Synopsis: Adani Power Ltd shares are in focus following their Q3 results. Revenue declined 9% YoY to ₹12,451.44 crore, while net profit fell 15.3% YoY to ₹2,488.09 crore, due to the absence of significant one-time income and more and also raised Rs. 7,500 Crores to fund expansion plans.
The shares of a Large-cap company specialising in the development, construction, and operation of coal-based thermal power plants are in focus following their Q3 results, and let’s also see why the profits were down in this quarter.
With a market capitalization of Rs. 2,57,932.79 Crores on Thursday, the shares of Adani Power Ltd rose upto 1.2 percent, reaching a high of Rs. 136.50 compared to its previous close of Rs. 134.85.
What Happened
Adani Power Ltd, engaged in the development, construction, and operation of coal-based thermal power plants is in the spotlight today as it has announced its Q3 results as follows:
Its Revenue from operations declined by 9 percent YoY from Rs. 13,671.18 Crores in Q3FY25 to Rs. 12,451.44 Crores in Q3FY26, and it declined by 7 percent QoQ from Rs. 13,456.84 Crores in Q2FY26 to Rs. 12,451.44 Crores in Q3FY26.
Its Net Profit YoY declined by 15.3 percent from Rs. 2,940.07 Crores in Q3FY25 to Rs. 2,488.09 Crores in Q3FY26, and on a QoQ basis, it declined by 14.3 percent from Rs. 2,906.46 Crores in Q2FY26 to Rs. 2,488.09 Crores in Q3FY26. The earnings per share (EPS) for the quarterly period stood at Rs. 1.29, compared to Rs. 1.53 in the previous year’s quarter.
The company’s profits dropped in the third quarter of FY26, primarily due to the absence of significant one-time income from the previous year. Additionally, the quarter saw a one-time prior period expense of Rs.132.83 crore related to transmission charges, which was excluded from the calculation of continuing EBITDA, as stated by the company.
Commenting on the results, Mr. S B Khyalia, CEO of Adani Power Limited, said, “Adani Power continues to deliver strong performance and maintain robust liquidity, thanks to our significant competitive advantages and cost-efficient power plants. We are swiftly securing long-term power purchase agreements for our upcoming capacities, with nearly half of our 23.7 GW expansion already tied up in PPAs with State DISCOMs.
Our project execution is progressing exceptionally well, meeting or exceeding our targets. We are proud to support the States in achieving their development goals by providing reliable and affordable power.
Our confidence in India’s long-term power demand remains unwavering, and we recognize the essential role of thermal power in the country’s energy mix. Adani Power is fully dedicated to strengthening India’s energy security and is eager to embrace new opportunities that will contribute to a prosperous and sustainable future for all.”
Other Updates
New Long Term Power Purchase Agreement award of 3,200 MW from Assam DISCOM and the Consolidated power sale volume of 23.6 BUs in Q3 FY26, vs 23.3 BU in Q3 FY25, despite demand disruption due to early and prolonged monsoon.
In Q3 FY26, the company’s installed capacity stood at 18,150 MW, with a Plant Load Factor (PLF) of 62.6%, resulting in 23.6 billion units sold. In comparison, Q3 FY25 had an installed capacity of 17,550 MW, a PLF of 63.9%, and 23.3 billion units sold. Despite a higher PLF in FY25, Q3 FY26 saw a slight increase in units sold due to the expanded capacity.
It has raised funds through the issuance of AA-rated Non-Convertible Debentures (NCDs) of Rs. 7,500 Crore, in four tranches of two- to five-year tenures, through private placement with marquee investors to be used to finance the Company’s capacity expansion, working capital requirements
Project Updates
APL has taken several proactive steps to capture the growth opportunity in the thermal power market, including the commencement of India’s largest thermal power capacity expansion program of 23.7 GW, advance ordering of critical main plant equipment, and in-house project management, which together provide it an unmatched project cost advantage.
The execution of APL’s brownfield expansion projects is progressing rapidly, with cumulative work for Mahan Phase-II 1,600 MW USCTPP at 80%, Raipur Phase-II 1,600 MW USCTPP at 44%, and Raigarh Phase-II 1,600 MW USCTPP at 38%.
Further, APL’s wholly owned subsidiary, Korba Power Ltd, has revived the construction of its 1,320 MW Supercritical power project at Korba (Chhattisgarh). These projects are scheduled to be completed in stages between FY 2026-27 and FY 2028-29.
Adani Power (APL), a part of the Adani portfolio, is the largest private thermal power producer in India. The Company has an installed thermal power capacity of 18,110 MW spread across twelve power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40 MW solar power plant in Gujarat.
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