Adani Power Limited has released the transcript of its Investors/Analysts Conference Call held on January 29, 2026, to discuss the Q3 FY26 financial results. During the call, the company reported that power demand in Q3 FY26 was weaker year-on-year due to early monsoons and cooler temperatures, leading to lower merchant prices. Despite this, Adani Power maintained resilient operations, with an installed capacity of 18.15 gigawatts as of December 31, 2025. Power sales for Q3 FY26 were 23.6 billion units, slightly higher than the previous year, despite a lower plant load factor of 62.6%. For the 9-month period, power sales increased to 71.8 billion units. Continuing total revenue for Q3 FY26 was ₹12,717 crore, a slight decrease from ₹13,434 crore in the same period last year, primarily due to lower power selling rates. However, continuing profit before tax for the quarter rose to ₹2,800 crore from ₹2,659 crore in Q3 FY25, driven by lower finance costs. Profit after tax for Q3 FY26 stood at ₹2,488 crore, compared to ₹2,940 crore last year, which included higher one-time prior period income. The company highlighted its strong PPA portfolio, with over 90% of its operating fleet of 18.15 gigawatts tied up under long-term and medium-term PPAs, providing strong revenue visibility. Adani Power also raised ₹7,500 crore through non-convertible debentures to support capacity expansion and working capital. Project execution for the 23.7 gigawatt thermal expansion program is progressing well, with various phases scheduled for commissioning from FY27 onwards. The management expressed confidence in the long-term power demand outlook for India, expecting strong demand and better merchant prices in the coming year. They also noted that upcoming capacity additions will drive earnings growth, with new PPAs offering better capacity charges.
