ADANIPOWER - Adani Power

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

💰 Financial Performance

Revenue Growth by Segment

Consolidated Continuing Total Revenues grew 11% YoY to INR 56,473 Cr in FY 2024-25. Q2 FY26 continuing revenue was INR 13,639 Cr, slightly higher than INR 13,465 Cr in Q2 FY25. Total Income decreased 2.3% to INR 58,906 Cr due to lower prior-period revenue recognition.

Geographic Revenue Split

Not specifically disclosed by percentage, but the company operates a pan-India portfolio with 15% share of coal-based installations in host states and significant presence in major power-consuming regions.

Profitability Margins

EBITDA Margin was 41% in FY 2024-25 (down from 47% in FY 2023-24). PAT Margin was 22% in FY 2024-25 (down from 35% in FY 2023-24). Return on Equity (ROE) was 22% in FY 2024-25 vs 48% in FY 2023-24.

EBITDA Margin

Consolidated Continuing EBITDA for FY 2024-25 was INR 21,575 Cr, up 15% from INR 18,789 Cr in FY 2023-24. The margin remains the highest in the thermal sector at 38-41%.

Capital Expenditure

Adani Portfolio has a cumulative capex of INR 451,000 Cr for FY20-FY25. APL plans to fund the majority of its expansion to 42 GW by 2032 through internal accruals.

Credit Rating & Borrowing

AA rated by four leading domestic rating agencies. Ratio of net external debt to operating EBITDA improved to 1.4x as of March 2025 from 3.3x in March 2023. Senior Debt Interest Coverage Ratio was 6.65x in FY 2024-25.

⚙️ Operational Drivers

Raw Materials

Thermal Coal (Domestic and Imported). Fuel Supply Agreements (FSAs) account for 57% of coal-based generation capacity (81% of domestic fuel).

Import Sources

Domestic sources (India) via FSAs and overseas coal mining (Adani Group presence in international markets).

Key Suppliers

Coal India (via FSAs), Adani Group (Overseas mines), and Adani Logistics for end-to-end logistics management.

Capacity Expansion

Current installed capacity is 18 GW (over 17 GW operational). Planned expansion to 30.67 GW in the medium term and 42 GW by 2032. 100% of BTG sets for 23,720 MW brownfield/greenfield projects have been ordered.

Raw Material Costs

Fuel prices decreased in FY 2024-25, which led to lower change-in-law revenue recovery but supported higher continuing EBITDA. Inventory to fuel cost ratio improved to 29 days from 44 days.

Manufacturing Efficiency

Consistent 90%+ plant availability maintained over many years; 62% of the fleet utilizes supercritical technology for higher efficiency.

Logistics & Distribution

Logistics assurance is provided through Adani Logistics, leveraging decades of in-house coal sourcing and end-to-end management experience.

📈 Strategic Growth

Expected Growth Rate

133%

Growth Strategy

Capacity expansion from 18 GW to 42 GW by 2032 using a brownfield-heavy model (60% of upcoming capacity). Strategy includes 100% land availability, pre-bid tie-ups for equipment, and funding through internal accruals and debt capital markets.

Products & Services

Thermal Power (Electricity) sold under long-term and medium-term PPAs and in the merchant market.

Brand Portfolio

Adani Power.

New Products/Services

Recent 1 GW of PPA awards and upcoming commissioning of new capacities from the next financial year onwards.

Market Expansion

Targeting a 42 GW capacity by 2032 to increase market share in the thermal power sector and enhance India's energy security.

Market Share & Ranking

India's largest private thermal power producer with over 17 GW installed capacity.

Strategic Alliances

JV with EdgeConnex (AdaniConneX) for data centers; strategic partnership with PTSL (Adani Power Trading) for merchant power sales.

🌍 External Factors

Industry Trends

India is the fastest-growing large economy; thermal power remains critical for base load energy security despite the shift toward renewables.

Competitive Landscape

Key competitors include other private IPPs and state-owned utilities; APL maintains a competitive edge through its modern supercritical fleet (62%).

Competitive Moat

Durable advantages include scale (largest private producer), integrated logistics (Adani Logistics), and 80%+ revenue visibility through long-term PPAs. Moat is sustainable due to brownfield cost advantages.

Macro Economic Sensitivity

Highly sensitive to India's GDP growth (6.7% CAGR) and industrial power demand. Subdued demand in Q2 FY26 due to weather conditions impacted revenue growth.

Consumer Behavior

Rising energy demand across India driven by industrialization and indigenous digital stack development.

Geopolitical Risks

Ambition to establish a presence in the international energy market; reliance on overseas coal sourcing exposes the company to global fuel price volatility.

⚖️ Regulatory & Governance

Industry Regulations

CERC regulations govern trading margins for PTSL; SEBI RPT standards (effective Sept 2025) require Audit Committee and shareholder approval for transactions like the INR 4,500 Cr PTSL agreement.

Environmental Compliance

ESG ratings and inclusion in the FTSE4Good Index Series; commitment to minimizing greenhouse gas emissions.

Taxation Policy Impact

Not specifically disclosed as a percentage rate.

Legal Contingencies

Resolution of all major regulatory matters and realization of outstanding dues from DISCOMs contributed INR 2,433 Cr to revenue in FY 2024-25.

⚠️ Risk Analysis

Key Uncertainties

Reputational risks due to governance scrutiny could hinder fundraising; merchant power demand and tariff volatility (16% untied capacity) impact margin stability.