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Revenue
₹2,794 Cr
verified against source
Revenue YoY
24%
reported change
EBITDA
₹2,374 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Adani Green reported a strong Q1 FY25 with revenue from power supply up 24% YoY to INR 2,528 crore and EBITDA margin of 92.6%, driven by tech-enabled O&M and capacity additions of 2.6 GW over the past year. Operational capacity reached 11.2 GW, including 2.25 GW at Khavda, where a 250 MW wind plant with India's largest 5.2 MW turbines was commissioned. Management reiterated the 50 GW target by 2030, with 6 GW expected this fiscal, funded via internal accruals and promoter warrants without equity dilution. Key risks include merchant solar price volatility (Q1 realization ~INR 4/unit) and execution challenges in scaling pumped storage and wind capacity.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for 6 GW of new capacity in FY25, including ~700 MW of wind.
- Reiterated 50 GW capacity target by 2030, including 5 GW of pumped storage.
- CFO expects average portfolio interest rate to come down significantly from 9.4%, with new borrowings at 8.6%-8.9%.
- Targeting 15% of portfolio from merchant and C&I sales by 2030.
Risks flagged
- Q1 solar merchant realization was ~INR 4/unit, below the guided INR 4-4.5, due to seasonal softening.
- Pumped storage CapEx is INR 4.5-5 crore/MW, but equipment is imported and supplier details undisclosed, posing supply chain risk.
- Management stated no equity dilution needed, relying on promoter warrants and internal cash flows, which may be constrained if execution slips.
- New import duty on solar glass may increase module costs, though management claims limited near-term impact due to ALMM exemptions.
Key quotes
- Our EBITDA from power supply increased by 23% to INR 2,374 crore, with an industry-leading EBITDA margin of 92.6%.
- We are very confident that, you know, the new generation capacity which is coming through, you know, in Khavda, where all the new lines are being commissioned and all the evacuation established, we are expecting a higher degree of availability around, you know, you could argue 98%-99%.
- We do not expect net run rate, net debt to run rate EBITDA to be any way than a level, higher than what we have right now.
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