Adani Power’s India Activity Expands as Composite Index Rises to 56.7
Key Facts
It was not possible to verify that Adani Power’s profit doubled in the latest quarter or the reasons for the change, after Reuters’ report and the company’s official disclosure for the quarter in question could not be accessed. In a broader snapshot of Indian economic activity, the HSBC composite index rose to 56.7 in October from 55.9 in September, its fastest pace of growth since June, according to Business Standard. The index measures private-sector activity and does not in itself provide evidence of demand for Adani Power’s electricity or of its financial results. The services business activity index rose to 56.2 from 55.2, while the manufacturing purchasing managers’ index fell to 54.9 from 55.1. This showed a divergence between stronger services and a slight easing in the manufacturing reading, alongside a slowdown in factory job creation.
The survey attributed the improvement in activity to better market conditions and higher volumes of new orders, with international orders recording their fastest increase in six months. By contrast, private-sector employment rose only marginally, at its slowest pace of the year. Services companies kept employment levels unchanged, ending a nine-month run of job creation. Input cost inflation also slowed for a seventh consecutive month, reaching its lowest level in about a year. These indicators describe conditions for Indian businesses generally and do not specify their impact on Adani Power’s revenue or margins.
Against the backdrop of the power sector, India’s Ministry of Power said the country met peak demand of 256.1 gigawatts on 25 April 2026, surpassing the previous record of 250 gigawatts set in May 2024. In its earlier results, Adani Power said its net profit in the first quarter of fiscal year 2026-2027 rose 47.24% to 4,866.60 crore rupees, compared with 3,305.13 crore in the year-earlier period. The company said profit benefited from the one-time recognition of 1,386.34 crore rupees in revenue from prior periods, compared with 406.21 crore in the first quarter of the previous fiscal year. It attributed that revenue mainly to a review of historical energy charges under certain power purchase agreements. These figures relate to the first quarter and do not establish the amount or drivers of profit in the latest quarter.
In the same period, Adani Power said electricity consumption in India rose 8.8% year on year to 485 billion units, attributing the increase to heatwaves. The company said its 1,320-megawatt Korba thermal project, Phase II, is expected to begin operations during fiscal year 2026-2027. The 1,600-megawatt Mahan project, Phase II, is targeted to begin commercial operations in the first quarter of fiscal year 2027-2028. As a near-term update, the company announced an investor and analyst meeting on 26 October 2026 to discuss its performance and business outlook. The meeting follows the release of October’s index data, while verification of the latest quarter’s result remains dependent on the relevant company disclosure.