Adani Power gains 2% in weak market, zooms 49% in April; here's why

Adani Power reported strong PAT generation in Q4, driven by robust operating profitability and lower tax expenses.

Adani Power share price

Shares of Adani Power traded 2 per cent higher at ₹223.50 on the BSE in Thursday’s intra-day trade after the company reported stable results for the quarter ended March 2026 (Q4FY26). In April, the stock zoomed 49 per cent. It had hit a record high of ₹226.25 on Wednesday, April 29, 2026. 

At 09:36 AM; Adani Power stock was quoting 1 per cent higher at ₹220.55, compared to a 1.1 per cent decline in the BSE Sensex.

Adani Power Q4 results

Adani Power reported a largely stable operating performance in Q4FY26, with core revenue (ex-other income) at ₹14,223 crore, marginally down 0.1 per cent year-on-year (YoY) against ₹14,237 crore in Q4FY25. 

 

Core EBITDA (ex-other income) stood at ₹4,832 crore, compared to ₹4,622 crore in Q4FY25, reflecting a 4.5 per cent YoY increase. Consequently, the EBITDA margin improved to 34.0 per cent against 32.5 per cent YoY (+150 bps). 

At the bottom line, profit after tax (PAT) rose sharply by 64 per cent YoY to ₹4,271 crore (₹2,599 crore in Q4FY25), significantly outperforming EBITDA growth, aided by higher other income and favourable deferred tax adjustments, ICICI Securities said in a note. 

Adani Power said stable revenues despite lower merchant rates and lower import coal prices; due to high degree of Power Purchase Agreement (PPA) tie-ups. The robust EBITDA performance reflects core earnings resilience in a dynamic demand environment.  

The strong PAT generation following robust operating profitability and provision of lower tax expenses, the company said. 

Meanwhile, during Q4FY26, the company signed a new long-term Power Purchase Agreement (PPA) for 1,600 MW with Maharashtra DISCOM under the Design, Build, Finance, Own, and Operate model, and delivered consolidated power.  READ | Bajaj Finance share price rises 4% on posting Q4; brokerages hike TP

Adani Power – ICRA’s rating rationale

Adani Power has an operational thermal power capacity of 18.11 GW and solar power capacity of 40 MW. These plants are located across various states like Gujarat, Maharashtra, Madhya Pradesh, Rajasthan, Chhattisgarh, Jharkhand, Karnataka and Tamil Nadu. These projects have multiple offtakers, including eight state discoms, two private discoms, one reputed industrial customer and Bangladesh Power Development Board for its operational and under-construction capacity. 

Adani Power has tied up long-term PPAs under a two-part tariff structure for its operational and upcoming projects of ~28.1 GW on a gross basis, which provides long-term earnings visibility, ICRA said in its rating rationale. 

Adani Power benefits from the experience of the Adani Group across the energy value chain, including power generation, distribution, transmission, logistics and coal mining in India. The Group’s status as the largest private coal miner/MDO, one of the largest domestic coal buyers across the power and cement businesses, as well as the largest coal importer is expected to support coal procurement at a competitive cost, thereby leading to a competitive cost of generation for Adani Power’s capacities, the rating agency said.  ============================================================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.