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Looking at the full year (FY26), revenue dropped 3.5% and net profit slipped by less than 1%, despite steady plant operations and better returns per unit.
The company managed to boost power sales in the fourth quarter, even as odd weather made things tricky.
Meanwhile, Adani Power is pushing ahead with major expansion plans (think: more capacity and long-term deals).
CEO SB Khyalia highlighted how domestic coal and thermal power are still crucial for keeping the grid stable as renewables grow.
Shares slid 2% after the results, a sign investors are watching closely.