Mumbai: Adani Power’s Q3 FY26 results showed a deceleration both year-on-year and sequentially. Total income stood at Rupees 12,994 crore compared to Rupees 14,833 crore in Q3 FY25. Revenue fell from Rupees 13,671 crore last year and Rupees 13,457 crore in Q2 FY26. Net profit declined to Rupees 2,488 crore versus Rupees 2,940 crore in Q3 FY25 and Rupees 2,906 crore in Q2 FY26. The drop was attributed to lower tariff compensation, decreased coal cost recoveries, and subdued merchant realizations.
Sequential Growth Moderates
Quarter-on-quarter, revenue contracted by 7.5 percent (Rupees 13,456.84 Cr to Rupees 12,451.44 Cr), while expenses fell only 2.8 percent, leading to a sharper drop in profitability. Net profit shrank 14.4 percent sequentially. Fuel costs eased to Rupees 6,758 crore from Rupees 7,205 crore in Q2, reflecting improved efficiency and coal sourcing, while finance costs also moderated. However, the benefit was partly offset by a Rupees 915 crore deferred tax reversal booked in Q2, which did not recur in Q3.
Nine-Month Snapshot Shows Pressure
For 9M FY26, Adani Power posted revenue of Rupees 40,017 crore, down 4.6 percent from Rupees 41,966 crore in the same period last year. Net profit for the nine months dropped 14.3 percent to Rupees 8,700 crore. Operational headwinds persisted, though partially offset by regulatory recoveries and disbursal settlements with Discoms. The company expects continued stabilisation as recoveries align with historical rulings.
Disclaimer: This report is based on publicly disclosed financial results by Adani Power. It is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell.
