Adani Power Ltd – Q1 FY26 Overview

• Consolidated power sale: 24.6 billion units (BU), up ~1.6% YoY. • Installed capacity: 17,550 MW in Q1 FY26; increased further in July 2025 after acquiring Vidarbha Industries Power Ltd. to reach ~18,150 MW. • Total revenue (continuing operations): ~₹14,167 crore, down ~5.9% YoY. • EBITDA (continuing operations): ~₹5,744 crore, down from ~₹6,290 crore in Q1 FY25. • Net Profit After Tax (PAT): ~₹3,305 crore, down ~15.5% YoY, but up ~27.2% sequentially compared with Q4 FY25. Strengths • Capacity expansion via acquisitions has strengthened the scale. • Sequential improvement in EBITDA reflects better merchant tariff realizations and some easing on fuel costs. Weaknesses / Challenges • Revenue declined YoY because of lower merchant tariffs and higher operating expenses (especially from recent acquisitions). • Plant Load Factor (PLF) has dropped compared both to same quarter last year and to earlier quarters. Conclusion Adani Power’s Q1 FY26 shows resilience in power generation sales and capacity growth, but its YoY profit drop highlights pressures from low merchant tariffs and cost escalations. The company is on a growth trajectory through capacity expansion and acquisitions, while sequential performance signals some recovery. Key drivers going forward will be improving tariff realizations, optimizing operational efficiencies, and managing costs from newly acquired assets.