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Adani Power Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹206
Market cap₹4.0L Cr
P/E27.8
Updated23 Aug 2026
Read5 min read

The short version

Adani Power expects power demand growth to pick up as weather impacts subside, leading to improved offtake under long-term contracts and more traction in the short-term market. Adani Power plans to raise generation capacity from 18 GW to 42 GW by 2032, driving faster earnings and cash flow growth.

From Adani Power's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Adani Power expects power demand growth to pick up as weather impacts subside, leading to improved offtake under long-term contracts and more traction in the short-term market.
  • Power sale volumes grew over 7% in Q2 FY26 to 23.7 billion units versus 22 billion units in Q2 FY25, despite subdued demand due to weather.
  • The company aims to increase generation capacity from 18 GW to 42 GW by FY32, with rapid commissioning planned between FY27 and FY30.
  • Recent awards of long-term PPAs for over 9 GW out of 14.5 GW bids bolster growth prospects.
  • They plan to tie up more capacity under medium- to long-term PPAs to reduce price volatility.
  • Four projects totaling 6,120 MW are under construction for staged commissioning between FY27 and FY29.

2 more points from Adani Power's call on revenue

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Profitability & Margins

See what Adani Power said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Adani Power is undertaking a significant capacity expansion program aiming to raise generation capacity from 18 GW to 42 GW by FY2032.
  • The planned new capacity addition is approximately 23.72 GW.
  • Total estimated CAPEX for the 23 GW expansion is about Rs. 2 lakh crore.
  • Four projects totaling 6,120 MW are currently under construction, expected to be completed between FY2026-27 and FY2028-29.
  • All equipment for the expansion has been 100% advance ordered, marking full de-risking of the project pipeline.
  • CAPEX funding will primarily come from internal accruals; interim funding needs will be met through a mix of domestic capital markets and bank borrowings.

2 more points from Adani Power's call on capex

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Top-ranked in Power

Ranked on what management guided this quarter

Guidance-ranked
1Insolation Ener
Rev 1Mar 1
2ACME Solar Holdings Ltd
Rev 1Mar 3
3
Rev 1Mar 3
4
Rev 1Mar 3
5
Rev 2Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

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Order Book & Pipeline

  • Total capacity expansion planned: 23.72 GW.
  • Out of 23.72 GW, 8.52 GW is already tied up under PPAs.
  • Recently, won 3.2 GW Assam bid as L1 bidder; approval received.
  • Additional tied-up capacity includes 1,100 MW from existing capacities (500 MW Maharashtra, 570 MW Karnataka).
  • Four projects under construction totaling 6,120 MW, scheduled for completion between FY 2026-27 and FY 2028-29.
  • 100% advance ordering of Boilers, Turbines, and Generators completed for expansion projects.

2 more points from Adani Power's call on order book

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Adani Power — Quarterly revenue & net profit

Revenue Net profit
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26
Jun 2026Q1 FY27
Sep 2026Q2 FY27

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹19.4K Cr, net profit ₹7.0K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Adani Power's management said in earlier quarters

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    Revenue for H1 FY26: ₹8,257 crore . Key investor presentation takeaways from Reliance Power Ltd's Q2 FY26 investor presentation — and how it ranks against secto

  • GMR Urban (Q2 FY26)

    Consolidated Total Income: INR 19.2bn, up 28% YoY and 9% QoQ (Page 10). Key investor presentation takeaways from GMR Power & Urban Infra Ltd's Q2 FY26 investor

  • Adani Energy Sol (Q2 FY26)

    Distribution business capex around INR 1,500-1,600 crores, translating to INR 250-275 crores EBITDA. Key concall takeaways from Adani Energy Solutions Ltd's Q2…

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Frequently Asked Questions

What were Adani Power Q2 FY26 results?

Adani Power expects power demand growth to pick up as weather impacts subside, leading to improved offtake under long-term contracts and more traction in the short-term market. Adani Power plans to raise generation capacity from 18 GW to 42 GW by 2032, driving faster earnings and cash flow growth.

What is Adani Power share price analysis?

Adani Power currently shows a neutral. The stock trades at a P/E of 27.8 with a market cap of ₹396,300 Cr. Investors should review the full earnings analysis for detailed insights.

Is Adani Power planning capital expenditure?

Adani Power is undertaking a significant capacity expansion program aiming to raise generation capacity from 18 GW to 42 GW by FY2032. - The planned new capacity addition is approximately 23.72 GW. - Total estimated CAPEX for the 23 GW expansion is about Rs.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.