Adani Power Limited (ADANIPOWER)
₹195.85 -0.33% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)Adani Power Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Adani Power's revenue was ₹18,902 Cr (+34.0% year on year, +32.9% on the previous quarter), and net profit ₹4,867 Cr (+47.2% year on year); the operating margin was 42.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹18,902 | +34.0% | +32.9% |
| Operating profit | ₹7,949 | +39.8% | +68.0% |
| Net profit | ₹4,867 | +47.2% | +13.9% |
| EPS (₹) | 2.49 | +44.4% | +19.7% |
| Operating margin | 42.1% | — | — |
EPS restated for the ₹10 to ₹2 split of Sep 2025: Q1 FY26 ₹8.62 to ₹1.72.
ADANIPOWER delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 36.88% of the ADANIPOWER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.97%. That is close to its usual level. In ADANIPOWER futures, open interest changed -0.03% with the price little changed.
Delivery in the last 5 sessions: 33.7% · 38.1% · 30.4% · 36.0% · 36.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Adani Power has received a Letter of Award (LoA) from Uttarakhand Power Corporation Limited (UPCL) for 1,234 MW ex-bus net thermal power supply (1,320 MW installed capacity). The power will be supplied under a long-term Power Supply Agreement (PSA) for a period of 25 years. The award strengthens Adani Power's contracted capacity profile, where approximately 90% is already tied up under long/medium-term PPAs. Final execution remains subject to tariff adoption approval by the Uttarakhand Electricity Regulatory Commission (UERC) under Section 63 of the Electricity Act, 2003.
- Awarded contract for 1,234 MW ex-bus net supply (1,320 MW installed capacity)
- PPA duration is established for a long-term period of 25 years
- Subject to regulatory approval from UERC for tariff adoption under Section 63
- Received Letter of Award at 05:09 PM on October 13, 2026
Adani Power Limited (APL) has signed a Shareholders Agreement (SHA) with Bhutan's state-owned Druk Green Power Corp. Ltd. (DGPC) to develop the 770 MW Chamkharchhu-I Hydroelectric Project. APL and DGPC will incorporate a joint venture with a 49:51 equity structure, initially issuing 4.9 million shares to APL at BTN 100 per share. The project follows a Build, Own, Operate and Transfer (BOOT) model with a 30-year concession from COD. Construction is slated to begin in H1 2027, with commissioning targeted within six years of ground-breaking.
- 770 MW Chamkharchhu-I Hydroelectric Project to be developed under a 49:51 JV between APL and DGPC
- Initially issuing 4.9 million shares to APL and 5.1 million shares to DGPC at BTN 100 per share
- Concession period of 30 years from Commercial Operation Date (COD) under the BOOT model
- Construction targeted to commence in H1 2027, with commissioning within 6 years of ground-breaking
- Forms part of a broader 5,000 MW strategic hydropower partnership between Adani Group and DGPC
Adani Power Limited has received a Settlement Order dated September 28, 2026, from SEBI resolving proceedings concerning alleged violations of minimum public shareholding and listing regulations. The settlement covers the company, directors Mr. Gautam S. Adani and Mr. Rajesh S. Adani, and former director Mr. Vneet Jaain without admission or denial of findings. The total settlement amount paid is ₹37,05,000, which carries negligible financial impact against Adani Power's TTM revenue of ₹59,033 crore. This concludes regulatory scrutiny regarding historical shareholding disclosure rules under the SEBI Settlement Regulations, 2018.
- SEBI approved settlement terms under SEBI (Settlement Proceedings) Regulations, 2018, received on September 28, 2026
- Settlement amount fixed at ₹37,05,000 across the Company and three individual directors
- Proceedings pertained to alleged non-compliance with Rule 19A of SCRR, Regulations 31 & 38 of SEBI LODR, and Listing Agreements
- Order passed without admission or denial of the findings of fact or conclusions of law
Adani Power Limited has scheduled its Board of Directors meeting for Friday, October 23, 2026, to consider and approve the Unaudited Financial Results for the quarter and half-year ended September 30, 2026. Pursuant to SEBI insider trading regulations, the trading window for dealing in company securities will close on October 01, 2026, and reopen on October 26, 2026. The company will also host an investor and analyst call on October 26, 2026, to discuss earnings and business outlook.
