Adani Power’s Q2 net profit leapt to ₹6,919 crore, a 133% YoY jump, while revenue hit ₹19,438 crore, up 44%. The company’s share slipped 1.6% to ₹182.30 on the NSE at 3:15 p.m. IST.
EBITDA climbed 59.8% to ₹8,231.6 crore, pushing the margin to 42.35% from 38% in the same quarter last year – a 435‑basis‑point lift that eclipses the sector’s typical 35% range.
Fuel expense surged 41.8% to ₹10,229.38 crore, driven by higher coal volumes and a 50% hike in landed coal costs. Finance charges fell 9.7% to ₹760.23 crore, thanks to stronger operating cash flow and tighter debt usage.
Business expansion continues: the firm is set to add 23,720 MW of thermal capacity, with Korba Phase‑II and Mahan Phase‑II projects nearing completion; the first 660 MW Korba unit is already online, and the Mahan unit is slated for Q4 FY27. Additionally, Adani Power secured a 25‑year, 1,320 MW supply agreement with Uttarakhand Power Corp and a 770‑MW hydropower JV with Bhutan’s Druk Green Power.
Analysts are watching the December earnings call to see how the capacity build‑out affects margins. The NSE’s price‑target range for ADANIPOWER is tightening, reflecting expectations of higher operating leverage.