Adani Power Q2 FY26: ₹14,308cr revenue, 4.5GW PPAs

Results snapshot and why it matters

Adani Power Ltd (APL) reported its unaudited consolidated results for the second quarter of FY26, covering the period ended 30 September 2025. The company showed a modest increase in total revenue and largely stable EBITDA, even as power demand growth slowed due to early and prolonged monsoons. Power sales volumes rose faster than the national demand trend, helped by higher effective operating capacity. Alongside the operating update, the company highlighted fresh long-term power purchase agreements (PPAs) totalling 4,570 MW under the SHAKTI scheme and the completion of an acquisition that expanded its installed capacity.

Q2 FY26: volumes rose despite slower demand

Consolidated power sale volume increased 7.4% year-on-year to 23.7 billion units (BU) in Q2 FY26, compared with 22.0 BU in Q2 FY25. The company attributed the demand backdrop to weather-related disruption, noting that early and prolonged monsoons affected consumption patterns. In the same quarter, all-India energy demand grew 3.2% to 449.2 BU versus 435.1 BU in Q2 FY25. The gap between APL’s sales growth and national demand growth was a key operational datapoint in the quarter’s narrative.

Merchant and short-term sale volume was 12.9% higher at 5.7 BU in Q2 FY26 compared with 5.0 BU in Q2 FY25. The company also disclosed merchant volume of 11.4 BU for H1 FY26, up 10.5% from 10.3 BU in H1 FY25.

Revenue: total income up, tariffs remained subdued

On the consolidated reported basis, total income for Q2 FY26 stood at ₹14,307.79 crore versus ₹14,062.84 crore in Q2 FY25. Revenue from operations was ₹13,456.84 crore in Q2 FY26 compared with ₹13,338.88 crore in Q2 FY25.

Separately, the company reported continuing operating revenue of ₹13,106.34 crore in Q2 FY26, compared with ₹12,949.12 crore in Q2 FY25. Management linked the increase primarily to higher volumes, while noting that realisations were tempered by lower PPA tariff realisation due to lower international coal prices and lower merchant tariffs.

EBITDA stayed steady, continuing EBITDA dipped slightly

Reported consolidated EBITDA for Q2 FY26 was ₹6,001.24 crore, broadly flat versus ₹5,999.54 crore in Q2 FY25. The company said EBITDA stability came despite incremental operating expenses related to recent acquisitions.

On a continuing basis, EBITDA was ₹5,332.71 crore in Q2 FY26 compared with ₹5,402.00 crore in Q2 FY25. The company cited scheduled overhauling at certain plants and the operating expenses of newly acquired plants as factors during the quarter.

Profit after tax: down year-on-year amid higher depreciation and tax

Consolidated profit after tax (PAT) for Q2 FY26 was ₹2,906.46 crore, compared with ₹3,297.52 crore in Q2 FY25. The company attributed the year-on-year decline to a slightly lower pre-tax profit and higher tax charge, and separately pointed to higher depreciation linked to newly acquired power plants.

Profit before tax (PBT) for Q2 FY26 was ₹3,966.20 crore, compared with ₹4,134.08 crore in Q2 FY25. Basic and diluted EPS for Q2 FY26 was ₹1.53 versus ₹1.66 in Q2 FY25 (face value ₹2; restated post share split on 22 September 2025 as per the company note).

H1 FY26 performance: volumes up, income lower

For the half year ended 30 September 2025, consolidated power sale volume rose 4.4% to 48.3 BU in H1 FY26 compared with 46.2 BU in H1 FY25. All-India energy demand growth for H1 FY26 was reported at 0.8% to 894.4 BU versus 887.5 BU in H1 FY25.

On the financial side, total reported revenue for H1 FY26 was ₹28,881.49 crore compared with ₹29,536.79 crore in H1 FY25. Reported EBITDA for H1 FY26 was ₹12,151.07 crore versus ₹12,712.17 crore in H1 FY25. PAT for H1 FY26 was ₹6,211.59 crore compared with ₹7,210.31 crore in H1 FY25.

4.5 GW of new long-term PPAs under SHAKTI

The company disclosed new long-term PPA awards totalling 4,570 MW, with 2,400 MW from Bihar DISCOM, 1,600 MW from Madhya Pradesh DISCOM, and 570 MW from Karnataka DISCOM, expected to commence by October 2025. Management also described this as 4.5 GW of new long-term PPAs under the SHAKTI scheme.

Commenting on the results, CEO S B Khyalia said the quarter reflected stable performance despite weather-driven demand fluctuations and highlighted operational efficiency. He also pointed to the company’s capacity expansion goal of 42 GW by 2031-32.

Acquisition update: 600 MW added, total capacity at 18,150 MW

Adani Power completed the acquisition of 600 MW Vidarbha Industries Power Limited under the Corporate Insolvency Resolution Process. Following this, the company stated its total capacity increased to 18,150 MW. The company also noted that depreciation rose in Q2 FY26 and H1 FY26 due to newly acquired plants.

Balance sheet datapoint: debt increased as of September 2025

As per the reported information cited alongside the results, total debt rose to ₹47,253.69 crore as of 30 September 2025, compared with ₹38,334.88 crore as of 31 March 2025. The company also stated it continues to have a strong balance sheet position and sound liquidity.

Corporate action: subsidiary amalgamation proposal

The board approved a scheme of amalgamation of ten wholly owned subsidiaries (including Adani Power Dahej, Kutchh Power Generation, and Mahan Fuel Management, among others) with Adani Power Limited. The appointed date for the scheme is 1 April 2025, and the proposal is subject to statutory and regulatory approvals.

Key numbers table

What investors will track next

APL’s quarter combined higher volumes with subdued tariff realisations, while profitability was influenced by higher depreciation and tax. Operationally, investors will likely track the ramp-up and timing of the newly awarded long-term PPAs and how acquisition-related costs and depreciation flow through subsequent quarters. The amalgamation scheme will also remain a monitorable event as it is subject to regulatory approvals.

Conclusion

Adani Power’s Q2 FY26 results showed a small rise in reported income and steady EBITDA, alongside a year-on-year decline in PAT. The company backed the operating performance with capacity and contract updates, including 4,570 MW of new long-term PPAs and the completion of a 600 MW acquisition. The next set of updates will be shaped by PPA commencements expected by October 2025 and progress on the proposed subsidiary amalgamation, subject to approvals.