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Adani Power (ADANIPOWER) investor relations material
Adani Power Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary30 Oct, 2025
Executive summary
Power sales volume grew 7.4% year-over-year to 23.7 billion units in Q2 FY26, supported by new capacity, long-term PPAs, and resilience despite subdued demand and lower PLF due to unusual monsoon patterns.
Operating capacity increased to 18,150 MW as of September 2025, following the acquisition of Vidarbha Industries Power Ltd and other major plants.
Secured over 5 GW of new long-term PPAs, including major agreements in Bihar, Madhya Pradesh, and Karnataka, supporting future growth.
Revived operations at the Butibori plant within two months of acquisition, signing a 500 MW PPA with Maharashtra.
Business demonstrated robust profitability and stable revenues despite subdued tariffs and demand variability.
Financial highlights
Q2 FY26 consolidated revenue was ₹14,308 crore, up 1.7% year-over-year; H1 FY26 revenue was ₹28,882 crore, down 2.2% year-over-year.
Q2 FY26 EBITDA was ₹6,001 crore, stable year-over-year; H1 FY26 EBITDA was ₹12,151 crore, down 4.4% year-over-year.
Q2 FY26 profit after tax was ₹2,906 crore, down 11.9% year-over-year, mainly due to higher depreciation and tax expenses.
Total debt as of 30 September 2025 was ₹47,254 crore, with net debt at ₹36,776 crore, reflecting increased capex and working capital needs.
Free cash flow from operations remained strong, with H1 FY26 net cash from operations at ₹14,939 crore.
Outlook and guidance
Targeted capacity expansion increased to 41,870 MW by FY 2031-32, with 23,720 MW of projects in advanced development stages, fully secured with land and equipment.
Expectation of improved PLF and power demand as weather impacts subside.
Merchant realization expected to rise to around ₹6 per unit in the second half, with PPA rates stable at ₹5.70 per unit.
Ongoing efforts to tie up more capacity under long-term PPAs to reduce merchant volatility, with current PPA coverage at 92-93%.
Government policy and rising demand support long-term growth, with 80 GW of new thermal capacity needed by FY32.
Explain Net Debt/EBITDA ratio increase
Mitigate weather impact on demand and tariffs
PPA strategy for 64% open locked-in capacity
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Next Adani Power earnings date
Q3 25/2629 Jan, 2026
Next Adani Power earnings date
Q3 25/2629 Jan, 2026
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