Adani Power announces Q1 FY26 results

Adani Power Ltd. ["APL"], a part of Adani portfolio of companies, today announced the financial results for the first quarter ended 30th June 2025.

Commenting on the results, Mr. S B Khyalia, CEO, Adani Power Limited, said, "Adani Power’s stable financial performance this quarter is a testament to its resilience and core strengths, even in the face of variability in power demand and unpredictable weather. We continue to bolster our capacity through swift project execution and strategic acquisitions, ensuring we are well-prepared for future growth on our path to 30 Giga Watts (GW) by 2030. By securing critical equipment like Ultra-supercritical boilers, turbines, and generators ahead of schedule, we’re reinforcing our competitive edge and supporting India’s growing energy needs. Our commitment to sustainability and operational excellence remains unwavering, as we strive to deliver reliable, affordable power that drives the nation’s progress."

Parameter

Q1 FY26

Q4 FY25

Q1 FY25

FY25

Installed Capacity (MW)

17,550

17,550

15,250

17,550

Plant Load Factor (PLF)

67.0%

74.2%

78.0%

70.5%

Units Sold (BU)

24.6

26.3

24.2

95.9

MW: Mega Watts; BU: Billion Units

Consolidated Operating capacity grew from 15,250 MW in Q1 FY25 to 17,550 MW in Q1 FY26 on account of acquisition of the 1,200 MW Moxie Power Generation Ltd. ["MPGL"], 600 MW Korba Power Limited ["KPL"], and 500 MW Adani Dahanu Thermal Power Station ["ADTPS"]. It has further grown to 18,150 MW in July 2025 upon completion of the acquisition of the 600 MW Vidarbha Industries Power Ltd.

Power demand was affected by an early monsoon in Q1 FY26, in comparison to the demand surge witnessed in Q1 FY25 due to a heat wave phenomenon. As a result, all-India energy demand came down by (-) 1.6% to 445.2 BU in Q1 FY26 as compared to 452.4 BU in Q1 FY25.

Peak demand for Q1 FY26 was also lower by (-) 2.8% at 243 GW as compared to 250 GW in Q1 FY25, affecting merchant demand and tariffs.

As a result of the variability in demand, and weather conditions, average market clearing price on the Indian Energy Exchange declined by 16% year-on-year to Rs. 4.41/kWh in Q1 FY26 as compared to the tariffs in Q1 FY25. The Day Ahead Market volumes also declined by 7% to 12,399 MU in this period.

Despite the slowdown in energy demand, APL was able to register a growth of 1.6% in power sales due to greater operating capacity and higher offtake in some of the plants.

Merchant sales for Q1 FY26 were 7.7% higher at 5.7 BU, as compared to 5.3 BU in Q1 FY25.

The Godda power plant has started receiving regular payments from the Bangladesh Power Development Board after the release of USD 437 million in June ’25 and USD 75 million in July ‘25.

Adani Power (Jharkhand) Limited ["APJL"] has been amalgamated with APL, its holding company, effective from 1st April 2024 following the approval of the Scheme of Amalgamation by the Hon’ble National Company Law Tribunal, Ahmedabad bench ["NCLT"]. As a result of this amalgamation, the 1,600 MW power generation capacity of the Godda plant will form part of the standalone entity of APL.

Credit rating of the Godda power plant effectively upgraded to AA/Stable from BBB/Stable post-amalgamation, which will lead to a reduction in its finance cost.

Vidarbha Industries Power Ltd. ["VIPL"], a company undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code has been acquired by APL on 7th July 2025 following the receipt of approval from Hon’ble NCLT, Mumbai bench. VIPL operates a 2x300 MW (600 MW) thermal power plant at Butibori in Nagpur District of Maharashtra. The acquisition enhances APL’s operating capacity to 18,150 MW and strengthens its position in the key industrialised state of Maharashtra.

APL has signed a PPA with the UP Power Corporation Ltd. for supply of 1,500 MW (net) electricity for a period of 25 years from a new 2x800 MW (1,600 MW) Ultra-supercritical power project to be set up in Uttar Pradesh. With this, APL now has incremental PPA tie-ups for 4,520 MW capacity, which will be supplied from its upcoming 12,520 MW expansion projects.

Financial performance

Particulars

(Rs. in Crore)

Q1 FY26

Q1 FY25

Change +/-

Q4 FY25

Change +/-

FY25

Continuing Revenue from Operations(1)

13,702.94

14,716.89

(6.89%)

14,145.31

(3.13%)

54,502.81

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