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Adani Power Results: Latest Quarterly Results & Analysis

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Adani Power Ltd. 30 Oct 2025 14:00 PM
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Q2FY26 Quarterly Result Announced for Adani Power Ltd.

Electric Utilities company Adani Power announced Q2FY26 results

  • New Long Term Power Purchase Agreement awards of 2,400 MW from Bihar DISCOM, 1,600 MW from Madhya Pradesh DISCOM, and 570 MW from Karnataka DISCOM (by October ’25).
  • Acquisition of 600 MW Vidarbha Industries Power Limited under Corporate Insolvency Resolution Process, taking total capacity to 18,150 MW.
  • Higher consolidated power sale volume by 7.4% at 23.7 Billion Units in Q2FY26, vs 22 BU in Q2FY25, despite high base effect and demand disruption due to early and prolonged monsoons.
  • Higher Consolidated Total Revenue for Q2FY26 at Rs 14,308 crore vs Rs 14,063 crore in Q2FY25, despite lower merchant tariffs and import coal prices.
  • Stable Consolidated EBITDA for Q2FY26 at Rs 6,001 crore vs Rs 6,000 crore for Q2FY25; despite additional operating expenses of recent acquisitions YoY.
  • Strong Consolidated Profit After Tax for Q2FY26 at Rs 2,906 crore vs Rs 3,298 crore for Q2FY25; despite higher depreciation and deferred tax expense.

S B Khyalia, CEO, Adani Power, said: “Adani Power has once again demonstrated robust and stable financial performance this quarter, in the face of weather-driven fluctuations in demand, highlighting our operational efficiency and competitive advantages. We are steadily expanding our presence in the market by securing another 4.5 GW of new long-term PPAs under the SHAKTI scheme. Our strong profitability and liquidity position us well to achieve our enhanced capacity expansion goal of 42 GW by 2031-32. We have already arranged ordering for equipment and land for the entire 23.7 GW expansion, with project implementation progressing rapidly. We are proud to play a pivotal role in India’s power sector growth, and stay strongly committed to supporting the nation’s need for dependable, scalable, and sustainable electricity.”

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Power - Electric Utilities company Adani Power announced Q1FY26 results

  • Consolidated power sale volume grows by 1.6% at 24.6 BU in Q1FY26, vs 24.2 BU in Q1FY25, despite high base effect and demand disruption due to early monsoons.
  • Consolidated continuing total revenue for Q1FY26 at Rs 14,167 crore vs Rs 15,052 crore in Q1FY25; primarily due to lower merchant tariff realization and import coal prices YoY.
  • Consolidated continuing total revenue for Q1FY26 at similar level to Q4FY25, despite lower volumes, due to improved merchant realization on a sequential basis.
  • Consolidated continuing EBITDA for Q1FY26 at Rs 5,744 crore vs Rs 6,290 crore for Q1FY25; due to lower revenue and additional operating expenses of recent acquisitions YoY.
  • Consolidated continuing EBITDA for Q1FY26 higher by 12.7% vs Q4FY25 due to higher merchant tariffs and lower fuel costs as well as operating expenses.
  • Consolidated Profit After Tax for Q1FY26 at Rs 3,305 crore vs Rs 3,913 crore for Q1FY25 on account of lower merchant tariffs and elevated operating expenses following acquisitions.
  • Consolidated Profit After Tax for Q1FY26 higher by 27.1% vs Q4FY25 due to higher one-time income and continuing EBITDA on a sequential basis.
  • APL is receiving regular payments from Bangladesh, with over USD 500 million received over the last two months.

S B Khyalia, CEO, Adani Power, said: “Adani Power’s stable financial performance this quarter is a testament to its resilience and core strengths, even in the face of variability in power demand and unpredictable weather. We continue to bolster our capacity through swift project execution and strategic acquisitions, ensuring we are well-prepared for future growth on our path to 30 Giga Watts (GW) by 2030. By securing critical equipment like Ultra-supercritical boilers, turbines, and generators ahead of schedule, we’re reinforcing our competitive edge and supporting India’s growing energy needs. Our commitment to sustainability and operational excellence remains unwavering, as we strive to deliver reliable, affordable power that drives the nation’s progress.”

