Merchant tariff volatility
Merchant realizations declined 18.5% YoY to INR 5.03/unit in Q4, and further weakness could impact profitability.
ADANIPOWER / Q4-FY25 / risks
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Adani Power · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Bangladesh receivable overhang
Gross outstanding from Bangladesh stands at ~$900 million; while collections are improving, geopolitical and payment risks remain.
Execution risk on large capex plan
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.
Low solar-hour power prices impacting merchant strategy
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.