Adani Power just posted a 42% jump in quarterly profit — and simultaneously asked shareholders for ₹15,000 crore more. Here's why a company printing record cash still wants a bigger war chest.
The numbers first, because they're loud.
💰 Net profit: ₹4,806 crore, up 42% year-on-year
📈 Revenue: ₹18,902 crore, up 34%
⚡ EBITDA: ₹7,948 crore, up nearly 40%
🎯 Margin: expanded to 42% from 40.3%
That's not a one-line beat. That's every metric moving up together.
More electricity sold. Better prices for it.
Adani Power shifted 28.8 billion units this quarter — its installed capacity now sits at 18,330 MW, up from 17,550 MW a year ago.
And it's not just selling more. It's selling smarter.
Tariffs under long-term contracts rose 8.5% to ₹5.95/unit.
Merchant power — the stuff sold on the open market when demand spikes — jumped 13.1% to ₹7.04/unit.
Translation: India's power demand is running hot, and Adani is riding both the contracted and the spot-market wave.
There's a catch though.
Fuel costs climbed 30.2% to ₹9,512 crore — imported coal got pricier, and volumes went up too. Margins still expanded anyway. That's the real tell.
This isn't a company patching a hole. It's a company loading up for a sprint.
Adani Power just closed a ₹4,193 crore deal to absorb Jaiprakash Associates' power assets — a 24% stake in Jaiprakash Power Ventures plus a 180 MW thermal plant.
And the ambition doesn't stop at coal.
CEO S B Khyalia said the company is now "preparing ourselves to enter new opportunities in the nuclear power field," alongside domestic and international hydro projects.
The target: 45 GW of capacity within five years — that's more than double where it stands today.
Total debt has already climbed to ₹58,381 crore from ₹53,555 crore in March.
So the QIP isn't about survival — it's about not letting growth stall while the acquisition pipeline is this full.
Markets, meanwhile, shrugged. The stock actually slipped 0.99% on the day of a 42% profit beat.
Sometimes the market isn't pricing the quarter. It's pricing the appetite for what comes next.
That's all for now!