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Power & Electric Utilities company Adani Power announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Consolidated power sale volume at 26.4 BU in Q4FY25, up by 18.9% from 22.2 BU in Q4FY24 due to growing power demand and higher operating capacity.
  • Consolidated continuing total revenue for Q4FY25 higher by 5.3% at Rs 14,522 crore vs Rs 13,787 crore in Q4FY24; primarily due to higher volume, offset by lower tariff realisation.
  • Consolidated continuing EBITDA for Q4FY25 at Rs 5,098 crore vs Rs 5,273 crore for Q4FY24; due to additional operating expenses of recent acquisitions, apart from slower demand growth and lower merchant tariffs.
  • Consolidated continuing Profit Before Tax for Q4FY25 at Rs 3,248 crore vs Rs 3,464 crore for Q4FY24 on account of higher depreciation due to new acquisitions, apart from slower demand growth and lower merchant tariffs.

FY25 Financial Highlights:

  • 102.2 Billion Units (BU) power generation in FY25, up by 19.5% from 85.5 BU in FY24.
  • Consolidated power sale volume at 95.9 BU in FY25, up by 20.7% from 79.4 BU in FY24 due to robust power demand and higher operating capacity.
  • Consolidated continuing total revenues higher by 10.8% at Rs 56,473 crore in FY25 vs Rs 50,960 crore in FY24; supported by higher sales volumes, offset partially by lower tariff realisation.
  • Consolidated continuing EBITDA for FY25 higher by 14.8% at Rs 21,575 crore vs Rs 18,789 crore in FY24; primarily due to higher revenue and lower fuel prices.
  • Consolidated continuing Profit Before Tax for FY25 higher by 21.4% at Rs 13,926 crore vs Rs 11,470 crore in FY24; due to improved EBITDA and lower finance costs.

S B Khyalia, CEO, Adani Power, said: “Adani Power has posted ever higher operating and financial performance for FY25, aptly demonstrating the strength and resilience of the Adani Portfolio companies. As we progress quickly in the next phase of capacity expansion, we are prioritising capital and cost efficiencies to sharpen our competitive edge and extend our sectoral leadership across key parameters. We are employing our deep, cross-domain expertise to make the business future ready to continue delivering superior returns over the long term. Our unrelenting commitment to sustainability, which has seen us rank among the best thermal power producers in the world on several counts, will continue to guide us on our growth journey.”

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Electric Utilities company Adani Power announced Q3FY25 results

  • Consolidated power sale volume at 23.3 BU in Q3FY25, up by 8% from 21.5 BU in Q3FY24 due to improved power demand and higher operating capacity.
  • Consolidated total revenue for Q3FY25 higher by 11% at Rs. 14,833 crore vs Rs. 13,355 crore in Q3FY24; primarily due to higher volume.
  • Consolidated EBITDA for Q3FY25 higher by 23% at Rs. 6,185 crore vs Rs. 5,009 crore for Q3FY24; supported by higher one-time income.
  • Consolidated Profit Before Tax for Q3FY25 higher by 26% at Rs. 4,059 crore vs Rs. 3,210 crore for Q3FY24.
  • Consolidated Profit After Tax for Q3FY25 higher by 7% at Rs. 2,940 crore vs Rs. 2,738 crore for Q3FY24.

S B Khyalia, CEO, Adani Power, said: “Adani Power is well on its way to achieve its generation capacity target of 30 GW by 2030, with rapid progress in underconstruction projects, secure supply chain, and successful bids for long term PPA tie-ups. We are well-positioned to benefit from the attractive opportunities in the Indian thermal power sector and to support its steadily growing power demand. Our high-quality asset portfolio, operating excellence, and execution capabilities set us apart and help us deliver consistent profitability and cash flows. We are taking steps ranging from backward integration into mining to improve our competitiveness and digitalization of our operations to enhance our future-readiness. Our unceasing focus on our ESG efforts has placed us amongst top 15% of our global peers and earned us international recognition.”

