Adani Power Limited (ADANIPOWER) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 18, 2026 4 min read

Adani Power, India's largest private-sector thermal power producer, reports Q2 FY 2026-2027 results with the sector backdrop turning sharply favourable — all-India energy consumption rose 11.5% YoY in the quarter and IEX DAM prices averaged Rs. 5.7/unit, up 46% YoY. The print will speak to whether the company holds any of Q1 FY27's record 77.9% PLF through the monsoon quarter, and how the September 3 coal GST change and the Godda supply disruption flow through to earnings.

Quick Details

Results date	October 23, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 19,322.30 Cr (+32.58% YoY)
Previous quarter PAT	Rs. 4,866.60 Cr (+47.24% YoY)
Previous quarter EBITDA margin	43.31%
Net debt (latest quarter)	Rs. 47,643 Cr
Market cap	Rs. 3,77,690.75 Cr
CMP	Rs. 195.85

Adani Power Limited Q2 Results Date and Time

The board is scheduled to meet on Oct 23, 2026 to consider the Q2/H1 FY27 results, per the Sep 28, 2026 intimation. The trading window remained closed from Oct 1 to Oct 26, 2026.

An analyst call is scheduled for Oct 26, 2026, per the Sep 28, 2026 board-meeting intimation. No dial-in details or webcast link were stated in the announcement.

Key Things To Watch

Guidance scorecard to probe

Korba Phase-II (1.32 GW) — status vs the 'commissioned during FY27' commitment
Mahan Phase-II (1.6 GW) — tracking to Q1 FY28 with >88% progress
Capex run-rate vs ~INR25,000 Cr FY27 guidance; 9M FY26 ran at INR15,000 Cr
45 GW by FY32 reaffirmation and 4 GW+/yr commissioning for FY29–FY32; EBITDA INR50,000 Cr by FY31 trajectory and debt-free by FY31-32
Reconcile the Q3 FY26 schedule (~2.9 GW in FY27) with the revised FY27 target of 1.32 GW

Operating metrics: PLF, merchant realization and mix

Whether PLF holds near Q1 FY27's 77.9% after 63–74% through FY26 (Q2 FY26 base was 63%)
Merchant realization direction after Q1 FY27's noted uptick in merchant prices, against the Q2 FY27 DAM average of Rs. 5.7/unit and the September Rs. 7.3 spike
Sales-mix shift beyond the 81% PPA / 19% merchant split of Q4 FY26

Strategic initiative updates

QIP execution — Rs. 15,000 Cr approved at the Aug 14, 2026 EGM; no launch or allotment disclosed in the window
GVK Energy resolution plan (330 MW hydro, Uttarakhand) — NCLT Hyderabad approvals pending; UPCL PSA subject to UERC Section 63 approval
Effect of the 10-subsidiary merger (effective Sept 25, 2026, appointed date April 1, 2025, no dilution) on Q2 FY27 standalone/consolidated presentation

Risks to follow up

Rajasthan regulator's questioning of the full 3,200 MW PPA — DISCOM re-presentation status
Change-in-law determinations on coal cess, plus the new September 3, 2026 coal GST change; pass-through is the company's stated position with determination timing the open item
Bangladesh payment regularity at Godda after the mid-August coal-logistics disruption and Unit-2 outage; leverage trajectory after net debt/Continuing EBITDA rose to 2.12x (Jun'26 TTM)

Narrative shifts after the record Q1

Whether management maintains the FY27 demand-recovery and earnings-growth language or tempers it amid monsoon season — Q2 is historically the soft quarter (Q2 FY26 PLF was 63%)

Frequently Asked Questions

What is the status of Adani Power's 45 GW capacity target?

Management revised the target from 42 GW to 45 GW by FY32 and stated, 'we are confident that we'll be able to achieve it', with funding via internal accruals and debt-market bridging. Near-term commissioning was, however, deferred by about six months — FY27 additions revised to 1.32 GW (Korba Phase-II) and FY28 to 1.6 GW (Mahan Phase-II) — described as deferrals, not cancellations.

Is Adani Power facing any coal shortage?

CEO S. B. Khyalia confirmed on the Q4 FY26 call that the company is not facing a domestic coal shortage. Imported-coal cost pressures are covered by pass-through mechanisms in the PPAs.

What happened to Adani Power's Godda plant in Bangladesh during Q2 FY27?

Supply fell to 800–1,000 MW from mid-August after storms disrupted coal transport from August 7, and the 800 MW Unit-2 tripped on a boiler fault around September 11 before resynchronising on September 13, 2026. Payments stayed current, with dues at ~$400 mn by early July 2026 versus ~$900 mn a year earlier.

Is the reported Rs. 70,000 crore EBITDA figure for Adani Power official guidance?

Management clarified on the Q2 FY26 call that the 'Rs. 70,000 crores EBITDA in 6 years' figure was media analysis, not official guidance, though they hope to exceed it. The official guidance is EBITDA of Rs. 50,000 crore by FY 2031.