Adani Power Ltd reported a 12% year-on-year decline in consolidated net profit to Rs 2,906 crore for the September quarter, weighed down by higher expenses. The company had posted a profit of Rs 3,297.52 crore in the corresponding quarter of the previous financial year, it said in a regulatory filing on Thursday.Total income rose slightly to Rs 14,307.79 crore in the July–September period from Rs 14,062.84 crore a year earlier, PTI reported. The company said the rise in revenues came despite lower merchant tariffs and reduced import coal prices, supported by higher power sales.Total expenses climbed to Rs 10,341.59 crore in Q2 FY26 from Rs 9,928.76 crore in the same period last year.“The company has again demonstrated stable financial performance this quarter, in the face of weather-driven fluctuations in demand, highlighting our operational efficiency and competitive advantages,” said S B Khyalia, CEO of Adani Power Ltd.He added that the company’s strong profitability and liquidity position it well to achieve its enhanced capacity expansion target of 42 GW by FY 2031-32. “We have already arranged ordering for equipment and land for the entire 23.7 GW expansion, with project implementation progressing rapidly,” Khyalia said.Adani Power said it is expanding its market presence by securing 4.5 GW of new long-term power purchase agreements (PPAs) under the government’s SHAKTI scheme.The company’s consolidated operating capacity grew to 18,150 MW as of September 30, 2025, from 17,550 MW a year ago, following the acquisition of 600 MW Vidarbha Industries Power Ltd.During the quarter, Adani Power signed a 25-year power supply agreement for 2,400 MW with Bihar State Power Generation Company Ltd (BSPGCL), to be supplied from a new 2,400 MW ultra-supercritical thermal power project (USCTPP) at Pirpainti, Bhagalpur district, Bihar.It also received letters of allocation (LOA) for 1,600 MW capacity from Madhya Pradesh Power Management Company Ltd (MPPMCL) for a 25-year supply from a 2,400 MW greenfield USCTPP at Anuppur, Madhya Pradesh, and an LOA of 570.5 MW from Power Company of Karnataka Ltd (PCKL) to supply from the existing Raipur plant for 25 years.Vidarbha Industries Power Ltd signed a 500 MW medium-term PPA with Maharashtra DISCOM for five years, starting November 2025. Meanwhile, Mahan Energen Ltd received approval from the Ministry of Coal to start operations at the Dhirauli Mine in Singrauli, Madhya Pradesh, which has a peak capacity of 6.5 MTPA and reserves of 558 MT.The company completed a share split on September 22, 2025, in a 1:5 ratio, converting each equity share of Rs 10 face value into five equity shares of Rs 2 each, increasing its total equity shares to 19.28 billion.On the project front, Adani Power said brownfield expansion work is progressing rapidly, with Mahan Phase-II (1,600 MW) at 73%, Raipur Phase-II (1,600 MW) at 35%, and Raigarh Phase-II (1,600 MW) at 30%. Subsidiary Korba Power Ltd has also revived construction of its 1,320 MW supercritical project in Chhattisgarh. These projects are scheduled for phased completion between FY27 and FY29.
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