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Adani Power Q2 FY27 results: net profit up 141.5% to ₹7,019 crore, revenue up 44.5%
Adani Power Limited reported consolidated revenue of ₹19,439 crore and a net profit of ₹7,019 crore for Q2 FY27, with EBITDA margin at 42.3%. Revenue rose 44.5% and profit after tax rose 141.5% from Q2 FY26, while profit also increased from Q1 FY27.
Key points
- Consolidated revenue was ₹19,439 crore in Q2 FY27, up 44.5% from Q2 FY26 and 2.8% from Q1 FY27.
- EBITDA was ₹8,231 crore, with a 42.3% margin, compared with ₹5,150 crore and 38.3% in Q2 FY26.
- Net profit was ₹7,019 crore, up 141.5% year on year and 44.2% from Q1 FY27; basic EPS was ₹3.59.
- H1 FY27 revenue was ₹38,341 crore and profit after tax was ₹11,886 crore, up 39.1% and 91.4% respectively from H1 FY26.
- Total assets were ₹165,640 crore and total equity was ₹78,377 crore as of 30 September 2026, while borrowings were ₹61,860 crore.
How did Adani Power perform in Q2 FY27?
Adani Power’s consolidated revenue for Q2 FY27 was ₹19,439 crore, up 44.5% from ₹13,457 crore in Q2 FY26 and 2.8% from ₹18,902 crore in Q1 FY27. Total income was ₹19,951 crore, up 39.4% from ₹14,308 crore a year earlier and 3.3% from ₹19,322 crore in the previous quarter. EBITDA was ₹8,231 crore, up 59.8% year on year and 3.6% sequentially, while the EBITDA margin rose to 42.3% from 38.3% in Q2 FY26 and 42.1% in Q1 FY27.
Profit before tax was ₹6,792 crore in Q2 FY27, up 71.2% from ₹3,966 crore in Q2 FY26 and 7.8% from ₹6,300 crore in Q1 FY27. Net profit was ₹7,019 crore, compared with ₹2,906 crore a year earlier and ₹4,867 crore in the previous quarter; basic EPS was ₹3.59, versus ₹1.53 and ₹2.49, respectively. On the standalone basis, revenue was ₹17,416 crore and profit after tax was ₹6,262 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 19,439 | 18,902 | 13,457 | +44.5% | +2.8% |
| Other income | 511.92 | 420.41 | 850.95 | −39.8% | +21.8% |
| Total expenses | 13,159 | 13,022 | 10,342 | +27.2% | +1.1% |
| EBITDA | 8,231 | 7,949 | 5,150 | +59.8% | +3.6% |
| EBITDA margin | 42.3% | 42.1% | 38.3% | +4.0 pp | +0.2 pp |
| Profit before tax | 6,792 | 6,300 | 3,966 | +71.2% | +7.8% |
| Tax | −230.60 | 1,552 | 1,060 | ||
| Net profit | 7,019 | 4,867 | 2,906 | +141.5% | +44.2% |
| EPS (₹) | 3.59 | 2.49 | 1.53 | +134.6% | +44.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Adani Power's costs and profit?
Cost of materials rose to ₹10,222 crore in Q2 FY27 from ₹7,205 crore in Q2 FY26, an increase of ₹3,017 crore or 41.9%, while total expenses increased by ₹2,817 crore or 27.2%. Employee cost was ₹191.10 crore, up ₹4.24 crore, finance costs were ₹760.23 crore, down ₹81.40 crore, depreciation was ₹1,191 crore, down ₹2.18 crore, and other expenses were ₹786.90 crore, down ₹116.56 crore.
