Adani Power reported a stellar Q2 FY27, with profit rising 141.5% YoY to Rs 7,019 crore. Revenue grew 28.5% to Rs 17,528 crore, fueled by higher power demand and improved capacity utilization. The company also secured an AA+ credit rating upgrade and is actively expanding its thermal footprint.
Adani Power Reports Strong Q2 FY27 Growth
Adani Power posted a Q2 FY27 PAT of Rs 7,019 crore, a 141.5% increase year-on-year.
Revenue from operations reached Rs 17,528 crore, reflecting a 28.5% growth compared to the same period last year.
Reader Takeaway: Strong operational growth and a credit rating upgrade contrast with pending coal compensation dispute reversals.
What just happened
Adani Power delivered robust financial performance in the second quarter of FY27. Beyond the profit surge, the company saw its consolidated sales volume rise by 11.5% to 26.4 billion units. The plant load factor (PLF) reached 70.1%, up from 62.8% in Q2 FY26. Notably, the firm received a credit rating upgrade from AA to AA+.
Why this matters
The results highlight the company's ability to capitalize on elevated national power demand. Improved PPA realizations, supported by pass-through mechanisms for imported coal and new medium-term agreements, were key drivers. The entry into the hydropower sector via the acquisition of GVK Energy’s 330 MW plant and a new project in Bhutan marks a strategic diversification.
Strategic Developments
The company is aggressively pursuing its 24 GW thermal capacity pipeline. Grid synchronization is complete for the first 660 MW unit at Korba Phase-II, with commercial commissioning imminent. A second unit is slated for Q4 FY27, signaling sustained capacity growth.
Risks to watch
Investors should note the company reversed Rs 1,970 crore in previous revenue recognition related to Haryana DISCOM coal compensation claims. This conservative accounting approach will remain until the dispute is settled. Management is also monitoring potential imported coal price volatility.
Context metrics
As of September 30, 2026, total debt stood at Rs 61,860 crore. Management projects a peak debt of approximately Rs 1 lakh crore by FY30/FY31 to support ongoing capacity additions, maintaining that net debt levels remain controlled.