AHMEDABAD, JANUARY 29, 2026: Adani Power Limited (APL), India's largest private thermal power producer, today announced its financial results for the third quarter and nine months ended December 31, 2025. The company reported a consolidated net profit of ₹2,488.09 crore for Q3 FY26.
Financial Performance Snapshot (Consolidated):
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Q3 FY26 Net Profit: ₹2,488.09 crore (vs. ₹2,940.07 crore in Q3 FY25)
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Q3 FY26 Total Income: ₹12,994.70 crore
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Q3 FY26 EBITDA (Continuing): ₹4,636.38 crore
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9M FY26 Net Profit: ₹8,699.68 crore
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Basic EPS (Q3): ₹1.29 per share (Face Value ₹2)
Key Strategic & Business Highlights:
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Major New Power Purchase Agreement (PPA): APL received a Letter of Award for a 3,200 MW Ultra-supercritical thermal power plant in Assam from Assam Power Distribution Company Ltd. (APDCL) on a DBFOO (Design, Build, Finance, Own, Operate) model. This ties up nearly half of APL's planned 23.7 GW expansion capacity.
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Successful Fundraising: The company raised ₹7,500 crore through the issuance of 'AA' rated Non-Convertible Debentures (NCDs) via private placement on January 27, 2026. The funds will finance capacity expansion and working capital.
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Operational Stability: 90% of APL's operating capacity is now tied up in long/medium-term PPAs, reducing exposure to short-term market volatility.
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Swift Acquisition Integration: The 600 MW Butibori power plant (acquired as Vidarbha Industries Power Ltd.) became fully operational within four months of acquisition.
CEO Commentary:
Mr. S B Khyalia, CEO of Adani Power Limited, stated, "Adani Power continues to deliver strong performance... We are swiftly securing long-term power purchase agreements for our upcoming capacities... Our project execution is progressing exceptionally well... We are proud to support the States in achieving their development goals by providing reliable and affordable power."
Operational & Market Context:
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Power Demand: All-India demand was flat in Q3 FY26 due to extended monsoons and cooler temperatures compared to the previous year's heatwave.
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Sales Volume: Consolidated power sale volume was 23.6 Billion Units (BU) in Q3 FY26, slightly up from 23.3 BU in Q3 FY25, despite a lower Plant Load Factor (PLF) of 62.6%.
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Leverage: Total debt stood at ₹45,330.79 crore as of December 31, 2025, with net debt at ₹38,679.28 crore. The increase is attributed to bridge financing for capital expenditure.
Project Pipeline & ESG:
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Expansion Projects: Execution is progressing on multiple brownfield expansion projects (Mahan, Raipur, Raigarh phases) and the revival of the 1,320 MW Korba project.
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ESG Ratings: The company received an ESG rating score of 65 from NSE Sustainability Ratings & Analytics and improved its Morningstar Sustainalytics risk rating to 'Medium Risk'.
The results were approved by the company's Board of Directors at a meeting held today.