Adani Power Limited

BSE: ADANIPOWER533096ISIN INE814H01029

Utilities
Integrated Power Utilities
BSE 100

Share price

₹201.40+6.30 (+3.23%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

Splits and bonuses

22 Sep 2025 · Split 5:1 (₹10 → ₹2)

52W high: ₹254.15
52W low: ₹128.35
Off 52W high: -20.76%
1M return: +0.35%
3M return: -3.06%
6M return: -12.09%
1Y return: +27.11%
20D avg volume: 11,91,575
50 DMA: ₹199.39
200 DMA: ₹192.40

Key ratios Consolidated

Market cap: ₹3,88,394 Cr
Current price: ₹201.40
52W high / low: ₹254.15 / ₹128.35
Face value: ₹2.00
P/E: 20.83
P/B: 5.06
EPS (TTM): ₹9.67
Book value / share: ₹39.80
ROE: —
ROCE: 15.50%
Operating margin: —
Net margin: —
Debt / equity: 0.81
Net debt: ₹52,628 Cr
Interest cover: 5.60
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 84.6 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	19,439	18,902	14,223	12,451	13,457	14,109	14,237	13,671	13,339	14,956	13,364	12,991
	511.92	420.41	1,766	543.26	850.95	464.55	298.20	1,162	723.96	518.32	517.83	363.83
	19,951	19,322	15,989	12,995	14,308	14,574	14,536	14,833	14,063	15,474	13,882	13,355
	13,159	13,022	11,605	10,050	10,342	10,369	11,274	10,775	9,929	10,568	10,324	10,145
	10,222	9,513	7,896	6,758	7,205	7,309	7,918	7,425	7,032	7,898	7,380	7,549
	7.63	26.42	146.74	42.14	11.16	9.62	156.10	108.67	81.49	10.73	100.80	68.91
	191.10	241.79	230.55	216.04	186.86	221.73	189.58	211.44	170.47	212.91	189.41	151.04
	760.23	901.37	967.26	701.01	841.63	856.93	764.90	956.53	806.87	811.49	819.60	796.56
	1,191	1,167	1,147	1,135	1,193	1,089	1,085	1,170	1,059	995.63	990.03	1,002
	786.90	1,172	1,218	1,197	903.46	883.33	1,161	787.86	654.59	506.50	711.33	478.32
	6,792	6,300	4,384	2,945	3,966	4,204	3,261	4,059	4,134	4,906	3,558	3,210
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	6,792	6,300	4,384	2,945	3,966	4,204	3,261	4,059	4,134	4,906	3,558	3,210
	-230.60	1,552	112.58	456.93	1,060	899.18	662.05	1,119	836.56	992.72	820.70	472.42
	7,019	4,867	4,271	2,488	2,906	3,305	2,599	2,940	3,298	3,913	2,737	2,738
	3.59	2.49	2.08	1.29	1.53	8.62	6.62	7.67	8.21	9.72	6.63	6.61
Key metrics
	8,743	8,369	6,498	4,781	6,001	6,150	5,111	6,185	6,000	6,713	5,368	5,009
	45.00%	44.30%	45.70%	38.40%	44.60%	43.60%	35.90%	45.20%	45.00%	44.90%	40.20%	38.60%
	36.10%	25.70%	30.00%	20.00%	21.60%	23.40%	18.30%	21.50%	24.70%	26.20%	20.50%	21.10%
	5.50%	—	4.40%	—	4.40%	—	4.20%	—	—	—	—	—
	44.50%	34.00%	-0.10%	-8.90%	0.90%	-5.70%	6.50%	5.20%	—	—	—	—
	141.50%	47.20%	64.30%	-15.40%	-11.90%	-15.50%	-5.00%	7.40%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Income statement
	65,015	54,241	56,203	50,351	38,773	27,711	26,221	26,468	23,884	20,611	22,784
	3,242	3,625	2,703	9,930	4,267	3,975	1,928	1,374	2,477	482.39	418.96
	68,257	57,865	58,906	60,281	43,041	31,686	28,150	27,842	26,362	21,093	23,203
	47,835	42,366	42,546	39,490	35,366	25,109	25,861	29,104	27,337	23,189	25,386
	34,388	29,168	30,273	28,453	25,481	14,762	14,781	—	15,949	—	—
	222.93	209.66	356.99	222.26	214.14	545.56	365.30	467.10	809.91	—	215.68
