India's largest private thermal power producer, Adani Power (APL), has closed FY26 on a strong note, with profit after tax surging 64% year on year in the quarter ending in March to ₹4,271 crore — a result driven by lower tax expenses, higher operating capacity and a fresh wave of long-term power purchase agreement tie-ups that now cover 95% of the company's installed base.
Consolidated revenue from operations for Q4 FY26 came in at ₹15,989 crore, up 10% YoY. EBITDA climbed 27% to ₹6,498 crore. Continuingly — stripping out prior-period income recognition — revenue grew a more modest 3.69% to ₹15,059 crore, with continuing EBITDA up 9.3% to ₹5,573 crore, reflecting what the company described as core earnings resilience in a market where merchant power prices remained subdued.
Power sale volumes rose to 27.2bn units in the quarter against 26.4bn units in Q4 FY25, despite weaker merchant demand. For the full year, Adani Power generated 105bn units, selling 99.15bn units — 3.4% more than the previous year.'
1 April 2026
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Cold weather and unseasonal rains through much of Q4 suppressed demand until March, when the arrival of warmer temperatures triggered a recovery. All-India energy demand for the quarter grew just 1.6% to 422bn units, whilst full-year demand growth was a modest 0.8%. Average market-clearing prices on the IEX Day Ahead Market fell 12.4% in the quarter and 13.7% for the year, reflecting both weather-driven variability and the growing penetration of renewable power.
Leadership and Governance Changes
The board also approved the re-appointment of Anil Sardana as Managing Director for a further one-year term from 11th July 2026, subject to shareholder approval. BDO India Services was appointed as the company's internal auditor, replacing Harish Sharma following an organisational restructuring. The 30th Annual General Meeting is scheduled for 25th June 2026.
CEO S B Khyalia said the current global energy price shock had underscored the importance of domestic coal-based generation. "Thermal power is rising to the challenge of stabilising the grid and meeting peak demand," he said, adding that the company was well positioned to achieve its expansion targets and deliver earnings growth over the coming years.
Meanwhile, the company's stock ended at ₹217.80, down 2.48% for the day.
