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 second quarter of financial year 2026-27.
Commenting on the results, Mr. S B Khyalia, CEO of Adani Power Limited, said, “Adani Power continues to grow from strength to strength, achieving newer milestones in profitability and project execution. As India’s leading private thermal power producer, our vision is focused on ensuring the timely availability of high quality and reliable power supply to meet the country’s growing baseload requirements. The primacy of domestic coal-based power in meeting India’s long-term power needs has become clearer every day in light of geopolitical events and climate vagaries. We are proud to be the leaders in capacity addition to address the need of 100 GW new thermal power capacities by 2032. We are ensuring, with the determined support of our experienced teams and capable partners, that India will always have access to the power supply it needs round-the-clock to meet its growth aspirations.”
Power market update:
During Q2 FY27, India’s power demand grew by 11.5% at 502 BU as compared to Q2 FY26, driven by rapid economic growth and a weak monsoon. Growing demand resulted in 11% higher power generation year-on-year to reach 536 Billion Units (“BU”), which coupled with lower hydropower potential resulted in higher contribution in power supply from Coal and Lignite-fired power generation at 66% as compared to 65% in Q2 FY26. Coal and Lignite-based power accounted for 73% of the incremental power generation in the quarter. Aggregate Plant Load Factor (“PLF”) of coal-based power plants in India rose to 68% in Q2 FY27, as compared to 62% in Q2 FY26.
Peak power demand reached 270 GW in Q2 FY27, up 18% from 230 GW recorded in the previous year. Large states like Uttar Pradesh and Maharashtra accounted for 27 GW of peak demand each during Q2 FY27, followed by Gujarat, Tamil Nadu, and Karnataka with 23 GW, 20 GW, and 16 GW respectively.
During Q2 FY27, the Day-Ahead Market Clearing Price on the Indian Energy Exchange rose by 46% year-on-year to Rs. 5.7/unit. The Real-Time Market Clearing Price also increased by 49% year-on-year to Rs. 5.2/unit.
Business updates:
APL has been declared the Successful Resolution Applicant for the resolution plan submitted by it for GVK Energy Limited (“GVKEL”), a company undergoing the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code. GVKEL owns and operates the 330 MW Alaknanda Hydroelectric Power Plant in Uttarakhand. The acquisition of GVKEL will allow APL to enter the hydroelectric power generation sector.
APL has received an LOA from the Uttarakhand Power Corporation Limited for power supply from a 1,320 MW (1,234 MW net) Supercritical Thermal Power Capacity under a 25-year Power Supply Agreement. This PSA will take total tie-ups for APL’s upcoming 23.72 GW thermal power capacity to 62%.
APL and Druk Green Power Corporation Limited (“DGPC”), a State-owned entity of the Government of Bhutan, have entered into a Shareholders Agreement for setting up the 770 MW Chamkarchhu Hydropower Project in Thimphu, Bhutan through a jointly incorporated entity with a 49:51 shareholding respectively. This is the second hydropower project to be undertaken by the two partners after the 570 MW Wangchhu Hydropower Project in Bhutan.
CARE Ratings and India Ratings have upgraded APL’s credit rating from “AA; Stable” to “AA+; Stable”, reflecting the Company’s sustained strong financial and operational performance, its market leadership position with a diversified operating portfolio, and strong revenue visibility. The ratings also factor in APL’s healthy financial flexibility and adequate liquidity in view of its capital commitments towards its capacity expansion plans.
Following the fulfilment of conditions pertaining to the Scheme of Amalgamation of APL with its 10 wholly owned subsidiaries, which was approved by the Hon’ble National Company Law Tribunal, Ahmedabad and Mumbai benches, the Scheme has become effective on 25th September 2026. As a result, 10 wholly owned subsidiaries including Korba Power Limited and Vidarbha Industries Power Limited have been amalgamated with APL.
Key financial highlights:
Continuing Operating Revenues: For Q2 FY27, continuing operating revenue increased by 29.8% to Rs. 17,014.06 Crore from Rs. 13,106.34 Crore in Q2 FY26. This growth was driven by higher volumes on account of a significant increase in power demand and higher PPA tariffs due to a sharp increase in import coal prices, and improved merchant realisation.
Continuing Operating Revenues for H1 FY27 grew by 28.9% to Rs. 34,564.49 Crore from Rs. 26,809.28 Crore in H1 FY26 for similar reasons.
Fuel cost for Q2 FY27 was higher by 41.8% at Rs. 10,229.38 Crore vs Rs. 7,216.23 Crore for Q1 FY26 due to higher volumes and 50% higher landed cost of imported coal.
Fuel cost for H1 FY27 similarly increased by 36% to Rs. 19,768.50 Crore as compared to Rs. 14,535.04 Crore for H1 FY26.
Strong Continuing EBITDA performance of Rs. 6,320.97 Crore in Q2 FY27, 18.5% higher as compared to Rs. 5,332.71 Crore in Q2 FY26; due to higher volumes, improved tariffs and merchant realization, and control on operating expenses despite an increase in fuel costs.
Continuing EBITDA for H1 FY27 similarly increased by 20.1% to Rs. 13,303.71 Crore as compared to Rs. 11,076.33 Crore in H1 FY26.
One-time prior period revenue recognition of Rs. 2,422.25 Crore in Q2 FY27, primarily due to revision in historic energy charges under certain PPAs, as compared to Rs. 668.53 Crore in Q2 FY26.
Prior period revenue recognition for H1 FY27 is Rs. 3,808.60 Crore as compared to prior period revenue recognition of 1,074.74 Crore in H1 FY26.
Finance costs were lower by (-) 9.7% at Rs. 760.23 Crore for Q2 FY27 as compared to Rs. 841.63 Crore due to strong operating cash flow generation and controlled utilization of operational debt.
Similarly, Finance costs for H1 FY27 were lower by (-) 2.2% at Rs. 1,661.60 Crore as compared to Rs. 1,698.56 Crore for H1 FY26.
Continuing Profit Before Tax, before one-time items, registered a strong increase of 32.5% at Rs. 4,369.51 Crore in Q2 FY27 vs Rs. 3,297.68 Crore in Q2 FY26 on account of strong operating earnings performance and tight control on finance costs.
Similarly, Continuing Profit Before Tax for H1 FY27 is 30.8% higher at Rs. 9,283. 65 Crore as compared to Rs. 7,095.77 Crore for H1 FY26.
Reported Profit Before Tax for Q2 FY27 is sharply higher by 71.2%at Rs. 6,791.76 Crore in Q2 FY27 as compared to Rs. 3,966.20 Crore in Q2 FY26 on account of strong continuing profitability, further supplemented by higher one-time prior period income recognition during the quarter.
Similarly, Reported Profit Before Tax for H1 FY27 is 60.2% higher at Rs. 13,092.25 Crore as compared to Rs. 8,170.51 Crore for H1 FY26.
Consequently, Profit After Tax for Q2 FY27 also rose sharply by 141.5% to Rs. 7,019.32 Crore as compared to Rs. 2,906.46 Crore in Q2 FY26.
Similarly, Profit After Tax for H1 FY27 is also 91.4% higher at Rs. 11,885.92 Crore as compared to Rs. 6,211.59 Crore in H1 FY26.
Total debt outstanding as of 30th September 2026 is Rs. 61,860.37 Crore as compared to Rs. 53,555.54 Crore as of 31st March 2026. Net debt outstanding as of 30th September 2026 is Rs. 45,845.92 Crore as compared to Rs. 45,022.02 Crore as of 31st March 2026.
