Adani Power April 2026 rally: Q4 PAT jumps 64%

Stock rises in a weak market

Adani Power shares traded higher in an otherwise weak market after the company reported stable operating performance for the quarter ended March 2026 (Q4FY26). On Thursday’s intra-day trade, the stock was up 2% at ₹223.50 on the BSE. At 09:36 AM, it was quoted 1% higher at ₹220.55, while the BSE Sensex was down 1.1%.

The April move has been unusually sharp. The stock was reported to have surged 49% in April, alongside multiple references in the text that place the one-month gain in the 40% to 44% range depending on the measurement window. The rally also coincided with repeated record-high prints during the month.

New record highs and key price points

The stock hit a record high of ₹226.25 on Wednesday, April 29, 2026, according to the text. Separately, another market update noted an all-time high of ₹216.50 on April 22, 2026, with a close at ₹215.65. A later snapshot referenced the stock at ₹212.40 at 10:30 AM IST on April 22, 2026, up 4.65% versus ₹200.83.

These differing prints underline that the reporting set blends multiple market updates across April. What is consistent is that Adani Power kept setting new highs through the month and repeatedly featured among top gainers even when the broader market tone was mixed.

Q4FY26 operating performance: revenue steady, margins improve

Adani Power reported core revenue (excluding other income) of ₹14,223 crore in Q4FY26, marginally down 0.1% year-on-year from ₹14,237 crore in Q4FY25. Core EBITDA (excluding other income) rose to ₹4,832 crore from ₹4,622 crore, a 4.5% year-on-year increase.

As a result, the EBITDA margin improved to 34.0% from 32.5%, an expansion of 150 basis points. The company attributed the stable revenue to a high degree of Power Purchase Agreement (PPA) tie-ups, despite lower merchant rates and lower imported coal prices.

PAT jumps 64% as tax and other income help

Profit after tax (PAT) rose 64% year-on-year to ₹4,271 crore in Q4FY26 from ₹2,599 crore in Q4FY25. ICICI Securities said PAT outpaced EBITDA growth due to higher other income and favourable deferred tax adjustments. The company also pointed to strong PAT generation being supported by robust operating profitability and lower tax expenses.

One section of the provided text also referenced a different quarterly PAT figure of ₹2,479.58 crore for the “latest quarter,” along with a 17.6% decline versus a prior four-quarter average. Because the article material combines multiple market notes, the clearly stated Q4FY26 reported PAT in the same narrative is ₹4,271 crore.

PPAs remain central to the earnings visibility narrative

During Q4FY26, Adani Power signed a new long-term PPA for 1,600 MW with Maharashtra DISCOM under a Design, Build, Finance, Own, and Operate model. Another note in the text also stated that the company received a Letter of Award from MSEDCL for 2,500 MW of round-the-clock power supply over 25 years (dated April 1, 2026).

Rating commentary cited in the text said Adani Power has tied up long-term PPAs for its operational and upcoming projects of about 28.1 GW on a gross basis. Separately, another update said PPAs cover 95% of operating capacity, reinforcing the market view that cash flows are less dependent on merchant price swings.

Capacity footprint and counterparties

Adani Power has operational thermal power capacity of 18.11 GW and solar power capacity of 40 MW. Its plants are spread across Gujarat, Maharashtra, Madhya Pradesh, Rajasthan, Chhattisgarh, Jharkhand, Karnataka and Tamil Nadu.

The company’s offtaker base in the text includes eight state discoms, two private discoms, one industrial customer, and Bangladesh Power Development Board for operational and under-construction capacity. Rating rationale also highlighted the Adani Group’s broader energy value-chain presence, including coal mining, logistics, and coal procurement scale.

Nuclear-energy entry and other corporate signals

The text said the company incorporated two subsidiaries, Adani Atomic Energy Ltd. (AAEL) and Rawatbhata-Raj Atomic Energy Ltd. (RRAEL), signaling entry into the nuclear power sector. Some market notes linked the April run to optimism around this nuclear-energy push and cited Bernstein identifying Adani Power as a potential beneficiary of India’s nuclear programme.

The stock was also described as being supported by expectations of stronger summer-season electricity demand. A separate narrative linked the broader demand setup to weather conditions and a changing generation mix, with thermal generation typically in focus during peak demand.

Market impact: returns, volatility, and technical indicators

Across the text, Adani Power was called a multibagger, with stated gains of 391% in three years and 1,068% in five years in one section, and 405.37% (three years) and 1,101.83% (five years) in another. One data set also cited year-to-date gains of 51.36% and one-year appreciation of 97.08%, while another referenced one-year returns around the mid-80% range.

The stock was also described as volatile, with one-year beta cited as 1.06 in one place and 1.33 in another. Technical commentary included that the stock was trading above key moving averages and had an RSI of 87, indicating an overbought zone in that snapshot.

Key numbers snapshot

April seasonality data cited

What investors are watching next

The company was scheduled to announce its financial results for the quarter and year ended March 31, 2026, on April 29, and hold an investor and analyst call the same day. With the stock already at or near record highs across multiple April sessions, that results-and-call cycle becomes the next defined milestone cited in the text.

The confirmed elements behind the April focus, as presented in the material, include the Q4FY26 margin improvement, the sharp year-on-year jump in PAT, high PPA coverage and new long-term contracts, and corporate steps such as the nuclear-energy subsidiaries. Near-term trading commentary in the same text also flags stretched technical indicators, indicating that the stock’s reaction to audited numbers and management commentary could remain sensitive.