Adani Power Q1 profit rises 42%; board clears Rs 15,000 crore fundraise

Adani Power Limited (APL) reported higher earnings and operating performance for the quarter ended June 30, 2026, supported by increased electricity sales, higher operating capacity and improved tariff realisations under power purchase agreements. Separately, the company’s board approved a proposal to raise up to Rs 15,000 crore through Qualified Institutions Placement (QIP) or other permissible routes and cleared an increase in borrowing limits.

The company reported consolidated net profit attributable to equity holders of Rs 4,805.69 crore during Q1 FY27, up 42% from Rs 3,384.86 crore in the corresponding quarter of the previous year. Consolidated profit after tax (PAT) stood at Rs 4,866.60 crore, compared to Rs 3,305.13 crore in Q1 FY26, reflecting a growth of 47.2%.

Quarterly performance

Revenue from operations increased 34% year-on-year to Rs 18,901.89 crore from Rs 14,109.15 crore in Q1 FY26.

The company’s operating performance was supported by higher electricity demand across its markets. Power sales increased 16.9% year-on-year to 28.8 billion units during the quarter, while consolidated continuing EBITDA rose 21.6% to a record Rs 6,982.75 crore, marking the company’s highest quarterly continuing EBITDA to date.

On a reported basis, EBITDA stood at Rs 8,369.09 crore, an increase of 36.1% from Rs 6,149.83 crore in the year-ago period.

Adani Power stated that improved contribution from power purchase agreement tariffs, increased operating capacity and higher generation volumes supported earnings growth during the quarter.

Fuel costs rose 30.2% year-on-year to Rs 9,512.70 crore, reflecting higher generation volumes and increased landed prices of imported coal. Finance costs increased by 5.2% to Rs 901.37 crore.

The company also recognised one-time net revenues of Rs 1,386.34 crore related to prior periods, primarily arising from revisions in historical energy charges under certain power purchase agreements. In comparison, one-time revenues of Rs 406.21 crore were recorded in Q1 FY26.

Board decisions

At its meeting held on July 22, 2026, the board approved raising up to Rs 15,000 crore through the issuance of equity shares and/or other eligible securities in one or more tranches.

The proposed fundraising may be undertaken through QIP or other permissible modes, subject to shareholder approval and applicable regulatory clearances.

The board also approved increasing the company’s borrowing limit under Section 180(1)(c) of the Companies Act, 2013, from Rs 75,000 crore to Rs 1,00,000 crore, over and above the company’s paid-up capital, free reserves and share premium account.

An extraordinary general meeting (EGM) has been scheduled for August 14, 2026, to seek shareholder approval for both proposals.

Business developments

During the quarter, Adani Power acquired a 24% stake in Jaiprakash Power Ventures Limited (JPVL) for Rs 2,993 crore and acquired the 180 MW Churk thermal power plant of Jaiprakash Associates Limited for Rs 1,200 crore under the approved resolution plan for Jaiprakash Associates Ltd. The company has accounted for JPVL as an associate in its financial statements.

Adani Power also incorporated a wholly owned subsidiary, Integrated Power Supply Limited (IPSL), on May 14, 2026.

In addition, Adani Atomic Energy Limited, a wholly owned subsidiary of the company, incorporated Coastal-Maha Atomic Energy Limited, Rawatbhata-Raj Atomic Energy Limited and Progressive-UP Atomic Energy Limited during the quarter.

Capacity expansion

The company’s ongoing expansion programme remains focused on achieving 45 GW of installed capacity.

Adani Power stated that the 1,320 MW Korba Phase-II project is expected to be commissioned during the current year, while the 1,600 MW Mahan Phase-II project is scheduled to commence commercial operations in the first quarter of FY28.