Adani Power Ltd – Q1 FY26 Key Highlights

• Net Profit (PAT): ₹3,305.13 crore, down ~15.5% YoY from ~₹3,912.79 crore. • Revenue from operations: ₹14,109.15 crore, down ~5.6–5.7% YoY from ~₹14,955.63 crore. • EBITDA: ~₹5,744 crore, declined YoY; sequentially rose ~12.7% from the previous quarter. • Power sale volume: 24.6 billion units (BU), up ~1.6% YoY from ~24.2 BU. • Installed capacity: 17,550 MW, up from 15,250 MW YoY, mainly via acquisitions (Moxie, Korba, Dahanu). • Plant Load Factor (PLF): ~67%, down from ~78% last year. • Key challenges: Lower merchant tariff realizations, elevated operating expenses from recent acquisitions, and somewhat dampened demand due to early monsoons. • Corporate action: Board has approved a stock split (1 share of ₹10 face value into 5 shares of ₹2 each) to improve liquidity and retail participation, subject to shareholder approval. Conclusion Adani Power’s Q1 FY26 results highlight pressure on profitability and revenue due to weaker merchant tariffs and higher costs from recent capacity acquisitions. Although installed capacity and volumes have grown, efficiency dropped as reflected in the lower PLF. The stock split announcement is expected to boost liquidity and attract more retail investors. Going forward, a sustained recovery will depend on improving plant utilization, managing coal and operating costs effectively, and stabilizing tariff realizations. While long-term growth potential exists due to capacity expansion, near-term performance may stay under pressure until cost and efficiency improvements are visible.