Adani Power Limited — Q4 FY25
Adani Power reported Q4 FY25 revenue of INR 14,522 crore (+5.3% YoY) and EBITDA of INR 5,098 crore (-3.3% YoY), with EBITDA margin contracting 310 bps to 35.1% due to lower merc...
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.
96%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Progress of under-construction plants and CAPEX incurred/guidance.
Asked by Abhinav, ICICI Securities
Provided specific progress percentages and CAPEX numbers.
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Question
can you please update on the progress of under-construction power plants and what has been the CAPEX incurred in FY 2025 and what will be our guidance for FY 2026?
Dilip Jha, CFO
We have already incurred around INR 8,000 crore in financial year 2025 itself, and we have a plan of INR 13,307 crore for next year.
Answered
High priority
Update on Bangladesh receivables and Godda plant financials.
Asked by Abhinav, ICICI Securities
Provided specific receivables and Godda EBITDA/revenue numbers.
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Question
is it possible to give us an update on the receivables from Bangladesh? Also, can you help us with the revenue, EBITDA, and PAT for the Godda Power Plant?
Dilip Jha, CFO
total billing we have done so far is around INR 2,000 million. We have already received out of INR 2,000 million, INR 12,700 million... outstanding is around $900 million. For Godda and Jharkhand, on annual basis, we have EBITDA of INR 4,820 crore, and for this quarter, this is INR 831 crore.
Answered
High priority
Merchant realization and volumes in Q4 and YoY comparison.
Asked by Yash Agarwal, JM Financial
Provided specific realization numbers for Q4 and YoY.
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Question
I wanted to know what was the merchant realization in the Q4 and the volumes, and also the year-on-year number for the last year?
Dilip Jha, CFO
The merchant realization in Q4 of FY 2025 is INR 5.03 in Q4. If you will ask, last year, the same quarter, it was INR 6.17 per unit.
Partial answer
Medium priority
Outlook for merchant rates this financial year.
Asked by Yash Agarwal, JM Financial
Gave qualitative outlook but no numerical forecast.
no specific guidancequalitative only
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Question
the outlook for merchant rates for this financial year, how do you see that panning out?
SB Khyalia, CEO
the outlook of demand is quite encouraging. The rates from March onwards have also gone quite high. We assume that throughout the year, this year, we should be hoping to have good rates and good demand.
Answered
High priority
CAPEX for FY 2026.
Asked by Yash Agarwal, JM Financial
Provided the exact CAPEX number.
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Question
what is the CAPEX for FY 2026? I didn't get that number.
Dilip Jha, CFO
It's INR 13,000 crore.
Answered
Medium priority
Commissioning status of NCLT-acquired plants.
Asked by Yash Agarwal, JM Financial
Provided specific status and timeline for each plant.
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Question
All the NCLT plants, they have commissioned, or there is something left to come on stream in FY 2026 that we have bought, the inorganic plants?
SB Khyalia, CEO
except in Lanco Amarkantak, two units are under construction, which are likely to be getting commissioned either end of this year or first half of the next year. Other than that, VIPL is a commissioned plant.
Answered
High priority
Timeline for Mahan and subsequent capacity additions.
Asked by Nikhil Nigania, AllianceBernstein
Provided specific commissioning timeline for Mahan and cadence.
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Question
Lanco Amarkantak late this year, early next year. After that, the next set of capacity we'll be adding would be Mahan, 1,600 MW. In how much time, if you could clarify that?
SB Khyalia, CEO
Mahan will come on stream. We'll get commissioned in March 2027 or April 2027, something around that period. Thereafter, we have lined up the capacity, which will come up almost every six months, let us say one unit.
Answered
High priority
PPA strategy for new capacity and comfort on offtake.
Asked by Nikhil Nigania, AllianceBernstein
Provided specific state-wise bid details and government targets.
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Question
for most of these assets, we are already in discussion for a potential PPA through bidding route, or how do we get the comfort given there's such a huge quantum we are adding?
SB Khyalia, CEO
24 GW equivalent to coal has been allocated to various states for carrying out the bidding. We expect that in the near future, that type of capacity will be bidded. Already, let us say, 4,100 MW Madhya Pradesh bid is on, Bihar 2,400 MW bid is on, Rajasthan 3,200 MW bid is on, and Uttarakhand 1,320 MW bid is on.
Answered
High priority
Current supply status to Bangladesh and payment situation.
Asked by Nikhil Nigania, AllianceBernstein
Confirmed continued supply and provided payment improvement detail.
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Question
we are still supplying to Bangladesh, or due to balance payment, we have stopped supplying for now?
SB Khyalia, CEO
We are supplying full power to Bangladesh, and we have never stated that there was an issue to the level that we have to stop the supply. Unfortunately, in the last quarter, the outstanding has gone down by around INR 500 crore.
Answered
Medium priority
Strategy to handle low afternoon power prices from solar.
Asked by Nikhil Nigania, AllianceBernstein
Explained strategy of bilateral contracts to avoid low spot prices.
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Question
what is the strategy you have given the good sort of merchant exposure the company has to tackle this very low afternoon power prices that we are seeing?
SB Khyalia, CEO
We are not keeping the entire capacity for the day-ahead market. Most of the time, it is tying up through the bilateral contracts four months ahead, two months ahead, three months ahead, sometimes even six months or a year.
Answered
Medium priority
Definition of merchant sales and inclusion of medium-term contracts.
Asked by Mahesh Patil, ICICI Securities
Clearly defined merchant as less than one year contracts.
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Question
When you say merchant sales, how do you exactly define it? Does that mean all the power that is excluding the long-term contract? Does it also include the medium-term contract in the merchant sales?
SB Khyalia, CEO
If the power is sold in medium term, which is more than one year, in that case, it doesn't remain the merchant. When we are talking about merchant, that means it is not sold for more than one year.
Answered
High priority
Status of fuel supply agreement for new capacity and state tenders.
Asked by Mahesh Patil, ICICI Securities
Provided specific tender details and coal availability assurance.
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Question
status of the fuel supply agreement for the new upcoming capacity. Could you throw some light on that and any tenders that are floated by the states regarding this fuel supply agreement?
SB Khyalia, CEO
already tenders from Madhya Pradesh, 4,100 MW; Bihar, 2,400 MW; Rajasthan, 3,200 MW; and Uttarakhand, 1,320 MW. All these tenders are with coal supply. There is no concern about availability of coal.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Godda plant annual EBITDA: INR 4,820 crore | ₹4,820 cr | ₹5,098 cr | Understated vs filing |
| Godda plant Q4 EBITDA: INR 831 crore | ₹831 cr | ₹5,098 cr | Understated vs filing |
| Godda plant annual revenue: INR 8,352 crore | ₹8,352 cr | ₹14,237 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.