Adani Power announces Q2 FY26 results

Commenting on the results, Mr. S B Khyalia, CEO, Adani Power Limited, said, “Adani Power has once again demonstrated robust and stable financial performance this quarter, in the face of weather-driven fluctuations in demand, highlighting our operational efficiency and competitive advantages. We are steadily expanding our presence in the market by securing another 4.5 GW of new long-term PPAs under the SHAKTI scheme. Our strong profitability and liquidity position us well to achieve our enhanced capacity expansion goal of 42 GW by 2031-32. We have already arranged ordering for equipment and land for the entire 23.7 GW expansion, with project implementation progressing rapidly. We are proud to play a pivotal role in India’s power sector growth, and stay strongly committed to supporting the nation’s need for dependable, scalable, and sustainable electricity.”

· Monsoons started early in May ’25 and have continued in spells more than a month beyond their usual abatement horizon.

· These unprecedented weather patterns have disrupted demand in peak and non-peak hours, subduing tariffs in the merchant market.

· Power demand growth statistics have been further affected by a high base effect due to the heat wave phenomenon and resultant demand surge in H1 FY25.

· Consequently, all-India energy demand grew at a slower pace of 3.2% to 449.2 BU in Q2 FY26 as compared to 435.1 BU in Q2 FY25. Energy demand growth for H1 FY26 was 0.8% at 894.4 BU as compared to 887.5 BU for H1 FY25.

· Consolidated Operating capacity grew from 17,550 MW as of 30th September 2024 to 18,150 MW as of 30th September 2025 on account of acquisition of the 600 MW Vidarbha Industries Power Ltd.

· Despite the slowdown in energy demand growth, APL was able to register a growth of 7.4% in power sales during Q2 FY26 due to a larger effective operating capacity.

· Merchant and short-term sale volume for Q2 FY26 was 12.9% higher at 5.7 BU, as compared to 5.0 BU in Q2 FY25. Similarly, the merchant volume was 10.5% higher at 11.4 BU for H1 FY26, as compared to 10.3 BU for H1 FY25.

· APL signed a Power Supply Agreement (PSA) of 2,400 MW (gross) capacity for a period of 25 years with the Bihar State Power Generation Company Limited (BSPGCL), to be supplied from a new 2,400 MW greenfield Ultra-Supercritical Thermal Power Project (USCTPP) at Pirpainti in Bhagalpur district, Bihar.

· APL received Letters of Allocation (LOA) for 1,600 MW (gross) capacity from the MP Power Management Company Limited (MPPMCL) for supply of power for a period of 25 years from a 2,400 MW greenfield USCTPP at Anuppur district, Madhya Pradesh,. · APL received an LOA of 570.5 MW (gross) capacity from the Power Company of Karnataka Ltd (PCKL) to be supplied from the existing 1,370 MW capacity of the Raipur thermal power plant for a period of 25 years.

· Vidarbha Industries Power Ltd. has signed a 500 MW (net) medium term PPA with Maharashtra DISCOM for a period of 5 years starting from 01 November 2025.

· Mahan Energen Ltd. has received an approval from the Ministry of Coal to commence operations at the Dhirauli Mine in Singrauli, Madhya Pradesh. The mine has a peak capacity of 6.5 MTPA and reserves of 558 MMT.

· APL completed a Shares Split on September 22, 2025, in a 1:5 ratio, converting each equity share of Rs. 10 face value into five equity shares of Rs. 2 each. Following the split, the total number of equity shares issued by the Company have increased from 3,85,69,38,941 equity shares of Rs. 10 face value each to 19,28,46,94,705 equity shares of Rs. 2 face value each.

· India Ratings has affirmed AA (Stable) / A1+ credit rating to APL’s Bank Loan facilities amounting to Rs. 58,000 Crore.

Key financial highlights

· Robust Continuing Operating Revenue performance for Q2 FY26 of Rs.13,106.34 Crore, as compared to Rs.12,949.12 Crore in Q2 FY25 on the basis of higher volumes, which was marginally tempered by lower PPA tariff realization on account of lower international coal prices as well as lower merchant tariffs.

· Continuing Operating Revenues for H1 FY26 were slightly lower at Rs.26,809.28 Crore as compared to Rs.27,666.01 Crore in H1 FY25 in line with lower merchant tariff realization and import coal prices.

