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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
₹13,671 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹4,786 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Power's Q3 FY25 results showed stable revenue of INR 13,434 crore, but continuing EBITDA declined 5% YoY to INR 4,786 crore due to lower merchant realizations (INR 4.54/unit vs INR 6.86/unit last year). PAT was strong at INR 2,940 crore, boosted by INR 1,400 crore one-time income from regulatory claims. Power sales volume grew 8% YoY, supported by higher operating capacity (17,550 MW) from recent acquisitions. Management highlighted robust nine-month recurring EBITDA growth of 22% to INR 16,478 crore and reiterated expansion plans to reach 30 GW by 2030, with BTG orders placed for 11.2 GW. Near-term demand is expected to pick up from January. Key risk: sustained lower merchant tariffs could pressure profitability if demand growth slows.
Colored figures show movement against the previous available record.
Guidance to track
- The 1,600 MW Raipur expansion project (PPA with MSEDCL for 1,496 MW) is planned to commission within 4 years, though PPA allows 5 years.
- The 1,320 MW Korba expansion project is expected to commission in about 30 months from the call date, with estimated CapEx of INR 10,000 crore.
- The Rohne mine, acquired from Adani Enterprises, will supply 5 million tons of coal per annum after two years for the Mahan plant's untied capacity.
- Management reiterated the target to achieve more than 30 GW of operating capacity by 2030, with BTG orders placed for 11.2 GW.
Risks flagged
- Merchant realization fell to INR 4.54/unit from INR 6.86/unit last year due to lower demand and seasonality, impacting profitability.
- Analyst raised concern that if power demand growth slows to 5%, incremental thermal capacity requirement may be lower than expected.
- Analyst questioned whether solar plus battery at INR 3-3.50/kWh could reduce need for new coal PPAs; management argued thermal remains essential for base load.
- Outstanding from Bangladesh is ~INR 800 crore, with ~INR 100 crore pending reconciliation due to formula interpretation issues.
Key quotes
- Our continuing EBITDA for the same period increased by 22% year-on-year basis to INR 16,478 crore. This robust growth was mainly due to higher recurring revenues and lower fuel prices.
- During solar hours, the rate may be lower, but other than solar hours, because the thermal capacity has not been added, and therefore, during peak hours, the country will continue to have shortages. And during those hours, the rate of power has to be almost INR 10.
- Keeping our track record and DNA, I can assure you that this surplus cash flow will be utilized in a manner that it will give the best of the industry return across we can have in the future.
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