Adani Power Ltd (APL) reported a strong financial performance for the quarter ended September 30, 2025, with resilient profitability despite muted power demand and lower tariffs. The company’s consolidated revenue rose marginally to ₹14,308 crore in Q2 FY26 from ₹14,063 crore a year earlier, while net profit stood at ₹2,906 crore compared to ₹3,298 crore in Q2 FY25, reflecting a modest decline due to higher depreciation and tax expenses.
Power sales volumes rose 7.4% year-on-year to 23.7 billion units (BU) during the quarter, aided by capacity additions, including the acquisition of the 600 MW Vidarbha Industries Power Ltd. Under the Corporate Insolvency Resolution Process. Adani Power’s total installed capacity now stands at 18,150 MW, up from 17,550 MW last year. Despite an early and prolonged monsoon that curbed electricity demand and suppressed merchant tariffs, the company’s EBITDA remained stable at ₹6,001 crore, nearly unchanged from the previous year’s ₹6,000 crore.
During the first half of FY26, total revenue stood at ₹28,882 crore compared to ₹29,537 crore in H1 FY25, with a profit after tax of ₹6,212 crore. CEO S. B. Khyalia said the results underline Adani Power’s “robust operational efficiency and competitive strengths,” adding that the company’s strong financial position will support its expanded capacity goal of 42 GW by 2031-32.
In the quarter, the company secured new long-term Power Purchase Agreements (PPAs) totalling 4,570 MW, including 2,400 MW from Bihar, 1,600 MW from Madhya Pradesh, and 570 MW from Karnataka.
Adani Power also completed a 1:5 share split in September 2025 and maintained a strong credit profile, with India Ratings reaffirming its AA (Stable) / A1+ rating on bank loans worth ₹58,000 crore.
Adani Power’s total debt stood at ₹47,254 crore as of September 2025, up from ₹38,335 crore in March 2025, reflecting bridge financing for expansion projects. The company redeemed all outstanding perpetual securities during the quarter, strengthening its balance sheet.
The company has increased its targeted capacity expansion to 41,870 MW by FY 2031-32 by several brownfield and greenfield projects with a combined capacity of 23,720 MW. Project execution is progressing rapidly, with major brownfield expansions such as the 1,600 MW Mahan Phase-II, Raipur Phase-II, and Raigarh Phase-II thermal power projects at various stages of completion. The company has already placed orders for equipment covering its planned 23.7 GW capacity expansion. It has given advance orders for supply of main plant equipment such as Ultra-supercritical boilers, turbines, and generators to leading equipment manufacturers. The company already posses land needed for these expansions.
On the environmental, social, and governance (ESG) front, APL’s risk rating improved to “Medium Risk” from “High Risk” last year, with a score of 29.2 from Sustainalytics, better than the global industry average. The company also reported major CSR initiatives across education, healthcare, and rural development, impacting tens of thousands across its project locations.
With stable profitability, expanding PPAs, and an accelerated capacity addition roadmap, Adani Power remains well-positioned to capitalize on India’s growing electricity demand while maintaining financial prudence amid market fluctuations.
Talking about the results, Adani Power CEO S B Khyalia said, “Adani Power has once again demonstrated robust and stable financial performance this quarter, in the face of weather-driven fluctuations in demand, highlighting our operational efficiency and competitive advantages. We are steadily expanding our presence in the market by securing another 4.5 GW of new long-term PPAs under the SHAKTI scheme. Our strong profitability and liquidity position us well to achieve our enhanced capacity expansion goal of 42 GW by 2031-32. We have already arranged ordering for equipment and land for the entire 23.7 GW expansion, with project implementation progressing rapidly. We are proud to play a pivotal role in India’s power sector growth, and stay strongly committed to supporting the nation’s need for dependable, scalable, and sustainable electricity.”