Adani Power (ADANIPOWER) Q3 25/26 earnings summary

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.