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Electric Utilities company Adani Power announced Q2FY25 results

  • Consolidated power sale volume at 46 Billion Units (BU) in H1FY25, up by 29.2% from 35.6 BU in H1FY24 due to improved power demand and higher operating capacity.
  • Consolidated continuing total revenues higher by 20% at Rs 28,517 crore in H1FY25 vs Rs 23,767 crore in H1FY24 ; due to greater sales volumes.
  • Consolidated continuing EBITDA for H1FY25 higher by 38.3% at Rs 11,692 crore vs Rs 8,457 crore in H1FY24 ; due to greater volumes as well as lower fuel and operating costs.
  • Consolidated continuing Profit Before Tax for H1FY25 higher by 69% at Rs 8,020 crore vs Rs 4,746 crore in H1FY24 ; due to improved EBITDA and lower finance costs.
  • Consolidated power sale volume at 21.9 BU in Q2FY25, up by 21% from 18.1 BU in Q2FY24 due to improved power demand and higher operating capacity.
  • Consolidated continuing total revenue for Q2FY25 higher by 10.8% at Rs 13,465 crore vs Rs 12,155 crore in Q2FY24; primarily due to greater sales volumes.
  • Consolidated continuing EBITDA for Q2FY25 higher by 24.6% at Rs 5,402 crore vs Rs 4,336 crore for Q2FY24; due to greater sales volumes as well as lower fuel and operating costs.
  • Consolidated continuing Profit Before Tax for Q2FY25 higher by 44.8% at Rs 3,537 crore vs Rs 2,443 crore for Q2FY24; due to improved EBITDA and lower finance costs.

S B Khyalia, CEO, Adani Power, said: “Adani Power has embarked on the next phase of its growth journey, swiftly achieving capacity expansion milestones and securing power supply agreements to ensure long-term revenue stability. The Company consistently delivers robust operating and financial performance by leveraging its inherent strengths and competitive advantages. Its diverse capabilities and financial resilience provide a solid foundation for growth, enabling it to realize its vision of supporting India's economic development with reliable, sustainable, and affordable power supplies. Additionally, we are committed to rapidly turning around our recently acquired stressed power plants by utilizing our core competencies and strengths.”

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Electric Utilities company Adani Power announced Q1FY25 results:

  • Consolidated power sale volume at 24.1 Billion Units (BU) in Q1FY25, up by 38% from 17.5 BU in Q1FY24 due to improved power demand and larger effective operating capacity.
  • Consolidated continuing total revenue for Q1FY25 higher by 30% at Rs 15,052 crore vs Rs 11,612 crore in Q1FY24; mainly due to higher sales volumes.
  • Consolidated continuing EBITDA for Q1FY25 grows by 53% to Rs 6,290 crore vs Rs 4,121 crore for Q1FY24; due to higher revenues and lower import fuel prices.
  • Consolidated continuing Profit Before Tax for Q1FY25 grows by 95% to Rs 4,483 crore vs Rs 2,303 crore for Q1FY24 due to higher reported EBITDA and lower finance cost.

S B Khyalia, CEO, Adani Power, said, "As Adani Power grows from strength to strength, we have undertaken advance development activities to secure execution pipelines for three Ultra-supercritical projects of 1,600 MW each to prepare ourselves for the anticipated resurgence in the thermal power sector. Our strategic focus is to derisk our growth plans by utilizing high efficiency, low emission technologies, pooling our deep experience and multi-domain expertise for project development, securing access to fuel resources, and revitalizing the organization to become more agile and competitive in the digitalized world. Adani Power is dedicated to enhancing lives and ensuring India’s energy security by proactively addressing the need for sustainable, affordable, and reliable power, while also being a responsible steward of the environment and surrounding communities.”

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Electric Utilities company Adani Power announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Reported revenues of Rs 13,882 crore for the quarter include prior period items of Rs 94 crore pertaining to regulatory orders, as compared to Rs 131 crores included in Q4FY23 reported revenues of Rs 10,795 crore.
  • Continuing EBITDA for the quarter grew strongly by 126% to Rs 5,273 crore as compared to Rs 2,329 crore for Q4FY23.
  • Depreciation Charge and Finance Cost for the quarter increased to Rs 990 crore and Rs 820 crore respectively due to the commissioning of the Godda project. 
  • This enduring improvement in operating profitability has resulted in a sharp growth in Profit Before Tax to Rs 3,558 crore for the quarter, as compared to Rs 898 crore for Q4FY23.