	879.48	855.18	784.40	643.70	569.99	470.31	431.54	426.82	363.28	—	—
	3,330	3,367	3,340	3,388	3,334	4,095	5,106	5,315	5,657	5,570	5,902
	4,641	4,565	4,309	3,931	3,304	3,118	3,202	3,006	2,751	—	2,672
	4,374	4,202	3,483	2,348	1,944	1,476	1,311	1,686	—	1,708	1,571
	20,421	15,500	16,360	20,792	7,675	6,577	2,289	-1,262	-975.86	-2,095	-2,183
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1,003	0.00	0.00	-4,077
	20,421	15,500	16,360	20,792	7,675	6,577	2,289	-2,265	-975.86	-2,095	-6,260
	1,890	2,528	3,610	37.28	3,052	1,666	1,019	9.85	8.54	5.15	86.07
	18,645	12,971	12,750	20,829	10,727	4,912	1,270	-2,275	-984.40	-2,119	-6,174
	9.45	6.62	32.32	51.62	24.57	9.63	0.06	-8.19	-3.21	—	—
Key metrics
	28,392	23,431	24,008	28,111	14,312	13,789	10,597	6,056	7,431	3,475	2,314
	43.67%	43.20%	42.70%	55.80%	36.90%	49.80%	40.40%	22.90%	31.10%	16.90%	10.20%
	28.68%	23.90%	22.70%	41.40%	27.70%	17.70%	4.80%	-8.60%	-4.10%	-10.30%	-27.10%
	—	15.50%	20.40%	—	—	—	—	—	—	—	—
	17.20%	-3.50%	11.60%	29.90%	39.90%	5.70%	-0.90%	10.80%	15.90%	-9.50%	—
	58.67%	1.70%	-38.80%	94.20%	118.40%	286.70%	155.80%	-131.10%	53.60%	65.70%	—
	—	-2,785	9,942	—	—	—	—	—	—	—	—
	—	1.58	1.69	—	—	—	—	—	—	—	—
	—	0.81	0.66	—	—	—	—	—	—	—	—
	—	52,628	38,015	—	—	—	—	—	—	—	—
	—	84.6	86.8	—	—	—	—	—	—	—	—
Balance sheet
	—	1,42,280	1,12,918	—	—	—	—	—	—	—	—
	—	28,688	26,313	—	—	—	—	—	—	—	—
	—	927.88	319.86	—	—	—	—	—	—	—	—
	—	11,791	13,022	—	—	—	—	—	—	—	—
	—	3,623	3,317	—	—	—	—	—	—	—	—
	—	2,683	1,726	—	—	—	—	—	—	—	—
	—	69,076	69,027	—	—	—	—	—	—	—	—
	—	2,841	2,978	—	—	—	—	—	—	—	—
	—	20,328	16,441	—	—	—	—	—	—	—	—
	—	53,556	38,335	—	—	—	—	—	—	—	—
	—	10,726	10,688	—	—	—	—	—	—	—	—
	—	42,830	27,647	—	—	—	—	—	—	—	—
	—	66,402	57,674	—	—	—	—	—	—	—	—
Cash flow
	—	20,514	21,501	—	—	—	—	—	—	—	—
	—	-26,461	-17,142	—	—	—	—	—	—	—	—
	—	6,555	-5,175	—	—	—	—	—	—	—	—
	—	23,299	11,559	—	—	—	—	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	17,416	15,761	11,573	10,011	11,243	12,462	12,201	11,261	10,264	11,394	10,140	10,217
	687.83	665.65	2,042	586.49	1,076	566.32	388.83	616.33	766.74	584.33	591.76	431.08
	18,103	16,427	13,616	10,598	12,319	13,028	12,590	11,877	11,031	11,978	10,732	10,648
	11,600	10,893	9,617	8,099	8,530	9,008	9,508	8,513	7,968	8,787	8,321	8,083
	8,945	7,774	6,534	5,331	5,839	6,361	6,665	5,862	5,601	6,750	6,124	6,072
	7.63	189.26	61.74	42.14	11.16	9.62	41.77	487.04	355.56	10.73	28.42	87.19
	172.96	207.45	192.19	182.75	158.36	184.18	159.31	173.16	143.35	187.76	166.06	129.91
	782.09	853.74	969.09	719.46	856.60	829.82	682.68	533.85	511.73	552.81	571.82	536.48
	1,070	941.60	932.45	950.73	949.57	940.38	957.60	824.59	809.62	795.45	789.58	797.35
	622.39	927.34	927.81	873.64	715.18	682.61	1,002	547.59	452.81	391.43	537.90	372.64
	6,503	5,534	3,999	2,498	3,789	4,020	3,082	3,364	3,063	3,191	2,411	2,564
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	6,503	5,534	3,999	2,498	3,789	4,020	3,082	3,364	3,063	3,191	2,411	2,564
	240.94	1,428	912.43	451.60	1,054	900.66	723.08	824.24	653.97	735.82	579.48	404.89
