Adani Power Ltd. announced a significant financial uplift for the September quarter, with its net profit climbing 142% year-on-year to ₹7,019 crore. This substantial increase was primarily propelled by a one-time recognition of prior-period revenue, alongside robust operational performance driven by heightened power demand across India.
Key Financial Highlights for Q2
The company's revenue for the quarter saw a 39% year-on-year growth, reaching ₹19,951 crore. Continuing revenue also posted a healthy increase of 28.5% to ₹17,528 crore. This sales expansion was attributed to higher power sales volumes, increased tariffs under Power Purchase Agreements (PPAs) due to rising imported coal prices, and improved merchant realisations.
A critical factor in the profit surge was the recognition of ₹2,422.25 crore in prior-period revenue during Q2, stemming from revisions to historical energy charges in specific PPAs. This contrasts with a ₹668.53 crore recognition in the corresponding quarter of the previous year.
Despite the strong profit growth, Adani Power's total outstanding debt rose to ₹61,860.37 crore as of September 30, up from ₹53,555.54 crore at the end of March. Net debt also saw an increase, reaching ₹45,845.92 crore from ₹45,022.02 crore.
Operational Performance and Market Context
Consolidated power sales volume for Adani Power grew by 11.5% to 26.4 billion units (BU) in Q2 FY27, compared to 23.7 BU in Q2 FY26, reflecting strong underlying power demand. Consolidated continuing EBITDA also demonstrated resilience, growing 18.5% to ₹6,321 crore, showcasing core profitability despite elevated fuel costs.
S.B. Khyalia, CEO of Adani Power, highlighted the company's continuous growth in profitability and project execution. He emphasized Adani Power's role as India’s leading private thermal power producer, committed to ensuring a timely and reliable power supply to meet the nation's increasing baseload requirements. Khyalia underscored the growing importance of domestic coal-based power in India’s long-term energy strategy, especially in light of global geopolitical shifts and climate challenges.
“As India’s leading private thermal power producer, our vision is focused on ensuring the timely availability of high quality and reliable power supply to meet the country’s growing baseload requirements.”
— S.B. Khyalia, CEO of Adani Power
India's overall power demand increased by 11.5% to 502 BU in Q2, driven by rapid economic expansion and a weak monsoon season. Power generation also rose by 11% to 536 BU. The contribution of coal- and lignite-fired power to the total supply increased to 66% from 65% in Q2 FY26, accounting for 73% of incremental power generation during the quarter.
The aggregate plant load factor (PLF) for coal-based power plants nationwide improved to 68% in Q2 FY27, up from 62% a year earlier. Peak power demand reached 270 GW, an 18% increase from 230 GW in the year-ago quarter, with Uttar Pradesh and Maharashtra leading with 27 GW each.