Adani Power Ltd (ADANIPOWER.NS), listed on the National Stock Exchange of India and Bombay Stock Exchange, closed lower on Thursday after the company reported quarterly results for the third quarter of fiscal 2025-26. The stock ended the session around ₹134.7, down on the day as markets digested the earnings data.
Latest Quarterly Results
For the quarter ended December 31, 2025 (Q3 FY26), Adani Power Ltd reported continuing total revenue of ₹12,717 crore, compared with ₹13,434 crore in Q3 FY25. EBITDA for the quarter was ₹4,636 crore, against ₹4,786 crore a year earlier. Continuing profit after tax was ₹2,488 crore in Q3 FY26, down from ₹2,940 crore in the year-ago quarter. Operating performance included an increase in consolidated power sale volume to 23.6 BUs from 23.3 BUs a year earlier, supported by higher capacity.
Full-Year Results Context
Adani Power’s Q3 FY26 results reflect a continuation of trends seen in earlier quarters, with revenue and profit slightly lower than the corresponding period in FY25. The company has not yet released full audited results for the fiscal year ending March 31, 2026; annual comparisons therefore remain directional.
Business & Operations Update
In its press release, the company noted operational progress including:
- A new long-term power purchase agreement (PPA) for 3,200 MW from a state distributor.
- 90% of existing generation capacity secured under long-term PPAs.
- 600 MW Butibori plant fully operational within four months of acquisition.
- Stable consolidated power sale volume despite demand disruptions linked to extended monsoon and cooler seasonal temperatures.
M&A or Strategic Moves
Adani Power raised ₹7,500 crore through AA-rated non-convertible debentures (NCDs) to fund capacity expansion. The issuance was backed by domestic institutional investors, including banks and mutual funds, as part of the company’s funding strategy.
Equity Analyst Commentary
Institutional research summaries noted the company’s reported revenue and profit figures and highlighted demand-linked pressures on power pricing and dispatch volumes. Analysts referenced consolidated results and continuing EBITDA trends, citing official financial disclosures.
Guidance & Outlook
The company’s official release did not include formal earnings guidance for FY26. Investors and market participants are likely to watch power demand trends, tariff changes, and coal supply dynamics as key indicators influencing future quarters.
Performance Summary
Adani Power’s shares declined on the earnings day. Third quarter continuing revenue was ₹12,717 crore, with continuing profit after tax of ₹2,488 crore. Power sale volume increased, and capacity additions progressed under long-term contracts.