Adani Power on Wednesday reported that its consolidated net profit rose 52% year-on-year (YoY) to Rs 4,017 crore in the fourth quarter. The same stood at Rs 2,637 crore in the last year quarter. Total income in the reporting period increased 10% YoY to Rs 15,989 crore.Operationally, the company delivered resilient performance. EBITDA increased 9% YoY to Rs 5,573 crore from Rs 5,098 crore. Plant load factor (PLF) stood largely stable at 74%, indicating consistent utilisation levels.The growth in volumes was driven by additional capacity and new power purchase agreements (PPAs), including operational ramp-up at the Butibori plant. However, merchant and short-term sales declined to 5.2 BU from 5.6 BU in the year-ago period, as demand in the spot market remained subdued and renewable energy penetration increased.For the full year FY26, total units sold stood at 99.1 BU compared to 95.9 BU in FY25, indicating steady growth in dispatch volumes even as PLF declined to 66.5% from 70.5% earlier.A key development during the quarter was the award of a 1,600 MW long-term PPA from Maharashtra's distribution utility under the DBFOO model. The agreement is expected to provide long-term revenue visibility and support capacity utilisation going forward.Adani Power's installed capacity stood at 18,150 MW at the end of the quarter, up from 17,550 MW a year ago, as the company continues to expand its thermal power portfolio.Commenting on the performance, CEO S B Khyalia said the company is navigating a complex energy environment marked by global price volatility and shifting demand patterns. He highlighted the growing importance of thermal power in ensuring grid stability, particularly as renewable capacity expands rapidly.He added that the company is making steady progress on its 23.7 GW capacity expansion plan and continues to secure long-term PPAs, which are expected to drive earnings growth in the coming years.