	6,262	4,105	3,087	2,047	2,735	3,119	2,359	2,540	2,409	2,455	1,831	2,160
	3.25	2.13	1.60	1.06	1.42	7.94	5.90	6.33	5.91	5.94	4.29	5.11
Key metrics
	8,355	7,329	5,901	4,169	5,595	5,790	4,722	4,722	4,385	4,539	3,772	3,898
	48.00%	46.50%	51.00%	41.60%	49.80%	46.50%	38.70%	41.90%	42.70%	39.80%	37.20%	38.20%
	36.00%	26.00%	26.70%	20.40%	24.30%	25.00%	19.30%	22.60%	23.50%	21.50%	18.10%	21.10%
	5.70%	—	4.70%	—	4.90%	—	4.60%	—	—	—	—	—
	54.90%	26.50%	-5.10%	-11.10%	9.50%	9.40%	20.30%	10.20%	—	—	—	—
	129.00%	31.60%	30.90%	-19.40%	13.50%	27.10%	28.80%	17.60%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Income statement
	54,762	45,289	49,711	39,205	36,681	581.32	447.17	1,005	2,404	8,249	11,018
	3,982	4,272	2,860	10,192	4,520	487.21	134.37	910.84	1,066	334.79	735.22
	58,744	49,560	52,571	49,396	41,201	1,069	581.54	1,916	3,470	8,584	11,753
	40,210	35,254	37,287	31,026	33,812	1,251	1,085	2,254	3,695	10,115	13,983
	28,583	24,065	26,595	22,426	24,552	1.08	0.86	—	—	—	—
	300.77	124.66	83.56	214.51	209.58	479.73	351.45	908.10	2,218	—	1,266
	755.35	717.48	687.99	554.19	530.36	33.94	32.88	41.61	40.52	—	—
	3,324	3,375	3,207	2,466	3,307	684.44	644.02	1,175	1,239	2,008	3,102
	3,895	3,773	3,879	3,176	3,143	30.27	32.46	34.77	38.06	—	1,121
	3,351	3,199	2,835	1,790	1,600	21.28	22.88	92.90	—	875.66	1,122
	18,534	14,306	15,284	18,371	7,389	-182.21	-503.01	-337.57	-225.23	-1,531	-2,230
	0.00	0.00	0.00	—	—	—	—	-1,003	—	1,507	-3,908
	18,534	14,306	15,284	18,371	7,389	-182.21	-503.01	-1,341	-225.23	-23.77	-6,138
	3,033	3,319	3,724	378.65	2,857	0.02	4.27	—	—	—	83.23
	15,501	10,988	11,560	18,749	10,246	-182.23	-498.74	-1,341	-225.23	-23.77	-6,054
	8.04	5.67	28.74	46.24	23.32	-2.74	-3.75	-5.77	-1.24	—	—
Key metrics
	25,754	21,455	22,370	24,012	13,839	532.50	173.47	-130.56	1,052	1,984	-1,915
	47.03%	47.40%	45.00%	61.20%	37.70%	91.60%	38.80%	-13.00%	43.80%	24.10%	-17.40%
	28.31%	24.30%	23.30%	47.80%	27.90%	-31.30%	-111.50%	-133.30%	-9.40%	-0.30%	-54.90%
	—	16.80%	22.60%	—	—	—	—	—	—	—	—
	16.10%	-8.90%	26.80%	6.90%	6,210.00%	30.00%	-55.50%	-58.20%	-70.90%	-25.10%	—
	44.16%	-4.90%	-38.30%	83.00%	5,722.60%	63.50%	62.80%	-495.20%	-847.50%	99.60%	—
	—	5,173	11,840	—	—	—	—	—	—	—	—
	—	1.74	1.60	—	—	—	—	—	—	—	—
	—	0.91	0.75	—	—	—	—	—	—	—	—
	—	47,211	34,745	—	—	—	—	—	—	—	—
	—	89.1	91.8	—	—	—	—	—	—	—	—
Balance sheet
	—	1,19,548	96,683	—	—	—	—	—	—	—	—
	—	24,225	22,737	—	—	—	—	—	—	—	—
	—	783.41	169.36	—	—	—	—	—	—	—	—
	—	10,281	12,143	—	—	—	—	—	—	—	—
	—	2,792	2,797	—	—	—	—	—	—	—	—
	—	2,030	1,435	—	—	—	—	—	—	—	—
	—	54,771	57,942	—	—	—	—	—	—	—	—
	—	2,018	2,442	—	—	—	—	—	—	—	—
	—	14,056	14,983	—	—	—	—	—	—	—	—
	—	47,994	34,915	—	—	—	—	—	—	—	—
	—	7,766	10,259	—	—	—	—	—	—	—	—
	—	40,229	24,656	—	—	—	—	—	—	—	—
	—	53,015	46,449	—	—	—	—	—	—	—	—
Cash flow
	—	19,148	18,453	—	—	—	—	—	—	—	—
	—	-23,364	-10,811	—	—	—	—	—	—	—	—
	—	4,830	-8,041	—	—	—	—	—	—	—	—
	—	13,975	6,613	—	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +7.28%
Sales CAGR 5Y: +151.83%
Profit CAGR 3Y: +2.36%
Profit CAGR 5Y: —
Sales YoY (TTM): +16.10%
Profit YoY (TTM): +44.16%

