Adani Power Q2 FY27 profit surges 141% to ₹7,019 crore on strong demand
Synopsis
Adani Power's Q2 FY27 profit more than doubled to ₹7,019 crore — a 141.5% surge driven by record India power demand, a sharp jump in Plant Load Factor to 70.1%, and improving tariff realisations. With H1 FY27 PAT nearly doubling to ₹11,886 crore, the numbers signal that coal-based thermal power is far from a sunset story in India's energy mix.
Key Takeaways
Adani Power reported Q2 FY27 PAT of ₹7,019.32 crore , up 141.5% year-on-year.
Total reported revenue rose 39.4% to ₹19,950.60 crore ; reported EBITDA jumped 45.7% to ₹8,743.22 crore .
H1 FY27 PAT nearly doubled to ₹11,885.92 crore on reported revenue of ₹39,272.90 crore .
India's power demand grew 11.5% to 502 BU in Q2 FY27; peak demand hit 270 GW , up 18% year-on-year.
Plant Load Factor improved to 70.1% from 62.8% ; operating capacity stood at 18,150 MW .
PPA tariff realisation improved 12.7% to ₹6.4/kWh ; merchant realisation rose 33.1% to ₹7.2/kWh .
Adani Power Ltd, India's largest private thermal power generator, on Friday, 23 October 2026 reported a 141.5% year-on-year jump in consolidated profit after tax (PAT) to ₹7,019.32 crore for the second quarter of FY27, compared to ₹2,906.46 crore in Q2 FY26. The results reflect surging power demand across India and improving operational efficiency at the company's coal-based plants.
Revenue and EBITDA Performance
Total reported revenue rose 39.4% to ₹19,950.60 crore, up from ₹14,307.79 crore in the year-ago period, while reported EBITDA climbed 45.7% to ₹8,743.22 crore. On a continuing operations basis, revenue from operations grew 29.8% to ₹17,014.06 crore, with continuing EBITDA up 18.5% to ₹6,320.97 crore.
For the first half of FY27 (H1 FY27), PAT nearly doubled to ₹11,885.92 crore from ₹6,211.59 crore in the corresponding period last year, while reported revenue rose 36% to ₹39,272.90 crore.
What the CEO Said
CEO S B Khyalia said, 'Adani Power continues to grow from strength to strength, achieving newer milestones in profitability and project execution. The primacy of domestic coal-based power in meeting India's long-term power needs has become clearer every day.' The remarks underline the company's continued bet on thermal generation at a time when renewable energy is also scaling rapidly across the country.
India's Power Demand Backdrop
The results come against a backdrop of robust national power consumption. India's power demand grew 11.5% to 502 BU in Q2 FY27, with coal and lignite-based generation accounting for 66% of supply. Peak demand reached 270 GW, up 18% year-on-year — a signal of accelerating industrial activity and heat-driven residential consumption. Notably, this sustained demand trajectory is a key structural driver behind Adani Power's earnings outperformance.
Operational Highlights
The company sold 26.4 billion units (BU) in Q2 FY27, up from 23.7 BU a year ago. Plant Load Factor (PLF) improved markedly to 70.1% from 62.8%, reflecting higher capacity utilisation. Operating capacity stood at 18,150 MW.
Power sales under Power Purchase Agreements (PPAs) grew 29.7% to 23.4 BU, with tariff realisation improving 12.7% to ₹6.4/kWh. Merchant and short-term realisation improved 33.1% to ₹7.2/kWh, though volumes were 43% lower due to incremental tie-ups of open capacity in medium-term contracts. As India's power deficit pressures persist in peak seasons, the company's expanding contracted capacity base positions it well for sustained earnings visibility in the near term.
Point of View
But the deeper signal is structural: India's coal-based capacity is running harder than ever — 70% PLF is high for a fleet of this size — because renewable intermittency still hasn't been solved at scale. The real question is whether this earnings strength persists as the Centre pushes for more renewable procurement under long-term PPAs. If coal-based tariffs face regulatory pressure while fuel costs stay variable, today's margin profile may not be replicable. Investors should also note that merchant volumes fell 43%, absorbed into medium-term contracts — a deliberate de-risking that trades upside for earnings predictability.
NationPress
23 Oct 2026
Frequently Asked Questions
What was Adani Power's profit in Q2 FY27?
Adani Power reported a consolidated profit after tax (PAT) of ₹7,019.32 crore in Q2 FY27, a 141.5% jump from ₹2,906.46 crore in Q2 FY26. This is the company's strongest quarterly profit growth in recent periods.
Why did Adani Power's profit nearly double in Q2 FY27?
The surge was driven by strong power demand across India — which grew 11.5% to 502 BU in Q2 FY27 — along with improved Plant Load Factor (70.1% vs 62.8%), higher tariff realisations, and growth in PPA-based sales. Revenue from operations also rose nearly 30% on a continuing basis.
What is Adani Power's current operating capacity?
Adani Power's operating capacity stood at 18,150 MW as of Q2 FY27. The company is India's largest private thermal power generator, with coal and lignite-based generation forming the core of its portfolio.
How did India's power demand perform in Q2 FY27?
India's power demand grew 11.5% to 502 BU in Q2 FY27, with coal and lignite accounting for 66% of total supply. Peak demand reached 270 GW, up 18% year-on-year, reflecting both industrial growth and heat-driven residential consumption.
What happened to Adani Power's merchant power volumes in Q2 FY27?
Merchant and short-term power volumes fell 43% year-on-year, as the company tied up open capacity under medium-term contracts. However, merchant realisation improved 33.1% to ₹7.2/kWh, partially offsetting the volume decline.