- Board meeting scheduled on October 23, 2026, to approve Q2 and H1 FY27 results
- Trading window closes on October 01, 2026, and reopens on October 26, 2026
- Investor/analyst call scheduled for October 26, 2026, to review earnings and business outlook
Adani Power Limited has scheduled its Board of Directors meeting for Friday, October 23, 2026, to consider and approve the Unaudited Financial Results for the quarter and half-year ended September 30, 2026. Pursuant to SEBI insider trading regulations, the trading window for dealing in company securities will close on October 01, 2026, and reopen on October 26, 2026. The company will also host an investor and analyst call on October 26, 2026, to discuss earnings and business outlook.
- Board meeting scheduled on October 23, 2026, to approve Q2 and H1 FY27 results
- Trading window closes on October 01, 2026, and reopens on October 26, 2026
- Investor/analyst call scheduled for October 26, 2026, to review earnings and business outlook
Adani Power Limited (APL) announced that its Scheme of Amalgamation to merge 10 wholly owned subsidiaries into itself has become effective on September 25, 2026. This follows final NCLT approvals from the Ahmedabad bench on August 4, 2026, and the Mumbai bench on September 24, 2026. The appointed date of the scheme is retrospective to April 1, 2025. All 10 subsidiaries, which include entities such as Vidarbha Industries Power Limited and Korba Power Limited, stand dissolved without being wound up.
- Scheme involves amalgamation of 10 wholly owned and step-down subsidiaries into APL
- Scheme became effective on September 25, 2026, with an Appointed Date of April 1, 2025
- Sanctioned by NCLT Ahmedabad on August 4, 2026, and NCLT Mumbai on September 24, 2026
- All 10 transferor entities stand dissolved without being wound up
Adani Power Limited has received approval from the NCLT Mumbai Bench for the Scheme of Amalgamation of its wholly owned subsidiary Vidarbha Industries Power Limited (VIPL). Earlier, on August 4, 2026, NCLT Ahmedabad approved the merger of nine other wholly owned subsidiaries into the parent company. With this order, all regulatory approvals for the 10-subsidiary amalgamation scheme (Appointed Date: April 1, 2025) are now secured. VIPL operates a 600 MW thermal power plant (2 units of 300 MW each) in Butibori, Nagpur.
- NCLT Mumbai Bench sanctioned the amalgamation of Vidarbha Industries Power Limited (VIPL) on September 24, 2026.
- NCLT Ahmedabad Bench previously sanctioned the merger of 9 other wholly owned subsidiaries on August 4, 2026.
- VIPL houses a 600 MW commissioned thermal power plant (2 x 300 MW units) located in Butibori, Nagpur.
- Appointed date of the scheme is April 1, 2025; scheme becomes effective upon filing certified orders with ROC within 30 days.
Adani Power Limited has issued a clarification to the stock exchanges refuting a media article dated September 18, 2026, which claimed the company was eyeing a 51% stake in JP Power by the end of 2026. The company stated that the article is entirely false and no such action has been undertaken. With a market capitalization of Rs 4,06,271 Cr and existing expansion targets to reach 42 GW capacity by 2032, this announcement dismisses short-term inorganic acquisition rumors regarding JP Power.
- Refuted media article dated 18th September 2026 regarding JP Power acquisition
- Clarified claims of eyeing a 51% stake in JP Power are entirely false
- Confirmed Adani Power Limited has not undertaken any such action
Adani Power Limited has scheduled multiple investor and analyst interactions between September 17 and September 29, 2026. The engagements include in-person conferences hosted by Jefferies in Gurgaon on September 17 and Bank of America in Hong Kong on September 21-22, 2026. Further meetings include an in-person group session in Ahmedabad on September 24 and the virtual Arihant Capital Bharat Connect on September 29, 2026. No unpublished price sensitive information or material corporate actions were announced in this routine intimation.
