Adani Power Q3 FY26 Results: Net Profit Falls 18.9% YoY to ₹2,479.58 Crore, Revenue Down 8.9%
Adani Power Limited on Wednesday reported a 18.9% year-on-year decline in consolidated net profit for the third quarter of FY26. The company posted a profit after tax (PAT) of ₹2,479.58 crore, compared with ₹3,057.21 crore in the same quarter last year.
On a quarter-on-quarter basis, net profit slipped 16% from ₹2,952.78 crore reported in Q2 FY26.
Revenue Performance
Consolidated revenue from operations declined 8.9% YoY to ₹12,451 crore in Q3 FY26, down from ₹13,671 crore a year earlier. Sequentially, revenue fell 7.5% from ₹13,456.84 crore.
The company attributed the decline in profitability largely to lower income recognised from prior periods.
Regulatory Income and Demand Impact
Adani Power stated that its revenue includes amounts pertaining to previous years, based on orders and reconciliations received from regulatory authorities such as MERC, CERC, APTEL, and the Supreme Court. These relate to claims arising from changes in law, carrying costs, and delayed payment interest.
Despite temporary demand disruptions caused by an early and extended monsoon, the company said its overall profitability remained robust.
Power Sales and New PPA Wins
During the quarter, total power sales rose to 23.6 billion units (BUs), compared with 23.3 BUs in Q3 FY25.
Adani Power also secured a new long-term power purchase agreement (PPA) for 3,200 MW from the Assam power distribution company, strengthening its future revenue visibility.
EBITDA and Financial Position
The company reported an EBITDA of ₹4,636.38 crore for Q3 FY26, marginally lower than ₹4,785.51 crore recorded in the same period last year.
In an exchange filing, Adani Power said it continues to benefit from strong liquidity and healthy profitability, helping it maintain low leverage levels despite ongoing capacity expansion.
As of December 31, 2025, total outstanding debt stood at ₹45,330.79 crore, up from ₹38,334.88 crore as of March 31, 2025. Net debt increased to ₹38,679.28 crore from ₹31,023.43 crore, primarily due to bridge financing for capital expenditure.
Management Commentary
S B Khyalia, CEO of Adani Power Limited, said the company is progressing rapidly on capacity expansion.
“We are swiftly securing long-term power purchase agreements for our upcoming capacities, with nearly half of our 23.7 GW expansion already tied up in PPAs with state discoms. Project execution is progressing exceptionally well, meeting or exceeding our targets,” he said.
Adani Power Share Price Today
Adani Power shares opened at ₹135.35 on the BSE. During the session, the stock touched an intraday high of ₹136.50 and a low of ₹132.60.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, the stock is trading near its key support at the 200-day SMA around ₹130.
He noted that this zone also aligns with a bullish gap formed in September during a strong rally, making it a crucial support area. A decisive break below this level could lead to further downside towards ₹120, while ₹145 remains a key resistance on the upside.
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