Adani Ports vs Adani Power vs Adani Green: Q2 2026 Results Compared on Profit, Revenue, EBITDA and Who Delivered More
- October 29, 2026
- Posted by: Harsh Piplani
- Category: News
In the Q2 results season, Adani Ports reported net profit of Rs 3,682 crore (up 18%) on revenue of Rs 11,340 crore, Adani Power reported Rs 7,019.32 crore (up 141.5%, helped by one-offs) and Adani Green about Rs 673 crore (up 15.43%); at 9:56 AM IST on 29 Oct 2026 the shares traded at Rs 1,802.60, Rs 184.80 and Rs 1,291.30.
Quick Answer
Adani Ports vs Adani Power vs Adani Green shows three very different quarters: Adani Ports grew profit 18% to Rs 3,682 crore on revenue up 24% to Rs 11,340 crore, Adani Power’s profit jumped 141.5% to Rs 7,019.32 crore but continuing EBITDA grew only 18.5%, and Adani Green’s profit rose 15.43% to about Rs 673 crore on revenue up 39.11%. The cleanest comparison is Adani Ports, where profit, revenue and EBITDA grew at similar rates. Adani Power’s headline includes prior-period revenue, a tax reversal and an investment-sale gain, so its operating growth is much lower than its profit growth. This is educational and not a recommendation.
Three companies from the same group are easy to lump together, but ports, thermal power and renewable energy have different economics and different risks. This article compares Adani Ports vs Adani Power vs Adani Green on the numbers reported for the September 2026 quarter, separates real growth from one-offs, and sets out the debt, guidance and risks for each.
Two flags. Reported figures differ slightly by source: Adani Green’s profit appears as Rs 665 crore, Rs 673 crore and Rs 747 crore in different reports, and the data provider’s Adani Ports figures include other income, so they are higher than the company’s. I state which I use. It is educational and not advice.
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Adani Ports vs Adani Power vs Adani Green: Q2 Scorecard
| Adani Ports vs Adani Power vs Adani Green: Q2 item | Adani Ports | Adani Power | Adani Green |
|---|---|---|---|
| Results announced | 28 Oct | 23 Oct | 21 Oct |
| Revenue (Rs crore) | 11,340 (up 24%) | 19,438.68 from operations (up 44.5%) | 4,520 (up 39.11%) |
| Net profit (Rs crore) | 3,682 (up 18% from 3,120) | 7,019.32 (up 141.5%) | About 673 (up 15.43%) |
| EBITDA (Rs crore) | 6,807 (up 23%) | 6,320.97 continuing (up 18.5%) | Power supply segment 3,835 (up 51%) |
| Net profit margin (my calculation) | About 32.5% | About 36.1% (inflated by one-offs) | About 14.9% |
| Share price, 9:56 AM IST | Rs 1,802.60, up 2.34% | Rs 184.80, up 0.11% | Rs 1,291.30, up 1.76% |
Looking only at profit growth, Adani Power wins by a wide margin, but that is the least reliable figure in the table. On revenue growth, Adani Power’s 44.5% and Adani Green’s 39.11% beat Adani Ports’ 24%, though the Adani Power figure includes prior-period revenue. On the quality of growth, Adani Ports has the most even set of numbers in the comparison of Adani Ports vs Adani Power vs Adani Green.
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Adani Ports vs Adani Power vs Adani Green: Ports Show Steady Growth and Raised Guidance
| Adani Ports vs Adani Power vs Adani Green: Ports measure | Q2 figure | Comment |
|---|---|---|
| Revenue | Rs 11,340 crore, up 24% | Company figure; the data provider shows Rs 11,609.77 crore including other income |
| EBITDA | Rs 6,807 crore, up 23% | EBITDA margin about 60% (my calculation) |
| Net profit | Rs 3,682 crore, up 18% | Compares with Rs 3,120 crore a year earlier |
| FY27 revenue guidance | Rs 44,000 to Rs 46,000 crore | Raised |
| FY27 EBITDA guidance | Rs 26,000 to Rs 27,000 crore | Raised |
| FY27 capex | Rs 15,000 to Rs 17,000 crore | Heavy spending continues |
Profit growth of 18% is lower than revenue growth of 24%, so margins at the net level were a little lower than a year earlier, which usually reflects higher depreciation and interest from new capacity. The EBITDA margin near 60% is the sign of a business with pricing power over port and logistics assets. The raised guidance is the item to watch, since it commits management to growth through the rest of FY27.