Consolidated

Sales CAGR 3Y: +11.84%
Sales CAGR 5Y: +15.65%
Profit CAGR 3Y: +6.54%
Profit CAGR 5Y: +59.16%
Sales YoY (TTM): +17.20%
Profit YoY (TTM): +58.67%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Coverage

INFORMED coverage

Adani Power Q1 FY27: Heatwave Propels Revenue Up 27% YoY, PAT Jumps 47% on Strong Demand

Shareholding as of 30 Sep 2026

Promoter holding: 74.96%

Holder	Type	Holding	Previous	Change
GAUTAMBHAI SHANTILAL ADANI & RAJESHBHAI SHANTILAL ADANI (ON BEHALF OF S. B. ADANI FAMILY TRUST)	Promoter Group	36.86%	—	—
FLOURISHING TRADE AND INVESTMENT LTD	Promoter Group	11.46%	—	—
ADANI TRADELINE PRIVATE LIMITED	Promoter Group	10.34%	—	—
EMERGING MARKET INVESTMENT DMCC	Promoter Group	6.74%	—	—
WORLDWIDE EMERGING MARKET HOLDING LIMITED	Promoter Group	3.79%	—	—
OPAL INVESTMENT PVT LTD	Public	3.52%	—	—
ARDOUR INVESTMENT HOLDING LTD	Promoter Group	3.03%	—	—
GOLDMAN SACHS TRUST II - GOLDMAN SACHS GQG PARTNER	Public	2.90%	—	—
FORTITUDE TRADE AND INVESTMENT LTD	Promoter Group	1.71%	—	—
SBI ARBITRAGE FUND	Public	1.62%	—	—
QUANT MUTUAL FUND - QUANT SMALL CAP FUND	Public	1.07%	—	—
GQG PARTNERS EMERGING MARKETS EQUITY FUND	Public	1.04%	—	—
ADANI INFRA (INDIA) LIMITED	Promoter Group	0.65%	—	—
HIBISCUS TRADE AND INVESTMENT LTD	Promoter Group	0.38%	—	—
RAJESHBHAI SHANTILAL ADANI	Promoter	0.00%	—	—

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Adani Power Limited	3,88,394	201.40	20.83	15.50%	+17.20% TTM	+58.67% TTM	+27.11%
Tata Power Co. Ltd	1,14,920	359.65	21.86	7.30%	-4.19% TTM	+8.39% TTM	-10.26%
TORRENT POWER LIMITED	62,177	1,233.90	25.01	12.00%	+8.25% TTM	-18.48% TTM	-5.38%
CESC Limited	17,358	130.95	10.67	9.70%	+8.73% TTM	+12.67% TTM	-28.15%
Reliance Infrastructure Ltd	2,005	49.06	0.38	2.40%	-6.41% TTM	-44.64% TTM	-74.67%

