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Revenue
₹14,237 Cr
verified against source
Revenue YoY
5.3%
reported change
EBITDA
₹5,098 Cr
latest reported figure
Source
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record provenance
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What the record says.
Adani Power reported Q4 FY25 revenue of INR 14,522 crore (+5.3% YoY) and EBITDA of INR 5,098 crore (-3.3% YoY), with EBITDA margin contracting 310 bps to 35.1% due to lower merchant realizations (INR 5.03/unit vs INR 6.17/unit last year). PAT declined 5.7% to INR 2,599 crore. Full-year power sales grew 20.7% to 95.9 BU, supported by 2,300 MW capacity addition and 91% plant availability. Management guided for INR 13,000 crore capex in FY26, with 11.2 GW of ultra-supercritical capacity under construction and first commissioning (Mahan 1,600 MW) expected by March 2027. The company plans to fund capex entirely through internal accruals, maintaining net debt/EBITDA at 1.4-1.5x. Key risks include merchant tariff volatility and Bangladesh receivables of ~$900 million, though collections are improving.
Colored figures show movement against the previous available record.
Guidance to track
- The company plans to spend INR 13,000 crore on capital expenditure in FY2026 for its expansion projects.
- The 1,600 MW Mahan expansion project is expected to be commissioned around March or April 2027.
- Adani Power targets to increase its total capacity to 30,670 MW by 2030 through brownfield expansions.
- Management stated that the entire capex plan will be funded from internal accruals without additional debt.
Risks flagged
- Merchant realizations declined 18.5% YoY to INR 5.03/unit in Q4, and further weakness could impact profitability.
- Gross outstanding from Bangladesh stands at ~$900 million; while collections are improving, geopolitical and payment risks remain.
- The company plans INR 13,000 crore capex in FY26 and has placed orders for 11.2 GW; delays or cost overruns could strain returns.
- Analyst raised concern about afternoon power prices falling to INR 0.10-0.50/unit; management mitigated by using bilateral contracts but residual day-ahead exposure remains.
Key quotes
- We are not keeping the entire capacity for the day-ahead market. Most of the time, it is tying up through the bilateral contracts four months ahead, two months ahead, three months ahead, sometimes even six months or a year.
- Our internal accruals will be sufficient to meet our CAPEX requirement.
- There is no other company in the country which has the ability to contract assets without having financing.
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