IEX, Adani Power, ACME Solar, NTPC Green and REC report Q3 results
Author: PPD Team Date: January 30, 2026
Major Indian power sector players show mixed Q3 FY26 results, reflecting varied market dynamics.
Adani Power Limited posted a decline in performance for the third quarter of FY26. Net profit fell 18.9% year on year to Rs 2,479 crore, compared with Rs 3,057 crore in the same quarter last year. Revenue declined 8.9% to Rs 12,451 crore from Rs 13,671 crore. EBITDA stood at Rs 4,238 crore, down 15.6% from Rs 5,024 crore, with the margin declining to 34% from 36.7%. The company said profitability remained stable despite a temporary slowdown in national power demand, supported by lower finance costs.
For the quarter ended December 2025, Adani Power reported consolidated continuing revenue of Rs 12,717 crore, EBITDA of Rs 4,636 crore and profit after tax of Rs 2,488 crore. National power demand contracted by 0.1% year on year during Q3 FY26 to 392.2 billion units, while the average market clearing price on the Indian Energy Exchange day ahead market declined 13.2% year on year to Rs 3.22 per kWh. During the quarter, the company raised Rs 7,500 crore through AA rated bonds to fund capacity expansion and secured a new long term power purchase agreement (PPA) for 3,200 MW with a distribution company in Assam. This took total expansion capacity under long term PPAs to 11.7 GW, with around 90% of existing capacity now tied to long term PPAs. The recently acquired 600 MW Butibori power plant became fully operational within four months. For the nine month period of FY26, power sale volumes increased 3.4% year on year to 71.8 billion units.
ACME Solar Holdings Limited announced its unaudited financial results for the third quarter and nine month period ended December 31, 2025, with the board approving the results on January 29, 2026, and declaring an interim dividend. On a consolidated basis, Q3 FY26 revenue from operations rose to Rs 4,967.93 million from Rs 3,490.12 million in Q3 FY25. Net profit stood at Rs 1,137.09 million, marginally higher than Rs 1,120.58 million a year earlier. For the nine month period, consolidated net profit increased to Rs 3,595.98 million from Rs 1,287.46 million.
On a standalone basis, revenue from operations in Q3 FY26 was Rs 9,176.63 million, driven primarily by Rs 8,951.55 million from engineering, procurement and construction activities and Rs 223.37 million from operations and maintenance services. Standalone net profit rose to Rs 316.81 million from Rs 14.99 million in Q3 FY25. For the nine month period, standalone net profit was Rs 637.16 million. The board declared an interim dividend of Rs 0.20 per equity share of face value Rs 2.00 for FY26, with February 6, 2026 fixed as the record date. During the quarter, 884,023 equity shares were allotted under the employee stock option scheme. Paid up equity share capital stood at Rs 1,210.59 million as of December 31, 2025.
NTPC Green Energy reported a sharp decline in profitability despite higher revenue. Net profit fell 73% year on year to Rs 17.5 crore from Rs 65.6 crore. Revenue increased 29.4% to Rs 653.3 crore from Rs 505 crore. EBITDA rose 33.8% to Rs 567 crore from Rs 424 crore, while the EBITDA margin improved to 86.8% from 84% year on year.
REC Limited reported marginal growth in profitability. Net profit increased 0.3% year on year to Rs 4,043.08 crore, compared with Rs 4,029.09 crore in Q3 FY25. Net interest income rose 2.8% to Rs 5,275 crore from Rs 5,133 crore. Total income for the quarter was Rs 14,952.50 crore, while profit before tax stood at Rs 5,116.40 crore. Earnings per share were reported at Rs 15.35. The loan book stood at Rs 5,81,787 crore as of December 31, 2025.
Indian Energy Exchange Limited (IEX) reported year on year growth in earnings for the quarter. Net profit rose 11% to Rs 119 crore, compared with Rs 107 crore in the corresponding period last year. Revenue increased 10% to Rs 146 crore from Rs 132 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 8% to Rs 122.3 crore from Rs 113.4 crore, while the EBITDA margin moderated to 84% from 85.9% year on year.
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