Other income fell to ₹511.92 crore from ₹850.95 crore in Q2 FY26, a decrease of ₹339.03 crore or 39.8%. There was no exceptional item in either period. Tax moved from an expense of ₹1,060 crore in Q2 FY26 to a tax credit of ₹230.60 crore in Q2 FY27, a difference of ₹1,290 crore. Management said the reported profit included one-time prior-period revenue of ₹2,422 crore from a retrospective Gujarat PPA, with no past-period recovery left.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 10,222 | 7,205 | +3,017 | +41.9% |
| Employee cost | 191.10 | 186.86 | +4.24 | +2.3% |
| Finance costs | 760.23 | 841.63 | −81.40 | −9.7% |
| Depreciation | 1,191 | 1,193 | −2.18 | −0.2% |
| Other expenses | 786.90 | 903.46 | −116.56 | −12.9% |
| Total expenses | 13,159 | 10,342 | +2,817 | +27.2% |
| Other income | 511.92 | 850.95 | −339.03 | −39.8% |
| Tax | −230.60 | 1,060 | −1,290 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Adani Power reported revenue of ₹38,341 crore, up 39.1% from ₹27,566 crore in H1 FY26. Total income was ₹39,273 crore, up 36.0% from ₹28,881 crore, while profit before tax rose 60.2% to ₹13,092 crore from ₹8,171 crore.
Profit after tax for H1 FY27 was ₹11,886 crore, up 91.4% from ₹6,212 crore in H1 FY26, and basic EPS was ₹6.08 compared with ₹3.26. Management said H1 profit after tax was nearly ₹12,000 crore, and that sales volume grew 14.3% to 55.1 billion units.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 38,341 | 27,566 | +39.1% |
| Profit before tax | 13,092 | 8,171 | +60.2% |
| Net profit | 11,886 | 6,212 | +91.4% |
| EPS (₹) | 6.08 | 3.26 | +86.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹165,640 crore, compared with ₹142,280 crore as of 31 March 2026, and total equity was ₹78,377 crore versus ₹66,402 crore. Borrowings were ₹61,860 crore against ₹53,556 crore, while cash and cash equivalents were ₹3,897 crore versus ₹928 crore. Inventories were ₹3,997 crore, trade receivables were ₹13,214 crore and trade payables were ₹4,334 crore.
H1 FY27 operating cash flow was ₹16,139 crore, compared with ₹14,939 crore in H1 FY26. Investing cash flow was an outflow of ₹19,033 crore against an outflow of ₹13,074 crore a year earlier, and financing cash flow was ₹5,864 crore compared with ₹2,498 crore. Capital expenditure was ₹12,360 crore, up from ₹10,608 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,65,640 | 1,42,280 |
| Total equity | 78,377 | 66,402 |
| Borrowings | 61,860 | 53,556 |
| Cash and equivalents | 3,897 | 927.88 |
| Inventories | 3,997 | 3,623 |
| Trade receivables | 13,214 | 11,791 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 16,139 | 14,939 |
| Cash from investing | −19,033 | −13,074 |
| Cash from financing | 5,864 | 2,498 |
| Capital expenditure | 12,360 | 10,608 |
Source: Company's results filing (XBRL).
How has Adani Power done over the last 8 quarters?
Revenue increased year on year in each of the last two quarters, while profit rose year on year in each of the last three quarters. Revenue reached ₹19,439 crore in Q2 FY27, the highest level in the reported series, while profit after tax of ₹7,019 crore was also the highest. The EBITDA margin rose to 42.3%, above the 38.3% recorded in Q2 FY26 and the 33.3% in Q4 FY26.
The lowest revenue in the reported series was ₹12,451 crore in Q3 FY26, and the lowest profit after tax was ₹2,488 crore in the same quarter. The EBITDA margin bottomed at 33.3% in Q4 FY26. Revenue and profit then rose in Q1 FY27 and increased further in Q2 FY27, while the margin edged up from 42.1% to 42.3%.
Which businesses drove the quarter?
Power Generation and related activities reported revenue of ₹18,903 crore in Q2 FY27, up 40.5% from ₹13,457 crore in Q2 FY26. EBIT was ₹6,125 crore, compared with ₹4,031 crore a year earlier, and the segment EBIT margin was 32.4%.
