Adani Green Energy Limited — Q4 FY24
Adani Green Energy reported a strong Q4 FY24 with revenue from power supply up 33% YoY to INR 7,735 crore and EBITDA up 30% to INR 7,222 crore, maintaining an industry-leading E...
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.
63%Questions answered4Evaded / deflected12Questions audited
Partial answer
High priority
Capacity addition strategy beyond 20 GW and bidding participation.
Asked by Mohit Kumar, ICICI Securities
Management acknowledged the question but gave no concrete details on future bidding or capacity beyond 20 GW.
no specific timelinevague on bidding strategy
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Question
My first question is on the, how to think about the capacity addition beyond 20 gigawatt. If I understand correctly, you have got 20 gigawatts locked in PPA. But I don't think we are bidding right now, and we're not participating in, any of the bidding.
Sagar Adani, Executive Director
So, Mohit, yes, you're right, we have 20 gigawatts of locked-in PPAs. We are also actively pursuing C&I customers... In the next two years, you will see significantly higher locked-in contracts... We don't want to participate in simple, plain vanilla PPAs...
Evasive
Medium priority
Will Adani Green participate in upcoming SECI hybrid/storage bids?
Asked by Mohit Kumar, ICICI Securities
Management did not give a clear yes/no, only said they will consider opportunistically.
no commitmentvague criteria
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Question
Does it mean that you will not participate in the upcoming SEBI bids of hybrid or storage, anything? Is that the right, right understanding?
Sagar Adani, Executive Director
So from a storage et cetera point of view, we may look at specific bids on an opportunistic basis. It's not that we just absolutely won't participate or that we will participate for every single one of them.
Answered
Medium priority
How is land in Khavda bifurcated among group companies?
Asked by Mohit Kumar, ICICI Securities
Management directly stated that Adani Green owns the land and does not bifurcate it.
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Question
My last question, how do you bifurcate the land allotted in Khavda between various group companies?
Sagar Adani, Executive Director
We don't bifurcate any land to any of the group companies. We just, Adani Green owns the land, and Adani Green executes the project on that land.
Answered
High priority
Guidance for capacity commissioning in FY25 and FY26.
Asked by Nikhil Nigania, Bernstein
Management provided specific capacity addition guidance for FY25 and FY26.
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Question
My first question is on the guidance that we can expect for the commissioning of new capacity in the coming fiscal 25 and fiscal 26, if you could please share that?
Sagar Adani, Executive Director
So as I said, Nikhil, we will be, in this coming year, we will plan to add at least about 6,000 MW of greenfield capacity in FY 2025. In FY 2026, we should have a similar or a slightly higher number...
Answered
High priority
Challenges from equipment availability (ALMM, transformers).
Asked by Nikhil Nigania, Bernstein
Management gave a clear 'no challenges' answer.
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Question
Do you see any challenges coming in from availability of equipments, whether it be panels due to ALMM or, you know, transmission equipments like transformers, which we are hearing constrained across the board?
Sagar Adani, Executive Director
For us, specifically, we will not have any of those challenges.
Evasive
Medium priority
Reason for not participating in complex tenders like MTRE.
Asked by Nikhil Nigania, Bernstein
Management did not directly answer why they skipped specific tenders, instead gave a general strategy explanation.
no specific reasonbroad strategic talk
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Question
Was the reason to not participate in them a strategic one that you expect more such and possibly more attractive opportunities to come? Or was it a factor of the timeline of the pumped storage plant coming in 2027?
Sagar Adani, Executive Director
So Nikhil, good question. From our side, basically what we... See, we are not very, very hung up by one particular tender of SECI. What we are playing is a much larger strategic renewable energy game...
Answered
High priority
Funding of 50 GW target without equity raise.
Asked by Nikhil Nigania, Bernstein
Management clearly stated that equity is fully funded via internal accruals and promoter warrants.
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Question
So just wanted some clarification on that one, because 50 gigawatts, the equity requirement would be quite substantial. So without any additional fundraise, you see the ability to fund it from existing, operating cash flows?
Sagar Adani, Executive Director
Yeah, so to your point, Nikhil, we've done the math... From an equity perspective, the internal accruals that the company makes, and the commitment that the promoters have made by way of subscription of warrants into Adani Green, both of those things put together ensure that 100% of the equity requirements are fully funded to get to 50 GW.
Evasive
Medium priority
Risk of negative solar prices in merchant market.
Asked by Nikhil Nigania, Bernstein
Management dismissed the global context without providing a specific risk analysis for India.
dismissed global comparisonno specific risk assessment
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Question
But also, do you see a risk to that, given, you know, globally, solar power prices are becoming negative?
Sagar Adani, Executive Director
So Nikhil, India is a very, very different animal... So it would be very wrong to, kind of borrow off from specific commercial experiences in other places in the world versus what the situation in India is.
Evasive
Medium priority
Impact of falling battery prices on pumped storage competitiveness.
Asked by Ketan Jain, Avendus Spark
Management did not directly compare tariffs or commit to battery storage, instead gave a general overview.
no direct comparisongeneric answer
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Question
With the fall in battery prices, are we looking to add any battery storage-based hybrid projects? And also, with the fall in prices, does the tariff get competitive with pump storage?
Sagar Adani, Executive Director
The right way to look at it, Ketan, is that there is going to be... There is a demand, right? On one end... So there is a role that pumped hydro storage plays as well. There's a role that battery plays...
Answered
High priority
Timeline for pumped storage project commissioning.
Asked by Apoorva Bahadur, Goldman Sachs
Management provided a specific commissioning timeline (FY27) for the first 500 MW.
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Question
Sagar, wanted to check up on this pumped storage projects that we are building. What could be the timeline for commissioning over there?
Sagar Adani, Executive Director
So FY 2027, Apurva, is the first commissioning plan for the 500 MW that we're executing currently.
Answered
High priority
Capital cost per MW for pumped storage.
Asked by Apoorva Bahadur, Goldman Sachs
Management gave a specific cost range.
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Question
What would be the tentative capital costs on a per megawatt basis that we are looking at?
Sagar Adani, Executive Director
We are looking at about INR 4.5-INR 5 crore per megawatt.
Answered
High priority
Capital cost for solar and wind per MW.
Asked by Apoorva Bahadur, Goldman Sachs
Management provided specific cost estimates for both solar and wind.
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Question
If you can share the latest capital cost estimates for solar and wind on a per megawatt basis, what you're seeing now?
Sagar Adani, Executive Director
Solar, we look at capital costs somewhere around INR 5 crore per megawatt, and wind is approximately INR 6.5 crore per megawatt.