Adani Power Financial Breakdown: Revenue, Profit & Ratios
Adani Power Ltd reported a blockbuster Q2 FY27 on 23 October 2026: consolidated net profit surged 141.5% year-on-year to Rs 7,019.32 crore on revenue of Rs 19,438.68 crore, up 44.4%. Here is a full financial breakdown of India's largest private power generator — its five-year revenue and profit trend, margins, balance sheet, shareholding, peer comparison, and key risks.
Adani Power: Business Overview
Adani Power (NSE: ADANIPOWER) is India's largest private baseload power producer, part of the Adani Group. The company's profile breaks down simply:
- Thermal power is ~99% of revenue — it runs coal-based baseload plants across India.
- ~95% of capacity is tied into long-term contracts — power purchase agreements (PPAs) with state distribution companies, which pay fixed capacity charges plus fuel costs that are largely passed through. Only a small merchant share moves with market prices.
- Customers include state discoms across India, group captive users, and exports to Bangladesh.
- Scale: roughly 18 GW of operating capacity, with a large brownfield/greenfield thermal expansion pipeline (management says it builds 20–30% cheaper than market).
Q2 FY27 Results: Profit Jumps 141.5%
Announced on 23 October 2026, the September-quarter numbers mark one of the strongest quarters in the company's history:
| Metric (Consolidated) | Q2 FY27 | Q2 FY26 | YoY Change |
|---|---|---|---|
| Revenue from operations | Rs 19,438.68 cr | Rs 13,456.84 cr | +44.4% |
| Net profit | Rs 7,019.32 cr | Rs 2,906.46 cr | +141.5% |
| Basic EPS | Rs 3.59 | Rs 1.53 | +134.6% |
| Sequential (vs Q1 FY27) | Revenue +2.8% | Net profit +44.2% | — |
The jump reflects higher generation volumes, better plant utilisation, and operating leverage — with a fixed-cost-heavy asset base, every incremental unit sold drops disproportionately to the bottom line.
Revenue and Profit Trend: FY22–FY26
Consolidated figures (Rs crore):
| Year | Revenue | YoY Growth | Net Profit | EBITDA |
|---|---|---|---|---|
| FY22 | 27,711 | — | 4,912 | 9,919 |
| FY23 | 38,773 | +39.9% | 10,727 | 10,203 |
| FY24 | 50,351 | +29.9% | 20,829* | 18,216 |
| FY25 | 56,203 | +11.6% | 12,939 | 21,388 |
| FY26 | 54,241 | -3.5% | 12,834 | 23,431 |
*FY24 net profit was boosted by one-off deferred-tax benefits; underlying operating profit followed the EBITDA trajectory.
Two things stand out: revenue nearly doubled from FY22 to FY25 before a mild FY26 dip (imported-coal tariffs embedded in some PPAs fell as global coal prices eased, and weak monsoon-hit demand pressured the merchant portion). Meanwhile EBITDA kept climbing every single year — operating margin hit 37% in FY26, with a plant-load factor (PLF) of 67% versus 71% in FY25.
Profitability and Margins
| Ratio (FY26) | Value | What it means |
|---|---|---|
| Operating margin (OPM) | ~37% | Among the highest for Indian power generators — PPA contracts with pass-through fuel costs protect margins |
| ROE | ~20–22% | Strong; well above the ~10-year gilt yield |
| ROCE | ~16–18% | Above the estimated cost of capital (~11%), so the business is creating value |
| Net profit margin (Q2 FY27) | ~36.1% | Rs 7,019 cr profit on Rs 19,439 cr revenue — exceptional quarterly print |
Q2 FY27's 36% net margin is well above the FY26 full-year level, underlining the operating leverage in this business model.
Balance Sheet Strength: Debt in Focus
| Metric | Value | Period |
|---|---|---|
| Debt-to-equity ratio | 0.82x | FY26 |
| Total debt | ~Rs 54,670 cr | Mar 2026 |
| Net debt | ~Rs 47,744 cr | Mar 2026 |
| Operating cash flow | ~Rs 17,828 cr | FY26 |
| Free cash flow | ~Rs -5,522 cr | FY26 (negative on growth capex) |
| Debt to operating cash flow | ~2.6x | FY26 — moderate |
The D/E of 0.82x is roughly double the industry average (~0.41x) — the price of an aggressive build-out. But context matters: PPAs give predictable, contracted cash flows, and debt-to-operating-cash-flow of ~2.6x is manageable for an infrastructure utility. The negative free cash flow is entirely due to heavy investing activity (~Rs 27,800 cr of capex in FY26), not operating weakness.
