Adani Power Posts Robust Q2 Results On Higher Sales And Capacity Expansion Momentum

Adani Power Limited (APL) on Thursday reported a solid performance for the second quarter of FY26, with operating revenue rising to Rs 13,106.34 crore, up from Rs 12,949.12 crore in the same period last year.

The growth came despite subdued demand caused by an extended monsoon season, as total power sales increased 7.4 per cent to 23.7 billion units.

The company maintained stable earnings before interest, tax, depreciation and amortisation (EBITDA) at Rs 6,001 crore, nearly unchanged from Rs 6,000 crore a year earlier.

This was achieved even with additional costs linked to recent acquisitions, demonstrating steady operational resilience.

New Power Purchase Agreements Strengthen Future Growth

During the July–September quarter, Adani Power secured new long-term power purchase agreements (PPAs) totalling 4,570 MW, including:

• 2,400 MW with Bihar Discom,
• 1,600 MW with Madhya Pradesh Discom, and
• 570 MW with Karnataka Discom (effective by October 2025)

The company also expanded its generation portfolio by acquiring Vidarbha Industries Power Limited, which operates a 600 MW plant under India’s Corporate Insolvency Resolution Process, taking APL’s total installed capacity to 18,150 MW.

SB Khyalia, CEO of Adani Power Limited, stated, “Adani Power has once again demonstrated robust and stable financial performance this quarter, in the face of weather-driven fluctuations in demand, highlighting our operational efficiency and competitive advantages. We are steadily expanding our presence in the market by securing another 4.5 GW of new long-term PPAs under the SHAKTI scheme.”

Khyalia further added, “Our strong profitability and liquidity position us well to achieve our enhanced capacity expansion goal of 42 GW by 2031-32. We have already arranged ordering for equipment and land for the entire 23.7 GW expansion, with project implementation progressing rapidly.”

Merchant and short-term electricity sales rose by 12.9 per cent in Q2 FY26 to 5.7 billion units from 5.0 billion units a year earlier.

For the first half of FY26, merchant sales reached 11.4 billion units, up 10.5 per cent from 10.3 billion units in H1 FY25.

“We are proud to play a pivotal role in India’s power sector growth and stay strongly committed to supporting the nation’s need for dependable, scalable, and sustainable electricity,” Khyalia concluded.

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