Adani Power Limited Earnings Summary — Q1 FY2027
Adani Power Reports Strong Q1 Growth as Revenue Surges 34% and Board Approves ₹15,000 Crore Fundraise
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 3 consecutive quarters.
- Revenue of ₹18,902 Cr is 34.0% higher year-on-year.
- Revenue has compounded at 16.7% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹4,806 Cr is 42.0% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 28.4% annualised across the period.
- Operating margin stands at 42.0% in Q1 FY2027.
- Operating margin expanded by 176 bps year-on-year.
- Over the last two years operating margin has expanded by 63 bps.
- PBT margin is 34.0%.
- Expense growth of 30.0% remained below revenue growth of 34.0%.
- Operating profit of ₹7,949 Cr is 39.8% higher year-on-year.
- Operating leverage continues to improve.
- 3 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 81/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Accelerating | 18,902 | 14,223 | 12,451 | 13,457 | 14,109 | 14,237 | 13,671 | 13,339 | 14,956 | 13,364 |
| Expenses | Improving | 10,953 | 9,491 | 8,213 | 8,307 | 8,424 | 9,425 | 8,648 | 8,063 | 8,761 | 8,514 |
| Operating Profit | Accelerating | 7,949 | 4,732 | 4,238 | 5,150 | 5,685 | 4,813 | 5,023 | 5,276 | 6,194 | 4,850 |
| Operating Margin | Stable | 42.0% | 33.3% | 34.0% | 38.3% | 40.3% | 33.8% | 36.7% | 39.5% | 41.4% | 36.3% |
| Other Income | Volatile | 538 | 1,766 | 543 | 851 | 465 | 298 | 1,162 | 724 | 518 | 518 |
| Interest | Stable | 901 | 967 | 701 | 842 | 857 | 765 | 957 | 807 | 811 | 820 |
| Depreciation | Stable | 1,167 | 1,147 | 1,135 | 1,193 | 1,089 | 1,085 | 1,170 | 1,059 | 996 | 990 |
| Profit Before Tax | Accelerating | 6,418 | 4,384 | 2,945 | 3,966 | 4,204 | 3,261 | 4,059 | 4,134 | 4,906 | 3,558 |
| Tax | Volatile | 1,552 | 113 | 457 | 1,060 | 899 | 662 | 1,119 | 837 | 993 | 821 |
| Net Profit | Accelerating | 4,806 | 4,017 | 2,480 | 2,953 | 3,385 | 2,637 | 3,057 | 3,332 | 3,913 | 2,737 |
| Net Margin | Improving | 25.4% | 28.2% | 19.9% | 21.9% | 24.0% | 18.5% | 22.4% | 25.0% | 26.2% | 20.5% |
Key Takeaways
- Revenue from operations surged 34% year-on-year to ₹18,901.89 crore, driven by strong power demand and favorable regulatory settlements.
- The Board approved a massive fundraise of up to ₹15,000 crore through a Qualified Institutions Placement (QIP) or other permissible modes.
- Borrowing limits have been significantly increased from ₹75,000 crore to ₹1,00,000 crore to support aggressive expansion and capital requirements.
- Operating margins improved to 42.12%, up from 40.30% in the same quarter last year, reflecting better operational efficiency and cost management.
- One-time income recognitions from regulatory orders (MERC/CERC) contributed ₹1,386.35 crore to total income during the quarter.
- Net Worth reached a record ₹71,391.83 crore, strengthening the balance sheet for the upcoming capex cycle.
- Acquisition of Coastal Energen Private Limited (CEPL) is currently under status quo following NCLAT and Supreme Court orders.
Management Guidance
Management is shifting focus toward a massive new capex cycle, with Capital Work in Progress reaching ₹35,053 crore. They aim to consolidate APL's position as India's largest private thermal producer while expanding international export capabilities like the Godda plant for Bangladesh.
Sentiment Shift
Improving
The substantial increase in net profit and revenue, combined with a clear capital raising plan for expansion, indicates a highly aggressive growth phase backed by strong cash flows.
Outlook
The outlook remains strong as the company utilizes its repaired balance sheet to fund a ₹1 trillion borrowing capacity. Growth is expected to be driven by rising domestic power demand and the integration of newly acquired assets, though regulatory settlements remain a key swing factor for 'Other Income'.
From the Annual Report (Key Quotes)
“Approved the raising of funds... for an aggregate amount not exceeding Rs. 15,000 crore... by way of qualified institutions placement ('QIP').”
“Approved the proposal for increasing the borrowing limits... from Rs. 75,000 crores to Rs. 1,00,000 crores.”
“The Management of the Group has concluded that the recoverable value of all the thermal power plants is higher than their carrying amounts.”
Official Quarterly Documents
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This summary is AI-generated from Adani Power Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.