Adani Power Limited (APL), India’s largest private-sector thermal power producer, has reported a strong financial performance for the first quarter of FY27, driven by higher electricity demand, improved operational efficiency, stronger power sales, and better tariff realization. The company also recorded its highest-ever quarterly EBITDA from continuing operations while maintaining steady progress on its long-term capacity expansion plans.
India experienced a hotter-than-normal summer during the quarter, with prolonged heatwaves pushing peak electricity demand to a record 270.8 GW in May 2026. Total power consumption during the quarter increased 8.4% year-on-year to 485.4 billion units, creating strong demand across the power sector.
Adani Power benefited from this favorable market environment as electricity sales increased significantly. Power supplied under long-term Power Purchase Agreements (PPAs) rose 30.3% to 24.5 billion units, supported by higher operating capacity and the tie-up of additional generation capacity from the Butibori and Mutiara (Tuticorin) power plants. Average tariff realization under PPAs improved by 8.5% to Rs. 5.95 per unit, while merchant and short-term power prices increased 13.1% to Rs. 7.04 per unit.
Continuing operating revenue for the quarter rose 28.08% to Rs. 17,550.43 crore compared with Rs. 13,702.94 crore in the corresponding period last year. Continuing EBITDA increased 21.57% to a record Rs. 6,982.75 crore, reflecting higher generation volumes and improved contributions from long-term contracts.
The company reported Profit Before Tax of Rs. 6,300.49 crore, a nearly 50% increase over the previous year, aided by higher operating profits and one-time recognition of prior-period income. Profit After Tax climbed 47.24% to Rs. 4,866.60 crore from Rs. 3,305.13 crore in Q1 FY26.
Commenting on the results, SB Khyalia, Chief Executive Officer of Adani Power Limited, said the company has once again demonstrated the strength of its efficient generation portfolio and operational excellence. He added that Adani Power remains firmly on track to expand its generation capacity to 45 GW while maintaining strong liquidity to support ongoing projects. The company is also broadening its presence through strategic acquisitions, while exploring opportunities in hydroelectric and nuclear power to support India’s long-term energy security.
During the quarter, Adani Power strengthened its portfolio through the acquisition of the 180 MW Churk Thermal Power Plant, a 24% stake in Jaiprakash Power Ventures Limited, and an 11.49% stake in Prayagraj Power Generation Company Limited under the approved resolution plan for Jaiprakash Associates Limited.
The company also signed a 25-year Power Supply Agreement with Maharashtra State Electricity Distribution Company Limited for supplying 1,600 MW of electricity from a new ultra-supercritical thermal power project to be developed under the Design, Build, Finance, Own and Operate model.
Adani Power continued to receive industry recognition during the quarter after being named India’s Most Valued Energy Brand 2026 by Brand Finance. The company was assigned a brand value of USD 1.8 billion along with an AAA brand rating.
Construction of new generation projects remains on schedule. The 1,320 MW Korba Phase-II project is expected to be commissioned during the current financial year, while the 1,600 MW Mahan Phase-II project has crossed 88% completion and is scheduled for commercial operations in the first quarter of FY28. Work is also progressing steadily at the Raipur Phase-II, Raigarh Phase-II and Mirzapur Greenfield projects.
The company noted that environmental clearances have been secured for 87% of its planned capacity, while 56% has already been tied up through long-term power purchase agreements. Adani Power expects to secure the remaining approvals and contracts as additional tenders are awarded by state distribution companies. On the sustainability front, the company reported a specific water consumption of 2.24 cubic metres per MWh across its thermal power plants, significantly below the statutory limit. Ash utilization across operational plants stood at 93% during the quarter, reflecting continued focus on environmental performance.
Adani Power Limited (APL), part of the diversified Adani Group, is India’s largest private thermal power producer with a strong presence across the energy value chain. Headquartered in Ahmedabad, Gujarat, APL has an installed thermal power generation capacity of over 15 GW, serving millions of consumers across the country. The Company is expanding its portfolio through renewable and cross-border projects, in line with its vision of contributing to India’s energy security and sustainable development.