Filings & corporate actions

Recent announcements

Adani Power Limited has informed the Exchange about Signing of Power Supply Agreement4 Nov 2026 · Company Update / General
Adani Power Limited has submitted to the Exchange, copy of the Earnings Call Transcript30 Oct 2026 · Company Update / Earnings Call Transcript
Adani Power Limited has submitted to the Exchange, audio link of the Earnings Call.26 Oct 2026 · Company Update / Analyst / Investor Meet
Adani Power Limited has submitted to the Exchange, a copy of Investor Presentation for Earnings Call - Q2 FY27.25 Oct 2026 · Company Update / Investor Presentation
Adani Power Limited has submitted to the Exchange, a copy of Newspaper Publication24 Oct 2026 · Company Update / General
Adani Power Limited has submitted to the Exchange a copy of the Outcome of Board Meeting23 Oct 2026 · Board Meeting / Outcome of Board Meeting
Adani Power Limited has submitted Unaudited Financial Results for the quarter and half year ended September 30, 2026.23 Oct 2026 · Result / Financial Results
Adani Power Limited has informed the Exchange about Earnings Call for Q2 FY2719 Oct 2026 · Company Update / Analyst / Investor Meet
Adani Power Limited has informed the Exchange about Letter of Award14 Oct 2026 · Company Update / General
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for GQG Partners LLC9 Oct 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Adani Power Limited has informed the Exchange about Analyst / Investor Meet7 Oct 2026 · Company Update / Analyst / Investor Meet
Adani Power Limited has submitted Certificate under Regulation 74(5) for quarter ended September 20266 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Adani Power Limited has informed the Exchange about signing of Shareholders Agreement6 Oct 2026 · Company Update / Memorandum of Understanding /Agreements
Adani Power Limited has informed the Exchange about an Update29 Sep 2026 · Company Update / General
Adani Power Limited has informed the Exchange about Closure of Trading Window28 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Adani Power Limited has informed the Exchange about Earnings Call / Analyst Investor Meet28 Sep 2026 · Company Update / Analyst / Investor Meet
Adani Power Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 23/10/2026 ,inter alia, to consider and approve Unaudited Financial Results (Standalone ....28 Sep 2026 · Board Meeting / Board Meeting
Adani Power Limited has informed the Exchange about Update on the Scheme of Amalgamation25 Sep 2026 · Company Update / General
Adani Power Limited has informed the Exchange about Update on the Scheme of Amalgamation25 Sep 2026 · Company Update / General
Adani Power Limited has informed the Exchange about Clarification on news item appearing in media article18 Sep 2026 · Company Update / General
Adani Power Limited has informed the Exchange about Investor/Analyst Meet14 Sep 2026 · Company Update / Analyst / Investor Meet
Adani Power Limited has informed the Exchange about assignment of MSEDCL''s RE RTC Power Supply Contract to Powerpulse Trading Solutions Limited8 Sep 2026 · Company Update / General
Adani Power Limited has submitted to the Exchange copy of the Investor Presentation in USD for September 20267 Sep 2026 · Company Update / General
Adani Power Limited has submitted to the Exchange copy of the Investor Presentation in INR for September 20267 Sep 2026 · Company Update / General
GVK Energy Limited7 Sep 2026 · Company Update / General
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Corporate actions

Purpose	Ex date	Record date	Payment date
Stock Split From Rs.10/- to Rs.2/-	22 Sep 2025	22 Sep 2025	—

Board meetings

23 Oct 2026 Board Meeting - Financial Results
22 Jul 2026 Board Meeting - Financial Results

Adani Power Q1 FY27: Heatwave Propels Revenue Up 27% YoY, PAT Jumps 47% on Strong Demand

INFORMED Newsroom · 2026-07-23

Adani Power, India’s largest private thermal power producer, generates electricity and sells it under long-term contracts to state electricity boards and industrial customers. On July 23, 2026, the company reported that the June 2026 quarter saw a sharp surge in earnings, as the country’s most intense summer in years pushed power demand to records. Its profit after tax (PAT) rose 47% year-on-year to ₹4,867 crore, while total income climbed 33% to ₹19,322 crore. The performance reflects both the one-time weather‑driven spurt in demand and a multi‑year strategic shift toward contracted power sales that insulate income from short‑term market swings.

Metric (Q1 FY27 vs Q1 FY26)	Q1 FY27 (₹ Cr)	Q1 FY26 (₹ Cr)	YoY Growth
Reported Total Income	19,322	14,574	+32.6%
Continuing Revenue (excl. one-time)	17,936	14,167	+26.6%
Reported EBITDA	8,369	6,150	+36.1%
Continuing EBITDA	6,983	5,744	+21.6%
Profit After Tax	4,867	3,305	+47.2%

“Continuing” figures exclude one-time prior‑period income of ₹1,386 crore in Q1 FY27 and ₹406 crore in Q1 FY26. Source: Company presentation.

