Adani Power Q1: consolidated PAT ₹4,867 Cr, +47% YoY on record volumes; ~29% underlying

Adani Power reported its highest-ever quarterly print for Q1 FY27, with consolidated PAT of ₹4,866.60 Cr, up 47.2% YoY from ₹3,305.13 Cr (and +13.9% QoQ over ₹4,271.40 Cr), on reported revenue of ₹19,322.30 Cr, +33.9% YoY. The headline growth overstates the underlying trajectory: the quarter carries a ₹1,386.34 Cr one-time net recognition of prior-period revenue (largely retrospective energy-charge revisions under certain PPAs) versus only ₹406 Cr a year ago, plus a new ₹117.69 Cr share of associate profit from the freshly acquired 24% stake in Jaiprakash Power Ventures. Stripping the one-offs, management's continuing-basis metrics are the cleaner read — continuing revenue ₹17,936 Cr (+26.6%), continuing EBITDA ₹6,983 Cr (+21.6%), and continuing PBT ₹4,914 Cr (+29.4%). So the print is genuinely strong, but the honest underlying growth is ~22-29%, not 47%. The operating story is the real driver. A hotter-than-usual summer pushed all-India demand up ~8.4% and IEX day-ahead prices +15.7% to ₹5.1/unit; against that backdrop APL's PLF jumped from 67.0% to 77.9% and volumes rose 16.9% to 28.8 BU, aided by PPA tie-ups of previously open capacity (Butibori, Tuticorin) and VIPL. PPA volumes grew 30.3% with tariff realisation +8.5% to ₹5.95/kWh. Margins expanded YoY — NPM 25.19% vs 22.68% and OPM 42.12% vs 40.30% — even as fuel cost rose 30.2% to ₹9,513 Cr on larger volumes and costlier imported coal; tight finance-cost control (+5.2% to ₹901 Cr despite acquisitions and capex) protected the bottom line. Note QoQ NPM eased from 26.71%, but the Q4 comparison is distorted by that quarter's own large other-income one-offs, so the YoY expansion is the meaningful signal. Versus expectations the quarter is a clear beat: Antique had modelled roughly flat YoY PAT (+0.5%) and ~11% revenue growth, well below even the continuing-basis outcome. It also confirms the bullish FY27 guidance from the Q4 concall — strong demand growth, capacity expansion and low leverage all played out, with Korba Phase-II (1,320 MW) due this year and Mahan Phase-II (1,600 MW) at 88% progress toward Q1 FY28. CEO S B Khyalia framed it as the 'highest ever quarterly EBITDA on continuing basis' on the road to a 45 GW portfolio. The result landed alongside two capital-structure actions the same day: board approval for a ₹15,000 Cr QIP and a borrowing-limit hike from ₹75,000 Cr to ₹1,00,000 Cr, both intended to fund the capex programme (the earlier guidance flagged ~₹25,000 Cr FY27 capex). Standalone PAT was ₹4,105.43 Cr (+31.6% YoY) on ₹15,761 Cr revenue; the standalone-vs-consolidated growth gap is largely the associate profit and subsidiary contribution, not a divergent story.