Adani Power Q4 profit jumps 64%; FY26 growth remains muted
Adani Power reported a strong fourth quarter for FY26, with net profit rising 64.3% year-on-year to Rs 4,271 crore. However, full-year performance remained largely flat, with consolidated Profit After Tax (PAT) increasing 1.7% to Rs 12,971 crore from Rs 12,754 crore in FY25.
The Q4 performance was supported by improved operational efficiency and higher capacity charges from new Power Purchase Agreements (PPAs). For the full fiscal year, growth was constrained by subdued power demand across the sector.
Revenue trends reflected this moderation. Q4 revenue from operations stood at Rs 14,223 crore, compared to Rs 14,237 crore in the same period last year. For FY26, continuing revenue declined 1.3% to Rs 53,781 crore. The company attributed this to all-India power demand growth of 0.8% during the year, impacted by extended monsoon conditions and lower temperatures, which reduced offtake and merchant market prices.
On operating performance, Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) for Q4 increased 27% year-on-year to Rs 6,498 crore, supported by recognition of prior-period income. Continuing EBITDA, which reflects core operations, rose 9.3% to Rs 5,573 crore for the quarter. For the full year, continuing EBITDA remained stable at Rs 21,285 crore compared to Rs 21,575 crore in FY25.
The company continued to expand its capacity base despite demand pressures. Total installed capacity stood at 18,150 MW as of March 31, with over 90% tied up under PPAs. During the year, Adani Power secured a 1,600 MW PPA with Maharashtra DISCOM for a tenure of 25 years. Its subsidiary, Moxie Power Generation, also signed a 558 MW PPA with Tamil Nadu DISCOM, increasing operating capacity tie-up to 95%.
The company reported an organic capacity expansion pipeline of 23,720 MW across multiple sites in advanced stages of development. Net debt stood at Rs 45,022 crore, with a Net Debt to Continuing EBITDA ratio of 2.12x. Cash reserves were reported at Rs 8,534 crore.
