Adani Power Limited Q3 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Mixed
Executive Summary
Adani Power Q3 FY26: Revenue ₹12,451.44 Cr (vs ₹13,671.18 Cr YoY), PAT ₹2,488.09 Cr (vs ₹2,940.07 Cr YoY)
In Q3 FY26 Adani Power reported consolidated Revenue from Operations of ₹12,451.44 Cr and Total Income of ₹12,994.70 Cr, with consolidated Net Profit (PAT) of ₹2,488.09 Cr for the quarter. Operating volumes were stable at 23.6 BU while Plant Load Factor eased to 62.6%, contributing to weaker merchant pricing and lower other income versus prior year. Management secured a new 3,200 MW LoA and raised ₹7,500 Cr via AA‑rated NCDs to fund capacity expansion. The company flags ongoing regulatory and legacy prior‑period items that affect comparability but remains focused on PPA tie‑ups and project...Revenue from Operations (Consolidated)
₹12,451.44 Crvs ₹13,671.18 Cr in Q3 FY25
Total Income (Consolidated)
₹12,994.70 Crvs ₹14,833.44 Cr in Q3 FY25
Continuing EBITDA Q3 FY26 (press release)
₹4,636.38 Crvs ₹4,785.51 Cr in Q3 FY25
Profit Before Tax (Consolidated)
₹2,945.02 Crvs ₹4,058.64 Cr in Q3 FY25
Net Profit (PAT) (Consolidated)
₹2,488.09 Crvs ₹2,940.07 Cr in Q3 FY25
Consolidated power sold
23.6 BUvs 23.3 BU in Q3 FY25
Total debt outstanding as of 31 Dec 2025
₹45,330.79 Crvs ₹38,334.88 Cr as of 31 Mar 2025
Key Highlights
10
Consolidated power sale volume for Q3 FY26 was 23.6 BU, up from 23.3 BU in Q3 FY25, supported by higher effective operating capacity.
Plant Load Factor (PLF) for Q3 FY26 was 62.6%, down from 63.9% in Q3 FY25, reflecting weaker demand and higher renewable penetration that compressed merchant rates.
Continuing Other Income in Q3 FY26 was ₹304.72 Cr, materially lower than ₹741.94 Cr in Q3 FY25, primarily due to lower late payment surcharge and prior‑period recognitions.
The Group recognised tariff compensation claims of ₹543.18 Cr in Q3 FY26 relating to change‑in‑law/alternative coal matters as per regulatory orders, which supports revenue despite lower merchant prices.
One‑time prior period revenue recognised in Q3 FY26 amounted to ₹277.78 Cr compared with ₹1,399.67 Cr in Q3 FY25, reducing reported EBITDA and PAT on a YoY basis.
APL completed allotment of secured AA‑rated NCDs aggregating ₹7,500 Cr post quarter (27 Jan 2026) to fund capacity expansion and working capital.
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Key Highlights
10
Consolidated power sale volume for Q3 FY26 was 23.6 BU, up from 23.3 BU in Q3 FY25, supported by higher effective operating capacity.
Plant Load Factor (PLF) for Q3 FY26 was 62.6%, down from 63.9% in Q3 FY25, reflecting weaker demand and higher renewable penetration that compressed merchant rates.
Continuing Other Income in Q3 FY26 was ₹304.72 Cr, materially lower than ₹741.94 Cr in Q3 FY25, primarily due to lower late payment surcharge and prior‑period recognitions.
The Group recognised tariff compensation claims of ₹543.18 Cr in Q3 FY26 relating to change‑in‑law/alternative coal matters as per regulatory orders, which supports revenue despite lower merchant prices.
One‑time prior period revenue recognised in Q3 FY26 amounted to ₹277.78 Cr compared with ₹1,399.67 Cr in Q3 FY25, reducing reported EBITDA and PAT on a YoY basis.
APL completed allotment of secured AA‑rated NCDs aggregating ₹7,500 Cr post quarter (27 Jan 2026) to fund capacity expansion and working capital.
Total reported expenses in Q3 FY26 were ₹10,049.68 Cr, down from ₹10,774.80 Cr in Q3 FY25, driven by lower fuel and other costs partially offset by finance and depreciation.
Net tax expense in Q3 FY26 was ₹456.93 Cr versus ₹1,118.57 Cr in Q3 FY25 reflecting significantly lower deferred tax charge in the current quarter.
Operational expansion
Total assets increased to ₹126,484.88 Cr as of 31 Dec 2025 from ₹112,370.41 Cr as of 31 Dec 2024, reflecting acquisitions and capex.
Guidance & Outlook
5
Management reported signing a Letter of Award for a new 3,200 MW long‑term PPA (Assam) to be developed on DBF(O)O model, supporting visibility on future revenue.
Company has an ambitious capacity expansion programme of 23.7 GW and intends to use NCD proceeds (₹7,500 Cr) for capacity expansion and working capital.
Company expects to continue recognising change‑in‑law and carrying cost claims subject to regulatory outcomes and settlements with Discoms, which can materially affect future quarters' revenue.
Management reiterated confidence in India’s long‑term power demand and its ability to secure further long‑term PPAs to de‑risk merchant exposure.
Execution update
Risks & Concerns
6
Weak merchant market pricing
Average market clearing price fell ~13.2% YoY in Q3 FY26 (IEX DAM), pressuring merchant volumes and realisations.
Regulatory/legal uncertainty
Rising leverage for expansion
Reduction in one‑time prior‑period income (₹277.78 Cr in Q3 FY26 vs ₹1,399.67 Cr in Q3 FY25) demonstrates earnings volatility from non‑recurring items affecting comparability.
Exposure to cross‑border receivables and arbitration
Operational risk
AI-generated analysis. May contain inaccuracies — verify against original sources.