Adani Power Revenue History — Quarter by Quarter

Adani Power's revenue moved from ₹14,717 Cr in Q1 FY25 to ₹14,223 Cr in Q4 FY26, a -3.4% change over 8 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

Quarter	Revenue (₹ Cr)	YoY Change
Q4 FY26	₹14,223 Cr	+4%
Q3 FY26	₹12,717 Cr	-5.3%
Q2 FY26	₹13,639 Cr	+1.3%
Q1 FY26	₹14,168 Cr	-5.88%
Q4 FY25	₹14,522 Cr	+5.3%
Q3 FY25	₹13,434 Cr	—
Q1 FY25	₹14,717 Cr	+29%
Q2 FY25	₹14,717 Cr	+29%

What management said about revenue

Q4 FY26 · EBITDA target of ₹50,000 crore by FY30-31

Management expects EBITDA to reach ₹50,000 crore by 2030-31, driven by capacity expansion and new PPAs.

Q3 FY26 · Reduce open capacity to 3-4% over 6-7 years

Management targets reducing merchant exposure from current 10% to 3-4% over the medium term by signing more long-term PPAs.

Q2 FY26 · Merchant tariff expected to average ~INR 6/unit in H2 FY26

Management expects merchant realization to recover to around INR 6 per unit in the second half, from INR 5.37 in Q2.

Q2 FY26 · Godda plant to connect to Indian grid by December 2025

The Godda power plant is expected to be connected to the Indian grid by December 2025, allowing sales under certain conditions.

Q2 FY26 · First 12 GW of expansion on track; 3 GW commissioning next year

The first 12 GW of the 23.5 GW expansion is on schedule, with ~3 GW expected to commission in FY27, followed by 2.4 GW, 3.2 GW, and 7.2 GW in subsequent years.

Q4 FY25 · Mahan Phase II commissioning by March 2027

The 1,600 MW Mahan expansion project is expected to be commissioned around March or April 2027.

Q4 FY25 · Capacity expansion to 30,670 MW by 2030

Adani Power targets to increase its total capacity to 30,670 MW by 2030 through brownfield expansions.

Q3 FY25 · Rohne coal mine to supply 5 MTPA after 2 years

The Rohne mine, acquired from Adani Enterprises, will supply 5 million tons of coal per annum after two years for the Mahan plant's untied capacity.

Q3 FY25 · Target 30 GW operating capacity by 2030

Management reiterated the target to achieve more than 30 GW of operating capacity by 2030, with BTG orders placed for 11.2 GW.

Q1 FY25 · 80% PPA tie-up for new capacity

New projects will have 80% capacity tied to long-term PPAs (25-year duration) and 20% kept for merchant sales.

Q2 FY25 · Capacity target of 30.67 GW by 2030

Plans to double capacity from ~15 GW to 30.67 GW through organic expansion (Mahan Phase II, Raipur, Raigarh, Mirzapur) and acquisitions (Lanco, Coastal).

Q2 FY25 · 80% PPA tie-up for new capacity

Management aims to secure long-term PPAs for 80% of new capacity, keeping 20% for merchant sales to balance risk and reward.