Adani Power Q4 net profit surges 64% to ₹4,271 crore on efficiency gains
Synopsis
Adani Power's Q4 profit nearly doubled its year-ago base, riding operational gains and tax benefits rather than volume growth. With 95% of capacity now tied up under long-term contracts and a ₹23.7 GW expansion underway, the company is pivoting thermal power from merchant-tariff volatility toward contracted, predictable earnings — a structural shift that insulates it from power market swings.
Key Takeaways
Adani Power reported Q4 FY26 net profit of ₹4,271 crore , up 64 per cent YoY.
EBITDA grew 27 per cent to ₹6,498 crore ; revenue rose 10 per cent to ₹15,989 crore .
Full-year FY26 net profit: ₹12,971 crore vs. ₹12,750 crore in FY25; total revenue ₹55,583 crore .
Long-term capacity tie-ups reached 13.3 GW during the year; 95 per cent of operating capacity now contracted.
Q4 saw a 1,600 MW long-term PPA with Maharashtra DISCOM ; 23.7 GW expansion plan on track.
Adani Power Limited (APL) on 29 April reported a sharp 64 per cent year-on-year surge in consolidated net profit to ₹4,271 crore for the fourth quarter ended 31 March (Q4 FY26), driven by improved operational efficiency and lower tax outgo despite volatile power demand. The company's quarterly revenue rose 10 per cent to ₹15,989 crore, while EBITDA grew a robust 27 per cent to ₹6,498 crore, according to its stock exchange filing.
Operational performance and capacity tie-ups
Power sales volume increased modestly to 27.2 billion units (BU) in Q4 FY26 from 26.4 BU a year earlier, supported by stable offtake under long-term power purchase agreements. The company continued to strengthen long-term visibility, with expansion capacity tie-ups reaching 13.3 GW during the year. In Q4 alone, APL secured a 1,600 MW long-term PPA from Maharashtra DISCOM under the DBFOO model, taking the share of tied-up operating capacity to approximately 95 per cent.
Full-year FY26 results
For the full financial year FY26, Adani Power posted a net profit of ₹12,971 crore, slightly higher than ₹12,750 crore in FY25, while total revenue stood at ₹55,583 crore. Annual power generation reached 105 BU, with total sales volume rising 3.4 per cent to 99.15 BU. The full-year performance was impacted by lower merchant tariffs, which offset gains from operational improvements.
Thermal power's role in grid stability
Management highlighted that thermal power continues to play a crucial role in stabilising India's electricity grid amid rising renewable energy penetration. CEO S.B. Khyalia noted that despite global energy price shocks and weather-related demand fluctuations, the company remains on track with its 23.7 GW expansion plan and expects strong earnings growth in coming years. "Our abundant natural resources, including coal, will power our growth and development for a long time," Khyalia said in the filing.
Growth trajectory ahead
"As India progresses quickly to achieve its renewable energy targets, thermal power is rising to the challenge of stabilising the grid and meeting peak demand," Khyalia added. Analysts note that Adani Power's strategy of locking in long-term PPAs — now covering 95 per cent of operating capacity — reduces merchant tariff exposure and provides earnings visibility. The company's expansion into renewable-backed thermal baseload positions it to benefit from India's dual energy transition: meeting growing absolute demand while accommodating intermittent renewables.
Point of View
With the real driver being tax benefits and operational leverage. What matters is the 95% capacity lock-in under long-term PPAs — this is a strategic pivot away from merchant-tariff exposure. As India's renewable share climbs, thermal players like Adani Power are repositioning as grid-stability providers rather than commodity power sellers. That's a more durable business, but it also signals that peak merchant tariff days are behind the sector.
NationPress
1 May 2026
Frequently Asked Questions
What was Adani Power's Q4 FY26 net profit?
Adani Power reported a consolidated net profit of ₹4,271 crore for Q4 FY26 (quarter ended 31 March 2026), a 64 per cent increase year-on-year. The growth was driven by improved operational efficiency and lower tax outgo.
How much did EBITDA and revenue grow in Q4?
EBITDA grew 27 per cent to ₹6,498 crore, while quarterly revenue rose 10 per cent to ₹15,989 crore. Power sales volume increased modestly to 27.2 billion units from 26.4 billion units a year earlier.
What is Adani Power's full-year FY26 profit?
For the full financial year FY26, Adani Power posted a net profit of ₹12,971 crore, slightly higher than ₹12,750 crore in FY25. Total revenue stood at ₹55,583 crore, impacted by lower merchant tariffs.
What long-term power deals did Adani Power secure?
In Q4 alone, the company secured a 1,600 MW long-term power purchase agreement from Maharashtra DISCOM under the DBFOO model. Overall, capacity tie-ups reached 13.3 GW during the year, with 95 per cent of operating capacity now contracted under long-term agreements.
What is Adani Power's expansion plan?
Adani Power is on track with a 23.7 GW expansion plan and expects strong earnings growth in coming years. The company is positioning thermal power as a grid-stabilising asset amid India's rising renewable energy penetration.
