Adani Power Q2 FY27 Results: Consolidated Net Profit ₹7,019 Crore on Total Income of ₹19,951 Crore
Earnings
Power generation
Blacklitt Research3 min read
Novoklimov, via Wikimedia Commons (CC0). Illustrative image.
Adani Power (NSE: ADANIPOWER) reported total income of ₹19,950.60 crore and net profit of ₹7,019.32 crore on a consolidated basis for the quarter ended 30 Sep 2026, it said in a filing on 23 Oct 2026. Standalone total income was ₹18,103.47 crore and standalone net profit ₹6,262.18 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹19,950.60 crore, up 39.4% YoY and 3.3% QoQ
Net profit: ₹7,019.32 crore, up 141.5% YoY and 44.2% QoQ
EPS: ₹3.59 basic, not annualised, against ₹1.53 a year earlier
One-time prior period revenue: ₹2,422.25 crore included in total income for the quarter
Standalone
The company on its own, without its subsidiaries
Total income: ₹18,103.47 crore, up 42.2% YoY and 61.5% QoQ
Net profit: ₹6,262.18 crore, up 145.2% YoY and 48.7% QoQ
EPS: ₹3.25 basic, not annualised, against ₹1.32 a year earlier
Tax reversal: ₹1,211.43 crore reversal of current tax after amalgamation
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
19,950.60
14,307.79
+39.4%
19,322.30
+3.3%
Revenue from operations
19,438.68
13,456.84
+44.5%
18,901.89
+2.8%
Other income
511.92
850.95
-39.8%
420.41
+21.8%
7,019.32
2,906.46
+141.5%
4,866.60
+44.2%
Profit before tax
6,788.72
3,966.20
+71.2%
6,418.18
+5.8%
Finance costs
760.23
841.63
-9.7%
901.37
-15.7%
Depreciation
1,191.23
1,193.41
-0.2%
1,167.23
+2.1%
Tax expense
-230.60
1,059.74
n/a
1,551.58
n/a
Net profit margin
35.18%
20.31%
+14.87 pp
25.19%
+10.00 pp
EPS, basic (₹)
3.59
1.53
+134.6%
2.49
+44.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than total income. Consolidated net profit rose 141.5% to ₹7,019.32 crore, while total income rose 39.4%.
The notes say the quarter includes a one-time prior period revenue recognition of ₹2,422.25 crore in total income, mostly from revision of historic energy charges under certain PPAs. Revenue from operations rose 44.5% YoY, while other income fell 39.8% to ₹511.92 crore, which is 2.6% of total income. The filing does not split the tax credit into its causes beyond the matters in its notes.
Finance costs were ₹760.23 crore, 3.8% of total income, down 9.7% YoY. Depreciation was broadly flat at ₹1,191.23 crore. Consolidated net profit attributable to owners of the parent was ₹6,919.45 crore, against ₹7,019.32 crore for the period, the difference being non-controlling interests.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
18,103.47
12,731.68
+42.2%
11,211.93
+61.5%
Revenue from operations
17,415.64
11,784.60
+47.8%
16,643.19
+4.6%
Other income
687.83
947.08
-27.4%
634.74
+8.4%
6,262.18
2,553.90
+145.2%
4,210.49
+48.7%
Profit before tax
6,503.12
3,613.64
+80.0%
5,726.43
+13.6%
Finance costs
782.09
859.89
-9.0%
869.48
-10.1%
Depreciation
1,070.15
1,077.91
-0.7%
1,049.18
+2.0%
Tax expense
240.94
1,059.74
-77.3%
1,515.94
-84.1%
Net profit margin
34.59%
20.06%
+14.53 pp
37.55%
-2.96 pp
EPS, basic (₹)
3.25
1.32
+146.2%
2.18
+49.1%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit of ₹6,262.18 crore rose 145.2% YoY, faster than total income. Without that reversal the tax charge would be higher; the filing does not restate the tax figure without it.
Standalone other income of ₹687.83 crore is 3.8% of total income and 10.6% of profit before tax. The comparatives for the June 2026 quarter and the September 2025 quarter have been restated for the amalgamation, so the year-earlier figures differ from those first reported. The auditors' review carries an emphasis of matter on that restatement, without modifying the conclusion.
The notes also record a derecognition of ₹1,971.96 crore of revenue relating to Haryana Discoms in the current quarter, taken on a prudent basis while a matter with the Discoms is pending, and tariff compensation claims of ₹683.20 crore recognised for additional coal cost. GUVNL has paid ₹4,147.00 crore by 30 Sep 2026 and a further ₹2,073.79 crore subsequently under the Mundra recomputation.
The company reports consolidated total debt of ₹61,860.37 crore and net debt of ₹45,845.92 crore at 30 Sep 2026, a debt equity ratio of 0.79 and consolidated net worth of ₹78,377.47 crore. The listed non-convertible debentures of ₹7,500 crore carry 186% asset cover.
Inference
The results show a quarter in which a one-time prior period revenue recognition of ₹2,422.25 crore and a tax credit both feed into net profit, so the reported figures are not a measure of recurring earnings alone. The company's own continuing figures, which exclude prior period income, show continuing total revenue of ₹17,528.35 crore and continuing EBITDA of ₹6,320.97 crore.
Per-share figures are not annualised. The filing does not state a dividend for the quarter, the amount of the balance GUVNL receivable and its timing, or the outcome of the Haryana Discoms matter; these are not known from the filing.
Create a free account to read the rest of this article and the analysis that follows.
By continuing you agree to our Terms and Privacy Policy, and to receive updates from Blacklitt by email. You can unsubscribe anytime.
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.
