Adani Power Limited (APL), part of the Adani Group, announced its financial results for the first quarter ended June 30, 2025, showing a stable performance despite reduced power demand caused by early monsoons.
Key Highlights:
- Installed capacity rose to 17,550 MW in Q1 FY26, up from 15,250 MW in Q1 FY25. This increase was driven by the acquisition of Moxie Power Generation (1,200 MW), Korba Power (600 MW), and Adani Dahanu Thermal Power Station (500 MW).
- In July 2025, total capacity further grew to 18,150 MW with the addition of Vidarbha Industries Power Ltd. (600 MW).
- Units sold grew slightly to 24.6 billion units (BU) in Q1 FY26, compared to 24.2 BU in Q1 FY25.
- Merchant power sales increased by 7.7% to 5.7 BU, up from 5.3 BU last year.
CEO S. B. Khyalia said, “Despite fluctuations in power demand and weather, our financial performance reflects our resilience and long-term strategy. We remain committed to expanding capacity, improving efficiency, and supporting India’s energy growth.”
Impact of Weather and Market Conditions:
- Power demand fell due to early monsoon rains, unlike the heatwave-driven spike seen in Q1 FY25.
- National energy consumption dropped by 1.6%, while peak demand fell by 2.8%.
- Market clearing prices on the Indian Energy Exchange declined by 16% year-on-year to ₹4.41/kWh.
- Day Ahead Market volumes were down by 7% to 12,399 million units (MU).
Project and Business Updates:
- Adani Power (Jharkhand) Ltd. was merged into APL effective April 1, 2024. The 1,600 MW Godda power plant is now part of APL’s standalone operations.
- The Godda plant’s credit rating improved to AA/Stable, reducing financing costs.
- APL acquired Vidarbha Industries Power Ltd., which operates a 600 MW thermal plant in Nagpur, enhancing capacity in Maharashtra.
- APL signed a 25-year Power Purchase Agreement (PPA) with UP Power Corporation for 1,500 MW from a new 1,600 MW project in Uttar Pradesh. With this, the company has secured PPAs for 4,520 MW as part of its upcoming 12,520 MW expansion.
Financial Summary (₹ in Crore):
| Particulars | Q1 FY26 | Q1 FY25 | % Change | Q4 FY25 | % Change |
|---|---|---|---|---|---|
| Revenue from Operations | 13,702.94 | 14,716.89 | -6.89% | 14,145.31 | -3.13% |
Despite a year-on-year decline in revenue due to market conditions, the company’s broader expansion strategy and operational growth have positioned it well for long-term gains. APL aims to reach 30 GW of capacity by 2030, in line with India’s growing power demand.