Adani Power Limited Q4 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Mixed
Executive Summary
Adani Power Q4 FY26: Revenue ₹15,989.09 Cr (vs ₹14,535.60 Cr YoY), PAT ₹4,271.40 Cr (vs ₹2,599.23 Cr YoY)
In Q4 FY26 Adani Power reported consolidated Total Income of ₹15,989.09 Cr and Net Profit of ₹4,271.40 Cr, up from ₹14,535.60 Cr and ₹2,599.23 Cr in Q4 FY25 respectively. Reported EBITDA for the quarter was strong at ₹6,498.47 Cr reflecting higher PPA contribution and plant uptime. The quarter included one-time prior-period income recognition of ₹930.13 Cr and tariff change-in-law / carrying-cost receipts that supported profitability. Management continues large-scale capacity expansion with a 1,600 MW DBFOO LoA and a FY-by-FY target of 23.7 GW capacity addition programme.Total Income (Consolidated)
₹15,989.09 Crvs ₹14,535.60 Cr in Q4 FY25
Revenue from Operations (Consolidated)
₹14,223.09 Crvs ₹14,237.40 Cr in Q4 FY25
Net Profit (PAT) (Consolidated)
₹4,271.40 Crvs ₹2,599.23 Cr in Q4 FY25
Reported EBITDA (Consolidated)
₹6,498.47 Crvs ₹5,110.83 Cr in Q4 FY25
Profit before tax (Consolidated)
₹4,383.98 Crvs ₹3,261.28 Cr in Q4 FY25
Basic & Diluted EPS (Consolidated)
₹2.08vs ₹1.32 in Q4 FY25
Fuel Cost (Consolidated)
₹7,895.72 Crvs ₹7,918.09 Cr in Q4 FY25
Total Expenses (Consolidated)
₹11,605.11 Crvs ₹11,274.32 Cr in Q4 FY25
Key Highlights
10
One-time prior-period income of ₹930.13 Cr was recognised in Q4 FY26, increasing reported quarterly earnings relative to Q4 FY25.
Company reported strong cash generation with Reported EBITDA of ₹6,498.47 Cr in Q4 FY26 driven by higher PPA tariff contribution and plant uptime.
Adani Power secured a new 1,600 MW DBFOO long‑term PPA from MSEDCL in Q4 FY26, supporting long‑term contracted capacity and revenue visibility.
Financial cost increased to ₹967.26 Cr in Q4 FY26 from ₹764.90 Cr in Q4 FY25, reflecting higher interest burden quarter-on-quarter and from prior year levels.
Operating performance
Transmission true-up and refunds led to recognition of transmission expense of ₹137.13 Cr and other refunds of ₹538.99 Cr during FY26, impacting comparability of operating items.
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Key Highlights
10
One-time prior-period income of ₹930.13 Cr was recognised in Q4 FY26, increasing reported quarterly earnings relative to Q4 FY25.
Company reported strong cash generation with Reported EBITDA of ₹6,498.47 Cr in Q4 FY26 driven by higher PPA tariff contribution and plant uptime.
Adani Power secured a new 1,600 MW DBFOO long‑term PPA from MSEDCL in Q4 FY26, supporting long‑term contracted capacity and revenue visibility.
Financial cost increased to ₹967.26 Cr in Q4 FY26 from ₹764.90 Cr in Q4 FY25, reflecting higher interest burden quarter-on-quarter and from prior year levels.
Company issued secured listed NCDs aggregating ₹7,500 Cr in Q4 FY26 via private placement to fund capex, with ₹6,965 Cr utilised as of 31 Mar 2026.
Consolidated deferred tax credit swing materially reduced tax charge in Q4 FY26 (Total tax expense ₹112.58 Cr vs ₹662.05 Cr in Q4 FY25), supporting higher PAT in the quarter.
Operating performance
Transmission true-up and refunds led to recognition of transmission expense of ₹137.13 Cr and other refunds of ₹538.99 Cr during FY26, impacting comparability of operating items.
Asset cover for listed NCDs maintained at 151% as on 31 Mar 2026 per Debenture Trust Deed, consistent with trustee certificate.
Net worth increased to ₹66,401.92 Cr (Consolidated) as of 31 Mar 2026, providing capital buffer for expansion.
Guidance & Outlook
5
Company reiterated capacity expansion target of 23.7 GW by 2032 and reported project progress (Mahan Phase‑II 86%, Raipur Phase‑II 54%, Raigarh Phase‑II 47%) as of 31 Mar 2026.
Management highlighted 95% of operating capacity tied up under long/medium‑term PPAs as of Q4 FY26, implying limited merchant exposure going forward.
APL expects to continue conservative capital management with mix of secured NCD funding and self‑financing for capex; ₹7,500 Cr NCDs issued in Q4 FY26 form part of financing plan.
Management expects favourable resolution of various regulatory change‑in‑law and carrying cost claims and has recognised change‑in‑law revenues of ₹802.57 Cr in Q4 and ₹2,716.39 Cr in FY26 based on favourable orders.
Company announced incorporation and initial moves into nuclear energy via wholly owned Adani Atomic Energy Limited in Q4 FY26, signalling strategic diversification.
Risks & Concerns
6
Regulatory and litigation exposure
several matters (MERC/APTEL/SC appeals on tariff, MSEDCL disputes and APTEL matters) remain pending and could affect final recoverability of change‑in‑law claims.
Interest cost and leverage
Merchant market volatility
Operational fuel and coal supply risk
Execution risk on aggressive capex
One‑off items drive comparability
AI-generated analysis. May contain inaccuracies — verify against original sources.