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Adani Power (ADANIPOWER) investor relations material

Adani Power Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary30 Oct, 2025

Executive summary

  • Power sales volume grew 7.4% year-over-year to 23.7 billion units in Q2 FY26, supported by new capacity and long-term PPAs, despite subdued demand and lower merchant tariffs due to unusual monsoon patterns.

  • Operating capacity increased to 18,150 MW as of September 2025, following the acquisition of Vidarbha Industries Power Ltd and other major plants.

  • New long-term PPAs totaling over 5,170 MW were signed, including major agreements in Bihar, Madhya Pradesh, and Karnataka.

  • Business demonstrated resilience with stable revenues and robust profitability, even with demand variability and subdued tariffs.

  • Operations of the 600 MW Potiguri plant and other recent acquisitions were revived and integrated, with new PPAs secured.

Financial highlights

  • Q2 FY26 consolidated revenue was ₹14,308 crore, up 1.7% year-over-year; H1 FY26 revenue was ₹28,882 crore, down 2.2% year-over-year.

  • Q2 FY26 EBITDA was ₹6,001 crore, stable year-over-year; H1 FY26 EBITDA was ₹12,151 crore, down 4.4% year-over-year.

  • Q2 FY26 profit after tax was ₹2,906 crore, down 11.9% year-over-year, mainly due to higher depreciation and tax expenses.

  • Total debt as of September 30, 2025, stood at ₹47,254 crore, with net debt at ₹36,776 crore, reflecting increased capex and working capital needs.

  • Free cash flow from operations remained strong, with H1 FY26 net cash from operations at ₹14,939 crore.

Outlook and guidance

  • Targeted capacity expansion increased to 41,870 MW by FY 2031-32, with 23,720 MW of projects in advanced development stages, fully secured with land and equipment.

  • Project execution is progressing rapidly, with major brownfield and greenfield projects scheduled for completion between FY 2026-27 and FY 2028-29.

  • Expectation of improved power demand and offtake under long-term contracts as weather impacts subside.

  • Government policy and rising demand support long-term growth, with 80 GW of new thermal capacity needed by FY32.

  • Strong liquidity and balance sheet position to support growth ambitions.

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