Adani Power (ADANIPOWER) Q3 25/26 earnings summary

Executive summary

• Achieved 18,150 MW operating capacity with 90% under long-term PPAs, maintaining high plant availability and operational resilience despite flat demand from extended monsoon and higher renewable generation.

• Expansion pipeline stands at 23,720–24,000 MW under construction, with phased commissioning through FY2032 and 100% land and BTG equipment secured.

• Secured major new PPAs, including 3,200 MW with Assam DISCOM and 370 MW with Uttarakhand DISCOM, supporting long-term revenue visibility.

• Butibori plant (600 MW) made fully operational and tied up with Maharashtra DISCOM within four months of acquisition.

• Raised ₹7,500 crore via AA-rated NCDs to support expansion and working capital.

Financial highlights

• Q3 FY26 revenue was ₹12,717 crore, down 5.3% year-over-year, mainly due to lower merchant prices and tariffs; 9M FY26 revenue was ₹40,524 crore, down 3%.

• Q3 FY26 EBITDA was ₹4,636 crore, down 3% YoY; 9M FY26 EBITDA was ₹15,713 crore, down 5%.

• Q3 FY26 PAT was ₹2,488 crore, down from ₹2,940 crore, reflecting lower one-time prior period income; 9M FY26 PAT was ₹8,700 crore, down 14%.

• Fuel costs declined 9.7% year-over-year in Q3 due to lower import coal prices.

• EBITDA and PAT were affected by lower one-time prior income compared to FY25.

Outlook and guidance

• Locked-in growth with 23,720 MW of projects in advanced development, with nearly half already tied up in PPAs.

• Brownfield development and supply chain assurance expected to enable timely execution and cost advantages.

• India’s power demand projected to quadruple in two decades, with 80 GW of additional thermal capacity needed by 2032.

• Focus remains on increasing contracted capacity to stabilize earnings and reduce market volatility.

• Upcoming capacity additions and new PPAs with higher capacity charges are expected to drive EBITDA growth.