Adani Power Ltd, the country’s largest private sector thermal power generator, reported a 52 per cent year-on-year rise in consolidated net profit to ₹4,017 crore in the fourth quarter of FY26, supported in part by lower tax expenses, even as operating revenue remained broadly flat amid subdued demand.
Its revenue from operations stood at ₹14,223 crore in Q4 FY26, marginally lower by 0.09 per cent compared to the same period last year, reflecting subdued short-term demand conditions. On a full-year basis, revenue declined 3.5 per cent year-on-year to ₹54,240 crore, while net profit edged down 0.8 per cent to ₹12,834 crore. The strong bottom-line performance in the March quarter came despite muted topline growth, aided by stable plant operations, improved realisations in contracted capacities, and a lower effective tax burden.
Adani Power reported a consolidated power sale volume of 27.2 billion units (BU) in Q4 FY26, slightly higher than 26.4 BU in the corresponding quarter last year, despite weaker merchant demand conditions in the market. The company noted that power demand during the quarter was impacted by unseasonal rains and colder-than-usual weather conditions across several regions, which suppressed electricity offtake until February. However, demand trends improved in March with rising temperatures, indicating a seasonal recovery.
Growth driver
A key driver of the sharp rise in quarterly profit was a lower tax expense, which helped amplify earnings growth despite relatively flat revenue performance. Combined with operational stability and improved cost efficiencies across its generating fleet, this supported the stronger profit trajectory in the quarter.
Commenting on the results, SB Khyalia, Chief Executive Officer of Adani Power Ltd, said, “As the world goes through another energy price shock, the security and sovereignty of India’s energy supply assume critical importance.” . He added that India’s abundant domestic coal resources will continue to play a key role in supporting growth, even as renewable energy capacity expands rapidly. He further noted that thermal power remains essential for grid stability and meeting peak demand, particularly as intermittent renewable generation scales up.
Adani Power continues to advance its ambitious 23.7 GW capacity expansion plan, which remains a central pillar of its long-term growth strategy. The company is actively securing long-term power purchase agreements while simultaneously executing new capacity additions across multiple sites.
On Wednesday, the shares of Adani Power fell nearly 2 per cent to ₹219 on the BSE.