Promises
1 promise
Promise Tracker
0 delivered, 0 close, 1 missed.
View Promises →
Adani Green Energy Limited — Q3 FY25
Adani Green Energy delivered strong operational performance in 9M FY25, with revenue from power supply up 18% YoY to ₹6,829 crore and EBITDA up 18% YoY to ₹6,366 crore.
bullish
high
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Adani Green Energy delivered strong operational performance in 9M FY25, with revenue from power supply up 18% YoY to ₹6,829 crore and EBITDA up 18% YoY to ₹6,366 crore. Energy sales grew 23% YoY to 20 billion units, driven by capacity additions and operational excellence. The company targets 5 GW of new capacity in FY25 (85% solar, 15% wind), with Khavda project progressing well despite monsoon delays. Management reiterated the 50 GW by 2030 target and plans to integrate battery storage for RTC solutions. Risks include transmission delays, regulatory changes (ALMM), and potential financing challenges, though management expressed confidence in domestic lender support.
आदानी ग्रीन एनर्जी ने चालू वित्त वर्ष के 9 महीनों में शानदार काम किया है। बिजली बेचने से कमाई 18% बढ़कर ₹6,829 करोड़ हो गई। कंपनी का मुनाफा (EBITDA) भी 18% बढ़कर ₹6,366 करोड़ रहा। बिजली की बिक्री 23% बढ़कर 20 अरब यूनिट हो गई, क्योंकि नई क्षमता जुड़ी और संचालन बेहतर हुआ। कंपनी इस साल 5 गीगावॉट नई क्षमता जोड़ना चाहती है (85% सोलर, 15% पवन)। खावड़ा प्रोजेक्ट बारिश के बावजूद आगे बढ़ रहा है। 2030 तक 50 गीगावॉट का लक्ष्य है। बैटरी स्टोरेज भी जोड़ा जाएगा ताकि हर समय बिजली मिले। जोखिमों में बिजली लाइनों में देरी, नियमों में बदलाव और फंडिंग की चुनौतियां शामिल हैं, लेकिन कंपनी को भारतीय बैंकों से सहयोग की उम्मीद है।
Promises0 met · 1 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Risks
4 risks
Risk Intelligence
Transmission delays impacting project timelines
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Energy Sales (9M FY25)
20 billion units
+23% YoY
Energy sales increased 23% year-on-year to 20 billion units for the first nine months ending December 31st.
Operational Capacity
11.6 GW
+37% YoY
Total operational portfolio reached 11.6 GW, marking a 37% year-on-year growth with 3.1 GW greenfield addition.
New Capacity Target FY25
5 GW
N/A
Company targets 5 GW of new capacity addition in FY25, with 4.3 GW expected in Q4 alone.
Cash Profit (9M FY25)
₹3,630 crore
+23% YoY
Cash profit surged 23% year-on-year to ₹3,630 crore for the first nine months.
What Changed vs Last Quarter
NEW
50 GW target by 2030 maintained
Management reiterated the long-term strategic objective of reaching 50 GW operational capacity by 2030, with 85% long-term PPAs and 15% merchant/CNI.
NEW
Next year capacity addition in 6-8 GW range
Management confirmed the guidance for next year's capacity addition remains in the 6-8 GW range, with plans to ramp up run rate.
UPDATED
FY25 capacity addition target of 5 GW
Company expects to add approximately 5 GW of new capacity in FY25, with 4.3 GW coming in Q4. Remaining ~1 GW delayed by 4-5 weeks into early Q1 FY26 due to monsoon and regulatory changes.
UPDATED
Run-rate EBITDA of ₹15,000 crore+ post FY25 additions
CFO indicated that after adding 5 GW in FY25, the run-rate EBITDA would exceed ₹15,000 crore.
DROPPED
Minimum 6 GW annual run-rate going forward
Beyond FY25, the company plans a minimum run-rate of 6 GW per year for capacity additions.
DROPPED
Google data center PPA commissioning in CY Q3 2025
The 61 MW PPA with Google is expected to start supplying power in calendar Q3 2025.
NEW RISK
Transmission delays impacting project timelines
Delays in grid connectivity by CTU/PGCIL have shifted some projects to the right. Management is coordinating closely but this remains a key risk for future capacity additions.
NEW RISK
ALMM compliance and solar cell import restrictions
Upcoming ALMM norms and restrictions on solar cell imports may increase costs by $0.02-$0.03 per watt initially. Management has secured supply agreements but cost impact is uncertain.
NEW RISK
Refinancing risk for $1 billion construction facility
Analyst questioned backup plans if domestic bank refinancing fails. Management cited advanced discussions and multiple options, but any delay could impact liquidity.
NEW RISK
DISCOM reluctance to sign new PPAs
DISCOMs are hesitant to sign PPAs due to existing backlog. Management expects RPO obligations to drive demand, but near-term PPA signing may remain slow.
RISK GONE
Extended monsoon causing construction delays
Monsoon extended by about a month, causing some delay in capacity addition, though within the 10% variation built into the construction S-curve.
RISK GONE
Evacuation infrastructure bottlenecks
While management claims de-risking for 50 GW, analysts questioned evacuation readiness for 7-8 GW; management acknowledged reliance on sister company and Power Grid projects.
RISK GONE
Minority interest and PAT dilution
Minority interest increased sequentially from INR 182 crore to INR 239 crore, impacting PAT attributable to shareholders, which fell from INR 372 crore to INR 276 crore YoY.
RISK GONE
Merchant price volatility
Merchant realizations for solar were subdued in Q2 (INR 2.59/kWh) due to high hydropower availability; recovery expected but not guaranteed.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q3 FY24, Q4 FY24
Targeting 15% of portfolio from merchant and C&I sales by 2030.
Mentioned in Q1 FY25, Q2 FY25, Q4 FY24
Merchant realizations for solar were subdued in Q2 (INR 2.59/kWh) due to high hydropower availability; recovery expected but not guaranteed.
Mentioned in Q1 FY24, Q2 FY24, Q3 FY24
While lower module prices improve returns, sustainability of current low prices is uncertain, impacting project economics.
Mentioned in Q1 FY24, Q4 FY24
Revised the 2030 renewable energy capacity target from 45 GW to 50 GW, with 100% funding locked in from debt and equity.
Mentioned in Q1 FY24, Q3 FY24
The company aims to scale execution capacity to north of 5 GW from next fiscal year, up from the current ~2.5 GW.
Fast read
Guidance and risk preview
Company expects to add approximately 5 GW of new capacity in FY25, with 4.3 GW coming in Q4.
Delays in grid connectivity by CTU/PGCIL have shifted some projects to the right.
View Risks →