- Jefferies 5th India Forum meeting scheduled in-person on 17th September 2026 in Gurgaon
- Bank of America 2026 Asia Pacific Conference scheduled in-person on 21st and 22nd September 2026 in Hong Kong
- In-person investor group meeting scheduled on 24th September 2026 in Ahmedabad
- Arihant Capital Bharat Connect 2026 scheduled virtually on 29th September 2026
Adani Power Limited (APL) has assigned its Letter of Award (LOA) for supplying 2,500 MW Renewable Energy Round-The-Clock (RE RTC) power to Powerpulse Trading Solutions Limited (PTSL), a wholly owned subsidiary of Adani Energy Solutions Limited. The LOA was originally awarded by MSEDCL on April 2, 2026, for a 25-year tenure requiring aggregated power supply with minimum renewable proportions. APL stated the assignment was executed after requisite approvals to realign focus toward baseload thermal, nuclear, and international hydro generation capacity expansions. Any financial consideration or transfer fee details were not disclosed in the filing.
- Assigned 2,500 MW RE RTC power supply contract originally awarded by MSEDCL
- Contract tenure spans 25 years from the Scheduled Commencement Date of Supply
- Transferred rights and obligations to Powerpulse Trading Solutions Limited (subsidiary of Adani Energy Solutions)
- Original LOA was received on April 2, 2026
- Company is refocusing capital on expanding towards 42 GW baseload capacity by 2032
Adani Power submitted its updated September 2026 USD investor presentation outlining operational status and long-term targets. The company currently has an operational capacity of 18,330 MW across 14 assets with 95% tied up under long-term/medium-term PPAs. Its locked-in pipeline includes 23,720 MW to expand total capacity to 42,050 MW (~42.1 GW) by FY32, supported by 16+ GW in ongoing thermal PPA bids. The update reiterates existing strategic roadmaps rather than announcing immediate material transactions.
- Current operating capacity stands at 18,330 MW across 14 assets with 95% PPA tie-ups
- Locked-in expansion capacity of 23,720 MW aimed at achieving 42,050 MW target capacity by FY32
- Participation in ongoing thermal PPA bids of 16+ GW across India
- Projects India's peak power demand to grow from 245 GW in FY26 to 388 GW by FY32
Adani Power Limited has submitted its updated Investor Presentation for September 2026. The presentation outlines the company's current operating portfolio of 18,330 MW across 14 assets and a locked-in pipeline of 23,720 MW across 13 projects. The company reiterates its long-term target to reach 42,050 MW capacity by FY32 with an estimated investment plan of over $20 billion. Additionally, the company highlighted 16+ GW of ongoing thermal PPA bids in the pipeline, with 95% of current capacity locked under long/medium-term PPAs.
- Current operating capacity stands at 18,330 MW across 14 assets
- Locked-in expansion capacity of 23,720 MW across 13 projects underway
- Long-term target capacity set at 42,050 MW by FY32 backed by a $20 Bn+ investment roadmap
- Over 16 GW in ongoing thermal PPA bids being pursued across the country
- 95% of capacity secured via PPAs with only 5% merchant exposure
Adani Power Limited (APL) has been declared the Successful Resolution Applicant by the Committee of Creditors of GVK Energy Limited (GVKEL) under the IBC process. APL received the Letter of Intent (LOI) on September 7, 2026, to acquire GVKEL, which owns and operates a 330 MW hydroelectric power plant in Uttarakhand via its subsidiary Alaknanda Hydro Power Company Limited. The acquisition marks a diversification into operational hydro capacity alongside APL's existing 18 GW thermal-heavy asset base. The transaction remains subject to formal approval from NCLT Hyderabad and relevant regulatory authorities, with acquisition cost not disclosed in the filing.
