Net profit for the quarter rose 52% year-on-year to ₹4,017 crore, compared with ₹2,637 crore in the same period last year. However, revenue remained largely flat at ₹14,223 crore versus ₹14,237 crore a year ago, indicating limited top-line growth.
Operating performance was somewhat subdued. EBITDA declined 2% to ₹4,732.5 crore from ₹4,812.7 crore in Q4 FY25, while the EBITDA margin narrowed marginally to 33.3% from 33.8% a year earlier.
Commenting on the performance, Chief Executive Officer S B Khyalia said the current global energy environment underscores the importance of domestic supply security. “As the world goes through another energy price shock, the security and sovereignty of India’s energy supply assume critical importance. Thermal power is rising to the challenge of stabilising the grid and meeting peak demand,” he said.
The company said it continues to make progress on its capacity expansion plans, targeting 23.7 GW by 2032. As of March 31, 2026, work on key projects is advancing, with Mahan Phase II at 86% completion, Raipur Phase II at 54%, and Raigarh Phase II at 47%.
Khyalia added that the company is “consistently crossing significant milestones” in its expansion pipeline while securing long-term power purchase agreements and maintaining profitability.
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On the balance sheet front, total debt rose to ₹53,555.54 crore as of March 31, 2026, compared with ₹38,334.88 crore a year ago.
Shares of Adani Power ended at ₹217.80 on the NSE ahead of the results, down 2.48% for the day.
