ADANIGREEN - Adani Green

📊 NSE: ADANIGREEN 🏢 Power Generation And Supply 📅 Last Updated: 12/13/2025 17:50

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 18.07% YoY to INR 12,422 Cr in FY25. Revenue from Power Supply specifically grew 23% YoY to INR 9,495 Cr, driven by a capacity addition of 3,309 MW.

Geographic Revenue Split

Not explicitly disclosed by region, but operations are centered in India with a focus on resource-rich sites like Khavda, Gujarat, where the company holds ~2,50,000 acres of land.

Profitability Margins

Profit After Tax (PAT) margin improved from 15.9% in FY24 to 17.8% in FY25. Cash Profit grew 22% YoY to INR 4,871 Cr.

EBITDA Margin

EBITDA margin from Power Supply remained industry-leading at 91.7% in FY25, compared to 91.8% in FY24. Run-rate EBITDA reached INR 12,676 Cr.

Capital Expenditure

Historical capex for FY25 was INR 28,366 Cr. H1 FY26 capex incurred was INR 12,412 Cr to support the 50 GW target by 2030.

Credit Rating & Borrowing

Consolidated net debt to EBITDA ratio stood at 6.4x in March 2025 (up from 5.7x in FY24). Net leverage is expected to remain below 6x over the medium term. Interest coverage ratio improved to 1.84x in FY25 from 1.69x in FY24.

⚙️ Operational Drivers

Raw Materials

Solar trackers, wind turbines, and solar modules. Trackers are a critical component, with a major procurement agreement proposed with JEPL for FY2026-27.

Import Sources

Not specifically disclosed, but procurement involves related party JEPL (Adani Infra India holds 26%) for trackers.

Key Suppliers

JEPL (Jodhpur Expressway Private Limited) for trackers; Adani Infra (India) Limited for project support.

Capacity Expansion

Current operational capacity is ~15 GW as of March 2025. The company is expanding to 50 GW by 2030, representing a 28% CAGR.

Raw Material Costs

Procurement of trackers for FY27 is valued at 55.74% of the previous year's consolidated turnover (approx. INR 6,924 Cr based on FY25 revenue).

Manufacturing Efficiency

Solar Capacity Utilization Factor (CUF) maintained at 25%; Wind and Hybrid CUF showed improvement in FY25.

Logistics & Distribution

Not disclosed as a specific % of revenue.

📈 Strategic Growth

Expected Growth Rate

28%

Growth Strategy

Achieving 50 GW by 2030 through the development of 4-5 GW of capacity annually. Strategy includes securing 2,50,000 acres of resource-rich land, developing 5+ GW of Pumped Storage Projects (PSP), and utilizing a 'Resource as Value' approach to maximize returns from merchant capacity (35% of wind is merchant).

Products & Services

Renewable energy electricity (Solar, Wind, and Solar-Wind Hybrid power), and Pumped Storage Projects (PSP) for grid stability.

Brand Portfolio

Adani Green Energy Limited (AGEL).

New Products/Services

Pumped Storage Projects (PSP) with 5+ GW sites secured; expected to provide high-return grid balancing services.

Market Expansion

Focus on the Khavda region for massive scale deployment and national footprint expansion across India.

Market Share & Ranking

One of India's largest renewable energy companies; operational capacity of 15 GW.

Strategic Alliances

Joint Ventures with TotalEnergies; procurement alliances with JEPL for trackers.

🌍 External Factors

Industry Trends

The industry is shifting toward 24/7 renewable power via Hybrid and PSP solutions. AGEL is positioned as a leader in this transition with a 50 GW target by 2030.

Competitive Landscape

Competes with other large renewable IPPs and state-owned power generators; maintains edge through Adani Group's integrated infrastructure platform.

Competitive Moat

Durable advantages include 100% 'Must Run' status, 25-year long-term contracts, and massive land bank (2.5 lakh acres) which are difficult for competitors to replicate at current costs.