Trading, investment and other activities reported revenue of ₹536 crore in Q2 FY27, against no revenue in Q2 FY26. EBIT was ₹646 crore, compared with a loss of ₹0.12 crore, and the segment EBIT margin was 120.5%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Power Generation and related activities | 18,903 | +40.5% | 6,125 | 32.4% |
| Trading, investment and other activities | 535.76 | 645.70 | 120.5% |
Source: Company's results filing (XBRL segment data).
What did Adani Power's management say?
Management said full-year FY27 guidance was retained, although it declined to provide a granular H2 growth trajectory. It expects thermal plant load factor to normalise at around 65%, compared with 70% in Q2 FY27 and 74% in H1 FY27. The first 660 MW Korba Phase-II unit was targeted for commercial operation in Q3 FY27, while the second unit was described as around December in Q&A and Q4 FY27 in prepared remarks. The 1,600 MW Mahan Phase-II project is targeted for early FY28.
Management said the company secured an AA+ rating and long-term PPAs covering 62% of its 24 GW thermal pipeline. It expects financing costs to remain largely flat despite rising market-linked rates and said peak gross debt is expected at around ₹1 lakh crore by FY30-FY31. The CFO said, “We are funding our capex primarily through internal accruals.”
Management identified imported coal cost inflation, hydro normalisation, the unresolved Haryana coal-compensation dispute and the absence of final nuclear expansion rules as risks. The CEO said, “The normal expectation of our thermal projects is to operate at a PLF of around 65%.” He also said, “Though we have received the money, we want to have a conservative approach unless it is completely settled and both parties are on the same page.”
How did Adani Power shares react?
Adani Power’s shares rose 2.0% within the first five minutes after the filing appeared, then were up 1.9% after 15 minutes and 1.7% after 30 minutes. The stock closed 1.7% below its previous close on the reaction day, compared with a 2.4% fall for the median Power industry stock and a 0.7% fall for the Nifty 100.
By the next day’s close, the stock was up 0.7% from its pre-results close, compared with a 2.9% fall for the median Power industry stock and a 0.0% move for the Nifty 100. By the fifth session, it was up 2.0%, versus a 1.0% rise for the industry median and a 1.4% rise for the Nifty 100.
Earlier reaction-day moves were mixed: the stock fell 1.5% on 22 July 2026, rose 2.0% on 29 April 2026 and fell 1.5% on 29 January 2026. It rose 0.1% on 30 October 2025 and fell 3.7% on 1 August 2025.
| After the filing | Stock | Power median |
|---|---|---|
| 5 minutes | +2.0% | |
| 15 minutes | +1.9% | |
| 30 minutes | +1.7% | |
| Reaction day | −1.7% | −2.4% |
| Next day | +0.7% | −2.9% |
| 5 days | +2.0% | +1.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 22 July 2026 | −1.5% |
| 29 April 2026 | +2.0% |
| 29 January 2026 | −1.5% |
| 30 October 2025 | +0.1% |
| 1 August 2025 | −3.7% |
| 29 January 2025 | +4.9% |
| 28 October 2024 | −0.3% |
| 31 July 2024 | −1.8% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Adani Power's revenue in Q2 FY27?
Revenue from operations was ₹19,439 crore, up 44.5% from ₹13,457 crore in Q2 FY26 (consolidated).
Did Adani Power make a profit in Q2 FY27?
Yes. Net profit was ₹7,019 crore, against a net profit of ₹2,906 crore in Q2 FY26.
What was Adani Power's EPS in Q2 FY27?
Basic earnings per share were ₹3.59, against ₹1.53 in Q2 FY26.
How did Adani Power shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.7% from the previous close; the median Power stock moved −2.4%.
When did Adani Power announce its Q2 FY27 results?
On 23 October 2026, in a filing to the BSE.
Sources
- Results- Financial Results For September 30, 2026 (BSE, 23 October 2026) · PDF
- The earnings call (30 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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