Adani Power (ADANIPOWER) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 demonstrated resilient operational and financial performance despite lower power demand from early monsoons, with consolidated power sale volume up 1.6% year-over-year to 24.6 BU and above 90% O&M availability at most plants.

• Operating capacity increased to 18,150 MW in July 2025, driven by acquisitions including VIPL, and a new 1,500 MW PPA was signed with UPPCL for 25 years.

• Profit after tax for Q1 FY26 was ₹3,305 crore, down 15.5% year-over-year but up 27.1% sequentially.

• Regular payments exceeding $500 million were received from Bangladesh Power Development Board, normalizing receivables.

• The Scheme of Amalgamation of Adani Power (Jharkhand) Limited with the parent company became effective April 2024, consolidating operations.

Financial highlights

• Q1 FY26 consolidated revenue was ₹14,167 crore, down 5.9% year-over-year, mainly due to lower merchant tariffs and import coal prices.

• EBITDA for Q1 FY26 was ₹5,744 crore, down 8.7% year-over-year but up 12.7% sequentially, with a margin of 42%.

• Profit after tax was ₹3,305 crore, compared to ₹3,913 crore in Q1 FY25 and ₹2,599 crore in Q4 FY25.

• Total debt as of June 30, 2025, was ₹44,372 crore, up from ₹38,335 crore at March 31, 2025, due to bridge financing and working capital needs.

• Net debt as of June 30, 2025, was ₹37,437 crore, with a net debt to continuing EBITDA (TTM) ratio of 1.78x.

Outlook and guidance

• Locked-in growth projects totaling 12,520 MW are in advanced stages, with 100% land and equipment secured, targeting expansion to 30,670 MW by 2030.

• Management expects stable EBITDA margins until capacity expansion is realized and is confident in capitalizing on sector growth.

• India targets 80–95 GW of new coal-based capacity by 2032 to meet rising demand, with robust pipeline of new PPAs and regulatory support.