Key Financial Figures (Consolidated)

Income Statement (₹ Crores)

| Period | Revenue from Operations | Other Income | Total Income | Total Expenses | Profit Before Tax | Tax Expense | Net Profit |

| Q2 FY27 | 19,438.68 | 511.92 | 19,950.60 | 13,158.84 | 6,791.76 | (230.60) | 7,019.32 |

| Q1 FY27 | 18,901.89 | 420.41 | 19,322.30 | 13,021.81 | 6,300.49 | 1,551.58 | 4,866.60 |

| Q2 FY26 | 13,456.84 | 850.95 | 14,307.79 | 10,341.59 | 3,966.20 | 1,059.74 | 2,906.46 |

| H1 FY27 | 38,340.57 | 932.33 | 39,272.90 | 26,180.65 | 13,092.25 | 1,320.98 | 11,885.92 |

| H1 FY26 | 27,565.99 | 1,315.50 | 28,881.49 | 20,710.98 | 8,170.51 | 1,958.92 | 6,211.59 |

| FY26 | 54,240.52 | 3,624.76 | 57,865.28 | 42,365.77 | 15,499.51 | 2,528.43 | 12,971.08 |

Earnings Per Share (₹)

  • Q2 FY27: 3.59 (Basic & Diluted)
  • Q1 FY27: 2.49
  • Q2 FY26: 1.53
  • H1 FY27: 6.08
  • H1 FY26: 3.26
  • FY26: 6.62

Balance Sheet Highlights (as of September 30, 2026)

  • Total Assets: ₹165,640.18 Crores
  • Total Equity: ₹78,377.47 Crores
  • Total Liabilities: ₹87,262.71 Crores
  • Borrowings: ₹61,860.37 Crores (Non-current: ₹47,310.26 Cr, Current: ₹14,550.11 Cr)
  • Cash & Cash Equivalents: ₹3,897.29 Crores
  • Trade Receivables: ₹13,214.43 Crores

Cash Flow (H1 FY27)

  • Cash from Operations: ₹16,139.12 Crores
  • Cash used in Investing: ₹(19,033.33) Crores
  • Cash from Financing: ₹5,863.62 Crores
  • Net Increase: ₹2,969.41 Crores

Operational Metrics

  • Operating Capacity: 18,150 MW (excludes 180 MW Churk plant under revival)
  • Q2 FY27 PLF: 70.1% (vs 62.8% in Q2 FY26)
  • Q2 FY27 Units Sold: 26.4 BU (vs 23.7 BU in Q2 FY26)
  • H1 FY27 Units Sold: 55.1 BU (vs 48.3 BU in H1 FY26)

Significant Accounting Treatments and Notes

Prior Period Revenue Recognition

Revenue includes amounts pertaining to earlier years based on regulatory orders and settlements:

  • Q2 FY27: ₹2,422.25 Crores (Revenue from Operations: ₹2,424.62 Cr, Other Income: ₹(2.37) Cr)
  • H1 FY27: ₹3,808.60 Crores

Key Regulatory Matters

1. Mundra TPP SPPA: Gujarat government approved base rates on May 26, 2026. GUVNL paid ₹4,147.00 Crores by September 30, 2026, and ₹2,073.79 Crores subsequently for energy charges from October 15, 2018, to March 31, 2026.

2. Tiroda TPP Coal Compensation: Continued recognition of tariff compensation claims of ₹683.20 Crores (Q2) and ₹1,581.55 Crores (H1) for additional coal cost following favorable Supreme Court orders.

3. Haryana Discoms: Derecognized revenue of ₹1,971.96 Crores in Q2 FY27 pending resolution of alternate coal cost claims.

4. Udupi TPP Environmental Case: Deposited ₹26 Crores with Supreme Court registry following NGT order for environmental compensation.

5. Jitpur Coal Block: Received ₹32.70 Crores from Nominated Authority against claimed costs of ₹138.66 Crores.

Business Combinations and Investments

1. Amalgamation of Subsidiaries: Effective September 25, 2026, with appointed date April 1, 2025,10 wholly-owned subsidiaries amalgamated with APL using pooling of interest method. This resulted in tax reversal of ₹1,211.43 Crores in current quarter.

2. Jaiprakash Power Ventures: Acquired 24% equity for ₹2,993 Crores on May 20, 2026, accounted as associate. Share of loss: ₹(3.04) Crores for Q2 FY27.

3. Churk Power Plant: Acquired 180 MW thermal plant from JAL for ₹1,200 Crores, accounted from June 1, 2026.

4. Coastal Energen: Consortium acquisition including APL's 49% stake in MPGL. Status quo maintained per NCLAT/SC orders pending resolution.

5. GVK Energy: Received LOI on September 7, 2026, as successful resolution applicant for 330 MW hydro plant.

6. Bhutan Hydropower: Signed shareholders agreement on October 5, 2026, with DGPC for 770 MW Chamkarchhu project through 49:51 JV.

SEBI Settlement

Settlement order dated September 28, 2026, concluded matters regarding alleged violations of public shareholding norms without admission of guilt.

Credit Ratings Upgraded

CARE Ratings and India Ratings upgraded from "AA; Stable" to "AA+; Stable".

Segment Reporting

Power Generation and Related Activities:

  • Q2 FY27 Revenue: ₹18,902.92 Crores
  • Q2 FY27 Results: ₹6,124.54 Crores

Trading, Investment and Other Activities:

  • Q2 FY27 Revenue: ₹535.76 Crores
  • Q2 FY27 Results: ₹645.70 Crores

Security Cover Compliance

Maintained 186% asset cover for ₹7,500 Crores listed NCDs as required by debenture trust deed.

ESG Performance

  • Specific Water Consumption: 2.28 m³/MWh (35% below statutory limit)
  • NSE Sustainability Score: 66 (Aspiring category)
  • S&P Global CSA Score: 71/100 (vs sector average 41)

Project Updates

1. Korba Phase-II: First 660 MW unit synchronized, second unit expected Q4 FY27.

2. Mahan Phase-II: Expected commissioning early FY28.

3. Raipur Phase-II & Raigarh Phase-II: Over 65% complete, expected FY29.

4. New Projects: Execution commenced for Mirzapur (1,600 MW), Mahan Phase-III (1,600 MW), and Anuppur (2,400 MW) USCTPP.

5. Capacity Expansion: 23,720 MW underway with 62% tied up via PSAs including new 1,320 MW Uttarakhand PSA.

Forward-Looking Statements

Management confirms recoverable value of thermal power plants exceeds carrying amounts despite climate change impacts. No impairments required.

Auditors' Review

SRBC & CO LLP issued unmodified review conclusion on both standalone and consolidated results. Emphasis of matter on amalgamation restatements.