- Declared successful resolution applicant for GVK Energy Limited undergoing CIRP under IBC 2016
- Received Letter of Intent (LOI) from the Resolution Professional on September 7, 2026
- Acquisition includes a 330 MW operational hydroelectric power plant in Uttarakhand via Alaknanda Hydro Power Company Limited
- Transaction is pending formal approval from the National Company Law Tribunal (NCLT), Hyderabad
Adani Power Limited announced an improvement in its ESG score to 66 (from 65 in FY26) by NSE Sustainability, continuing in the 'Aspiring' category. The company highlighted leading rankings within the Indian thermal power sector across various independent rating agencies. Other recent ESG appraisals include a 71/100 score in S&P Global CSA, 4.3/5.0 by FTSE Russell, and 80/100 by CareEdge ESG Rating. The announcement is informational and carries no direct financial or operational impact.
- ESG score assessed by NSE Sustainability improved to 66 from 65 in FY26, maintaining 'Aspiring' category status
- S&P Global Corporate Sustainability Assessment score stood at 71/100, and FTSE Russell ESG rating reached 4.3/5.0
- CareEdge ESG Rating scored the company at 80/100 ('Leadership' position), 35% above the industry median
- Company reported total thermal capacity of 18,290 MW across 13 plants alongside 40 MW solar capacity
India Ratings and Research (Ind-Ra) has upgraded Adani Power Limited's long-term rating to 'IND AA+' from 'IND AA' with a Stable outlook, while affirming its short-term debt rating at 'IND A1+'. The rating actions cover ₹90,500 crore in total facilities, comprising ₹22,500 crore in NCDs (₹11,000 crore upgraded, ₹11,500 crore newly assigned) and ₹68,000 crore in bank loan facilities (₹58,000 crore upgraded, ₹10,000 crore newly assigned). Ind-Ra highlighted APL's strong contracted operating portfolio, fuel security, robust operating cash flows, and earnings visibility from its pipeline.
- Long-term rating for ₹11,000 crore NCDs upgraded to 'IND AA+/Stable' from 'IND AA'.
- Assigned 'IND AA+/Stable' rating to additional NCDs worth ₹11,500 crore.
- Bank loan facilities worth ₹58,000 crore upgraded to 'IND AA+/Stable' (short-term affirmed at 'IND A1+').
- Assigned 'IND AA+/Stable/IND A1+' ratings to additional bank loan facilities of ₹10,000 crore.
Financial Performance
Revenue Growth by Segment
Consolidated Continuing Total Revenues grew 11% YoY to INR 56,473 Cr in FY 2024-25. Q2 FY26 continuing revenue was INR 13,639 Cr, slightly higher than INR 13,465 Cr in Q2 FY25. Total Income decreased 2.3% to INR 58,906 Cr due to lower prior-period revenue recognition.
Geographic Revenue Split
Not specifically disclosed by percentage, but the company operates a pan-India portfolio with 15% share of coal-based installations in host states and significant presence in major power-consuming regions.
Profitability Margins
EBITDA Margin was 41% in FY 2024-25 (down from 47% in FY 2023-24). PAT Margin was 22% in FY 2024-25 (down from 35% in FY 2023-24). Return on Equity (ROE) was 22% in FY 2024-25 vs 48% in FY 2023-24.
EBITDA Margin
Consolidated Continuing EBITDA for FY 2024-25 was INR 21,575 Cr, up 15% from INR 18,789 Cr in FY 2023-24. The margin remains the highest in the thermal sector at 38-41%.
Capital Expenditure
Adani Portfolio has a cumulative capex of INR 451,000 Cr for FY20-FY25. APL plans to fund the majority of its expansion to 42 GW by 2032 through internal accruals.
Credit Rating & Borrowing
AA rated by four leading domestic rating agencies. Ratio of net external debt to operating EBITDA improved to 1.4x as of March 2025 from 3.3x in March 2023. Senior Debt Interest Coverage Ratio was 6.65x in FY 2024-25.
Operational Drivers
Raw Materials
Thermal Coal (Domestic and Imported). Fuel Supply Agreements (FSAs) account for 57% of coal-based generation capacity (81% of domestic fuel).
