Adani Power Ltd, part of the Adani Group, announced its financial results for the second quarter of FY2025–26 on October 30, 2025, showcasing a stable operating performance despite a moderation in profitability.
For the quarter ending 30 September 2025, the company recorded a consolidated net profit of ₹2,953 crore, reflecting an 11% year-on-year (YoY) decline from ₹3,332 crore in the same period last year. The dip in profit was primarily attributed to lower pre-tax profit and a higher tax charge during the quarter.
However, revenue from operations rose marginally by 0.9% to ₹13,457 crore, compared to ₹13,339 crore in Q2 FY25. On a sequential basis, revenue saw a 4.6% dip from ₹14,109 crore reported in Q1 FY26, while profit fell 13% from ₹3,384 crore in the previous quarter.
Stable EBITDA and Operational Efficiency
Adani Power reported a consolidated EBITDA of ₹6,001 crore for Q2 FY26, broadly in line with ₹6,000 crore reported a year ago. The company maintained its robust operating performance despite scheduled overhauls at select plants and expenses associated with recently acquired facilities.
For the first half of FY26, continuing operating revenues stood at ₹26,809 crore, slightly lower than ₹27,666 crore in H1 FY25. Continuing EBITDA for the same period was ₹11,076 crore, compared to ₹11,692 crore in the corresponding half of the previous financial year.
The steady performance underscores Adani Power’s resilience amid weather-driven fluctuations in electricity demand and lower merchant tariff realisation due to softer international coal prices.
Strategic Growth and Capacity Expansion
Commenting on the results, S. B. Khyalia, CEO of Adani Power Limited, stated that the company demonstrated strong and stable financial performance despite external challenges. He highlighted that Adani Power has secured an additional 4.5 GW of long-term Power Purchase Agreements (PPAs) under the Government of India’s SHAKTI scheme, strengthening its long-term business visibility.
The company also entered into a Power Supply Agreement (PSA) with Bihar State Power Generation Company Limited (BSPGCL) for 2,400 MW of capacity to be supplied from a new Ultra-Supercritical Thermal Power Project (USCTPP) in Pirpainti, Bhagalpur district, Bihar.
Adani Power’s expansion roadmap remains ambitious, with a goal of achieving 42 GW of generation capacity by 2031–32. The company has already completed arrangements for equipment and land acquisition for the planned 23.7 GW capacity addition, marking steady progress in project execution.
Corporate Actions and Financial Resilience
In September 2025, Adani Power completed a share split in the ratio of 1:5, converting each ₹10 face value equity share into five shares of ₹2 each. Following the split, the company’s total issued equity shares increased from 3.85 billion to 19.28 billion.
The company’s strong liquidity position and profitability enable it to sustain expansion plans while maintaining balance sheet strength.
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Conclusion
Adani Power’s Q2 FY26 results reflect operational stability and strategic focus in a challenging environment. While profit moderated due to higher tax expenses, the company continues to strengthen its fundamentals through capacity expansion, long-term power agreements, and disciplined cost management.
With a clear roadmap towards 42 GW of installed capacity by 2031–32, Adani Power remains a key player in driving India’s energy growth, aligning with the nation’s vision for dependable and sustainable electricity generation.
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