EL7.AI
StocksMedium•26 October 2026•
4 min read

Adani Power profit jumps 141.5% to 7,019.32 crore rupees in second quarter

Key Facts

1Net profit after tax rose 141.5% to 7,019.32 crore rupees in the second quarter, from 2,906.46 crore rupees a year earlier.
2Recurring revenue was 17,528.35 crore rupees, up 28.5%, while reported revenue reached 19,950.60 crore rupees, up 39.4%.
3Revenue recognized for prior periods totaled 2,422.25 crore rupees, compared with 668.53 crore rupees in the comparable period.
4Electricity sales rose 11.5% to 26.4 billion units in the quarter, from 23.7 billion units a year earlier.
5Fuel costs rose 41.8% to 10,229.38 crore rupees, while the delivered cost of imported coal increased 50%.

Adani Power said on October 23, 2026, that net profit after tax rose 141.5% to 7,019.32 crore rupees in the second quarter of fiscal 2026-2027, ended September 30, 2026, compared with 2,906.46 crore rupees a year earlier. Reported revenue rose 39.4% to 19,950.60 crore rupees, while recurring revenue increased 28.5% to 17,528.35 crore rupees. The gap between growth in reported and recurring revenue reflects the impact of revenue from prior periods recognized by the company during the quarter. Reported earnings before interest, taxes, depreciation and amortization rose 45.7% to 8,743.22 crore rupees, compared with 18.5% growth in recurring earnings to 6,320.97 crore rupees. The company’s announcement did not establish that results exceeded analyst estimates.

One-time revenue recognized for prior periods totaled 2,422.25 crore rupees, compared with 668.53 crore rupees in the corresponding quarter of the previous fiscal year. The company said this revenue mainly stemmed from a review of historical energy charges under certain power purchase agreements. The adjustment helps explain part of the growth in reported earnings, which exceeded recurring earnings growth during the period. For the first half of fiscal 2027, net profit after tax was 11,885.92 crore rupees, up 91.4% from 6,211.59 crore rupees in the first half of fiscal 2026. The first-half figure shows continued year-on-year profit growth, with the impact of prior adjustments remaining part of the quarterly results.

The company’s electricity sales rose 11.5% to 26.4 billion units in the quarter, from 23.7 billion units a year earlier, alongside growth in Indian demand. Adani Power said electricity demand in India increased 11.5% to 502 billion units, driven by rapid economic growth and a weak monsoon. Peak demand reached 270 gigawatts, up 18% from 230 gigawatts in the comparable period. On contracted sales, volumes sold under power purchase agreements rose 29.7% to 23.4 billion units. The average recurring tariff also improved 12.7% to 6.4 rupees per kilowatt-hour, supporting recurring revenue growth alongside higher sales volumes.

The company said recurring revenue benefited from higher sales volumes as demand increased, higher tariffs under some power purchase agreements and improved returns in the merchant market. The day-ahead market clearing price on the Indian Energy Exchange rose 46% year on year to 5.7 rupees per unit. The spot market price also increased 49% to 5.2 rupees per unit. But sales growth came alongside higher input costs: fuel costs rose 41.8% to 10,229.38 crore rupees, compared with 7,216.23 crore rupees a year earlier. The company attributed this to higher generation volumes and a 50% increase in the delivered cost of imported coal, putting offsetting pressure on the benefit of improved prices and sales.

On credit, the company said CARE Ratings and India Ratings upgraded its rating from AA stable to AA+ stable. Adani Power attributed the upgrade to its financial and operational performance and expected revenue stability. Reuters also reported that the company benefited during the quarter from the reversal of 12.11 billion rupees in prior tax expenses. This item adds to revenue recognized for prior periods among the non-recurring factors accompanying the results, without changing the recurring revenue figures reported by the company. These items provide additional context for the jump in reported net profit compared with the pace of recurring earnings growth.

On expansion, Chief Executive S. B. Khyalia said the company aims to contribute to adding 100 gigawatts of new thermal generation capacity by 2032 to meet India’s needs. Adani Power said its Raipur Phase II and Raigarh Phase II projects, each with capacity of 1,600 megawatts, were more than 65% complete. The projects are targeted to begin operations in fiscal 2028-2029. The company links its future capacity additions to rising electricity demand, while the current quarter’s results highlight growth in volumes and tariffs alongside higher fuel costs. The projects’ start dates are the next announced milestone in its expansion plan.