Adani Power Q2 Results, October 23, 2026: Profit Jumps 142% to ₹7,019 Crore

Adani Power Q2 results came out on Friday, October 23, and the headline number is a big one: consolidated profit after tax rose 141.5% year-on-year to ₹7,019.32 crore for the September quarter, from ₹2,906.46 crore a year ago, according to the company’s Q2 FY27 results release. Read a little further, though, and you see that a one-time item and a tax credit did a lot of the heavy lifting.

Adani Power Q2 results: what the numbers say

Here are the main lines from the release, all for Q2 FY27 against Q2 FY26:

• Total reported revenue: ₹19,950.60 crore, up 39.4%
• Continuing revenue from operations: ₹17,014.06 crore, up 29.8%
• Continuing EBITDA: ₹6,320.97 crore, up 18.5%
• Reported EBITDA: ₹8,743.22 crore, up 45.7%
• Continuing profit before tax: ₹4,369.51 crore, up 32.5%
• Profit after tax: ₹7,019.32 crore, up 141.5%

Business Standard, carrying a PTI report, put the profit jump at about 142% and pointed to the same two drivers: higher revenue and one-time income.

Where the jump really came from

The company booked ₹2,422.25 crore of prior-period revenue this quarter, mainly from revisions to historic energy charges under some power purchase agreements. A year ago that figure was ₹668.53 crore. Add the one-off to continuing pre-tax profit and you get the reported pre-tax profit of ₹6,791.76 crore, up 71.2%.

Then there’s tax. Adani Power reported a tax credit of ₹230.60 crore this quarter, against a tax charge of ₹1,059.74 crore in Q2 FY26. That’s why profit after tax came in higher than profit before tax. So the 141.5% figure mixes three things: a healthy core business, a large catch-up payment, and a tax line that swung the other way.

Strip out the one-offs and the business still grew. Just at 18.5% to 32.5% on the continuing lines, not 142%.

The operating story is still decent

We’d not dismiss the core numbers. Units sold rose 11.5% to 26.4 billion units from 23.7 BU, and plant load factor climbed to 70.1% from 62.8% on the same 18,150 MW of operating capacity. The company tied this to strong power demand, which it said grew 11.5% across India in the quarter, helped by a weak monsoon and lower hydro output.

Costs rose too. Fuel cost was up 41.8% at ₹10,229.38 crore, which the company put down to higher volumes and a 50% higher landed cost of imported coal. On the other side, the company said PPA tariffs rose because of the sharp increase in imported coal prices, which helped revenue keep pace. Finance costs fell 9.7% to ₹760.23 crore.

Debt, ratings and new capacity

Total debt stood at ₹61,860.37 crore on September 30, up from ₹53,555.54 crore on March 31, 2026. Net debt barely moved, at ₹45,845.92 crore against ₹45,022.02 crore. CARE Ratings and India Ratings upgraded the company to AA+ (Stable) from AA (Stable), the release said.

On growth, the first 660 MW unit of the Korba Phase-II project has been synchronised with the grid, and the company received a letter of award from Uttarakhand Power Corporation for a 25-year, 1,320 MW supply agreement. It is building 23,720 MW of new thermal capacity in all.

Our read: the core business grew at a steady clip, and the headline profit is flattered by items that won’t repeat on schedule. If you’re comparing this quarter with peers, start from continuing EBITDA, not the bottom line. Our guide on how to analyse quarterly results of a company explains why one-offs matter, and our JSW Steel Q2 results post covers another big name that reported the same day.

Disclaimer: This article is for information and education only and is not investment advice. Do your own research or consult a SEBI-registered adviser before making any investment decision.