Adani Power Limited announced its unaudited consolidated financial results for Q2 FY26 on October 30, 2025, reporting stable operational performance despite subdued power demand caused by extended monsoons. The company recorded modest revenue growth, but profitability was impacted by higher expenses and taxes.
Total income for Q2 FY26 stood at ₹14,307.79 crore, marking a 1.74% increase from ₹14,062.84 crore in Q2 FY25. Revenue from operations rose slightly to ₹13,456.84 crore compared to ₹13,338.88 crore in the previous year. Continuing operating revenue, excluding one-time items, reached ₹13,106.34 crore, up 1.21% year-on-year despite lower merchant tariffs.
Continuing EBITDA remained resilient at ₹5,332.71 crore versus ₹5,402 crore in Q2 FY25, reflecting a marginal 1.28% dip. However, net profit declined 11.86% YoY to ₹2,906.46 crore, primarily due to increased tax expenses and higher depreciation related to newly acquired plants.
Pre-tax profit dropped to ₹3,966.20 crore from ₹4,134.08 crore, while tax outgo rose 26.68% to ₹1,059.74 crore. Depreciation increased to ₹1,193.41 crore from ₹1,058.59 crore, reflecting new asset additions. Total expenses climbed 4.2% YoY to ₹10,341.59 crore, led by higher fuel and finance costs.
Key cost components included ₹7,205.07 crore for fuel, ₹841.63 crore in finance costs, ₹186.86 crore in employee expenses, and ₹814.24 crore under other operating costs.
Read More: Adani Group Stocks Add ₹48,550 Crore on Oct 29, 2025 as Earnings Spark Fresh Momentum!
Adani Power’s installed capacity reached 18,150 MW as of September 30, 2025, up from 17,550 MW a year earlier, following the acquisition of Vidarbha Industries Power. The company reported a plant load factor of 62.8%, compared to 66.9% in Q2 FY25. Power generation volumes rose 7.4% YoY to 23.7 billion units, with merchant volumes up 12.9% to 5.7 billion units.
Adani Power redeemed ₹478.33 crore of unsecured perpetual securities during the quarter, distributing ₹239.01 crore to holders. The company also recognised one-time income of ₹668.53 crore related to coal shortfall compensation and late payment surcharge.
For H1 FY26, total income stood at ₹28,881.49 crore, down 2.22% from ₹29,536.79 crore in H1 FY25. Net profit declined 12.5% to ₹6,337.64 crore, while EBITDA dropped 4.41% to ₹12,151.07 crore. Basic and diluted EPS for Q2 FY26 was ₹1.53, compared to ₹1.66 in Q2 FY25, while H1 FY26 EPS stood at ₹3.26.
Total assets increased to ₹1,25,550.53 crore from ₹1,12,917.57 crore as of March 31, 2025. Total debt rose to ₹47,253.69 crore, with net debt at ₹36,775.72 crore, reflecting bridge financing for capital expenditure and working capital. Equity attributable to owners was ₹58,450.59 crore, supported by a paid-up share capital of ₹3,856.94 crore.
The board approved a merger of 10 wholly owned subsidiaries, including Adani Power Dahej, Kutchh Power Generation, and Vidarbha Industries Power, with Adani Power Limited, effective April 1, 2025. The company also signed new long-term PPAs totalling 4,570 MW across Bihar, Madhya Pradesh, and Karnataka.
Adani Power targets expanding its capacity to 41,870 MW by FY 2031-32, with Mahan Phase-II 73% complete, Raipur Phase-II 35%, and Raigarh Phase-II 30% as of September 2025.
On October 30, 2025, Adani Power share price opened at ₹163.70 on NSE, above the previous close of ₹162.10. During the day, it surged to ₹164.70 and dipped to ₹160.20. The stock is trading at ₹161.72 as of 2:09 PM. The stock registered a marginal change of -0.23%.
Over the past week, it has declined by 3.58%, over the past month, it has moved up by 11.80%, and over the past 3 months, it has moved up by 37.12%.
Despite muted demand and weather-related headwinds, Adani Power delivered stable Q2 FY26 performance with steady revenue and resilient operating margins. Ongoing capacity expansions, long-term PPAs, and strategic mergers position the company for sustained growth in India’s evolving power sector.
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Published on: Oct 30, 2025, 4:20 PM IST
Team Angel One
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