Adani Power Q4 FY26: Profit jumps 64%, revenue flat

What Adani Power reported for the March quarter

Adani Power announced its January to March quarter results for the financial year ended 2025-26 on Wednesday, April 29, 2026. The company reported a sharp rise in consolidated profit after tax (PAT) even as revenue from core operations stayed largely unchanged year-on-year. In an NSE filing cited in reports, Adani Power posted Q4 PAT of ₹4,271 crore, up from ₹2,599 crore in the same quarter a year ago. The company’s earnings per share (EPS) increased to ₹2.08 in Q4 from ₹1.32 a year earlier. Revenue from core operations was reported as nearly flat, with a marginal decline of 0.10% year-on-year. Separately, another market report cited higher “total reported revenue” and also provided a split between reported and continuing performance measures. The mixed presentation of revenue and EBITDA highlights the importance of tracking which line item a report is using.

Profit up 64% as other income jumped

One of the key drivers behind the jump in Q4 PAT was a surge in other income. Consolidated statements cited in coverage showed other income rising 492% year-on-year to ₹1,766 crore, compared with ₹298 crore in the year-ago quarter. The same coverage also pointed to lower fuel costs supporting profitability. Fuel expense was reported at ₹7,895 crore, down 0.28% from ₹7,918 crore a year ago. Total expenses still rose, increasing nearly 3% year-on-year to ₹11,605 crore from ₹11,274 crore. The filings also referenced a government-related refund tied to earlier years. That refund was reported at ₹538.99 crore.

Revenue remained steady, but definitions varied across reports

In the NSE-filing-based numbers carried by one report, revenue from core operations was stated at ₹14,233 crore in Q4, versus ₹14,237 crore a year ago. Another version of the quarter’s topline, cited in a separate market report, stated total reported revenue of ₹15,989 crore, up 10% year-on-year. The same report added that “continuing revenue” (excluding prior-period adjustments) rose 3.7% to ₹15,059 crore, while “continuing operating revenue” was ₹14,560 crore, up 2.9%. These labels suggest that prior-period income recognition and adjustments affected the reported versus continuing view. For readers, the key takeaway is that operating revenue was described as broadly steady to modestly higher depending on the measure used.

EBITDA and margins: stable to higher, depending on classification

One set of figures stated that EBITDA fell 1.67% year-on-year to ₹4,732.47 crore from ₹4,812.63 crore. On this view, EBITDA margin softened to 33.27% from 33.80% a year ago. Another report, however, stated that reported EBITDA grew 27% year-on-year to ₹6,498 crore, supported by prior-period income recognition. It also cited “continuing EBITDA” of ₹5,573 crore, up 9.3%, implying steadier underlying growth once adjustments are excluded. The difference between the EBITDA numbers lines up with the revenue split between reported and continuing, as described in the same coverage. Investors tracking profitability should therefore separate operating performance from one-off or prior-period items.

Stock reaction: shares fell despite profit growth

Despite the strong headline profit growth, Adani Power’s stock fell on the day of the results. One report said the stock declined nearly 2.5% after the announcement. The stock was reported to have ended at ₹217.80, down 2.48% for the day. The move indicates that the market may have been weighing the quality of earnings and the role of non-core or prior-period items in reported performance. The split between “reported” and “continuing” numbers also provided a framework for that assessment. The result day reaction shows that higher net profit does not always translate into a positive stock move immediately.

Demand environment and volumes in the quarter

The company commentary referenced a volatile demand environment during the quarter. An industry datapoint cited in the same coverage said all-India power demand rose 1.6% year-on-year to 422 billion units in Q4. It also said demand picked up towards the end of the quarter as temperatures increased. However, unseasonal rains and a higher share of renewable energy were cited as factors curtailing demand earlier in the quarter. Despite pressure on merchant demand, Adani Power reported higher sales volumes. Overall power sales volumes increased to 27.2 billion units from 26.4 billion units a year earlier.

Key numbers at a glance (as reported)

Market impact: what the numbers suggest

The quarter’s headline profit growth was strongly influenced by other income and references to non-core or prior-period items. That was visible in the large year-on-year jump in other income to ₹1,766 crore and in the separate presentation of reported versus continuing numbers in market coverage. Operating costs still rose overall, with total expenses at ₹11,605 crore, but fuel costs eased slightly to ₹7,895 crore. Revenue from core operations was described as flat at around ₹14,233 crore, indicating that profit growth outpaced topline growth on the core view. Meanwhile, a broader revenue measure was reported at ₹15,989 crore, reinforcing that adjustments can materially change the reported picture. The stock’s decline to ₹217.80, down 2.48%, shows that the market focused on earnings composition, not only the PAT growth rate.

Analysis: why this quarter matters for investors

Adani Power’s Q4 FY26 result sits at the intersection of steady operating revenue and volatility in below-the-line and non-operating items. The earnings quality question is sharpened by the reported spike in other income and the different EBITDA figures cited across reports. Investors tracking the business may focus on “continuing” metrics where available, since those were explicitly described as excluding prior-period adjustments. At the same time, the quarter also provided operating datapoints on demand and volumes, with all-India power demand at 422 billion units and company sales volumes at 27.2 billion units. These operational trends help frame performance in a quarter that was described as having uneven demand due to weather and renewables. The combination of stable core revenue and changing mix of income lines makes reconciliation of filings and definitions important.

Conclusion

Adani Power reported Q4 FY26 PAT of ₹4,271 crore, up 64% year-on-year, with revenue from core operations largely flat at about ₹14,233 crore. The quarter was shaped by a sharp rise in other income, a slight reduction in fuel costs, and references to adjustments that influenced reported versus continuing performance metrics. Shares ended the day lower at ₹217.80, down 2.48%, indicating investor attention to the underlying drivers. The company’s commentary also highlighted a volatile demand environment, even as sales volumes rose to 27.2 billion units. Further clarity on the sustainability of earnings will depend on subsequent quarters’ operating revenue, cost trends, and the contribution from non-core or prior-period items.