Adani Power Ltd (APL), India’s largest private sector thermal power producer, reported a resilient financial and operational performance for the third quarter of FY26 despite subdued power demand caused by extended monsoons and rising renewable energy generation.
For the quarter ended December 31, 2025, consolidated power sales stood at 23.6 billion units (BU), marginally higher than 23.3 BU in the same period last year, supported by higher operating capacity. Installed capacity increased to 18,150 MW from 17,550 MW in Q3 FY25. However, plant load factor (PLF) declined to 62.6% from 63.9% due to weak offtake under some power purchase agreements and lower merchant volumes.
Continuing total revenue for the quarter came in at Rs. 12,717 crore, compared to Rs. 13,434 crore a year ago, impacted by lower PPA tariffs linked to reduced international coal prices and subdued merchant rates. Continuing EBITDA stood at Rs. 4,636 crore versus Rs. 4,786 crore in Q3 FY25, reflecting earnings resilience despite softer demand.
Profit before tax rose 5.3% year-on-year to Rs. 2,800 crore, aided by lower finance costs. Profit after tax, however, declined to Rs. 2,488 crore from Rs. 2,940 crore in the year-ago quarter, primarily due to lower one-time prior period income.
Power demand during the quarter remained muted as extended monsoons across several regions delayed peak consumption, while cooler weather further suppressed demand. All-India energy demand remained flat at 392 BU in Q3 FY26 compared to 393 BU in Q3 FY25. Increased generation from renewable sources also exerted pressure on merchant power prices. Merchant and short-term sale volumes declined to 4.3 BU from 4.6 BU a year earlier.
Despite the near-term headwinds, Adani Power made significant progress in strengthening long-term revenue visibility. During the quarter, the company received a Letter of Award from Assam Power Distribution Company Limited for supply of 3,200 MW of power from a greenfield ultra-supercritical thermal power project in Assam under a long-term Power Purchase Agreement. With this, nearly 90% of Adani Power’s operating capacity is now tied up under long- and medium-term PPAs, reducing exposure to short-term market volatility.
In January 2026, the company raised Rs. 7,500 crore through AA-rated non-convertible debentures to fund capacity expansion and working capital requirements. Total debt as of December 31, 2025 stood at Rs. 45,331 crore, while net debt increased to Rs. 38,679 crore, mainly due to bridge financing for ongoing capital expenditure.
Commenting on the results, CEO S B Khyalia said Adani Power continues to maintain robust liquidity and cost competitiveness. He added that the company is making strong progress on its 23.7 GW thermal capacity expansion programme, with nearly half of the upcoming capacity already secured under PPAs.
Brownfield expansion projects at Mahan, Raipur and Raigarh are progressing at various stages, while construction of the 1,320 MW Korba power project has been revived. These projects are scheduled for phased completion between FY27 and FY29.
During the quarter, Adani Power also continued to advance its ESG and CSR initiatives across education, healthcare, sustainable livelihoods and community infrastructure, reinforcing its commitment to inclusive and responsible growth.