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Execution delays in inorganic acquisitions
View Risks →Adani Power Limited — Q1 FY25
Adani Power delivered a strong Q1 FY25 with 29% revenue growth to INR 14,717 crore and 57% EBITDA growth to INR 6,290 crore, driven by higher PLF of 78% (vs 60% YoY) and lower imported coal costs.
bullish
high
Financial stats pending filing verification
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Adani Power delivered a strong Q1 FY25 with 29% revenue growth to INR 14,717 crore and 57% EBITDA growth to INR 6,290 crore, driven by higher PLF of 78% (vs 60% YoY) and lower imported coal costs. Merchant contribution improved to INR 4.56/unit from INR 3.71/unit. The company is targeting capacity expansion from 15 GW to 30 GW by FY30, with 80% tied to long-term PPAs and 20% merchant. Key risks include execution delays in inorganic acquisitions (Lanco, Coastal) and potential carbon tax pass-through uncertainty. Management remains bullish on thermal power demand, expecting 80-90 GW new capacity needed by 2032.
आदानी पावर ने पहली तिमाही में मजबूत प्रदर्शन किया। कमाई 29% बढ़कर 14,717 करोड़ रुपये और मुनाफा 57% बढ़कर 6,290 करोड़ रुपये हुआ। इसकी वजह बिजली उत्पादन क्षमता का 78% (पिछले साल 60%) पर चलना और कोयले की कम कीमत थी। बाजार में बेची गई बिजली की कीमत 3.71 से बढ़कर 4.56 रुपये प्रति यूनिट हो गई। कंपनी 2030 तक अपनी क्षमता 15 GW से बढ़ाकर 30 GW करना चाहती है, जिसमें 80% लंबे अनुबंधों पर और 20% खुले बाजार में बेची जाएगी। जोखिमों में कंपनियों को खरीदने में देरी और कार्बन टैक्स का असर शामिल है। प्रबंधन को 2032 तक 80-90 GW नई बिजली क्षमता की जरूरत दिख रही है।
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Plant Load Factor (PLF)
78%
+18pp YoY
Improved from 60% in Q1 FY24 due to higher demand and full Godda capacity.
Sales Volume
24 BU
+37% YoY
Increased from 17.5 BU in Q1 FY24, driven by higher PPA and merchant dispatches.
Merchant Contribution per Unit
INR 4.56
+INR 0.85 YoY
Improved from INR 3.71 due to lower coal costs and stable tariffs.
Target Capacity by FY30
30 GW
+100% vs current
Planned doubling from 15 GW through organic and inorganic expansions.
What Changed vs Last Quarter
NEW
Capacity expansion to 30 GW by FY30
Targeting 30 GW capacity by 2029-30 from current 15 GW, including 1,600 MW Mahan Phase 2 (by June 2027) and 4,800 MW brownfield expansions.
NEW
Inorganic acquisitions of Lanco Amarkantak and Coastal Energen
Awaiting NCLT approval for resolution plans; Lanco adds 600 MW (tied up) and 1,320 MW under construction; Coastal adds 1,200 MW (600 MW tied up).
UPDATED
80% PPA tie-up for new capacity
New projects will have 80% capacity tied to long-term PPAs (25-year duration) and 20% kept for merchant sales.
DROPPED
Capacity target of 30.67 GW by 2030
Plans to double capacity from ~15 GW to 30.67 GW through organic expansion (Mahan Phase II, Raipur, Raigarh, Mirzapur) and acquisitions (Lanco, Coastal).
DROPPED
Mahan Phase II completion by June 2027
The 1,600 MW ultra-supercritical expansion at Mahan is on track for commissioning by June 2027.
NEW RISK
Execution delays in inorganic acquisitions
NCLT approval for Lanco and Coastal is pending; any delay could impact capacity addition timeline.
NEW RISK
Carbon tax pass-through uncertainty
While management believes carbon taxes are change-in-law and pass-through, actual PPA clauses may vary.
RISK GONE
Execution risk in capacity expansion
Doubling capacity to 30 GW by 2030 involves significant project execution and regulatory approvals, with potential delays.
Fast read
Guidance and risk preview
Targeting 30 GW capacity by 2029-30 from current 15 GW, including 1,600 MW Mahan Phase 2 (by June 2027) and 4,800 MW brownfield expansions.
NCLT approval for Lanco and Coastal is pending; any delay could impact capacity addition timeline.
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