Adani Power's Q2 FY27 profit jump mostly came from past years

Companies No. 96 27 October 2026 · 2 min read · By Pranami Hayaran

Adani Power's profit after tax rose 141.5% to ₹7,019 crore in the September quarter (Q2 FY27), from ₹2,906 crore a year earlier, its results of 23 October show. India's largest private thermal power producer sold 26.4 billion units of power, 11% more.

The business did not grow that fast. Continuing profit before tax, which leaves out income and costs of earlier years, rose 32.5% to ₹4,370 crore. That is ₹1,072 crore, or 26%, of the ₹4,113 crore rise in profit.

First, back-dated income for past years' power: ₹2,422 crore, against ₹669 crore a year ago, mainly revised energy charges, the fuel part of the tariff. In 1 case, Gujarat approved new rates in May 2026 for power from the Mundra plant back to October 2018, and its buyer, GUVNL, has paid ₹6,221 crore of the new charges. The company calls this income one-time, yet it booked ₹3,809 crore in 6 months, 2.2x the ₹1,744 crore of all of FY26.

Such claims can go the other way. This quarter it took back ₹1,972 crore of revenue from Haryana's distributors, who questioned its coal cost claims again. The filing does not say whether that sits inside the ₹2,422 crore.

Second, tax. Adani Power merged 10 wholly owned subsidiaries into itself from 1 April 2025, redid its tax for FY26 and April to June 2026, and reversed ₹1,211 crore booked for those periods. The quarter's tax became a ₹231 crore credit, against a ₹1,060 crore charge a year ago. The filing does not say why the merged company owes less.

A waterfall from Adani Power's profit after tax of ₹2,906 crore a year ago, up ₹1,072 crore from the running business, ₹1,754 crore from back-dated income, ₹1,254 crore from tax for past periods and ₹33 crore from other items, to ₹7,019 crore.

A stream across 3 quarters: the running business earned ₹3,298 crore, ₹4,914 crore and ₹4,370 crore before tax, while back-dated income grew from ₹669 crore to ₹1,386 crore to ₹2,422 crore.

A waterfall from current tax of ₹1,440 crore, less a deferred tax credit of ₹459 crore, to ₹981 crore of tax on the quarter, less ₹1,211 crore reversed for past periods, to a tax credit of ₹231 crore.

Sources

Adani Power, NSE filing of 23 October 2026: outcome of the board meeting, unaudited consolidated and standalone results for the quarter and half year ended 30 September 2026, the auditor's review reports and the media release (PDF)