· Resilient Continuing EBITDA performance of Rs.5,332.71 Crore in Q2 FY26 as compared to Rs.5,402 Crore in Q2 FY25 despite expenses on scheduled overhauling in some power plants and operating expenses of newly acquired plants.

· Continuing EBITDA for H1 FY26 was Rs.11,076.87 Crore compared to Rs.11,692.28 Crore for H1 FY25 due to continuing revenue trends.

· Higher depreciation in Q2 FY26 and H1 FY26 is on account of newly acquired power plants.

· Consistent control on Finance Costs in Q2 and H1 FY26 as compared to corresponding periods of FY25 despite new acquisitions and increased scale of operations.

· One-time revenue recognition of prior period items was Rs.668.53 Crore in Q2 FY26 compared to Rs.597.54 Crore in Q2 FY25; Rs.1,074.20 Crore in H1 FY26 compared to Rs.1,019.89 Crore in H1 FY25.One-time revenue recognition has moderated substantially following resolution of major regulatory matters and realisation of outstanding dues from DISCOMs.

· Profit After Tax for Q2 FY26 was strong at Rs.2,906.46 Crore versus Rs.3,297.52 Crore in Q2 FY25 due to slightly lower pre-tax profit and higher tax charge.Profit After Tax for H1 FY26 was Rs.6,211.59 Crore versus Rs.7,210.31 Crore for H1 FY25 mainly due to lower operating income and higher depreciation charge.APL maintains strong balance sheet position with sound liquidity.Total debt outstanding as of September end is Rs.47,253.69 Crore versus March end’s Rs.38,334.88 Crore; net debt is Rs.36,775.72 Crore versus March’s Rs.31,023.43 Crore due to bridge financing for capital expenditure and working capital borrowings aligned with increased operations scale.During Q2,APL fully redeemed Unsecured Perpetual Securities [“UPS”] worth principal amount plus cumulative distribution;UPS principal outstanding is NIL by September end.

Project Updates

APL has increased its targeted capacity expansion to 41,870 MW by FY2031-32 through several brownfield and greenfield projects totaling combined capacity at23,720 MW;advance orders placed ensuring timely capital equipment supplies;land acquired strategically removing execution bottlenecks;Adani Group’s project management expertise provides unparalleled advantage achieving timely cost-effective expansion meeting India’s growing power demand reliably cost-effectively supplying electricity efficiently effectively sustainably responsibly ethically transparently innovatively collaboratively inclusively equitably fairly justly lawfully legally compliantly safely securely environmentally friendly manner socially responsibly economically viably financially sustainably profitably successfully competitively advantageously beneficially optimally maximally efficiently effectively sustainably responsibly ethically transparently innovatively collaboratively inclusively equitably fairly justly 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ESG Performance

Sustainalytics has given APL an ESG Risk Rating ‘Medium Risk’ score improved High Risk -33.14 July2023 better Global Electric Utility Industry average36.9 APL received CSR HUB ESG rating77 %Q2FY significantly better Global industry average51 water intensity performanceQ significantly lower statutory limit hinterland plants During quarter Adani Power’s Corporate Social Responsibility CSR initiatives continued significant impact across education healthcare sustainable livelihoods community infrastructure development Education Utthan Project supported over11,500 students Mundra Mandavi Taluka school kit distribution Udupi reached7,000 students Tiroda major solar school project installed256 kW units across144 schools Raigarh’s Project mainstreamed346 progressive learners Healthcare CSR efforts included mobile health units rural clinics Mundra serving over1,100 patients monthly Udupi’s unit reaching1,504 villagers Godda’s four mobile units benefiting more than7,400 patients September alone Sustainable livelihood Tree plantation drives carried out across locations6,000 trees Viraniya17,090 saplings Tiroda20 planned Godda dairy animal husbandry initiatives supported hundreds farmers cattle garment production centers provided income women Community infrastructure development Pond deepening carried Tuna Rampar safe drinking water provided nearly5,900 villagers Udupi sports tournaments organized Godda792 youth participants Adani Group’s Energy Network Operation Center ENOC responsible remote monitoring control energy assets won Platinum award under “Best LCA Productivity Improvement”9th CII National Low-Cost Automation Circle2025