What were Adani Power's Q4 FY26 financial results?

Adani Power reported Q4 FY26 net profit (PAT) of ₹4,271 crore, up 64% year-on-year from ₹2,599 crore in Q4 FY25. Total income was ₹15,989 crore, up 10%. Power sale volume rose to 27.2 BU from 26.4 BU. For the full year FY26, PAT stood at ₹12,971 crore and total annual power generation reached 105 BU.

Why did Adani Power's profit jump 64% in Q4 FY26?

The sharp rise in PAT was driven primarily by significantly lower tax expenses — tax charge fell from ₹662 crore in Q4 FY25 to ₹113 crore in Q4 FY26. Revenue also grew 10% year-on-year, supported by volume growth and favourable forex movement. It is worth noting that reported EBITDA included ₹930 crore of prior period income recognition; on a continuing basis, EBITDA grew a more modest 9%.

What is Adani Power's expansion pipeline?

As of Q4 FY26, Adani Power's expansion capacity tie-ups have reached 13.3 GW, with 10.4 GW signed during FY26 alone. The company is targeting a total thermal power capacity of 23.7 GW by 2032. Key projects under construction include the 1,600 MW Mahan Phase-II USCTPP (86% complete), Raipur Phase-II (54% complete), and Raigarh Phase-II (47% complete). The newly awarded 1,600 MW Maharashtra DISCOM PPA under DBFOO model is also part of this pipeline.

Why did Adani Power's stock fall despite strong results?

Stock reactions to earnings are not always straightforward. The share had already risen nearly 98.5% over the past year before results day, meaning much of the good news was likely priced in. A 64% PAT jump sounds strong on the headline, but part of it was driven by a one-time reduction in tax expenses rather than underlying EBITDA growth — the continuing EBITDA only rose 9%. Profit-booking after a major run-up is a common market response in such situations.

Adani Power Q4 FY26 Results: PAT Surges 64%, Revenue Up 10%

Adani Power Q4 FY26 Results

Revati Krishna

Published: 29 Apr 2026, 05:16 PM IST (5 days ago)

Last Updated: 29 Apr 2026, 05:17 PM IST (5 days ago)

4 min read

Quick Answer

Adani Power reported Q4 FY26 net profit of ₹4,271 crore, up 64% year-on-year, driven primarily by lower tax expenses. Revenue grew 10% to ₹15,989 crore, and power sale volumes rose to 27.2 BU. For the full year FY26, PAT stood at ₹12,971 crore and annual generation reached 105 BU. The company's expansion capacity tie-ups reached 13.3 GW, with 95% of operating capacity now locked under long-term PPAs.

Adani Power Ltd reported a strong Q4 FY26 financial performance, with net profit rising sharply, even as the stock declined nearly 2.5% on Wednesday after the announcement. The company posted a consolidated profit after tax of ₹4,271 crore for Q4 FY26, up 64% year-on-year from ₹2,599 crore, aided primarily by lower tax expenses. The stock ended at ₹217.80, down 2.48% for the day.

Adani Power Q4 FY26 Key Highlights

For the quarter ended March 31, 2026, Adani Power reported total income of ₹15,989 crore, compared with ₹14,535 crore in Q4 FY25, marking growth of around 10%.

Reported EBITDA for the quarter stood at ₹6,498 crore, rising 27% year-on-year. However, this figure includes ₹930 crore of prior-period income recognised in Q4 FY26, compared with just ₹13 crore in Q4 FY25. Excluding these one-time items, continuing EBITDA was ₹5,573 crore, up 9% year-on-year, a more accurate reflection of core operational performance in a quarter where merchant prices remained under pressure.

The company's consolidated power sale volume rose to 27.2 billion units (BU), compared with 26.4 BU in the same quarter last year. Growth in volumes came despite weaker merchant demand, supported by the addition of new long-term and medium-term PPAs and the contribution of the Butibori plant.

Metric	Q4 FY26	Q4 FY25	Change
Total Income (Reported)	₹15,989 crore	₹14,535 crore	+10%
Profit After Tax	₹4,271 crore	₹2,599 crore	+64%
Reported EBITDA*	₹6,498 crore	₹5,111 crore	+27%
Continuing EBITDA**	₹5,573 crore	₹5,098 crore	+9%
Power Sale Volume	27.2 BU	26.4 BU	+3%

*Reported EBITDA includes prior-period income recognition of ₹930 crore in Q4 FY26 vs. ₹13 crore in Q4 FY25. **Continuing EBITDA excludes prior period items and reflects core operational performance. Source: Adani Power official filing, NSE, April 29, 2026.

FY26 Annual Performance Remained Resilient

For the full financial year FY26, Adani Power achieved annual power generation of 105 BU, highlighting its scale and operating strength.

Consolidated power sale volume grew 3.4% to 99.15 BU, up from 95.88 BU in FY25. The increase was driven by improving demand conditions and higher effective operating capacity.

The company reported consolidated profit after tax of ₹12,971 crore for FY26, compared with ₹12,750 crore in FY25. While revenue moderated due to lower merchant tariffs, profitability remained steady.

Continuing total revenue stood at ₹55,583 crore versus ₹56,473 crore in FY25. Continuing EBITDA came in at ₹21,285 crore compared with ₹21,575 crore a year earlier.

Demand Recovery and Lower Market Prices

India's electricity demand showed signs of revival in the March quarter. All-India power demand rose 1.6% to 422 BU in Q4 FY26, compared with 415 BU in Q4 FY25, helped by the onset of summer.

For the full year, demand increased 0.8% to 1,709 BU from 1,695 BU in FY25.

However, average market-clearing prices in the IEX Day Ahead Market declined 12.4% to ₹3.88 per kWh during Q4 FY26. For the full year, prices fell 13.7% to ₹3.86 per kWh. This suggests demand improved, but pricing remained softer due to weather-led variability and rising renewable energy penetration.

Expansion Pipeline Strengthens Future Visibility

A major highlight of the quarter was the award of a new 1,600 MW long-term Power Purchase Agreement (PPA) from Maharashtra DISCOM under the DBFOO model.

With this, Adani Power's expansion capacity tie-ups reached 13.3 GW, including 10.4 GW signed during FY26. Importantly, 95% of the company's operating capacity is now tied up under PPAs.

This is significant because contracted capacity generally offers more predictable cash flows than merchant sales, where prices fluctuate based on demand and supply.

Market Reaction

Despite the strong earnings report, the stock ended lower after the announcement. This may reflect profit-booking, valuation concerns, or broader market sentiment rather than the quarterly numbers alone. Separately, Adani Power shares have risen 41.50% over the past one month and 98.49% over the last one year, as of April 29, 2026, indicating significant price movement during these periods.

Overall, Adani Power's Q4 FY26 results highlight strong profit growth, steady operating performance, rising generation volumes, and an expanding contracted pipeline, keeping the company in focus within India's power sector.