Adani Power Reports Q1 FY26 Financial Results with Strategic Growth Plans

Overview of Financial Results

Adani Power Ltd. (APL), part of the Adani Group, has released its financial results for the first quarter ending June 30, 2025.

Mr. S B Khyalia, CEO of Adani Power Limited, remarked, “The stable financial performance of Adani Power this quarter highlights our resilience and core strengths, despite fluctuations in power demand and unpredictable weather conditions. We are enhancing our capacity through efficient project execution and strategic acquisitions, positioning ourselves for future growth towards our target of 30 Giga Watts (GW) by 2030. By securing essential equipment such as Ultra-supercritical boilers, turbines, and generators ahead of schedule, we are strengthening our competitive advantage and supporting India's increasing energy requirements. Our dedication to sustainability and operational excellence remains steadfast as we aim to provide reliable and affordable power that fuels the nation's development.”

Operational Performance Insights

MW: Mega Watts; BU: Billion Units

• Consolidated operating capacity increased from 15,250 MW in Q1 FY25 to 17,550 MW in Q1 FY26 due to the acquisition of Moxie Power Generation Ltd. (1,200 MW), Korba Power Limited (600 MW), and Adani Dahanu Thermal Power Station (500 MW). This capacity further rose to 18,150 MW in July 2025 with the acquisition of Vidarbha Industries Power Ltd. (600 MW).


• Power demand was impacted by an early monsoon in Q1 FY26, contrasting with the demand spike in Q1 FY25 caused by a heat wave. Consequently, all-India energy demand decreased by 1.6% to 445.2 BU in Q1 FY26 from 452.4 BU in Q1 FY25.


• Peak demand for Q1 FY26 also fell by 2.8% to 243 GW compared to 250 GW in Q1 FY25, affecting merchant demand and pricing.


• Due to demand variability and weather conditions, the average market clearing price on the Indian Energy Exchange dropped by 16% year-on-year to Rs. 4.41/kWh in Q1 FY26 compared to Q1 FY25. Day Ahead Market volumes also saw a 7% decline to 12,399 MU during this period.


• Despite the decline in energy demand, APL achieved a 1.6% increase in power sales, attributed to enhanced operating capacity and higher offtake from certain plants.


• Merchant sales for Q1 FY26 rose by 7.7% to 5.7 BU, compared to 5.3 BU in Q1 FY25.

Business Developments

• The Godda power plant has begun receiving regular payments from the Bangladesh Power Development Board, with USD 437 million released in June 2025 and USD 75 million in July 2025.


• Adani Power (Jharkhand) Limited has merged with APL, effective April 1, 2024, following approval from the National Company Law Tribunal, Ahmedabad bench. This merger integrates the 1,600 MW capacity of the Godda plant into APL.


• The credit rating of the Godda power plant has been upgraded to AA/Stable from BBB/Stable post-merger, which is expected to lower its financing costs.


• APL acquired Vidarbha Industries Power Ltd. on July 7, 2025, following NCLT approval. VIPL operates a 600 MW thermal power plant in Maharashtra, enhancing APL’s capacity to 18,150 MW and solidifying its presence in this industrially significant state.


• APL has signed a Power Purchase Agreement with UP Power Corporation Ltd. for supplying 1,500 MW of electricity over 25 years from a new 2,800 MW Ultra-supercritical power project in Uttar Pradesh. This brings APL's total PPA tie-ups to 4,520 MW from its upcoming expansion projects.

Financial Highlights

EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization

• Continuing Operating Revenue for Q1 FY26 stood at Rs. 13,703 Crore, slightly impacted by reduced prices of imported coal and lower merchant tariffs compared to Rs. 14,717 Crore in Q1 FY25.


• Continuing EBITDA for Q1 FY26 was Rs. 5,744 Crore, down from Rs. 6,290 Crore in Q1 FY25, supported by lower fuel costs despite reduced tariffs and increased operating costs due to recent acquisitions.


• Increased depreciation is attributed to the newly acquired power plants.


• Finance costs were controlled in Q1 FY26 compared to Q1 FY25, despite new acquisitions and expanded operations.


• One-time revenue recognition for prior period items decreased to Rs. 406 Crore in Q1 FY26 from Rs. 422 Crore in Q1 FY25, following the resolution of major regulatory issues and collection of outstanding dues from DISCOMs in FY 24 and FY25.


• Profit After Tax for Q1 FY26 was Rs. 3,305 Crore, compared to Rs. 3,913 Crore in Q1 FY25.


• APL maintains a strong balance sheet and liquidity position, with total debt of Rs. 44,372 Crore as of June 30, 2025, up from Rs. 38,335 Crore on March 31, 2025. The net debt positions were Rs. 37,437 Crore and Rs. 31,023 Crore, respectively, reflecting increased financing for capital expenditures and working capital.


• During Q1 FY26, APL redeemed Unsecured Perpetual Securities of Rs. 2,579 Crore from its operating surplus, leaving Rs. 478 Crore outstanding as of June 30, 2025.

Project and ESG Updates

APL is on track to expand its installed capacity to 30,670 MW by 2030 through the establishment of seven brownfield and one greenfield power projects totaling 12,520 MW.

The construction of three Ultra-supercritical power plants, each with a capacity of 2,800 MW, is progressing at existing sites in Mahan (Madhya Pradesh) and Raipur and Raigarh (Chhattisgarh). Additionally, APL's subsidiary KPL has received Environmental Clearance to revive its 2,660 MW Supercritical power project at Korba (Chhattisgarh) and has resumed project execution.

APL has secured land at strategic locations for its 12,520 MW expansion, eliminating a significant barrier to project execution. Furthermore, it has placed advance orders for key equipment such as Ultra-supercritical boilers, turbines, and generators from a leading Indian manufacturer, ensuring timely delivery of capital equipment. These proactive measures, combined with the Adani Group's project management expertise, provide APL with a unique advantage in achieving timely and cost-effective capacity expansion to meet India's growing power demands.

The adoption of Ultra-supercritical technology in new power plants will enhance fuel efficiency, reduce coal consumption, and lower emissions associated with both fuel transportation and power generation. These projects are expected to create local job opportunities and stimulate the regional economy while facilitating greater integration of renewable energy through stable base load and peaking power supply.

ESG Performance

• APL's water intensity for Q1 FY26 was recorded at 2.21 m³/MWh, significantly below the statutory limit for hinterland plants, compared to 2.41 m³/MWh in Q1 FY25.


• APL achieved 110% aggregate fly ash utilization for Q1 FY26, reflecting its commitment to environmental sustainability.


• Through its Corporate Social Responsibility initiatives, APL has been enhancing education and healthcare services across India. For example, under the Utthan project, 77 government schools in Mundra Taluka have been adopted, benefiting over 11,663 students. Mobile healthcare units and rural clinics have also provided essential services to thousands of beneficiaries.


• APL is focused on empowering women through economic initiatives as part of its Sustainable Livelihood and Community Engagement programs, alongside community development activities such as tree plantation and infrastructure projects that benefit local villagers.

About Adani Power

Adani Power (APL) is the largest private thermal power producer in India, with an installed thermal power capacity of 18,110 MW across twelve power plants in various states, along with a 40 MW solar power plant in Gujarat. With a team of experts in the power sector, APL is committed to achieving its growth potential and is leveraging technology and innovation to transform India into a power-surplus nation, ensuring quality and affordable electricity for all.