 and had achieved over 88% overall progress as of 30th June 2026. The 1,600 MW Raipur Phase-II and 1,600 MW Raigarh Phase-II USCTPPs have achieved over 62% and 54% progress respectively, while execution has also commenced for the 1,600 MW Mirzapur Greenfield USCTPP in Uttar Pradesh.
Environmental clearance has been received for 87% of the upcoming capacity, while 56% has already been tied up under long-term Power Purchase Agreements through the Design, Finance, Build, Own, and Operate model. APL is confident of receiving the balance clearances soon and tying up the presently open under-development capacity in long term contracts quickly through competitive bids being invited by various State DISCOMs.
APL’s rapid capacity expansion is supported by its strong project execution track record, largely brownfield development approach, in-house project management capabilities, and advance ordering of key equipment for upcoming capacity. Together, these factors provide a strong project cost advantage. Combined with low leverage and a predominantly self-financed capital expenditure strategy, they position APL to deliver its capacity expansion programme in a timely and cost-effective manner.
ESG Performance
APL has achieved Specific Water Consumption of 2.42 m³/MWh for inland Thermal Power Plants (TPP), which is 30.81% lower than the statutory limit of 3.50 m³/MWh while All-TPP average Specific Water Consumption is 2.24 m³/MWh
APL has achieved 93% Ash utilization for Q1 FY 2026-27, with respect to all operational TPPs.