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Adani Ports vs Adani Power vs Adani Green: Power Has a Strong Headline but a Weaker Core
| Adani Ports vs Adani Power vs Adani Green: Power measure | Q2 figure | Comment |
|---|---|---|
| Revenue from operations | Rs 19,438.68 crore, up 44.5% | Includes prior-period revenue of Rs 2,422.25 crore |
| Net profit | Rs 7,019.32 crore, up 141.5% | Includes a tax reversal of about Rs 1,211 crore |
| Other one-off | Gain on investment sale about Rs 536 crore | Not repeatable |
| Continuing EBITDA | Rs 6,320.97 crore, up 18.5% | A cleaner view of operations |
| PLF | 70.1% | Plant load factor, the share of capacity used |
| Net debt | Rs 45,845.92 crore | Needs watching as capacity expands |
The three one-offs total about Rs 4,169 crore (my sum of the three figures, which mixes pre-tax and post-tax items), against a profit of Rs 7,019.32 crore. Removing them roughly would leave profit nearer Rs 2,850 crore (my rough calculation, ignoring tax on the items), which is why the 141.5% growth should not be read as the run rate. The 18.5% growth in continuing EBITDA is the better guide.
The company plans to add 23,720 MW of thermal capacity, which is a large expansion for a firm with net debt of Rs 45,845.92 crore. If demand and tariffs hold, the expansion drives growth, but it also raises borrowings and execution risk.
Adani Ports vs Adani Power vs Adani Green: Green Has Fast Revenue and a Thin Net Margin
| Adani Ports vs Adani Power vs Adani Green: Green measure | Q2 figure | Comment |
|---|---|---|
| Revenue | Rs 4,520 crore, up 39.11% | Fastest-growing top line after Adani Power’s reported figure |
| Net profit | About Rs 673 crore, up 15.43% | Other reports show Rs 665 crore and Rs 747 crore (up 16%) |
| Power supply revenue | Rs 4,019 crore, up 45% | Core segment |
| Power supply EBITDA | Rs 3,835 crore, up 51% | Segment margin above 95% (my calculation) |
| Operational capacity | 20.8 GW, up 24% | Capacity growth drives revenue |
Revenue grew 39% and segment EBITDA 51%, but net profit grew only about 15%. The gap is mostly interest and depreciation, which are heavy for a renewable developer that builds capacity with borrowed money. The stock fell 4.22% on 21 Oct, the day of the results, to a low of Rs 1,245.15 from Rs 1,300, so the market reacted to the profit growth being lower than the top line.
Who Delivered More in Adani Ports vs Adani Power vs Adani Green? A Fair Comparison
| Adani Ports vs Adani Power vs Adani Green: question | Best of the three | Why |
|---|---|---|
| Cleanest growth | Adani Ports | Revenue, EBITDA and profit grew within 18% to 24% |
| Fastest revenue growth | Adani Power (reported) | 44.5%, but with prior-period revenue included |
| Fastest core growth | Adani Green | Segment EBITDA up 51% and capacity up 24% |
| Highest margin | Adani Ports | EBITDA margin about 60% |
| Highest gearing risk | Adani Power and Adani Green | Large debt and large capex plans |
There is no single winner in Adani Ports vs Adani Power vs Adani Green, because the businesses answer different questions. Adani Ports offers steadier numbers, Adani Green offers faster growth at a thin net margin, and Adani Power offers a strong headline that needs adjusting. Which suits an investor depends on the time horizon and tolerance for debt.