Import Sources
Domestic sources (India) via FSAs and overseas coal mining (Adani Group presence in international markets).
Key Suppliers
Coal India (via FSAs), Adani Group (Overseas mines), and Adani Logistics for end-to-end logistics management.
Capacity Expansion
Current installed capacity is 18 GW (over 17 GW operational). Planned expansion to 30.67 GW in the medium term and 42 GW by 2032. 100% of BTG sets for 23,720 MW brownfield/greenfield projects have been ordered.
Raw Material Costs
Fuel prices decreased in FY 2024-25, which led to lower change-in-law revenue recovery but supported higher continuing EBITDA. Inventory to fuel cost ratio improved to 29 days from 44 days.
Manufacturing Efficiency
Consistent 90%+ plant availability maintained over many years; 62% of the fleet utilizes supercritical technology for higher efficiency.
Logistics & Distribution
Logistics assurance is provided through Adani Logistics, leveraging decades of in-house coal sourcing and end-to-end management experience.
Strategic Growth
Expected Growth Rate
133%
Growth Strategy
Capacity expansion from 18 GW to 42 GW by 2032 using a brownfield-heavy model (60% of upcoming capacity). Strategy includes 100% land availability, pre-bid tie-ups for equipment, and funding through internal accruals and debt capital markets.
Products & Services
Thermal Power (Electricity) sold under long-term and medium-term PPAs and in the merchant market.
Brand Portfolio
Adani Power.
New Products/Services
Recent 1 GW of PPA awards and upcoming commissioning of new capacities from the next financial year onwards.
Market Expansion
Targeting a 42 GW capacity by 2032 to increase market share in the thermal power sector and enhance India's energy security.
Market Share & Ranking
India's largest private thermal power producer with over 17 GW installed capacity.
Strategic Alliances
JV with EdgeConnex (AdaniConneX) for data centers; strategic partnership with PTSL (Adani Power Trading) for merchant power sales.
External Factors
Industry Trends
India is the fastest-growing large economy; thermal power remains critical for base load energy security despite the shift toward renewables.
Competitive Landscape
Key competitors include other private IPPs and state-owned utilities; APL maintains a competitive edge through its modern supercritical fleet (62%).
Competitive Moat
Durable advantages include scale (largest private producer), integrated logistics (Adani Logistics), and 80%+ revenue visibility through long-term PPAs. Moat is sustainable due to brownfield cost advantages.
Macro Economic Sensitivity
Highly sensitive to India's GDP growth (6.7% CAGR) and industrial power demand. Subdued demand in Q2 FY26 due to weather conditions impacted revenue growth.
Consumer Behavior
Rising energy demand across India driven by industrialization and indigenous digital stack development.
Geopolitical Risks
Ambition to establish a presence in the international energy market; reliance on overseas coal sourcing exposes the company to global fuel price volatility.
Regulatory & Governance
Industry Regulations
CERC regulations govern trading margins for PTSL; SEBI RPT standards (effective Sept 2025) require Audit Committee and shareholder approval for transactions like the INR 4,500 Cr PTSL agreement.
Environmental Compliance
ESG ratings and inclusion in the FTSE4Good Index Series; commitment to minimizing greenhouse gas emissions.
Legal Contingencies
Resolution of all major regulatory matters and realization of outstanding dues from DISCOMs contributed INR 2,433 Cr to revenue in FY 2024-25.
Risk Analysis
Key Uncertainties
Reputational risks due to governance scrutiny could hinder fundraising; merchant power demand and tariff volatility (16% untied capacity) impact margin stability.
Geographic Concentration Risk
Pan-India presence, but 15% share of coal-based installations is concentrated in host states.
Third Party Dependencies
Significant dependency on Coal India for 57% of coal requirements via FSAs.
Technology Obsolescence Risk
Mitigated by a modern fleet where 62% of capacity uses supercritical technology; focus on digital procurement and plant monitoring.
Credit & Counterparty Risk
Exposure to weak to moderate credit profiles of state DISCOMs; debtor turnover increased to 80 days in FY 2024-25.
