Adani Power Reports Q3FY26 Net Profit of ₹24.88 Billion; Hosts Earnings Call
Adani Power Limited reported Q3FY26 consolidated net profit of ₹24.88 billion, declining 15.38% from ₹29.40 billion in the previous year, with total income at ₹129.95 billion. The company conducted an earnings conference call on January 29, 2026, discussing operational performance and market conditions. With over 90% of its 18.15 GW capacity under long-term PPAs and a 23.7 GW expansion program underway, the company maintains strong revenue visibility despite challenging market conditions.
*this image is generated using AI for illustrative purposes only.
Adani Power Limited has published its unaudited consolidated financial results for the quarter ended December 31, 2025, and subsequently conducted an earnings conference call on January 29, 2026, to discuss the performance with investors and analysts. The power generation company reported results under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Financial Performance Overview
The company's consolidated financial results for Q3FY26 demonstrate mixed performance across key metrics. Total income reached ₹129.95 billion for the quarter, while net profit after tax stood at ₹24.88 billion.
| Financial Metric: | Q3FY26 | Q3FY25 | Change (%) |
|---|---|---|---|
| Total Income: | ₹129.95 billion | ₹148.33 billion | -12.40% |
| Profit Before Tax: | ₹29.45 billion | ₹40.59 billion | -27.45% |
| Net Profit After Tax: | ₹24.88 billion | ₹29.40 billion | -15.38% |
| Total Comprehensive Income: | ₹24.85 billion | ₹29.33 billion | -15.28% |
Operational Performance and Market Conditions
During the earnings call, CFO Dilip Jha explained that power demand in Q3FY26 was weaker than the previous year due to extended monsoons and cooler temperatures. All India power demand remained broadly flat at approximately 392 billion units. Higher renewable generation also impacted thermal demand, leading to lower merchant market prices.
Power sales for Q3FY26 were 23.6 billion units, slightly higher than 23.3 billion units in the same period last year, despite a lower plant load factor of 62.6% compared to 63.9% previously.
| Operational Metric: | Q3FY26 | Q3FY25 |
|---|---|---|
| Power Sales: | 23.6 billion units | 23.3 billion units |
| Plant Load Factor: | 62.6% | 63.9% |
| Installed Capacity: | 18.15 GW | - |
PPA Portfolio and Revenue Visibility
The company has strengthened its contracted revenue profile with over 90% of its present operating fleet of 18.15 GW tied up under long-term and medium-term PPAs. During the quarter, Adani Power received a Letter of Award for a 3,200 MW project in Assam under the DBFOO model with a total charge of ₹6.30 per kWh, including capacity charge of ₹4.16 per kWh.
| Recent PPA Details: | Specifications |
|---|---|
| Assam Project: | 3,200 MW |
| Total Tariff: | ₹6.30 per kWh |
| Capacity Charge: | ₹4.16 per kWh |
| Karnataka PPA: | 570.5 MW at ₹5.78 per kWh |
Expansion Program and Financial Position
The company is progressing well on its 23.7 GW thermal expansion program. Mahan Phase-II is approximately 80% complete, Raipur Phase-II is around 44% complete, and Raigarh Phase-II is close to 38% complete. Construction at Korba Phase-II has also resumed.
Adani Power recently raised ₹7,500 crores through AA-rated non-convertible debentures with tenures ranging from 2 to 5 years and coupon rates between 8% to 8.4%. The weighted average cost of borrowing is less than 9%.
Earnings Call Transcript Publication
On February 4, 2026, Adani Power submitted the transcript of the investors/analysts conference call held on January 29, 2026, to BSE Limited and National Stock Exchange of India Limited. The transcript has been made available on the company's website under the Investors Section, providing detailed insights into the company's Q3FY26 performance and future outlook.
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