Mumbai: Adani Green Energy (UP) Ltd reported a 22.6 Percentsequential rise in net profit to RS232.9 crore in Q3 FY26, even as revenue from operations rose 15.7 Percent to RS 689.8 crore. This compares to a RS 190 crore profit in Q2 and RS346.6 crore in Q3 FY25. The company’s Q3 performance reflects steady operational execution despite a year-on-year decline in both revenue and profit.
Steady Q3 gains despite lower YoY base
Adani Green Energy (UP) posted consolidated revenue of RS 689.8 crore in Q3 FY26, up from RS596.3 crore in Q2 and marginally higher than RS663.4 crore in Q3 FY25. Net profit improved sequentially to RS232.9 crore, though it was sharply lower than the RS346.6 crore posted a year earlier. The dip in YoY figures was attributed to lower other income and higher tax outgo during the quarter.
Sequential growth builds on cost discipline
Total expenses fell 4.9 Percentsequentially to RS 538.8 crore from RS566.6 crore in Q2, helping boost margins. Depreciation and finance costs remained stable, while operating margin stood at a robust 91.4 Percent. Pre-tax profit increased to RS313.9 crore in Q3 from RS256.1 crore in Q2. Tax expense rose to RS 81 crore from RS66.1 crore in the prior quarter. EPS surged to RS2,497.91 in Q3 from RS640.88 in Q2 FY26.
Drivers: Regulatory tailwinds, tariff realizations
The company’s earnings benefited from improved power supply realizations and resolution of long-pending tariff disputes. Favorable rulings from APTEL and the Supreme Court in cases involving DISCOMs in Karnataka and Uttar Pradesh led to incremental revenue recognition. These accounted for RS429 lakh in Q3 and RS1,281 lakh for the nine months ended December 2025, as per management disclosures.
Nine-month performance hit by lower other income
For 9M FY26, Adani Green Energy (UP) reported RS2,038 crore in operational revenue and RS625.1 crore in net profit, down from RS2,849 crore and RS1,660.3 crore, respectively, in the same period last year. The fall was primarily due to reduced other income and one-time gains that boosted last year’s base. However, the company maintained a strong debt-equity ratio of 1.5 and interest coverage of 2.5 times.
Disclaimer: This article is based on the company’s regulatory filing for Q3 FY26. It is for informational purposes only and does not constitute investment advice or a recommendation.
