Adani Power, India’s largest private-sector thermal power generator, reported a sharp rise in Q4 FY26 earnings on Wednesday, April 29, 2026. Consolidated net profit jumped 64% year-on-year to Rs 4,271 crore — the strongest quarterly profit figure in recent memory for the company.
Q4 FY26 Key Numbers
- Net Profit: Rs 4,271 crore — up 64% YoY from Rs 2,599 crore in Q4 FY25
- Total Income: Rs 15,989 crore — up from Rs 14,536 crore in Q4 FY25
- Revenue from Operations: Rs 14,223 crore (broadly stable YoY)
- EBITDA: Rs 6,498 crore — up 27% YoY
- Profit Before Tax: Rs 4,384 crore vs Rs 3,261 crore a year ago
- Total Expenses: Rs 11,605 crore in Q4 FY26
Why Profit Jumped 64% Despite Flat Revenue?
The sharp jump in net profit despite flat revenue was primarily driven by significantly lower tax expenses. Total tax for the quarter was just Rs 113 crore, versus Rs 457 crore in Q3 FY26, due to deferred tax adjustments. EBITDA growth of 27% YoY also contributed, aided by cost discipline and contribution from recently acquired assets including Vidarbha Industries Power Limited.
Full Year FY26 Performance
- Full Year Net Profit: Rs 12,971 crore — slightly higher than Rs 12,750 crore in FY25
- Full Year Revenue: Rs 54,241 crore — marginally lower than Rs 56,203 crore in FY25 due to lower merchant power rates
- Power Generation: 105 Billion Units — a milestone for the company
Capacity Expansion on Track
Adani Power is aggressively expanding capacity. As of March 31, 2026, 95% of its 18.15 GW operating capacity is tied under long-term and medium-term Power Purchase Agreements, providing strong revenue visibility. The company has a target of 23.7 GW thermal capacity addition by 2032. Progress on key projects: Mahan Phase-II (86% complete), Raipur Phase-II (54%), and Raigarh Phase-II (47%).
Notably, Adani Power has also incorporated Adani Atomic Energy Limited, marking its strategic entry into India’s nuclear power sector.
Management Commentary
CEO S B Khyalia stated that as the world goes through another energy price shock, the security and sovereignty of India’s energy supply assume critical importance. The company issued Secured Non-Convertible Debentures of Rs 7,500 crore in Q4 FY26 as part of its fund-raising program.
Stock Reaction & What to Watch
Adani Power shares had rallied to a record high of Rs 226.25 before closing about 2% lower at Rs 219.10 on results day. Total debt as of March 2026 stands at Rs 53,555 crore — a significant jump from Rs 38,335 crore in FY25 — which is something investors should monitor alongside the capacity expansion timeline.
This article is for informational purposes only. Not investment advice. Read our Disclaimer.
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