India’s largest private-sector thermal power producer, Adani Power Ltd, reported a 141.5% rise in second-quarter net profit on strong demand, higher tariffs and a one-time income boost, a press release said.
Profit after tax for July-September, the second quarter of fiscal 2026-27, rose to Tk 9,125.12 crore (Rs 7,019.32 crore), about Tk 91.25 billion (Rs 70.19 billion), from Tk 3,778.40 crore (Rs 2,906.46 crore) a year earlier. For the first half of the year, profit after tax rose 91.4% to Tk 15,451.70 crore (Rs 11,885.92 crore).
Revenue from continuing operations grew 29.8% to Tk 22,118.28 crore (Rs 17,014.06 crore). Continuing EBITDA rose 18.5% to Tk 8,217.26 crore (Rs 6,320.97 crore). Including a one-time recognition of prior-period income of Tk 3,148.93 crore (Rs 2,422.25 crore), mainly from revised historical energy charges under certain power purchase agreements, reported revenue rose 39.4% to Tk 25,935.78 crore (Rs 19,950.60 crore) and reported EBITDA rose 45.7% to Tk 11,366.19 crore (Rs 8,743.22 crore). Reported pre-tax profit climbed 71.2% to Tk 8,829.29 crore (Rs 6,791.76 crore). The company also booked a tax credit of Tk 299.78 crore (Rs 230.60 crore), against a tax charge of Tk 1,377.66 crore (Rs 1,059.74 crore) a year earlier.
India’s power demand grew 11.5% to 502 billion units in the quarter, driven by economic growth and a weak monsoon, while peak demand reached 270 GW, up from 230 GW. Adani Power’s plant load factor rose to 70.1% from 62.8%, and units sold increased to 26.4 billion from 23.7 billion.
Sales under long-term PPAs grew 29.7% to 23.4 billion units, with tariff realisation up 12.7% to Tk 8.32 (Rs 6.4) per kWh. Merchant and short-term realisation rose 33.1% to Tk 9.36 (Rs 7.2) per kWh, although volumes fell 43% as more open capacity was tied up in medium-term contracts.
Fuel costs rose 41.8% to Tk 13,298.19 crore (Rs 10,229.38 crore), reflecting higher volumes and a 50% rise in the landed cost of imported coal. Finance costs fell 9.7% to Tk 988.30 crore (Rs 760.23 crore). Total debt stood at Tk 80,418.48 crore (Rs 61,860.37 crore) on September 30, up from Tk 69,622.20 crore (Rs 53,555.54 crore) at end-March, while net debt was Tk 59,599.70 crore (Rs 45,845.92 crore), against Tk 58,528.63 crore (Rs 45,022.02 crore).
The company was declared the successful resolution applicant for insolvent GVK Energy Ltd, which owns the 330 MW Alaknanda hydroelectric plant in Uttarakhand, marking its entry into hydropower. It also received a letter of award from Uttarakhand Power Corporation for supply from a 1,320 MW supercritical plant under a 25-year agreement, lifting tie-ups for its planned 23.72 GW of new thermal capacity to 62%.
In Bhutan, it signed a shareholders’ agreement with state-owned Druk Green Power Corporation for the 770 MW Chamkarchhu hydropower project, with a 49:51 shareholding.
CARE Ratings and India Ratings upgraded the company’s credit rating to “AA+; Stable” from “AA; Stable”. The merger of 10 wholly owned subsidiaries, including Korba Power and Vidarbha Industries Power, took effect on September 25.
The first 660 MW unit of the Korba Phase-II project has been synchronised with the grid, with the second expected in the fourth quarter of FY27. The 1,600 MW Mahan Phase-II project is due early in FY2027-28, and the Raipur and Raigarh Phase-II projects, each 1,600 MW and over 65% complete, are slated for FY2028-29.
Commenting on the results, APL Chief Executive Officer S. B. Khyalia said the company remained focused on ensuring reliable power supply to meet India’s growing baseload requirements. He also highlighted the company’s role in supporting the country’s target of adding 100 GW of new thermal power capacity by 2032.
