Adani Power Ltd on Wednesday reported a strong performance for the first quarter of financial year 2026-27 (Q1 FY27), with consolidated profit after tax (PAT) rising 47.2% year-on-year to Rs 4,866.60 crore.
The company’s reported revenue increased 32.6% year-on-year to Rs 19,322.30 crore during the quarter, compared with Rs 14,573.70 crore in Q1 FY26. Reported EBITDA also rose 36.1% to Rs 8,369.09 crore from Rs 6,149.83 crore a year earlier.
On a continuing basis, revenue from operations grew 28.1% to Rs 17,550.43 crore, while continuing EBITDA increased 21.6% to Rs 6,982.75 crore. The company said the performance was supported by strong power demand, higher operating capacity, increased power sale volumes and improved tariff realisation.
India witnessed a sharp increase in electricity demand during the quarter amid intense summer heatwaves. Peak power demand touched a record 270.8 GW in May 2026, while energy consumption rose 8.4% year-on-year to 485.4 billion units (BU) during Q1 FY27.
Adani Power’s consolidated power sale volume increased 16.9% to 28.8 BU, compared with 24.6 BU in the corresponding quarter last year. The company’s installed capacity stood at 18,330 MW, while its plant load factor improved to 77.9% from 67% in Q1 FY26.
Power sales under power purchase agreements (PPAs) grew 30.3% to 24.5 BU, while tariff realisation improved 8.5% to Rs 5.95 per kWh. Merchant and short-term power realisation increased 13.1% to Rs 7.04 per kWh, driven by stronger demand.
Jaiprakash Associates Assets Acquired
During the quarter, Adani Power acquired the 180 MW Churk thermal power plant, a 24% equity stake in Jaiprakash Power Ventures Ltd, and an 11.49% stake in Prayagraj Power Generation Company Ltd under the approved resolution plan for Jaiprakash Associates Ltd through the Corporate Insolvency Resolution Process.
The company also signed a 25-year Power Supply Agreement with Maharashtra State Electricity Distribution Company Ltd for supplying 1,600 MW of power from a proposed 2×800 MW ultra-supercritical thermal power plant to be developed under the DBFOO model.
Company Targets 45 GW Generation Capacity
Adani Power said its ongoing capital expenditure programme to expand its generation capacity to 45 GW is progressing as planned.
The 1,320 MW Korba Phase-II Supercritical Thermal Power Project is expected to be commissioned during the current year. The 1,600 MW Mahan Phase-II project is scheduled to begin commercial operations in Q1 FY28 and had achieved more than 88% overall progress as of June 30, 2026.
The 1,600 MW Raipur Phase-II and 1,600 MW Raigarh Phase-II projects had achieved more than 62% and 54% progress, respectively. Execution has also commenced on the 1,600 MW Mirzapur Greenfield Ultra-Supercritical Thermal Power Project in Uttar Pradesh.
According to the company, environmental clearance has been received for 87% of its upcoming capacity, while 56% has already been tied up under long-term PPAs.
CEO Says Company Focused on Expansion
Commenting on the results, Adani Power CEO S B Khyalia said the company had delivered its highest-ever quarterly EBITDA on a continuing basis, reflecting the strength of its cost-competitive portfolio and operational performance.
He said the company was firmly progressing towards its 45 GW capacity target, while also expanding through the acquisition of Jaiprakash Associates’ power assets. The company is also exploring opportunities in domestic and international hydropower projects and preparing to enter the nuclear power sector.
Adani Power was also ranked India’s Most Valuable Energy Brand for 2026 by Brand Finance, with a brand value of $1.8 billion, a brand strength score of 85.4 and an AAA rating.
Financial Position
The company said it maintained tight control over finance costs despite recent acquisitions and its ongoing capital expenditure programme. Finance costs increased 5.19% year-on-year to Rs 901.37 crore in Q1 FY27.
Reported profit before tax rose nearly 50% to Rs 6,300.49 crore, compared with Rs 4,204.31 crore in Q1 FY26. The company also recognised Rs 117.69 crore as its share of profit from an associate following the acquisition of a stake in Jaiprakash Power Ventures Ltd.
Total debt outstanding stood at Rs 58,381.32 crore as of June 30, 2026, compared with Rs 53,555.54 crore as of March 31, 2026, while net debt stood at Rs 47,642.80 crore. Adani Power said its expansion strategy is being supported by strong project execution capabilities, a predominantly brownfield development approach, advance ordering of key equipment and a largely self-financed capital expenditure strategy.