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...
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.
61%Questions answered2Evaded / deflected9Questions audited
Answered
High priority
Year-end cash balance in RG1 and RG2 bonds.
Asked by Love Sharma, JP Morgan
Provided specific cash balance numbers for both bonds.
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Question
what would be the year-end cash balance in those two assets?
Saurabh Shah, CFO
cash balance in RG1 is about INR 600 crore... RG2, also, that number is in the range of about INR 700 crore.
Answered
High priority
Distributable amount from RG1 and RG2 cash balances.
Asked by Love Sharma, JP Morgan
Gave specific distributable amount per bond.
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Question
how much could be distributed based on the covenants... from the INR 600-700 crore?
Saurabh Shah, CFO
The portion out of this which is distributable is to the tune of about INR 400 crore... Each to 400 each in both.
Partial answer
Medium priority
Any thoughts on bond buyback for RG1 and RG2?
Asked by Love Sharma, JP Morgan
Explained philosophy but gave no concrete plan or timeline.
no commitmentdeferred decision
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Question
any thoughts on the buyback of the two bonds?
Anupam Misra, Head of Group Corporate Finance
we would not look at buyback in these kind of structures... As of now, nothing decided.
Answered
High priority
Total CapEx for FY2026 and funding for 50 GW target.
Asked by Michael Stansfield, UBS Asset Management
Provided specific CapEx number and funding status.
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Question
for FY2026... what the guidance is for the total CapEx... for the 50 GW guidance for FY2030, can you walk through what is funded?
Ashish Khanna, CEO
CapEx of about INR 31,000 crore in FY2026... fully funded from debt as well as equity... entire equity funding for up to FY2030 for 50 GW is fully funded.
Answered
High priority
Confirmation of INR 31,000 crore CapEx and debt tie-up.
Asked by Michael Stansfield, UBS Asset Management
Confirmed the number directly.
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Question
Is the total CapEx for this year INR 31,000 crore?
Ashish Khanna, CEO
Yes.
Partial answer
Medium priority
Company's view on pumped storage hydro and battery storage economics.
Asked by Eric, Nomura
Gave project timeline but no specific economic figures.
no specific IRRdeferred details
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Question
how do you see the economics in the pumped storage hydro... or those kind of battery storage?
Ashish Khanna, CEO
We are looking at it very closely... first plant of Chitravathi... 500 MW... commissioned by September 2027... gigawatt capacities in PSP.
Partial answer
Medium priority
IRR for pumped storage and battery storage projects.
Asked by Eric, Nomura
Provided a range but not a specific IRR figure.
range givendepends on site
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Question
in terms of IRR across these kind of projects, how do I see it right now?
Raj Kumar Jain, Head of Business Development
IRRs are better than what you get in a normal plain vanilla solar or wind project by close to a couple of percentage points above 10.
Evasive
High priority
Status of DOJ and SEC cases against the company.
Asked by Love Sharma, JP Morgan
Did not provide any new information on case status.
no updatedeflected to individuals
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Question
Where do we stand currently on that? ... any progress... any hearings?
Ashish Khanna, CEO
this is against the individuals and not the company... we do not have anything further on that to add.
Evasive
High priority
Has the DOJ case progressed to hearing stage?
Asked by Love Sharma, JP Morgan
Claimed lack of awareness on case progress.
no knowledgedeclined to comment
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Question
Could you share if this case has progressed to any kind of hearing stage at all?
Ashish Khanna, CEO
We are not aware if there is any further development within that case.