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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹14,956 Cr
verified against source
Revenue YoY
29%
reported change
EBITDA
₹6,290 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- 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 projects will have 80% capacity tied to long-term PPAs (25-year duration) and 20% kept for merchant sales.
- 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).
Risks flagged
- NCLT approval for Lanco and Coastal is pending; any delay could impact capacity addition timeline.
- 20% merchant exposure exposes earnings to tariff fluctuations; management expects stable demand but risk remains.
- While management believes carbon taxes are change-in-law and pass-through, actual PPA clauses may vary.
- 4-5 months of arrears persist from Bangladesh DISCOMs, though payments are regularizing.
Key quotes
- The Indian economy is hungry for more power, and the nation is blessed with most of the resources required to fulfill its needs.
- We are of the view that we should keep around this only 80-20, 80%, 20% ratio.
- We have started to take proactive steps for capacity expansion in view of this positive outlook and our long-term goals.
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