Adani Power reported a mixed performance in Q4 FY26, where strong profit growth stood out despite flat revenue and a marginal decline in operating margins.
The company posted revenue of ₹14,223 crore in Q4 FY26, compared to ₹14,237 crore in the same quarter last year. This reflects a slight decline of around 0.1% YoY, indicating stable topline performance but no meaningful growth.
Net profit came in at ₹4,271 crore, sharply higher than ₹2,599 crore reported in Q4 FY25. This translates into a robust 64.3% YoY growth, highlighting strong bottom-line expansion, likely supported by improved cost efficiencies and other operational factors.
EBITDA stood at ₹4,732 crore versus ₹4,811 crore in the year-ago period, registering a decline of approximately 1.6% YoY. This suggests a mild pressure on operating performance during the quarter.
EBITDA margin for the quarter came in at 33.3%, slightly lower than 33.8% reported last year, reflecting a contraction of 50 basis points (0.5%) YoY.
Operationally, the company showed resilience. Consolidated power sale volume rose to 27.2 billion units (BU) in Q4 FY26, compared to 26.4 BU in Q4 FY25, reflecting a 3.0% YoY growth, despite weaker merchant demand during the quarter.
For the full year, Adani Power reported strong generation and demand trends. Annual power generation reached 105 BU in FY26, highlighting robust capacity utilization. Consolidated power sale volume increased to 99.15 BU, up from 95.88 BU in FY25, translating into a 3.4% YoY growth, supported by improving power demand and higher effective operating capacity.
On the capacity front, installed capacity expanded to 18,150 MW compared to 17,550 MW last year. However, Plant Load Factor (PLF) for Q4 remained broadly stable at 74.0% vs 74.2% YoY, while full-year PLF moderated to 66.5% from 70.5%, indicating some efficiency variation over the year.