Adani Power Q1 FY27 Results: Profit Up 47%, Rs 15,000 Crore QIP

Adani Power Limited reported consolidated Q1 FY27 results for the quarter ended 30 June 2026 on 22 July 2026. Q1 FY27 numbers (consolidated): Revenue from operations: Rs 18,901.89 crore, up 34.0% YoY from Rs 14,109.15 crore EBITDA: Rs 8,369.09 crore, up 36.1% YoY; continuing EBITDA Rs 6,983 crore, up 22%, a record PAT: Rs 4,866.60 crore, up 47.2% YoY from Rs 3,305.13 crore One-time prior-period revenue: Rs 1,386.34 crore from PPA charge revisions, vs Rs 406.21 crore in the base PPA sales 24.5 BU, up 30.3%; tariff realisation Rs 5.95 per kWh, up 8.5%; PLF 77.9% vs 67.0% The board approved a QIP of up to Rs 15,000 crore and raised the borrowing limit to Rs 1,00,000 crore for the 45 GW expansion; net debt is Rs 47,643 crore. Korba Phase-II commissions this year. Post quarter: CARE upgraded the rating to AA+ Stable on 18 August, and a promoter entity bought 12.48 crore shares at an average Rs 210.5. Analyst meet: 21 August. Adani Power [][***** shares trade at Rs 200.95 (20 Aug 2026, 09:51 AM IST), down 5.4 percent over the past month, 20 percent below the 52-week high of Rs 250.96. Trailing P/E is 27.2. My view: the operations lead private thermal, the optics need adjusting. Strip the one-off and profit growth is nearer 28 percent than 47; Q1 is also the seasonal peak. The month's drift is the market pricing QIP dilution. Promoter buying at Rs 210.5, above market, is the tell. Hold; fresh entry waits for QIP pricing. Levels: Rs 200 is the line to hold; reclaim Rs 210.5, then Rs 219 to 222, and the path to Rs 251 reopens. A close below Rs 200 extends the drift. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.