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Revenue
₹2,340 Cr
verified against source
Revenue YoY
18%
reported change
EBITDA
₹6,366 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Green Energy delivered strong operational performance in 9M FY25, with revenue from power supply up 18% YoY to ₹6,829 crore and EBITDA up 18% YoY to ₹6,366 crore. Energy sales grew 23% YoY to 20 billion units, driven by capacity additions and operational excellence. The company targets 5 GW of new capacity in FY25 (85% solar, 15% wind), with Khavda project progressing well despite monsoon delays. Management reiterated the 50 GW by 2030 target and plans to integrate battery storage for RTC solutions. Risks include transmission delays, regulatory changes (ALMM), and potential financing challenges, though management expressed confidence in domestic lender support.
Colored figures show movement against the previous available record.
Guidance to track
- Company expects to add approximately 5 GW of new capacity in FY25, with 4.3 GW coming in Q4. Remaining ~1 GW delayed by 4-5 weeks into early Q1 FY26 due to monsoon and regulatory changes.
- Management reiterated the long-term strategic objective of reaching 50 GW operational capacity by 2030, with 85% long-term PPAs and 15% merchant/CNI.
- Management confirmed the guidance for next year's capacity addition remains in the 6-8 GW range, with plans to ramp up run rate.
- CFO indicated that after adding 5 GW in FY25, the run-rate EBITDA would exceed ₹15,000 crore.
Risks flagged
- 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.
- 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.
- Analyst questioned backup plans if domestic bank refinancing fails. Management cited advanced discussions and multiple options, but any delay could impact liquidity.
- 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.
Key quotes
- We are very well set with our existing capital management program, and the framework we put in place is making sure that we have a very resilient supply of capital to fund our ambition.
- We are not interested in taking these kind of funds in the market. We are very much very carefully working with the big suppliers of battery systems in the world, and we are aware of the trends and technology progress and improvement.
- We have made sure that our numbers, which we have shared with you, are very well aligned with transmission readiness with you on the ground.
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