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
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Full-year capacity addition target and battery storage strategy
Asked by Anuj Upadhyay, Investec
Gave current year target but deferred next year guidance to year-end.
deferred next year guidanceno specific next year number
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Question
Sir, can you throw some light on your full-year capacity addition target for this year and next year? And also, as you mentioned, there's a change in strategy to focus more on the battery storage aspect.
Amit Singh, CEO
We feel very strongly that we should be able to deliver approximately 5 gigawatts of new capacity this year. ... The remaining 1 gigawatt, plus minus, we talked about for this year will shift to the right.
Answered
High priority
Reduction in finance cost and deferred tax number
Asked by Darshan Parmar, Jefferies
Provided specific reasons and normalized interest cost range.
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Question
I just wanted to get a sense on the reduction in finance cost and also the deferred tax number, if you could give us a sense on that.
Amit Singh, CEO and Saurabh Shah, CFO
We had holdco bond, which we have repaid, and there was a large interest expense, which obviously is not in our books anymore. ... Normalized interest cost would be in the range of 9.2%-9.4% as of now for the current portfolio.
Answered
High priority
Nature of 5 GW commissioning plan and merchant capacity
Asked by Nikhil Ngania, First Sentier Investors
Provided clear split between PPA and merchant for solar and wind.
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Question
If you could give us some color, is this all against the manufacturing link PPA? Is this merchant? What is the nature of this capacity?
Amit Singh, CEO
Out of the solar, 75% of the PPA will be on PPA, and the remaining will be on merchant as well. ... When it comes to wind, all of it is merchant.
Partial answer
High priority
Impact of grid, ALMM, and DISCOM challenges on guidance
Asked by Nikhil Ngania, First Sentier Investors
Acknowledged challenges but did not quantify impact on guidance.
no quantification of impactgeneral statements
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Question
The headwinds we are seeing for renewable broadly, one is grid connectivity, second is restrictions on solar cell imports, third is reluctance from DISCOMs to sign PPAs. What would be your thoughts on these aspects?
Amit Singh, CEO
Transmission delays are very visible. ... ALMM will help localization, small cost increase of $0.02-$0.03. ... DISCOMs are getting a lot of PPAs signed; we have shifted strategy to participate in DISCOM tenders.
Answered
High priority
Whether to trim 6-8 GW commissioning guidance for next year
Asked by Nikhil Ngania, First Sentier Investors
Explicitly confirmed guidance unchanged.
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Question
Given all these factors, would you still keep the guidance same for next year as well, six-to-eight gigawatts commissioning at that range, or should we trim it down?
Amit Singh, CEO
No, we'll keep it the same. I think the range is still the same, and we are looking to ramp up our existing run rate and not reduce it.
Partial answer
Medium priority
Non-Controlling Interest volatility explanation
Asked by Nikhil Ngania, First Sentier Investors
Attributed to accounting adjustments but lacked detailed quantification.
vague accounting explanationno specific numbers
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Question
This was regarding Non-Controlling Interest. That has been quite volatile, which was up sharply last quarter and is a negative number this quarter.
Amit Singh, CEO and Saurabh Shah, CFO
Because of the distribution kicking in for the total payments, and because of that, the NCI had to completely do the reworking. ... There is an NCI control change which has happened.
Evasive
Medium priority
Sustainability of battery storage costs and irrational tenders
Asked by Bharanidhar Vijayakumar, Avendus Spark
Did not address sustainability of discovered costs, only stated own approach.
no direct answer on sustainabilitydeflected to own strategy
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Question
Given that fact and irrationality, how do you see the storage costs that are getting discovered in these tenders sustaining?
Amit Singh, CEO
We have stayed out of it. ... We are not interested in these plain-vanilla projects. ... We take a calculated risk, and we want to be sure of our returns.
Answered
High priority
Impact of November indictment on funding and refinancing
Asked by Love Sharma, J.P. Morgan
Provided clear reassurance and status on funding and refinancing.
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Question
Since the November indictment of some of the executives, what did you get a sense on the funding side? ... And secondly, about the construction facility, about the $1 billion deal in March, what would be the best-case scenario here for refinancing?
Amit Singh, CEO
AGL is not a party to the litigation. ... Disbursements have very smoothly continued. ... We are in a very advanced stage of discussion with one of the domestic lenders, and we should be able to announce its completion in the next few weeks.
Partial answer
High priority
Backup plan if domestic refinancing fails
Asked by Guojun Ouyang, BNP Paribas
Mentioned options but did not specify concrete alternatives.
no specific backup detailsvague on options
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Question
Is there any backup plan if this financing plan with the domestic bank cannot conclude in time?
Amit Singh, CEO and Saurabh Shah, CFO
We are working on one or two options for the refinancing. ... There are other options available to the company to get the refinancing completed on time.
Answered
High priority
Run rate EBITDA for current 11.6 GW capacity
Asked by Puneet Gulati, HSBC
Provided specific EBITDA number.
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Question
What would be the run rate EBITDA for your current 11.6 gigawatt capacity?
Saurabh Shah, CFO
That would be about 10,000 crores of EBITDA that we will generate from the current 11.6 gigawatt capacity.
Partial answer
High priority
Run rate EBITDA and debt after adding 5 GW
Asked by Puneet Gulati, HSBC
Provided EBITDA but not absolute debt number, only ratio.
debt not quantifiedonly ratio given
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Question
If you can also give some sense of what kind of run rate EBITDA that can generate and what will be the debt post that?
Saurabh Shah, CFO
The run rate EBITDA should be INR 15,000 crore plus on that. ... The debt we are taking is basically typical 75/25 debt-equity ratio.
Answered
High priority
Outstanding debt as of Q3
Asked by Puneet Gulati, HSBC
Provided specific net debt figure.
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Question
What is the outstanding debt as of Q3?
Saurabh Shah, CFO
As of now, the net debt is around INR 57,000 crores.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Run rate EBITDA INR 10,000 cr from 11.6 GW | ₹10,000 cr | ₹6,366 cr | Overstated vs filing |
| Run rate EBITDA INR 15,000 cr+ after 5 GW addition | ₹15,000 cr | ₹6,366 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.