What to Watch Next in Adani Ports vs Adani Power vs Adani Green
The next quarter will test each story. For Adani Ports, the question is whether growth stays near 20% as guidance requires. For Adani Power, the question is how profit looks without the one-offs, and whether plant load factor stays near 70%. For Adani Green, the question is whether net profit growth catches up with revenue growth as new capacity starts to earn. A reader following Adani Ports vs Adani Power vs Adani Green should compare the same measures each quarter.
| Adani Ports vs Adani Power vs Adani Green: what to watch | Adani Ports | Adani Power | Adani Green |
|---|---|---|---|
| Key test | Volume and revenue near guidance | Profit without one-offs | Net profit growth versus revenue growth |
| Debt signal | Capex funding | Net debt against EBITDA | Interest cost on new capacity |
| Operating signal | EBITDA margin near 60% | Plant load factor | Capacity additions |
Tracking the same three measures for Adani Ports vs Adani Power vs Adani Green each quarter makes it easier to see which story is improving. A company that meets its guidance with a stable margin is easier to value than one whose profit swings with one-offs, so the quality of the numbers deserves as much attention as their growth.
Risks in Adani Ports vs Adani Power vs Adani Green
- One-offs. In Adani Ports vs Adani Power vs Adani Green, Adani Power’s profit is inflated by non-recurring items, and the next quarter may look weaker by comparison.
- Debt. In Adani Ports vs Adani Power vs Adani Green, net debt of Rs 45,845.92 crore at Adani Power and capex of Rs 15,000 to Rs 17,000 crore at Adani Ports raise gearing risk.
- Execution. In Adani Ports vs Adani Power vs Adani Green, large capacity plans, 23,720 MW thermal at Adani Power and renewable additions at Adani Green, depend on timely delivery.
- Valuation and group risk. The three stocks often move together on group news, which reduces diversification.
- Source differences. In Adani Ports vs Adani Power vs Adani Green, profit figures differ across reports, so compare with filings before relying on one number.
- Market conditions. For Adani Ports vs Adani Power vs Adani Green, oil near $114 and recent weak markets can affect all three.
Conclusion: Compare the Quality of the Numbers in Adani Ports vs Adani Power vs Adani Green, Not Just the Growth
In Adani Ports vs Adani Power vs Adani Green, the biggest profit growth is the least reliable, and the steadiest numbers belong to Adani Ports. Read the filings, adjust for one-offs, check the debt, and decide according to your own risk profile.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
In Adani Ports vs Adani Power vs Adani Green, which company reported the highest Q2 profit growth?
Ans. Adani Power reported net profit of Rs 7,019.32 crore, up 141.5%, but this includes prior-period revenue, a tax reversal and an investment-sale gain. Continuing EBITDA grew only 18.5%, so the core growth is much lower.
How did Adani Ports perform in Q2 2026 in Adani Ports vs Adani Power vs Adani Green?
Ans. Revenue was Rs 11,340 crore (up 24%), EBITDA Rs 6,807 crore (up 23%) and net profit Rs 3,682 crore (up 18% from Rs 3,120 crore). Management raised FY27 guidance for revenue and EBITDA.
What is the FY27 guidance for Adani Ports in Adani Ports vs Adani Power vs Adani Green?
Ans. Revenue of Rs 44,000 to Rs 46,000 crore, EBITDA of Rs 26,000 to Rs 27,000 crore and capex of Rs 15,000 to Rs 17,000 crore. The guidance was raised alongside the Q2 results announced on 28 Oct 2026.
How did Adani Green perform in Q2 in Adani Ports vs Adani Power vs Adani Green?
Ans. Revenue was Rs 4,520 crore, up 39.11%, and profit about Rs 673 crore, up 15.43%, though other reports give Rs 665 crore or Rs 747 crore. Operating capacity reached 20.8 GW, up 24%.
What are the one-offs in Adani Power’s profit in Adani Ports vs Adani Power vs Adani Green?
Ans. They are prior-period revenue of Rs 2,422.25 crore, a tax reversal of about Rs 1,211 crore and a gain of about Rs 536 crore on an investment sale. Together they explain much of the 141.5% profit growth.
What are the share prices in Adani Ports vs Adani Power vs Adani Green today?
Ans. At 9:56 AM IST on 29 Oct 2026, Adani Ports was Rs 1,802.60 (up 2.34%), Adani Power Rs 184.80 (up 0.11%) and Adani Green Rs 1,291.30 (up 1.76%), all on the NSE.
Which is better in Adani Ports vs Adani Power vs Adani Green?
Ans. It depends on your goals. Adani Ports has the steadiest numbers, Adani Green the fastest core growth with thin net margins, and Adani Power a strong headline that needs adjusting. None is a recommendation.
Is this article investment advice?
Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.
