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Adani Power
Adani Power (ADANIPOWER) investor relations material
Adani Power Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary29 Jan, 2026
Executive summary
Operating capacity reached 18,150 MW, with 90% of assets under long-term PPAs and a robust pipeline for expansion to 41,870 MW by FY32; high plant availability (91%) and operational resilience maintained despite weather-driven demand volatility and subdued market prices.
Q3 FY26 saw flat power demand due to extended monsoon and cooler temperatures, with higher renewable generation impacting thermal demand and market prices.
The 600 MW Butibori plant was made fully operational and tied up under a 5-year PPA with Maharashtra DISCOM; new 3,200 MW PPA with Assam DISCOM secured.
Added a new 3.2 GW PPA, taking total expansion capacity tie-ups to 11.7 GW; project execution progressing ahead of targets.
Raised ₹7,500 crore via AA-rated non-convertible debentures to support expansion and working capital.
Financial highlights
Q3 FY26 revenue was ₹12,717 crore, down 5% year-over-year, mainly due to lower power selling rates, merchant prices, and subdued demand; 9M FY26 revenue was ₹40,524 crore, down 3%.
Continuing EBITDA for Q3 FY26 was ₹4,636 crore, down 3% YoY; 9M FY26 EBITDA was ₹15,713 crore, down 5%.
Q3 FY26 Profit After Tax was ₹2,488 crore, down from ₹2,940 crore in Q3 FY25, mainly due to lower one-time prior period income; 9M FY26 PAT was ₹8,700 crore, down 14%.
Fuel cost dropped 9.7% to ₹6,800 crore, reflecting lower import coal prices.
Total debt increased to ₹45,331 crore as of December 2025, up from ₹38,335 crore in March 2025, due to bridge financing for capex.
Outlook and guidance
Locked-in growth with 23,720 MW of projects in advanced development, 100% land and BTG equipment secured; nearly half of the expansion pipeline already tied up in PPAs.
Brownfield development model and supply chain assurance expected to enable timely execution and cost advantages.
Focus remains on long-term and medium-term contracts to reduce exposure to rate volatility; upcoming capacity additions and new PPAs with higher capacity charges are expected to drive EBITDA and earnings growth.
India’s power demand projected to quadruple in two decades, with 80 GW of additional thermal capacity needed by 2032.
Confident in India's long-term power demand and the essential role of thermal power in the energy mix.
Progress on 23.7 GW capacity expansion?
Utilization of 7,500 Cr NCDs?
What drives prior period income fluctuations?
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Next Adani Power earnings date
Q4 25/2630 Apr, 2026
Adani Power
Next Adani Power earnings date
Q4 25/2630 Apr, 2026
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