Adani Power reported a sharp increase in earnings for the September quarter, with consolidated net profit more than doubling to ₹6,919 crore in the second quarter of fiscal 2027 from ₹2,953 crore a year earlier.
Revenue rose 44% year-on-year to ₹19,438 crore from ₹13,457 crore, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 59.8% to ₹8,231.6 crore from ₹5,150 crore.
The EBITDA margin, which measures operating earnings as a share of revenue, expanded to 42.35% from 38% a year earlier, an improvement of 435 basis points.
Consolidated power sales rose 11.5% to 26.4 billion units (BU) in the quarter from 23.7 BU a year earlier, supported by stronger electricity demand and higher selling rates.
Continuing revenue rises 28.5%
Adani Power’s consolidated revenue from continuing operations increased 28.5% year-on-year to ₹17,528 crore in the September quarter from ₹13,639 crore a year earlier, according to its exchange filing. The company attributed the increase to higher power sales and improved selling rates.
Fuel costs rose 41.8% to ₹10,229.38 crore from ₹7,216.23 crore, driven by higher sales volumes and a 50% increase in the landed cost of imported coal.
Finance costs declined 9.7% to ₹760.23 crore from ₹841.63 crore, supported by strong operating cash flow and controlled use of operational debt.
CEO flags India’s growing power needs
Adani Power Chief Executive S B Khyalia said the company had achieved milestones in profitability and project execution, while focusing on supplying reliable electricity to meet India’s growing demand for power.
He also highlighted the importance of domestic coal-based generation in meeting the country’s long-term electricity needs.
“The primacy of domestic coal-based power in meeting India’s long-term power needs has become clearer every day in light of geopolitical events and climate vagaries,” Khyalia said.
Power demand and electricity prices rise
India’s electricity demand rose 11.5% year-on-year to 502 BU in the September quarter, driven by economic growth and a weak monsoon, according to the company’s power market update. Power generation increased 11% to 536 BU, while lower hydropower availability contributed to a greater share of coal- and lignite-based generation.
Coal- and lignite-based plants accounted for 66% of electricity supply, up from 65% a year earlier, and contributed 73% of the increase in power generation. The average plant load factor (PLF) of coal-based power plants rose to 68% from 62%, indicating higher utilisation of generating capacity.
Peak power demand reached 270 gigawatts (GW), up 18% from 230 GW in the year-ago quarter.
On the Indian Energy Exchange, the day-ahead market clearing price rose 46% year-on-year to ₹5.7 per unit, while the real-time market clearing price increased 49% to ₹5.2 per unit.
Adani Power expands thermal capacity
Adani Power is pursuing plans to add 23,720 megawatts (MW) of thermal power capacity.
Work on the 1,320 MW Korba Phase-II supercritical thermal power project and the 1,600 MW Mahan Phase-II ultra-supercritical project is at an advanced stage, the company said.
The first 660 MW unit at Korba Phase-II has been synchronised with the electricity grid, with commissioning expected shortly. The second unit is scheduled to be commissioned in the fourth quarter of fiscal 2027. Mahan Phase-II is expected to be fully commissioned in early fiscal 2028.
The 1,600 MW Raipur Phase-II and 1,600 MW Raigarh Phase-II ultra-supercritical projects have each crossed 65% completion and are scheduled for commissioning in fiscal 2029.
Construction has also begun on the 1,600 MW Mirzapur greenfield project, the 1,600 MW Mahan Phase-III project and the 2,400 MW Anuppur greenfield project.
The company plans to expand capacity at its Raipur site through a further 1,600 MW Phase-III project, taking the site’s total capacity to 4,570 MW. The additional capacity will serve a 1,600 MW power supply agreement signed with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) in July 2026.
This is separate from another 1,600 MW agreement signed with MSEDCL in fiscal 2025, which will be served by the upcoming Raipur Phase-II project.
New power supply and hydropower agreements
During the September quarter, Adani Power received a letter of award from Uttarakhand Power Corporation Ltd for a 25-year power supply agreement covering 1,320 MW, or 1,234 MW on a net basis.
The company was also selected as the successful resolution applicant under the corporate insolvency resolution process of GVK Energy Ltd, which owns and operates the 330 MW Alaknanda hydropower plant in Uttarakhand.
Separately, Adani Power signed a shareholders’ agreement with Bhutan’s Druk Green Power Corporation Ltd to develop the 770 MW Chamkarchhu hydropower project in Thimphu through a joint venture. The two companies will hold stakes of 49% and 51%, respectively.
Adani Power shares were trading 1.60% lower at ₹182.30 apiece on the National Stock Exchange at 3:15 p.m. IST on October 23.
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