Adani Power Q1 FY27 Results Show Record Revenue and Profit
Adani Power Posts Record First Quarter Profit as India’s Power Demand Climbs
Adani Power Limited (APL) has reported its strongest first quarter performance to date, helped by rising electricity demand during an unusually hot summer, higher power generation, and increased electricity sales. The company also announced that it has been recognised as India’s most valuable energy brand in the latest Brand Finance rankings, while the wider Adani brand has been placed eighth among India’s most valuable brands overall.
The Ahmedabad-based company reported a consolidated profit after tax of Rs. 4,866.60 crore for the quarter ended 30 June 2026, an increase of 47.24 per cent from Rs. 3,305.13 crore in the same period last year. Total reported revenue rose 32.58 per cent to Rs. 19,322.30 crore, while reported EBITDA, a measure of operating earnings, increased 36.09 per cent to Rs. 8,369.09 crore.
The results come at a time when India’s electricity demand continues to rise as economic activity grows and temperatures remain high across many parts of the country. According to official power sector data, India’s peak electricity demand touched a record 270.8 gigawatts in May 2026. Electricity consumption during the April to June quarter reached 485.4 billion units, about 8.4 per cent higher than a year earlier, driven largely by widespread heatwaves.
The stronger demand translated into higher plant utilisation for Adani Power. The company’s installed generation capacity increased to 18,330 MW from 17,550 MW a year earlier. Plant Load Factor, which measures how much of a power station’s capacity is being used, improved to 77.9 per cent from 67.0 per cent. Electricity sales climbed 16.9 per cent to 28.8 billion units during the quarter.
Long-term power purchase agreements continued to support the business. Electricity supplied under these contracts increased by 30.3 per cent to 24.5 billion units. Average tariff realisation under these agreements rose 8.5 per cent to Rs. 5.95 per unit. Sales in the merchant and short-term market also earned better prices, with average realisation increasing 13.1 per cent to Rs. 7.04 per unit as market prices strengthened.
The Indian Energy Exchange reflected the tighter market conditions. During the quarter, the average Day Ahead Market clearing price increased 15.7 per cent to Rs. 5.10 per unit, while the Real Time Market price rose 13.8 per cent to Rs. 4.50 per unit.
Chief Executive Officer S B Khyalia said, “Adani Power has once again demonstrated the strength of its efficient and cost-competitive portfolio and operational excellence in various spheres by posting its highest ever quarterly EBITDA continuously. 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.”
During the quarter, Adani Power completed the acquisition of several power assets linked to Jaiprakash Associates Limited under the Corporate Insolvency Resolution Process. These include the 180 MW Churk thermal power plant, a 24 per cent stake in Jaiprakash Power Ventures Limited, and an 11.49 per cent stake in Prayagraj Power Generation Company Limited. The company also recognised Rs. 117.69 crore as its share of profit from the associate following the acquisition.
Another important development was the signing of a 25-year power supply agreement with Maharashtra State Electricity Distribution Company Limited. The agreement covers the long-term supply of 1,600 MW from a new 2×800 MW ultra-supercritical thermal power project that will be developed under the Design, Build, Finance, Own and Operate model.
Adani Power’s expansion programme remains one of the largest in India’s thermal power sector. The company aims to increase its generation capacity to 45 GW over the coming years. Construction of the 1,320 MW Korba Phase II project is expected to finish this year. The 1,600 MW Mahan Phase II project has crossed 88 per cent completion and is expected to begin commercial operations in the first quarter of FY28. Work is also progressing on the Raipur Phase II and Raigarh Phase II projects, while construction has started on the 1,600 MW Mirzapur Greenfield project in Uttar Pradesh.
The company said environmental clearance has already been secured for 87 per cent of its planned capacity expansion, while 56 per cent has been tied to long-term power purchase agreements. Such contracts provide revenue visibility and reduce dependence on the short-term electricity market.
Financially, the company continued to benefit from higher electricity sales despite rising costs. Continuing operating revenue increased 28.08 per cent to Rs. 17,550.43 crore. Continuing EBITDA reached Rs. 6,982.75 crore, up 21.57 per cent from the previous year.
Fuel remained the largest expense. Fuel costs rose 30.15 per cent to Rs. 9,512.70 crore because of higher imported coal prices and increased electricity generation. Finance costs, however, grew by only 5.19 per cent to Rs. 901.37 crore despite acquisitions and ongoing capital expenditure. The company said disciplined debt management helped contain borrowing costs.
Adani Power also recorded one-time revenue recognition of Rs. 1,386.34 crore relating mainly to revisions in historic energy charges under certain power purchase agreements. This was significantly higher than the corresponding figure recorded in the previous year.
Total debt stood at Rs. 58,381.32 crore as of 30 June 2026, compared with Rs. 53,555.54 crore at the end of March 2026. Net debt was reported at Rs. 47,642.80 crore.
Apart from financial performance, the company reported environmental indicators for the quarter. Average specific water consumption at inland thermal power stations stood at 2.42 cubic metres per megawatt hour, below the statutory limit of 3.50 cubic metres. Ash utilisation across operational thermal plants reached 93 per cent during the quarter.
Brand Finance’s latest rankings added another milestone for the company. Adani Power was named India’s most valuable energy brand for 2026 with a brand value of USD 1.8 billion, a brand strength score of 85.4 and an AAA rating. The wider Adani brand ranked eighth among India’s most valuable brands across all sectors.
India’s power sector continues to expand as industrial activity, urbanisation, digital infrastructure and rising household electricity use increase demand. Central and state governments are adding renewable energy at a rapid pace, but thermal power remains the country’s largest source of electricity and continues to play a key role in meeting peak demand during periods of extreme weather. Against this backdrop, Adani Power’s latest results underline the strong demand environment facing large electricity producers while also reflecting the industry’s ongoing investment in expanding generation capacity.
