Power Sector News Roundup for April 24, 2026

IEX FY26 profit rises 14.9% as volumes hit record 141.1 BU

Indian Energy Exchange reported audited results for the quarter and year ended March 31, 2026, with record electricity traded volumes and double-digit growth in profitability. For FY26, consolidated Profit After Tax (PAT) rose 14.9% year-on-year to Rs 492.9 crore from Rs 429.2 crore in FY25, while consolidated revenue grew 13.6% to Rs 747.0 crore. The exchange recorded its highest-ever annual electricity traded volume of 141.1 Billion Units (BU), up 17% year-on-year. Market Clearing Price in the Day-Ahead Market declined 13.7% year-on-year to Rs 3.86 per unit, while the Real-Time Market price fell 16% to Rs 3.59 per unit. The Board declared a final dividend of Rs 2 per equity share for FY26.

Adani Energy Q4 profit rises 5.66% as revenue grows 15.9%

Adani Energy Solutions Limited reported a 5.66% year-on-year increase in consolidated profit attributable to owners at Rs 684 crore for Q4FY26. Consolidated total income rose 15.9% to Rs 7,443 crore, driven by new transmission assets and smart metering scale-up. EBITDA increased 4.9% to Rs 2,372 crore, though margins declined due to project mix changes. The company commissioned the Mumbai HVDC link adding 1,000 MW capacity and expanded its transmission network to 27,949 circuit kilometers. Smart meter installations crossed 1 crore, with an order book of 2.46 crore meters.

AP lays foundation for ReNew’s Rs 5,400 crore solar wafer plant

ReNew will set up a 6.5 GW ingot and wafer manufacturing facility at Rambilli in Andhra Pradesh with an investment of Rs 5,400 crore. The project is expected to be commissioned within 24 months and generate over 2,100 direct and indirect jobs. The state targets 160 GW contribution toward India’s 500 GW renewable energy goal by 2030 and has already executed agreements for 90 GW capacity. ReNew has committed Rs 82,000 crore in the state and will also develop a 777 MW wind-solar hybrid project. The government plans rooftop solar installations across 40 lakh households and deployment of 5,000 EV charging stations.

Patel Engineering L1 for Rs 1,593 crore Lower Arun hydro package

Patel Engineering Limited has been declared L1 for a Rs 1,593.08 crore contract for the 669 MW Lower Arun Hydropower Project in Nepal. The contract, issued by a subsidiary of SJVN, covers civil and hydro-mechanical works including tunnels, shafts, powerhouse, and associated infrastructure. The project is located near Tumlingtar and is scheduled for completion within 54 months. The company is already executing the Arun-3 Hydropower Project nearby. The award strengthens its hydro project portfolio.

Rocklink India launches lithium-ion and rare earth recycling plant in UP

Rocklink India has commissioned an integrated recycling facility in Sikandrabad, Uttar Pradesh. The plant can process 10,000 tonnes of lithium-ion batteries annually and 60 tonnes per month of rare earth magnets. It achieves over 98% metal recovery rates and produces high-grade black mass for refining. A rare earth chloride unit with 1,500 tonnes annual capacity is planned by Q1 2026. The facility operates under Extended Producer Responsibility (EPR) registration.

Saatvik acquires 80% in Melcon, enters transformer manufacturing

Saatvik Green Energy Limited will acquire an 80% stake in Melcon Transformers and Electricals Private Limited for Rs 24 million. Jaipur-based Melcon manufactures transformers up to 10 MVA, 33 kV class and reported Rs 4.17 crore turnover in FY25. The acquisition adds transformer manufacturing capability to Saatvik’s portfolio. The company also approved key managerial appointments including Jyoti Verma as Company Secretary and Rishabh Mehta as Interim Chief Financial Officer. The transaction is expected to close within 30 days.

Tata Power incorporates TP Urja as wholly owned subsidiary

The Tata Power Company Limited has incorporated TP Urja Limited as a wholly owned subsidiary. The company has an authorised and paid-up capital of Rs 5,00,000 and will focus on power and energy services. It was incorporated under the Companies Act, 2013 with approval dated April 22, 2026. TP Urja will operate as a related party, with transactions conducted on an arm’s length basis. The move aligns with Tata Power’s strategy to expand across the energy value chain.

KP Energy secures inter-state trading licence from CERC

KP Energy Limited has received a Category V Inter-State Electricity Trading Licence from Central Electricity Regulatory Commission. The licence enables participation in inter-state electricity trading and exchange-based markets. It allows the company to expand beyond location-specific offtake arrangements. The approval supports flexible and market-linked power sales strategies. The company aims to build an integrated renewable energy platform.

Waa Solar, Madhav Infra sign 121.3 MW PPAs under PM-KUSUM C

Waa Solar Limited and Madhav Infra Projects Limited signed PPAs totaling 121.3 MW with MPPMCL. Waa Solar executed 48.15 MW PPAs at tariffs between Rs 2.73 and Rs 2.75 per unit, while Madhav Infra signed 73.15 MW PPAs at Rs 2.71 to Rs 2.73 per unit. All agreements have a tenure of 25 years. The projects fall under the PM-KUSUM C Yojana for feeder-level solarisation. Both companies confirmed no related-party involvement.

Hindustan Power wins 100 MW solar project in Punjab

Hindustan Power secured a 100 MW AC solar project from PSPCL with an estimated capacity of 140–150 MWp. The project will operate under a 25-year Power Purchase Agreement (PPA). It was awarded through tariff-based competitive bidding followed by an e-reverse auction. Commissioning is scheduled within 24 months. The project expands the company’s presence in Punjab.

Kosol Energie completes 142 MWp solar project for Coal India in Gujarat

Kosol Energie Pvt. Ltd. completed a 142 MWp solar project for Coal India Limited in Banaskantha, Gujarat. The project used 610 Wp TOPCon bifacial modules and was completed within nine months. It addressed legacy execution and land-related challenges from earlier phases. The installation is expected to reduce about 4.77 million tonnes of CO₂ over 25 years. The project also generated local employment.

Ashoka Buildcon wins USD 72.36 million Angola power project

Ashoka Buildcon Limited secured a USD 72.36 million contract in Angola. The project involves rehabilitation of electricity distribution networks in Luanda City 2. It includes design, supply, installation, and commissioning works. The contract was awarded through competitive bidding. The company stated there is no related-party involvement.

Ahasolar wins Rs 2.48 crore PMC contract for Goa rooftop solar

Ahasolar Technologies Limited secured a PMC contract from MAHAPREIT for a 30 MW rooftop solar programme in Goa. The contract is valued at about Rs 2.48 crore including GST. The scope includes monitoring grid-connected solar PV installations across government buildings. The project timeline is 15 months. The contract is domestic and not a related-party transaction.

PFC appoints Rajesh Kumar Agarwal as independent director

Power Finance Corporation Ltd. appointed Shri Rajesh Kumar Agarwal as an Additional Director and Independent Director effective April 24, 2026. He has over 31 years of experience in power and financial sectors. He previously served as Executive Director (Finance) at PFC. His experience includes corporate accounts, taxation, fund management, and tariff-related matters. The company expects his expertise to support sector reforms and PPA negotiations.

Eveready commissions alkaline battery plant in Jammu

Eveready Industries India Ltd. commissioned an alkaline battery plant in Samba, Jammu. The facility has an installed capacity of 456 million units annually. The project involves an investment of about Rs 200 crore. It includes sustainability features such as a 1 MW rooftop solar system and zero-liquid-discharge design. The plant aims to reduce import dependence and expand domestic manufacturing.