FY24 Financial Highlights:

  • Reported revenues of Rs 60,281 crore for FY24 include one-time prior period items of Rs 9,322 crore. In comparison, one-time prior period revenue recognition of this nature for FY23 was Rs 5,772 crore in reported revenues of Rs 43,041 crore.
  • Continuing EBITDA for the year grew to Rs 18,789 crore as compared to Rs 8,540 crore for FY23. Reported EBITDA for the year also grew strongly to Rs 28,111 crore as compared to Rs 14,312 crore for FY23.
  • Strong improvement in operating profitability, along with higher recovery of one-time regulatory income and control over Finance Costs has helped boost Profit Before Tax during FY24 to Rs 20,792 crore as compared to Rs 7,675 crore for FY23.
  • APL reported Consolidated Profit After Tax of Rs 20,829 crore for FY24, which is nearly double the PAT of Rs 10,727 crore for FY23, owing to both improved recurring profitability and higher one-time income.

Commenting on the quarterly results, Gautam Adani, Chairman, Adani Group said, “As India transitions to a more sustainable energy future, the Adani Portfolio of companies will continue to provide innovative, reliable, and scalable solutions to support the nation’s economic growth and help realise the aspirations of its billion plus citizens. Adani Power is a key component of our long-term strategy, supplying reliable base load power across a vast part of the country, executing benchmark-setting projects, creating assets of national importance, and acting as the balancing supply to enable greater integration of renewables in the grid. We are committed to continuous innovation across businesses and creating sustainable value for all stakeholders”

S B Khyalia, CEO, Adani Power, said, "Adani Power has posted yet another outstanding quarter demonstrating its core strengths, capping a year of exceptional operational and financial performance in a fitting testimony to its sound strategy and operational excellence. On our journey to achieve the Company’s vision, we are focusing on tech-enabled reliability enhancement, reduction in cost of generation, and improvement in plant efficiency. Adani Power is committed to empowering lives and contributing to India’s energy security by anticipating the need for sustainable, affordable, and reliable power supply and serving it by building capacities in a timely and costeffective manner.”

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Electric Utilities company Adani Power announced Q3FY24 & 9MFY24 results:

  • Consolidated power sale volume at 21.5 Billion Units (BU) in Q3FY24, up by 82% from 11.8 BU in Q3FY23 due to improved power demand and larger installed capacity.
  • Consolidated continuing total revenue for Q3FY24 higher by 72% at Rs 13,405 crore vs Rs 7,773 crore in Q3FY23; mainly due to greater sales volumes.
  • Consolidated continuing EBITDA for Q3FY24 more than triples to Rs 5,059 crore vs Rs 1,479 crore for Q3FY23; due to greater revenues and lower import fuel prices.
  • Consolidated Profit After Tax for Q3FY24 sharply higher at Rs 2,738 crore vs Rs 9 crore for Q3FY23; due to improved EBITDA.
  • Consolidated power sale volume at 57.1 BU in 9MFY24, up by 46% from 39.1 BU in 9MFY23 due to improved power demand and larger installed capacity.
  • Consolidated continuing total revenues higher by 40% at Rs 37,173 crore in 9MFY24 vs Rs 26,604 crore in 9MFY23; due to greater sales volumes.
  • Consolidated continuing EBITDA for 9MFY24 more than doubled to Rs 13,516 crore vs Rs 6,210 crore in 9MFY23; driven by higher revenues and lower import fuel prices.
  • Consolidated Profit After Tax for 9MFY24 higher by 230% at Rs 18,092 crore vs Rs 5,484 crore in 9MFY23; due to higher reported EBITDA.

Commenting on the quarterly results, S B Khyalia, CEO, Adani Power, said, "Adani Power continues to demonstrate its leadership across domains by achieving everhigher standards of excellence, as evidenced by the financial results for the third quarter of FY 2023-24. The Company’s strategically located power plants and optimal capacity allocation between PPAs and merchant capacities, coupled with its strength in fuel management & logistics and excellence in power plant O&M, have allowed it to address growing power demand and generate robust profitability. This has resulted in improved liquidity, which has in turn been utilized to reduce debt. The ongoing brownfield capacity expansion of 1,600 MW at Mahan is on track, while we are moving ahead to extend our leadership further inorganically. We are excited to be a part of nation-building efforts through provision of reliable electricity supply from our highly efficient power plants while keeping sustainability goals at the forefront of our agenda.”

