Adani Power Limited has reported its third quarter consolidated financial results, showing a decline in net profitability compared to the corresponding period last year. The power generation company's performance came in below market expectations for the quarter.

Financial Performance Overview

The company's consolidated net profit for the third quarter stood at ₹25 billion, representing a decrease from the ₹30.6 billion recorded in the same quarter of the previous year. This decline reflects the challenges faced by the power sector during the reporting period.

Market Expectations vs Actual Results

The reported net profit of ₹25 billion fell short of analyst estimates, which had projected earnings of ₹31 billion for the quarter. This represents a significant variance of approximately 19.35% below market expectations, indicating that the company's performance was weaker than anticipated by financial analysts.

Year-on-Year Comparison

Comparing the current quarter results with the same period last year, Adani Power experienced an 18.30% decline in consolidated net profit. The year-on-year decrease from ₹30.6 billion to ₹25 billion highlights the impact of various operational and market factors on the company's bottom line during this reporting period.

Adani Power Limited has completed the allotment of secured non-convertible debentures worth ₹7,500 crore through private placement, marking a significant fundraising milestone for the power generation company. The management committee of the Board approved the allotment on January 27, 2026, following the initial authorization by the Board of Directors on January 29, 2025.

Debenture Structure and Series Details

The company allotted 7,50,000 secured, listed, rated, taxable, non-cumulative, redeemable non-convertible debentures, each bearing a face value of ₹1,00,000. The debentures are structured across four distinct series with varying tenors and coupon rates:

The debentures will pay interest quarterly from the date of allotment until maturity, with principal repayment scheduled on the respective maturity dates for each series.

Credit Rating and Security Features

Both CRISIL Ratings Limited and India Ratings & Research Private Limited have assigned an "AA (Stable)" rating to the debentures, reflecting strong creditworthiness. The debentures are secured by comprehensive charges over the company's assets, including:

• First ranking pari passu charge by way of hypothecation over all movable fixed assets, including plant and equipment, furniture, fixtures, and vehicles
• First ranking pari passu charge on current assets including trust and retention accounts, inventory, and trade receivables
• First ranking pari passu charge on insurance proceeds
• First ranking pari passu charge through mortgage on identified land parcels

Listing and Compliance

The debentures will be listed on BSE Limited, with the listing application to be filed within three working days from the issue closing date. In accordance with SEBI regulations, any delay in listing beyond this timeframe will result in the company paying an additional 1% per annum over the coupon rate to debenture holders for the delay period.

Redemption Terms

Each debenture will be redeemed at its face value of ₹1,00,000 on the respective maturity dates as per the debenture trust deed. The company has committed to paying additional interest over the agreed coupon rate in case of any delays in listing, dematerialized credit, execution of debenture trust deed, or payment obligations beyond prescribed statutory timelines.