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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
₹13,339 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 (78% vs 60% YoY), lower imported coal costs, and strong merchant realizations. EBITDA margin expanded ~770 bps to 42.7%. PAT stood at INR 3,912 crore, down YoY due to absence of large prior-period regulatory income. Management highlighted robust power demand, a 30 GW capacity target by 2030 (from 15 GW), and progress on inorganic acquisitions (Lanco, Coastal). Guidance includes 80% PPA tie-up for new capacity and 20% merchant exposure. Key risk: merchant tariff volatility could impact near-term profitability if demand softens.
Colored figures show movement against the previous available record.
Guidance to track
- Plans to double capacity from ~15 GW to 30.67 GW through organic expansion (Mahan Phase II, Raipur, Raigarh, Mirzapur) and acquisitions (Lanco, Coastal).
- Management aims to secure long-term PPAs for 80% of new capacity, keeping 20% for merchant sales to balance risk and reward.
- The 1,600 MW ultra-supercritical expansion at Mahan is on track for commissioning by June 2027.
Risks flagged
- Merchant power tariffs could decline if demand softens or coal prices rise, impacting the 20% open capacity.
- Bangladesh has 4-5 months of arrears for all power suppliers; any worsening could impact Godda plant cash flows.
- Doubling capacity to 30 GW by 2030 involves significant project execution and regulatory approvals, with potential delays.
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.
- APL has now formally established its credentials as a dynamic and profitable leading power producer with high liquidity and excellent creditworthiness.
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