Adani Power reported Q3 FY26 revenue of INR 12,717 crores, slightly lower than last year due to reduced power selling rates. Despite this, the company maintained strong profitability, with EBITDA at INR 4,636 crores. Power sales increased to 23.6 billion units, driven by capacity additions, including the fully operational 600-megawatt Butibori plant. The company anticipates improved power demand and merchant prices in the coming year.
Financial Performance
In Q3 FY26, Adani Power’s continuing total revenue reached INR 12,717 crores. This figure is slightly below the INR 13,434 crores reported during the same period last year. The dip is attributed to reduced power selling rates and decreased import coal prices.
Despite lower revenue, the company’s profitability remained robust. The continuing EBITDA for Q3 FY26 stood at INR 4,636 crores, slightly lower than the INR 4,786 crores in Q3 FY25. Cost control and operational efficiency efforts helped sustain margins.
For the 9-month period, the continuing revenue was INR 40,524 crores, compared to INR 41,951 crores in the corresponding period last year. Continuing EBITDA for the 9-month period was INR 15,713 crores.
The profit after tax for Q3 FY26 amounted to INR 2,488 crores.
Operational Highlights
Power sales in Q3 FY26 reached 23.6 billion units, slightly surpassing the 23.3 billion units sold in the same period last year. This increase occurred despite a lower plant load factor of 62.6%.
The company’s installed capacity stands at 18.15 gigawatts as of December 31, 2025, reflecting an increase due to the acquisition of the Vidarbha plant.
Notably, the 600-megawatt Butibori power plant has achieved full operational status.
Future Outlook and Projects
Adani Power anticipates a rebound in power demand in the coming year. The company received a Letter of Award for a 3,200-megawatt project in Assam, to be developed on a greenfield basis.
The company has secured more than 90% of its existing operating fleet’s capacity under PPAs, ensuring revenue visibility. They are progressing with their 23.7 gigawatt thermal expansion program, with Mahan Phase-II about 80% complete.
Source: BSE
