Adani Power Limited (APL) has reported its financial results for the first quarter of FY2026-27, posting its highest-ever quarterly EBITDA on a continuing basis, supported by robust electricity demand, higher operating capacity, improved tariff realisation, and increased power sales. The company also reaffirmed its plans to expand its generation portfolio to 45 GW, backed by ongoing thermal power projects, strategic acquisitions, and diversification into hydro and future nuclear power opportunities.
Commenting on the results, S B Khyalia, Chief Executive Officer of Adani Power Limited, said the company demonstrated the strength of its efficient and cost-competitive generation portfolio through record quarterly EBITDA. He added that Adani Power has made significant progress on its expansion projects while maintaining strong liquidity and is broadening its portfolio through the acquisition of Jaiprakash Associates’ power assets, entry into domestic and international hydropower projects, and preparations for opportunities in the nuclear power sector.
India experienced a hotter-than-usual summer during the quarter, with prolonged heatwaves driving peak power demand to a record 270.8 GW in May 2026. Total electricity consumption increased 8.4% year-on-year to 485.4 billion units (BU) during Q1 FY27. Market prices also strengthened, with the Day-Ahead Market clearing price on the Indian Energy Exchange rising 15.7% to Rs. 5.1 per unit, while the Real-Time Market clearing price increased 13.8% to Rs. 4.5 per unit.
Against this backdrop, Adani Power increased its installed capacity to 18,330 MW, compared to 17,550 MW in the corresponding quarter last year. The company’s Plant Load Factor (PLF) improved to 77.9% from 67.0%, while electricity sales increased to 28.8 BU from 24.6 BU.
The company attributed the growth to higher electricity demand, increased operating capacity, and long-term Power Purchase Agreements (PPAs) secured for previously untied capacity at the Butibori and Mutiara (Tuticorin) power plants. Power sales under PPAs increased 30.3% to 24.5 BU, while tariff realisation improved 8.5% to Rs. 5.95 per kWh. Merchant and short-term power realisation also increased 13.1% to Rs. 7.04 per kWh.
For the quarter ended June 30, 2026, continuing revenue from operations rose 28.08% year-on-year to Rs. 17,550.43 crore, while total reported revenue increased 32.58% to Rs. 19,322.30 crore.
The company reported continuing EBITDA of Rs. 6,982.75 crore, up 21.57% from the corresponding quarter last year. Continuing Profit Before Tax (PBT) increased 29.38% to Rs. 4,914.15 crore, while reported PBT rose 49.86% to Rs. 6,300.49 crore, supported by higher one-time prior-period income recognition.
Profit After Tax (PAT) increased 47.24% year-on-year to Rs. 4,866.60 crore, aided by improved operational performance and a Rs. 117.69 crore share of profit from associate following the acquisition of a stake in Jaiprakash Power Ventures Limited.
During the quarter, Adani Power acquired the 180 MW Churk Thermal Power Plant, a 24% equity stake in Jaiprakash Power Ventures Limited (2,220 MW), and an 11.49% equity stake in Prayagraj Power Generation Company Limited (1,980 MW) under the approved resolution plan for Jaiprakash Associates Limited.
The company also signed a 25-year Power Supply Agreement (PSA) with the Maharashtra State Electricity Distribution Company Limited (MSEDCL) to supply 1,600 MW of electricity from a 2×800 MW ultra-supercritical thermal power plant to be developed under the Design, Build, Finance, Own and Operate (DBFOO) model.
Adani Power further announced that it has been recognised by Brand Finance as India’s Most Valued Energy Brand 2026, with a brand value of USD 1.8 billion, a brand strength score of 85.4, and an AAA rating.
The company stated that its capacity expansion programme remains on schedule. The 1,320 MW Korba Phase-II Supercritical Thermal Power Project is expected to be commissioned during the current financial year. The 1,600 MW Mahan Phase-II project has achieved more than 88% completion and is scheduled to begin commercial operations in Q1 FY28. Meanwhile, the 1,600 MW Raipur Phase-II and 1,600 MW Raigarh Phase-II projects have reached more than 62% and 54% completion, respectively, while construction has also commenced on the 1,600 MW Mirzapur Greenfield Ultra-Supercritical Thermal Power Project in Uttar Pradesh.
According to the company, environmental clearances have been secured for 87% of the planned capacity expansion, while 56% of the upcoming capacity has already been tied up under long-term Power Purchase Agreements.
On the sustainability front, Adani Power reported an average specific water consumption of 2.24 m³/MWh across its thermal power plants, significantly below the statutory limit for inland facilities. The company also achieved 93% ash utilisation across its operational thermal power plants during the first quarter of FY2026-27.
