₹12,971 Cr in Profit: Inside Adani Power’s Merger
- Posted: 30 Oct 2026, 4:55 PM IST
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India’s electricity demand is growing, putting the focus on companies that generate the power the country needs.
Adani Power is one of them.
One of India’s largest private-sector thermal power producers, the company reported a profit after tax of ₹12,971 crore in FY26 and has an installed capacity of 18,150 MW.
Adani Power also generated 105 billion units (BU) of electricity and sold 99.15 BU in FY26.
But its financial performance is only part of the story.
On September 25, 2026, Adani Power completed the merger of 10 wholly owned subsidiaries into its parent entity.
The merger took effect on April 1, 2025, bringing these businesses under a single corporate structure.
The merger brings 10 wholly owned subsidiaries under the parent company.
These include Adani Power Dahej, Kutchh Power Generation, Resurgent Fuel Management, Mahan Fuel Management, Orissa Thermal Energy, Korba Power, Anuppur Thermal Energy, Mirzapur Thermal Energy, Emberiza Infra Park and Vidarbha Industries Power.
Their financial positions varied considerably.
As of March 31, 2025, Korba Power reported a net worth of ₹6,643.28 crore and total income of ₹1,240.75 crore.
Vidarbha Industries Power, in contrast, reported a negative net worth of ₹3,665.33 crore and total income of ₹18.04 crore.
Under the merger arrangement, assets and liabilities were transferred at their existing carrying values.
No new shares were issued for the wholly owned subsidiaries.
The objective was to simplify the corporate structure, reduce compliance requirements and bring financial reporting and oversight under one entity.
To understand that, it helps to look at Adani Power’s financial track record.
In FY24, the company reported revenue of ₹60,281 crore, EBITDA of ₹28,111 crore and profit after tax of ₹20,829 crore.
In FY25, revenue fell to ₹58,906 crore, EBITDA to ₹24,008 crore and PAT to ₹12,750 crore.
The trend continued for revenue and EBITDA in FY26. Revenue declined to ₹57,865 crore, while EBITDA stood at ₹23,431 crore.
The company’s latest quarterly performance provides another perspective.
In Q2 FY27, revenue rose 39% year on year to ₹19,951 crore.
EBITDA increased 46% to ₹8,743 crore, while profit after tax climbed 142% to ₹7,019 crore.
Adani Power also operates in a competitive market.
NTPC leads the peer comparison, with an installed capacity of 90 GW and a reported market share of 16.2%.
Adani Power has an installed capacity of 18.3 GW and a reported market share of 3.3%.
Tata Power follows with 16.7 GW and a 3.0% share, while JSW Energy has 15.1 GW and a 2.7% share.
These figures provide a snapshot of the competitive landscape, although comparisons depend on the reporting period and the definitions used for capacity and market share.
The bigger story, however, is capacity expansion.
Adani Power plans to add 23.72 GW of new thermal power capacity.
If executed as planned, these additions would significantly expand its generation base.
Adani Power is also pursuing hydropower opportunities in India and Bhutan.
These projects could broaden its generation portfolio over time, although their contribution will depend on project development and execution.
This brings the focus back to the merger.
Consolidating 10 subsidiaries simplifies the corporate structure as Adani Power prepares for a substantial expansion.
But a streamlined structure is only one part of the growth story.
The other is whether the company can commission new capacity, sustain operating performance and manage costs as the business scales.
Ultimately, the real test lies in translating this expansion opportunity into sustained financial performance.
Sources:
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Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
