Adani Power earnings rose sharply in the July–September 2026 quarter, supported by stronger electricity sales, higher tariffs and one-time revenue relating to earlier periods. The company announced on October 23 that consolidated profit after tax reached Rs 7,019.32 crore in Q2 FY27, up 141.5% from Rs 2,906.46 crore a year earlier.
Key Takeaways
- Prior-period revenue recognition rose to Rs 2,422.25 crore, materially boosting reported results.
- Continuing EBITDA increased 18.5%, despite higher fuel costs.
- The first Korba Phase-II unit reached grid synchronization, with commissioning still pending.
Table of Contents
- Adani Power earnings reflect both operating growth and adjustments
- Higher sales and tariffs offset rising fuel costs
- Korba commissioning leads the capacity-expansion schedule
- Conclusion
Adani Power earnings reflect both operating growth and adjustments
Adani Power’s Q2 FY27 results announcement distinguishes reported earnings from continuing performance, which excludes prior-period income and expenses. Continuing EBITDA—earnings before interest, taxes, depreciation and amortization—rose to Rs 6,320.97 crore from Rs 5,332.71 crore a year earlier.
One-time prior-period revenue recognition increased to Rs 2,422.25 crore from Rs 668.53 crore. The company said this primarily reflected revisions to historic energy charges under certain power purchase agreements. That income relates to earlier periods rather than electricity supplied during the latest quarter.
The distinction matters because the increase in reported profit was substantially larger than the improvement in continuing operating earnings. A tax credit of Rs 230.60 crore, compared with a tax charge of Rs 1,059.74 crore a year earlier, also supported the net-profit comparison.
| Item | Details |
|---|---|
| Total reported revenue | Rs 19,950.60 crore in Q2 FY27 versus Rs 14,307.79 crore in Q2 FY26; up 39.4%. |
| Reported EBITDA | Rs 8,743.22 crore versus Rs 6,001.24 crore; up 45.7%. |
| Continuing profit before tax | Rs 4,369.51 crore versus Rs 3,297.68 crore; up 32.5%. |
| First-half profit after tax | Rs 11,885.92 crore in H1 FY27 versus Rs 6,211.59 crore in H1 FY26; up 91.4%. |
Higher sales and tariffs offset rising fuel costs
Consolidated electricity sales increased 11.5% to 26.4 billion units. Plant load factor, a measure of generating-capacity utilization, rose to 70.1% from 62.8%.
Continuing operating revenue grew 29.8% to Rs 17,014.06 crore. Adani Power attributed the increase to higher volumes, stronger tariffs under power purchase agreements and improved merchant-market realizations.
Fuel costs nevertheless climbed 41.8% to Rs 10,229.38 crore, reflecting higher volumes and a 50% increase in the landed cost of imported coal. Continuing EBITDA therefore grew more slowly than continuing operating revenue.
Lower financing costs provided some relief. Quarterly finance costs fell 9.7% to Rs 760.23 crore, which the company attributed to strong operating cash generation and controlled use of operational debt.
Korba commissioning leads the capacity-expansion schedule
Adani Power is advancing a programme to add 23,720 MW of thermal generating capacity. Its first 660 MW unit at Korba Phase-II has been synchronized with the grid, but synchronization does not mean commissioning is complete. The company expects commissioning shortly, with the second unit scheduled for Q4 FY27.
The 1,600 MW Mahan Phase-II project is expected to be fully commissioned in early FY28. The 1,600 MW Raipur Phase-II and 1,600 MW Raigarh Phase-II projects have each passed 65% progress and are scheduled for commissioning in FY29.
The expansion is accompanied by higher borrowing. Total debt stood at Rs 61,860.37 crore on September 30, 2026, compared with Rs 53,555.54 crore on March 31. Net debt increased more modestly, to Rs 45,845.92 crore from Rs 45,022.02 crore.
Conclusion
Adani Power’s quarter combined stronger underlying operations with a substantial contribution from prior-period revenue. The next stated project milestone is commissioning the first 660 MW Korba Phase-II unit, followed by the second unit in Q4 FY27.
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