Adani Power Announces Q4 FY26 Results

• Reports strong profitability in a dynamic demand environment
• Achieves 105 Billion Units (BU) power generation in FY26
• Expansion capacity tie-ups reach 13.3 GW, including new DBFOO PPA of 1.6 GW in Q4 FY26 and 10.4 GW in FY26
• 95% of operating capacity now tied up in PPAs
• Strong Profit After Tax (PAT) for Q4 FY26 at ₹4,271 crore, up 64% YoY
• Solid EBITDA growth of 27% YoY for Q4 FY26 at ₹6,498 crore
• Robust Revenue growth of 10% YoY in Q4 FY26 at ₹15,989 crore

Power Sector Updates

• All-India power demand revival commenced in Q4 FY26, growing 1.6% to 422 BU vs 415 BU in Q4 FY25 with the advent of summer.
• Demand grew 0.8% to 1,709 BU in FY26 vs 1,695 BU in FY25.
• Average Market Clearing Price in IEX Day-Ahead Market declined 12.4% to ₹3.88/kWh in Q4 FY26 and 13.7% to ₹3.86/kWh in FY26, due to weather-driven demand variability.

Q4 FY26 Highlights

• New long-term Power Purchase Agreement (PPA) of 1,600 MW awarded by Maharashtra DISCOM under DBFOO model.
• Consolidated power sale volume at 27.2 BU vs 26.4 BU in Q4 FY25, despite weaker merchant demand.
• Consolidated continuing total revenue at ₹15,059 crore vs ₹14,522 crore in Q4 FY25.
• Consolidated continuing EBITDA at ₹5,573 crore, up 9% YoY.
• Consolidated PAT grew 64% YoY to ₹4,271 crore vs ₹2,599 crore in Q4 FY25.

FY26 Highlights

• Annual power generation reached 105 BU.
• Power sale volume increased 3.4% to 99.15 BU vs 95.88 BU in FY25.
• Total revenue stood at ₹55,583 crore vs ₹56,473 crore in FY25.
• EBITDA at ₹21,285 crore vs ₹21,575 crore in FY25.
• PAT increased to ₹12,971 crore vs ₹12,750 crore in FY25.

Ahmedabad | 29 April 2026

Adani Power Ltd. (APL), part of the Adani portfolio and India’s largest private thermal power producer, announced its financial results for the fourth quarter and financial year ended 31 March 2026.

Management Commentary

Mr. S. B. Khyalia, CEO, Adani Power Limited, said:

“As the world goes through another energy price shock, the security and sovereignty of India’s energy supply assume critical importance.

Our abundant natural resources, including coal, will continue to power growth. As India accelerates renewable energy adoption, thermal power remains critical for grid stability and peak demand.

Adani Power is achieving key milestones in its 23.7 GW expansion, securing long-term PPAs while delivering strong profitability and cash flows. We are well positioned for multi-fold earnings growth while maintaining prudent capital allocation.”

Power Market Update

• Q4 FY26 demand was impacted by cold weather and unseasonal rains, with recovery in March.
• All-India demand rose 1.6% to 422 BU in Q4 FY26.
• FY26 demand grew 0.8% to 1,709 BU.
• Peak demand was 243 GW vs 250 GW in FY25.
• Renewable share and demand volatility led to softer merchant tariffs.

Operating Performance

MW: Megawatts | BU: Billion Units

Business Updates

• Awarded 1,600 MW LoA from Maharashtra DISCOM for a 25-year project under DBFOO model.
• Subsidiary MPGL signed 558 MW PPA with Tamil Nadu DISCOM.
• 95% of operating capacity tied up under PPAs.

Financial Performance (₹ Crore)

Key Financial Highlights

• Revenue growth driven by higher capacity and forex gains.
• EBITDA supported by improved tariff mix and efficiency.
• PAT surged due to lower tax expenses.
• Issued ₹7,500 crore NCDs in Q4 FY26.
• Total debt at ₹53,555 crore; net debt at ₹45,022 crore.

Project Updates

• Mahan Phase-II (1,600 MW): 86% complete
• Raipur Phase-II (1,600 MW): 54% complete
• Raigarh Phase-II (1,600 MW): 47% complete
• Korba Phase-II (1,320 MW): commissioning in FY27

ESG Performance

• ESG rating: 80 (CareEdge), outperforming industry median by 35%
• Water intensity: 2.34 m³/MWh (34% below statutory limit)
• Ash utilization: 113%
• All plants certified Single Use Plastic Free (SUPF)