Adani Power signs 25-year pact with Uttarakhand DISCOM to supply 1,234 MW of thermal power; shares up 36% YTD

Adani Power shares are likely to be in focus on Thursday, November 5, after the company signed a 25-year Power Supply Agreement (PSA) with Uttarakhand Power Corporation Limited (UPCL) to supply 1,234 MW of thermal power.

In a regulatory filing dated November 4, Adani Power said the agreement covers an ex-bus net supply of 1,234 MW, backed by an installed capacity of 1,320 MW. The company signed the agreement after UPCL declared it the successful bidder in a tender.

Ex-bus refers to the electricity supplied at the power plant’s busbar, which is the point where electricity generated by the plant is transferred to the transmission system.

The development follows the company’s receipt of a Letter of Award (LoA) from UPCL on October 14 for the same project. The signing of the PSA formalises the long-term power supply arrangement.

Adani Power shares: YTD performance

Adani Power shares have rallied nearly 36% year-to-date (YTD), reflecting a decent performance so far in 2026.

The latest agreement adds to the company’s long-term power supply portfolio, providing visibility on contracted power supply over the 25 years.

Investors will also track the company’s ongoing capacity expansion plans and its ability to secure long-term power purchase agreements for upcoming projects.

Adani Power Q2 FY27 earnings

Adani Power posted about a 142% jump in its net profit to ₹7,019.32 crore in the September quarter of FY27 (Q2 FY27), citing higher revenue and one-time income.

Profit after tax (PAT) stood at ₹2,906.46 crore in Q2 FY26, the company said in a statement.

The growth was driven by higher volumes on account of a significant increase in electricity demand and higher tariffs under the power purchase agreement (PPA) due to a sharp increase in imported coal prices and improved merchant realisation, Adani Power said.

Also, there was one-time prior period revenue recognition of ₹2,422.25 crore in Q2 FY27, primarily due to the revision in historic energy charges under certain PPAs, as compared to ₹668.53 crore in Q2 FY26, it explained.

Finance costs were lower by 9.7% at ₹760.23 crore in the latest September quarter, compared to ₹841.63 crore a year ago, due to strong operating cash flow generation and controlled utilisation of operational debt.

Pre-tax profit also increased 32.5% to ₹4,369.51 crore in Q2 FY27 from ₹3,297.68 crore in Q2 FY26.

The company stated that profit after tax, or net profit for the first half of FY27 (April to September), rose 91.4% to ₹11,885.92 crore compared to ₹6,211.59 crore recorded in the year-ago period.

The company further said that it is progressing rapidly on its capacity expansion programme to add 23,720 MW of new thermal power capacity.