Adani Power Q2 FY27: consolidated PAT jumps 142% YoY to ₹7,019 Cr, helped by one-offs

Adani Power's consolidated PAT for Q2 FY27 (quarter ended September 30, 2026) came in at ₹7,019 Cr, up 141.5% YoY from ₹2,906 Cr and up 44.2% QoQ from ₹4,867 Cr, on revenue from operations of ₹19,439 Cr (+44.5% YoY, +2.8% QoQ). The headline jump is heavily flattered by items management discloses separately: a ₹2,422 Cr one-time prior-period revenue recognition (vs ₹669 Cr a year ago, a ₹1,754 Cr favourable swing), a ₹1,211 Cr tax reversal tied to the amalgamation of ten wholly-owned subsidiaries effective 25th September 2026, and a ₹536 Cr gain on selling its CIPL stake to AdaniConnex. Strip these out and management's own 'continuing' operating P&L shows PBT up a still-strong 32.5% YoY to ₹4,370 Cr and EBITDA up 18.5% YoY to ₹6,321 Cr; netting the same items against tax puts underlying PAT growth at roughly 35% YoY, not 142%. No quarter-specific street PAT consensus could be found in public previews — JM Financial's September-quarter note (Oct 5) flagged only 'double-digit YoY generation growth' as the driver to watch, which the quarter's 11.5% rise in units sold (26.4 BU) and 70.1% PLF (vs 62.8% a year ago) comfortably delivered. Operating margin expanded roughly 400 bps YoY to 42.3% (38.3% in Q2 FY26) and was flat sequentially (42.1% in Q1 FY27), powered by a 12.7% rise in PPA tariff realisation to ₹6.4/kWh and a 33.1% jump in merchant/short-term realisation to ₹7.2/kWh, against a 41.8% rise in fuel cost (to ₹10,229 Cr) as imported coal landed cost rose roughly 50%. The reported 35.2% net margin (20.3% a year ago) overstates the underlying improvement since it carries the tax reversal and investment gain noted above. Finance costs fell 9.7% YoY to ₹760 Cr on stronger operating cash flow and lower reliance on short-term debt. Against the FY27 guidance management gave on the Q1 FY27 call — ₹25,000 Cr capex, a capacity target raised to 45 GW by 2031, and net debt/EBITDA held at 2-3x — the quarter is on track: H1 FY27 capex spend of ₹12,360 Cr annualises close to the full-year number, and trailing-12-month net debt/EBITDA stands at 1.96x, comfortably inside the band even as total debt rose to ₹61,860 Cr. Capacity additions continued with a Letter of Award from Uttarakhand Power Corporation for 1,234 MW net under a 25-year PSA, the Committee of Creditors' approval of Adani Power's resolution plan for GVK Energy's 330 MW Alaknanda hydro plant (its entry into hydropower), and a shareholders' agreement with Bhutan's Druk Green Power for the 770 MW Chamkharchhu hydro project; the first 660 MW supercritical unit of the Korba Phase-II project was also synchronised to the grid this quarter. CEO S B Khyalia framed the quarter around 'newer milestones in profitability and project execution' and India's reliance on coal-based baseload power — a framing the numbers broadly support, given coal/lignite supplied 73% of the quarter's incremental national power generation. GQG Partners trimmed its holding by 50.39 lakh shares during the quarter, and the company separately settled a SEBI shareholding-disclosure matter for ₹37.05 lakh with no further penalty, closing that overhang. Going into Q3 FY27, the key markers are whether the second 660 MW Korba Phase-II unit commissions on the guided Q4 FY27 timeline, how the Haryana Discom dispute resolves after the Company prudently derecognised ₹1,972 Cr of SPPA revenue this quarter, and whether H2 capex execution keeps pace with the ₹25,000 Cr FY27 guidance after an H1 run-rate of ₹12,360 Cr.