Adani Power CEO puts Q2 numbers in perspective, gives a peek into the road ahead

Adani Power is making progress with plans to add 23,720 MW of thermal power capacity amid rising electricity demand in India, CEO SB Khyalia said on October 23 as the company announced its Q2 earnings.

CEO Khyalia said that the company remained focused on delivering reliable, high-quality electricity on schedule to meet India’s rising baseload requirements. India’s growing appetite for electricity is strengthening the case for thermal power, he added.

Geopolitical developments and climate-related uncertainties have reinforced the importance of domestic coal-based generation in securing the country’s long-term electricity supply, Khyalia said.

Thermal capacity expansion gathers pace

Adani Power is pursuing a programme to add 23,720 MW of new thermal power capacity. Two projects nearing completion are the 1,320 MW Korba Phase-II supercritical thermal power project and the 1,600 MW Mahan Phase-II ultra-supercritical thermal power project.

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At Korba Phase-II, the first 660 MW unit has been synchronised with the grid and is expected to be commissioned shortly. The second unit is scheduled to enter service in the fourth quarter of FY27. Mahan Phase-II is expected to be fully commissioned in the early part of FY28.

Work is also progressing on the 1,600 MW Raipur Phase-II and 1,600 MW Raigarh Phase-II ultra-supercritical projects. Both have crossed 65% completion in less than 30 months since construction began, with commissioning scheduled for FY29.

Coal-based generation gains share

The expansion comes as electricity consumption rises across the country. India’s power demand increased 11.5% YoY to 502 BU in Q2 FY27, while generation advanced 11% to 536 BU. Rapid economic growth and a weak monsoon contributed to the increase in demand.

Reduced hydropower generation potential, alongside higher electricity consumption, lifted coal- and lignite-based power’s share of total supply to 66% in the quarter, from 65% in Q2 FY26. These sources accounted for 73% of the additional electricity generated during the period.

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The aggregate plant load factor (PLF) of India’s coal-based power plants rose to 68% in Q2 FY27, compared with 62% in the corresponding quarter a year earlier, indicating higher utilisation of existing capacity.

Big profit jump in Q2

In Q2, with Adani Power saw a sharp rise in quarterly earnings as demand climbed and its capacity expansion gathered pace. It reported a 134% year-on-year rise in consolidated net profit to Rs 6,919 crore for the second quarter of FY27, while revenue from operations increased 45% to Rs 19,439 crore.

Adani Power on Friday reported a 134% year-on-year (YoY) increase in consolidated net profit to Rs 6,919 crore for the second quarter of FY27, compared with Rs 2,953 crore in the corresponding period last year.

Revenue from operations grew 45% to Rs 19,439 crore from Rs 13,457 crore a year earlier, according to the company’s regulatory filing. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 60% to Rs 8,231 crore against Rs 5,150 crore in the year-ago quarter.

The company’s consolidated power sales volume increased 11.5% YoY to 26.4 billion units (BU) in Q2 FY27, up from 23.7 BU in Q2 FY26, supported by stronger electricity demand.

Adani Power also reported an improvement in its EBITDA margin to 42.3% from 38% in the year-ago period. The company’s reported figures described this as a 400% increase.