Adani Power Limited (APL), India’s largest private-sector thermal power producer, reported a 141.5% year-on-year increase in profit after tax (PAT) to ₹7,019.32 crore for the second quarter of FY2026-27, compared with ₹2,906.46 crore in the corresponding quarter last year. Continuing operating revenue rose 29.8% to ₹17,014.06 crore from ₹13,106.34 crore. Continuing EBITDA increased 18.5% to ₹6,320.97 crore, while profit before tax, excluding one-time items, grew 32.5% to ₹4,369.51 crore. Reported profit before tax rose 71.2% to ₹6,791.76 crore, supported by higher operating earnings and prior-period revenue recognition of ₹2,422.25 crore, mainly from revisions to historical energy charges under certain power purchase agreements.
For the first half of FY27, continuing operating revenue increased 28.9% to ₹34,564.49 crore, while continuing EBITDA rose 20.1% to ₹13,303.71 crore. H1 profit after tax reached ₹11,885.92 crore, up 91.4% from ₹6,211.59 crore a year earlier. Higher electricity demand supported sales during the quarter.
Power sales under power purchase agreements (PPAs) increased 29.7% to 23.4 billion units, while tariff realisation rose 12.7% to ₹6.4 per kWh. Merchant and short-term tariff realisation increased 33.1% to ₹7.2 per kWh, although volumes supplied in these markets declined 43% following additional medium-term contracts. India’s power demand increased 11.5% year-on-year to 502 billion units in Q2 FY27. Peak demand reached 270 GW, up 18% from 230 GW a year earlier. Coal and lignite-based generation accounted for 66% of electricity supply during the quarter.
SB Khyalia, CEO of Adani Power, said the company was focusing on reliable electricity supply and timely capacity additions to meet India’s growing baseload requirements. He said the company was working towards the national requirement for 100 GW of additional thermal power capacity by 2032.
APL is expanding its thermal generation capacity by 23,720 MW. The first 660 MW unit of the 1,320 MW Korba Phase-II project has been synchronised with the grid, with commissioning expected shortly. The second unit is expected in Q4 FY27. The 1,600 MW Mahan Phase-II project is expected to be commissioned in early FY28, while the Raipur Phase-II and Raigarh Phase-II projects have each achieved more than 65% progress.
The company has also received a letter of award from Uttarakhand Power Corporation for 1,320 MW of thermal capacity under a 25-year power supply agreement. Its total debt stood at ₹61,860.37 crore on September 30, 2026, while net debt was ₹45,845.92 crore.
APL has also been selected to acquire GVK Energy Limited, which operates the 330 MW Alaknanda hydropower plant in Uttarakhand, subject to the applicable resolution process. Separately, it has entered into an agreement with Bhutan’s Druk Green Power Corporation for the 770 MW Chamkharchhu hydropower project.
Adani Power Limited is part of the Adani portfolio and operates thermal power plants across several Indian states, alongside a solar power facility in Gujarat. The company supplies electricity to utilities and other customers and is expanding its generation capacity to meet rising demand.
