**Adani Power Q3 FY26 Market Brief** **Financial Performance** Adani Power Limited has released its consolidated results for the quarter ending December 31, 2025. Contrary to previous growth trends, the energy major reported a **15.4% year-on-year decline** in consolidated net profit to **₹2,488 crore**, down from ₹2,940 crore in the same period last year. This dip is primarily attributed to lower one-time prior period income. **Revenue & Margins** Total continuing revenue witnessed a **5.3% decrease**, standing at **₹12,717 crore** compared to ₹13,434 crore in Q3 FY25. The company cited reduced merchant power rates and lower realization from long-term Power Purchase Agreements (PPAs) as key factors. Despite the top-line contraction, EBITDA remained resilient at **₹4,636 crore**, showcasing effective cost management. **Operational Highlights** * **Capacity Expansion:** Secured a major **3,200 MW** long-term PPA with Assam Power Distribution Company (APDCL), boosting tied-up capacity to nearly **11.7 GW**. * **Fundraising:** Successfully raised **₹7,500 crore** via AA-rated Non-Convertible Debentures (NCDs) to fuel future capacity growth and working capital needs. * **Volume Growth:** Power sale volume rose marginally to **23.6 Billion Units (BU)**, overcoming soft demand caused by an extended monsoon. **Market Reaction** Following the announcement on January 29, 2026, Adani Power shares have faced downward pressure, trading in the **₹133 – ₹135** range. The stock has seen a correction of approximately **10%** over the last few trading sessions, reflecting investor caution amidst the dampened quarterly earnings. **Outlook** Management remains optimistic, highlighting that **90%** of operational capacity is now secured under long-term contracts. The focus remains on aggressive capacity expansion, with ongoing projects in Mahan, Raipur, and Raigarh progressing on schedule.