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Adani Green Energy Limited — Q4 FY25
Adani Green Energy delivered a strong FY25, with revenue from power supply growing 23% YoY to INR 9,495 crore and EBITDA rising 22% to INR 8,818 crore, surpassing $1 billion in EBITDA.
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Adani Green Energy delivered a strong FY25, with revenue from power supply growing 23% YoY to INR 9,495 crore and EBITDA rising 22% to INR 8,818 crore, surpassing $1 billion in EBITDA. Energy sales increased 28% to 28 billion units, driven by record capacity addition of 3,309 MW, the highest by any Indian renewable company. The Khavda project operationalized over 4 GW, achieving 32.4% solar PLF in Q4. Management guided for 5 GW addition in FY26 with a CapEx of INR 31,000 crore, fully funded. The 50 GW target by 2030 is fully equity-funded post warrant conversion. Risks include DOJ/SEC case uncertainties and potential execution delays at Khavda.
आदानी ग्रीन एनर्जी ने वित्त वर्ष 2025 में शानदार प्रदर्शन किया। बिजली बेचने से कमाई 23% बढ़कर 9,495 करोड़ रुपये हो गई। कंपनी का मुनाफा (EBITDA) 22% बढ़कर 8,818 करोड़ रुपये रहा, जो 1 अरब डॉलर से ज्यादा है। बिजली की बिक्री 28% बढ़कर 28 अरब यूनिट हो गई। इसकी वजह रिकॉर्ड 3,309 मेगावॉट नई क्षमता जोड़ना है, जो किसी भी भारतीय नवीकरणीय कंपनी से सबसे ज्यादा है। खावड़ा परियोजना ने 4 गीगावॉट से ज्यादा क्षमता शुरू की और चौथी तिमाही में सौर प्लांट की दक्षता 32.4% रही। कंपनी ने अगले साल 5 गीगावॉट जोड़ने का लक्ष्य रखा है, जिस पर 31,000 करोड़ रुपये खर्च होंगे, जो पूरी तरह से फंडेड है। 2030 तक 50 गीगावॉट का लक्ष्य शेयर बेचकर पूरा होगा। जोखिमों में अमेरिकी जांच और खावड़ा में देरी शामिल है।
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Capacity Addition FY25
3,309 MW
+16% of India's utility-scale solar
Highest ever by any renewable company in India; accounted for 16% of utility-scale solar and 14% of wind installations.
Khavda Operational Capacity
4 GW
Operationalized in 2 years
World's largest renewable plant at Khavda; on track to complete 30 GW by 2029.
Solar PLF at Khavda
32.4%
Achieved in Q4 FY25
High plant load factor demonstrates advanced technology and operational excellence at Khavda.
Energy Sales
28 billion units
+28% YoY
Driven by capacity additions and improved operational performance across the portfolio.
What Changed vs Last Quarter
NEW
Chitravathi PSP commissioning by September 2027
The 500 MW pumped storage plant at Chitravathi is expected to be commissioned by September 2027.
UPDATED
5 GW capacity addition in FY26
Management targets adding 5 GW of operational capacity in FY2026, with a total CapEx of INR 31,000 crore.
UPDATED
50 GW target by 2030 fully equity-funded
Post full conversion of warrants, equity funding for the 50 GW target is fully secured; debt funding is being arranged progressively.
DROPPED
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.
DROPPED
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.
NEW RISK
DOJ/SEC case uncertainty
The ongoing DOJ and SEC cases against individuals (not the company) remain unresolved; management provided no update on hearings or progress.
NEW RISK
Execution risk at Khavda
Scaling Khavda to 30 GW by 2029 involves significant execution challenges; any delays could impact capacity addition targets.
NEW RISK
Debt funding for 50 GW target
While equity is funded, debt for the full 50 GW target is not yet tied up; management only has visibility for 1-1.5 years.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
🤫 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
Management targets adding 5 GW of operational capacity in FY2026, with a total CapEx of INR 31,000 crore.
The ongoing DOJ and SEC cases against individuals (not the company) remain unresolved; management provided no update on hearings or progress.
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