Adani Power's Q2 FY26 earnings stable amid strong expansion drive

Adani Power reported total continuing revenue of Rs. 13,639 crores for Q2 FY26, a slight increase from Rs. 13,465 crores in Q2 FY25. The company’s power sale volumes grew over 7% to 23.7 billion units compared to 22 billion units in Q2 FY25, despite an early monsoon and subdued merchant power tariffs. Continuing EBITDA remained stable at Rs. 5,333 crores, aligning closely with Rs. 5,402 crores in the prior year's second quarter. Profit after tax for Q2 FY26 was Rs. 2,906 crores.

The company is significantly expanding its generation capacity, targeting 42 GW by 2032, up from 18 GW. Currently, four projects with a total capacity of 6,120 MW are under construction, expected to be completed between FY26-27 and FY28-29. Adani Power has secured new long-term PPAs for over 9 GW and is participating in bids for an additional 17 GW.

Adani Power's total debt as of September 30, 2025, stood at Rs. 47,254 crores, with net debt at Rs. 36,776 crores. The company plans to fund a significant portion of its estimated Rs. 2 lakh crore CAPEX for the 23 GW expansion through internal accruals, with interim financing from domestic capital markets and banks.