Adani Power Q1FY27 Results: Net profit up 33% YoY to $514 million
- Net profit rose 33% YoY to $514 million in Q1FY27
- Revenue grew 20% to $2,000 million with EBITDA up 23%
- Operating capacity stands at 18,330 MW with 23,720 MW locked-in
- Company plans $20 billion capex for baseload power by FY32
- Plant availability reached 96% in the quarter
*this image is generated using AI for illustrative purposes only.
Adani Power reported a 33% year-on-year increase in net profit after tax (PAT) to $514 million for the first quarter of FY27. The power producer’s revenue from operations rose 20% to $2,000 million, supported by strong operational performance and high plant availability.
Financial Performance
The company’s earnings before interest, tax, depreciation, and amortization (EBITDA) grew 23% to $884 million. Continuing EBITDA expanded by 10% to $737 million, reflecting consistent operational execution across its thermal portfolio.
| Metric | Q1FY27 | Q1FY26 | Change |
|---|---|---|---|
| Revenue | $2,000 million | $1,667 million | +20% |
| EBITDA | $884 million | $719 million | +23% |
| Net Profit | $514 million | $387 million | +33% |
For the full fiscal year FY26, Adani Power recorded revenue of $6,553 million and net profit of $1,469 million. The company maintained a net debt position of $5,030 million as of June 2026.
What the Numbers Show
A key divergence in the results is the outperformance of PAT growth relative to revenue growth. While revenue increased by 20%, net profit surged by 33%. This expansion was underpinned by an improvement in the EBITDA margin to 43% in Q1FY27, up from approximately 43% in the prior year but significantly higher than the FY26 average of 40%. The ability to maintain high margins despite rising fuel costs highlights the effectiveness of its two-part tariff structure and operational efficiencies.
Capacity and Growth Outlook
Adani Power currently operates 18,330 MW of capacity across 13 assets. The company has locked in 23,720 MW of additional capacity through brownfield and greenfield projects, with a target total capacity of 42,050 MW by FY32. Of the locked-in capacity, 13,320 MW is already tied up under long-term power purchase agreements (PPAs).
The investor presentation outlined a massive capital expenditure plan of over $18 billion for renewable energy and $20 billion for baseload power generation by FY32. The company aims to fund the majority of this expansion through internal accruals, citing strong free cash flow generation.
Operational Metrics
Plant availability remained robust at 96% in Q1FY27, compared to 89% in FY26. The company highlighted its strategic advantage of having 60% of its upcoming capacity as brownfield projects, which reduces execution timelines and costs. Additionally, Adani Power secured new PPAs totaling 13.9 GW recently, reinforcing its revenue visibility for the coming years.
Historical Stock Returns for Adani Power
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.74% | -0.29% | -6.58% | +44.01% | +71.26% | +1,226.66% |
How will Adani Power's massive $38 billion capital expenditure plan impact its net debt-to-equity ratio and credit ratings over the next five years?
What specific hedging strategies or tariff renegotiations is the company employing to protect its 43% EBITDA margins against potential volatility in global coal prices?
Given the heavy reliance on internal accruals for funding, how might the aggressive expansion timeline affect free cash flow generation and dividend payout ratios in FY28-FY30?
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