Detailed Narrative
FY25 Capacity Miss But Strong Q4 Recovery
AGEL added 3.3 GW in FY25, 34% below the 5 GW target, with all slippage at Khavda due to unprecedented🌐 monsoon and soil conditions. However, Q4 saw a strong 2.6 GW recovery demonstrating execution capability. The company accounted for 16% of India's utility solar and 14% of wind installations in FY25.
New CEO and FY26 Strategy
Ashish Khanna took over as CEO from April 1, 2025, bringing 36 years of industry experience including leading Tata Power Renewable Energy. He reiterated the 5 GW FY26 target (150% of FY25 actual) and 50 GW by 2030 vision. Capital management framework fully funds growth to 50 GW with 95% of FY26 capacity already sanctioned for debt.
Portfolio and PPA Pipeline
Total contracted/pipeline capacity is 33 GW with ~30 GW under PPA and 3 GW merchant. In FY25, 9.6 GW of new bids were won, of which 6.25 GW already signed as PPAs. The company targets 75% PPA and 25% merchant/C&I/CFD mix at 50 GW. Merchant exposure is 14% of current 14.2 GW operational capacity.
Khavda Progress and Evacuation
Khavda has 4+ GW operational with solar CUF of 32%+ in Q4 using N-type bifacial modules and single-axis trackers. Evacuation capacity expected to increase by 4 GW by June and 7 GW by December 2025. Ministry of Power is actively monitoring transmission build-out.
Financial Milestones and Refinancing
FY25 EBITDA crossed $1 billion at INR 8,818 crores with 22% growth. Revenue grew 23% to INR 9,495 crores. Successfully refinanced $1.06 billion construction facility with AA+ rated 19-year term. All operations are now water positive, a year ahead of target.