Scorching Summer Rewrites the Demand Script

After a year when an extended monsoon cooled demand, a blistering summer in 2026 lit up Adani Power’s plants. The quarterly operational metrics swung sharply:

Operational Metric	Q1 FY26	Q4 FY26	Q1 FY27	YoY (Q1)
Plant Load Factor (%)	67	74	78	+11 pp
Generation (Billion Units)	25.7	29.0	31.0	+20.6%
Power Sales (Billion Units)	24.6	27.2	28.8	+17.0%

Source: Q4 FY26 earnings call, Q1 FY27 presentation.

The turnaround was driven by “above‑normal temperatures… with frequent heatwaves” that pushed all‑India peak demand past 270 GW in May 2026. Demand grew 8.4% over the same quarter last year, while the company’s own plant availability reached 96%, up from 89%, as predictive maintenance kept fleets ready to run. The combination of higher operating capacity (18,330 MW vs 17,550 MW) and improved plant availability allowed Adani Power to capture the full benefit of the demand spike.

Profitability Powered by Volumes and a Shifting Sales Mix

The top‑line momentum fed straight into earnings. The quarterly trend shows how a weak first half of FY26 gave way to a strong close and then a breakout in Q1 FY27:

Quarter	Total Income (₹ Cr)	Revenue from Ops (₹ Cr)	EBITDA (₹ Cr)	PAT (₹ Cr)	Revenue YoY	PAT YoY
Q1 FY26	14,574	14,109	6,150	3,305	-5.7%	-15.5%
Q2 FY26	14,308	13,457	6,001	2,906	+0.9%	-11.9%
Q3 FY26	12,995	12,451	4,781	2,488	-8.9%	-15.4%
Q4 FY26	15,989	14,223	6,498	4,271	-0.1%	+64.3%
Q1 FY27	19,322	18,902	8,369	4,867	+34.0%	+47.2%

Note: Q1 FY27 continuing revenue was ₹17,936 crore and continuing EBITDA ₹6,983 crore. Source: Consolidated financials, company presentation.

The big jump in profitability was not just about volumes. Fuel costs rose 30% to ₹9,539 crore, partly due to higher imported coal prices from Middle East disruptions. But finance costs increased only 5%, demonstrating disciplined treasury management.

Underpinning the earnings stability is a deliberate shift away from volatile merchant power sales. In Q1 FY27, 85% of electricity sold was under long‑term power purchase agreements (PPAs), up from 77% a year earlier:

Period	Contracted (PPA)	Merchant/Short Term
Q1 FY26	77%	23%
Q1 FY27	85%	15%
FY25	79%	21%
FY26	85%	15%

Source: Company presentation.

Management has repeatedly stressed this strategy. CEO S. B. Khyalia said the company is “tying up more and more capacity under long‑term or medium‑term PPAs… to reduce the volatility impact.” By March 2026, 95% of the 18.15 GW operating fleet was under such agreements, providing fixed capacity charges and fuel‑cost pass‑through — a structure that insulates profits from the wild swings in spot electricity prices seen in the past.

A Massive Pipeline Crystallises

Adani Power is not just operating its existing plants harder; it is preparing to almost triple its capacity. The company has 23.7 GW of new thermal projects in the “locked‑in” pipeline, with a combined estimated capex of ₹2 trillion and completion targeted by FY2031–32. All land and equipment orders are in place, and 13,320 MW of PPAs have been signed for this upcoming capacity. The table below shows the PPA awards Adani Power has already secured across states from the recent surge in DISCOM auctions:

State	PPA Secured by APL (MW)
Madhya Pradesh	2,920
Bihar	2,400
Uttar Pradesh	1,600
Maharashtra	3,200
Karnataka	625
Assam	3,200
Total	13,945

Source: Company presentation. The government has allocated 30 GW of coal for fresh PPA bids; of the 20.9 GW awarded, Adani Power won 13.9 GW.

The central government now estimates India will need 97 GW of additional coal‑fired capacity by FY35 — and Adani Power’s pipeline accounts for nearly a third of that requirement.

Beyond Coal: Hydro and Nuclear Bets

Beyond its thermal roots, Adani Power is advancing a 5 GW hydroelectric joint venture in Bhutan (first 570 MW project costing ₹60 billion) and has formed Adani Atomic Energy Ltd. to develop 10 GW of nuclear power by 2035—laying the groundwork for a future beyond coal.

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