 

Result PDF

Electric Utilities company Adani Power announced Q2FY24 & H1FY24 results:

  • Consolidated power sale volume at 18.1 Billion Units (BU) in Q2FY24, up by 65% from 11 BU in Q2FY23 due to improved power demand and higher operating capacity.
  • Consolidated continuing total revenue for Q2FY24 higher by 61% at Rs 12,155 crore vs Rs 7,534 crore in Q2FY23; mainly due to greater sales volumes.
  • Consolidated continuing EBITDA for Q2FY24 higher by 202% at Rs 4,336 crore vs Rs 1,438 crore for Q2FY23; due to greater sales volumes, lower fuel cost, and higher merchant tariffs.
  • Consolidated Profit After Tax for Q2FY24 was higher by 848% at Rs 6,594 crore vs Rs 696 crore for Q2FY23; due to improved EBITDA, higher one-time income, and recognition of deferred tax assets.
  • Consolidated power sale volume at 35.6 BU in H1FY24, up by 30% from 27.3 BU in H1FY23 due to improved power demand and higher operating capacity.
  • Consolidated continuing total revenues higher by 26% at Rs 23,767 crore in H1FY24 vs Rs 18,831 crore in H1FY23; due to greater sales volumes.
  • Consolidated continuing EBITDA for H1FY24 higher by 79% at Rs 8,457 crore vs Rs 4,732 crore in H1FY23; due to greater volumes and lower fuel cost.
  • Consolidated Profit After Tax for H1FY24 higher by 180% at Rs 15,354 crore vs Rs 5,475 crore in H1FY23; due to improved EBITDA, higher one-time income, and recognition of deferred tax asset.

Commenting on the quarterly results, S B Khyalia, CEO, Adani Power, said, "Adani Power has now cemented its position as India’s most reliable and competitive power generator with stable cash flows and high creditworthiness flowing from a secure revenue stream and a strategically located and reliable fleet with lowest emissions per unit of generation. The Company’s proven capabilities are being supplemented with the deployment of digitalization, analytics, and cutting-edge technologies to provide a stable, reliable, and affordable power supply sustainably. As opportunities in the Indian power market grow, we stand geared to enhance our contribution as the leading private power producer and to meet the nation’s growing energy needs.”

 

Result PDF

Electric Utilities company Adani Power announced consolidated Q1FY24 results:

  • Installed capacity grows from 13,650 MW as of June 30, 2022, to 15,250 MW as of June  30, 2023, after the commissioning of the 1,600 MW Godda Ultra-supercritical Power Plant, which supplies cross-border power to Bangladesh.
  • PLF 60.1% and power sales 17.5 BU in Q1FY24 vs 58.6% and 16.3 BU in Q1FY23 respectively.
  • Total revenue increased by 16.8% at Rs 18,109 crore in Q1FY24 vs Rs 15,509 crore in Q1FY23; mainly due to improved volumes and higher one-time revenue recognition on account of regulatory claims and Late Payment Surcharge.
  • EBITDA for Q1FY24 was higher by 41.5% at Rs 10,618 crore vs Rs 7,506 crore in Q1FY23; mainly due to higher one-time revenue recognition and incremental contribution of Godda power plant.
  • PAT for Q1FY24 was higher by 83.3% at Rs 8,759 crore vs Rs 4,780 crore for Q1FY23.

Commenting on the quarterly results of the company, S B Khyalia, CEO, Adani Power, said, "Adani Power has increased its lead among IPPs with commissioning of the 1,600 MW Godda USCTPP and entered a new era of transnational power sales. We are proud to support Bangladesh in enhancing the means available to its high-potential economy for fulfilling the aspirations of its hard-working and enterprising population. As India’s leading private power producer, we stand committed to upholding our pledge to help the nation achieve its climate goals by adopting the latest, resource-efficient technologies such as Ultra-supercritical power plants incorporating emission control equipment, and exploring reduction of our carbon footprint through innovative solutions. With a satisfactory resolution of virtually all regulatory matters, the Company’s revenues and cash flows have now entered a stable phase.”

 

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