Adani Power Ltd reported a 141.5% year-on-year rise in consolidated net profit to ₹7,019.32 crore in the second quarter of FY27, driven by higher electricity sales, improved tariffs, and additional income from prior periods. The company’s reported revenue rose 39.4% to ₹19,950.60 crore in the quarter ended 30 September 2026, compared with ₹14,307.79 crore a year earlier.

Announced in Ahmedabad on 23 October 2026, the results came as India recorded strong growth in electricity consumption during the July to September quarter. Adani Power’s reported earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 45.7% to ₹8,743.22 crore. However, the figures include income recognised from earlier periods, which played a major part in the rise in profit.

Revenue from continuing operations, excluding prior-period income recognition, reached ₹17,528.35 crore, up 28.5% from ₹13,639.26 crore in Q2 FY26. Continuing EBITDA rose 18.5% to ₹6,320.97 crore, compared with ₹5,332.71 crore in the same quarter last year. These figures provide a clearer picture of the company’s performance from its ongoing operations.

Adani Power recognised ₹2,422.25 crore in prior-period revenue during the quarter, mainly following revisions to historical energy charges under certain power purchase agreements. The comparable figure for Q2 FY26 was ₹668.53 crore. Continuing profit before tax rose 32.5% to ₹4,369.51 crore, while reported profit before tax increased 71.2% to ₹6,791.76 crore. Finance costs fell 9.7% to ₹760.23 crore.

The company’s operating figures also improved. Electricity sales reached 26.4 billion units (BU), up from 23.7 BU a year earlier. Its plant load factor (PLF), which measures how much electricity a power plant produces against its available capacity, increased to 70.1% from 62.8%. Operating capacity remained at 18,150 MW, excluding the 180 MW Churk thermal power plant, which is being revived following its acquisition.

India’s rising electricity needs provided a favourable market for thermal power producers during the quarter. According to the figures reported by Adani Power, national electricity demand increased 11.5% year on year to 502 BU, while power generation rose 11% to 536 BU. Peak demand reached 270 GW, up 18% from 230 GW in the corresponding quarter last year.

Uttar Pradesh and Maharashtra each recorded peak demand of 27 GW, followed by Gujarat at 23 GW, Tamil Nadu at 20 GW and Karnataka at 16 GW. Coal and lignite-fired plants supplied 66% of India’s electricity during the quarter, compared with 65% a year earlier. Lower hydropower availability contributed to the greater role of these plants.

Electricity prices in short-term markets also increased. The day-ahead market clearing price on the Indian Energy Exchange rose 46% year on year to ₹5.7 per unit. The real-time market price increased 49% to ₹5.2 per unit. These changes supported higher earnings for generators selling electricity in open markets.

Adani Power’s sales under power purchase agreements, or PPAs, increased 29.7% to 23.4 BU. Average tariff realisation from continuing operations rose 12.7% to ₹6.4 per unit. Realisation in merchant and short-term markets increased 33.1% to ₹7.2 per unit. However, volumes supplied through these markets fell 43% as more available capacity was tied up in medium-term contracts.

The company also reported progress on its expansion plans. Adani Power has a programme to add 23,720 MW of thermal power capacity. Its first 660 MW supercritical unit at the Korba Phase-II project achieved grid synchronisation, a step towards commercial operation. The second unit is expected to be commissioned in Q4 FY27.

The 1,600 MW Mahan Phase-II ultra-supercritical project is expected to be fully commissioned in early FY28. Work on the 1,600 MW Raipur Phase-II and 1,600 MW Raigarh Phase-II projects has passed 65% completion, with commissioning planned for FY29. Construction has also started on the 1,600 MW Mirzapur project, the 1,600 MW Mahan Phase-III project and the 2,400 MW Anuppur project.

Adani Power has secured a letter of award from Uttarakhand Power Corporation Limited for a 25-year power supply agreement covering 1,320 MW of capacity, or 1,234 MW net. The agreement will take the share of its planned 23.72 GW thermal capacity tied to supply arrangements to 62%.

The company is also moving into hydropower. It was selected as the successful resolution applicant for GVK Energy Limited, which owns and operates the 330 MW Alaknanda Hydroelectric Power Plant in Uttarakhand. Adani Power has signed a shareholders’ agreement with Bhutan’s state-owned Druk Green Power Corporation Limited for the 770 MW Chamkarchhu Hydropower Project in Thimphu. The partnership will hold a 49:51 shareholding, respectively, following the establishment of a joint entity. The two companies are also working on the 570 MW Wangchhu Hydropower Project in Bhutan.

CARE Ratings and India Ratings upgraded Adani Power’s credit rating from AA with a stable outlook to AA+ with a stable outlook. The company said the decision reflected its financial performance, operating position and expected revenue. Its total outstanding debt stood at ₹61,860.37 crore on 30 September 2026, compared with ₹53,555.54 crore on 31 March 2026. Net debt increased from ₹45,022.02 crore to ₹45,845.92 crore over the same period.

During the quarter, the National Company Law Tribunal’s approved scheme to merge 10 wholly owned subsidiaries with Adani Power became effective on 25 September 2026. The subsidiaries included Korba Power Limited and Vidarbha Industries Power Limited.

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 for 100 GW of new thermal power capacity 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.”

For the first half of FY27, covering April to September, Adani Power’s profit after tax rose 91.4% to ₹11,885.92 crore, while reported revenue increased 36% to ₹39,272.90 crore. The next phase of growth will depend on electricity demand, fuel costs, timely completion of new plants and the company’s ability to manage its rising debt as it expands its generating capacity.