Mumbai: A surge in India’s power demand and robust prices in the electricity spot market during the July-September period propelled Adani Power Ltd’s profit to more than double the same period last year, helping it beat street estimates.
The Ahmedabad-based leading thermal power producer reported a consolidated profit of ₹6,919 crore attributable to shareholders, up 134% year-on-year (y-o-y) and 44% from the preceding quarter. Six analysts polled by Bloomberg had estimated a profit of ₹3,112 crore.
This was after the company sold 26.4 billion units of power during the quarter, over a tenth more than the previous year. India’s peak power demand during this period was almost a fifth more than the previous year at 270 gigawatts.
The company not only sold more power but also made more per unit. Its realization under long-term power purchase agreements (PPAs), which accounted for 23.4 billion units, improved by almost 13% y-o-y to ₹6.40 per unit. Meanwhile, prices in the merchant market were up by a third y-o-y at ₹7.20 per unit.
The Adani Group company’s top line subsequently expanded by more than two-fifths year-over-year to ₹19,439 crore. This compares to the ₹15,800-crore consensus estimate of three analysts polled by Bloomberg.
Earnings before interest, tax, depreciation and amortization were 75% more at ₹8,743 crore, while Ebitda margin expanded by almost 9 percentage points to 43.82%.
The company’s power generation capacity was at the same level as last year, at 18.2 GW, but higher power production meant its plant load factor improved by 7.3 percentage points to 70.1%.
“Adani Power continues to grow from strength to strength, achieving newer milestones in profitability and project execution,” S.B. Khyalia, the chief executive officer of Adani Power Ltd, said in a press release.
“The primacy of domestic coal-based power in meeting India’s long-term power needs has become clearer every day in light of geopolitical events and climate vagaries,” he said. “We are proud to be the leaders in capacity addition to address the need of 100GW new thermal power capacities by 2032.”
During the quarter, the company received the letter of approval from Uttarakhand for the supply of power from a 1.3GW super-critical thermal power plant for 25 years. The company also entered into an agreement with Bhutan’s state-owned Druk Green Power Corp. for a 770MW jointly owned hydropower project in Thimphu.
Shares of Adani Power Ltd closed 1.6% lower at ₹182 on BSE on Monday, while the benchmark Sensex declined 0.17%. The scrip has gained over 22% since the beginning of 2026.