Segment Split
Adani Power is a single-segment business for practical purposes:
- Power generation (thermal): ~99% of revenue
- Other/ancillary: ~1%
By customer type: state distribution companies (the bulk, via long-term PPAs), Bangladesh exports, and group captive consumers. Unlike renewable peers, it has no meaningful generation-mix diversification — coal is both its scale advantage and its ESG/regulatory exposure.
Shareholding Pattern
| Shareholder | Holding |
|---|---|
| Promoters (Adani Group) | 74.96% |
| Institutions (FII + DII) | 15.50% |
| Individual retail investors | ~4.57% |
Promoter holding at nearly 75% means very high insider skin in the game — but also limited free float, which can amplify share-price swings. The company pays no dividend (dividend yield: nil); profits are reinvested into capacity expansion.
Peer Comparison
Prices/valuations at the 22 October 2026 close:
| Company | Market Cap (Rs cr) | P/E | Business focus |
|---|---|---|---|
| Adani Power | ~3,57,000 | ~25.1x | Largest private thermal generator; ~18 GW operating |
| NTPC | ~2,93,000 | ~10.6x | India's largest power producer (mostly thermal, PSU) |
| Tata Power | ~1,13,000 | ~28.9x | Integrated: generation, distribution, renewables, solar mfg |
| JSW Energy | ~85,000 | ~42.4x | Thermal + growing renewables portfolio |
| Adani Green Energy | ~2,06,000 | ~106.6x | Pure renewables; group sibling |
Adani Power trades at a premium to PSU peer NTPC (~10.6x) — reflecting faster growth and higher contracted private capacity — but at a steep discount to renewable peers, where growth expectations are priced far more aggressively.
Key Risks to Watch
- Leverage: D/E of 0.82x is twice the industry average; any sustained PLF drop or tariff dispute would squeeze coverage.
- Coal and regulatory exposure: imported-coal tariff pass-through and state-level regulatory pushback have hit revenue before (as in FY26).
- PLF sensitivity: full-year PLF slipped to 67% in FY26 from 71%; merchant-price realisations fall when utilisation dips.
- Capex intensity: ~Rs 27,800 cr invested in FY26 with negative free cash flow — the expansion must commission on time to earn its cost of capital.
- Concentration: 74.96% promoter holding plus ~99% thermal revenue concentration means both ownership and business are highly concentrated.
- ESG overhang: coal-heavy fleet faces long-term transition risk and can limit institutional ownership.
Frequently Asked Questions
What is Adani Power's revenue in FY26?
Consolidated revenue from operations was Rs 54,241 crore in FY26, down 3.5% year-on-year as lower imported-coal pass-through tariffs offset volume growth.
How much profit did Adani Power make in Q2 FY27?
Net profit was Rs 7,019.32 crore in Q2 FY27 (quarter ended 30 September 2026), up 141.5% from Rs 2,906.46 crore in Q2 FY26.
What is Adani Power's debt-to-equity ratio?
About 0.82x as of FY26 — above the power-generation industry average of ~0.41x, reflecting its large ongoing expansion programme.
Does Adani Power pay dividends?
No. The company has not paid dividends; profits are reinvested into new thermal capacity.
Who are Adani Power's competitors?
NTPC (India's largest power producer), Tata Power, JSW Energy, and its Adani Group sibling Adani Green Energy in renewables.
What is Adani Power's shareholding pattern?
Promoters hold 74.96%, institutions about 15.50%, and retail investors under 5% — a tightly held large-cap stock.
Conclusion
Adani Power's Q2 FY27 print — Rs 7,019 crore profit on Rs 19,439 crore revenue — shows the earnings power of its contracted, baseload fleet when volumes and utilisation cooperate. Over five years, revenue has nearly doubled while EBITDA has risen every year, margins sit near 37%, and returns (ROE ~20%, ROCE ~17%) clear the cost of capital. The trade-offs are leverage (D/E 0.82x, negative free cash flow from heavy capex), coal concentration, and 75% promoter holding. Whether the expansion pipeline earns its keep will decide the next leg of the story.
Related reads: our breakdowns of Adani Green Energy, JSW Steel, and UltraTech Cement.
Disclaimer: This article is for educational purposes only and is not investment advice. Financial figures are from company filings and public data sources. Please do your own research before investing.