Adani Power Q4 results: Adani Group firm Adani Power announced its earnings for the quarter ended March 2026 (Q4FY26) today, 29 April, during market hours. The company’s consolidated net profit rose over 64% to ₹4,271.40 crore as against ₹2,599.23 crore in the same period last year.
Meanwhile, its revenue from operations was muted at ₹14,223.09 crore versus ₹14,237.40 crore in the March quarter last year.
Adani Power Ltd shares ended the session at ₹217.80, declining 2.48% for the day, even as the company reported a resilient operating performance amid a volatile demand environment.
The company said its operating performance remained steady despite fluctuations in power demand during the quarter. Reported EBITDA rose 27% year-on-year to ₹6,498 crore, aided by recognition of prior-period income. However, continuing EBITDA—considered a better reflection of core operations—grew at a more moderate pace of 9.3% YoY to ₹5,573 crore, indicating stable underlying earnings momentum.
EBITDA margin stood at 33.27% in the March quarter, slightly lower compared to 33.80% in the corresponding period last year.
Other Q4 Highlights
The quarter witnessed mixed trends in power demand. All-India electricity demand increased 1.6% YoY to 422 billion units in Q4, with growth picking up toward the latter part of the quarter as temperatures rose.
The average market clearing price on the Indian Energy Exchange (IEX) day-ahead market declined by over 12% during the quarter, putting pressure on spot tariffs.
Consequently, merchant and short-term sales volumes dropped to 5.2 billion units from 5.6 billion units in the year-ago period, reflecting subdued activity in the spot power market.
Despite weakness in merchant demand, overall power sales volumes rose to 27.2 billion units, compared to 26.4 billion units a year earlier. The growth was supported by higher contribution from tied-up capacities and ramp-up of operational assets.
This shift towards contracted capacity helped offset volatility in the merchant segment and provided greater stability to the company’s revenue stream.
Furthermore, Adani Power continued to enhance its long-term earnings visibility during the quarter by securing new power purchase agreements (PPAs). The company won a 1,600 MW long-term PPA from Maharashtra under the DBFOO (Design, Build, Finance, Own and Operate) model.
In addition, one of its subsidiaries signed a 558 MW PPA with a Tamil Nadu discom. With these additions, nearly 95% of Adani Power’s operational capacity is now tied up under long- and medium-term PPAs.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
