Detailed Narrative
Strong Operational Performance with 20.7% Volume Growth
Adani Power generated 102 billion units and sold 95.9 billion units in FY25, up 20.7% YoY. Operating capacity increased to 17,550 MW after acquiring 2,300 MW during the year. Plant availability maintained at 91%. Continuing EBITDA grew 14.8% to INR 21,575 crore driven by higher volumes and lower fuel prices. However, reported PAT declined from INR 20,829 crore to INR 12,750 crore due to normalization of prior-period income and INR 3,610 crore tax expense.
Massive Capacity Expansion to 30,670 MW by 2030
Seven 2x800 MW ultra-supercritical projects underway at Raipur, Raigarh, Kawai, Mahan, Korba, Mirzapur with BTG contracts awarded to BHEL. Mahan Phase 2 at 54% progress with March-April 2027 commissioning expected, followed by one 800 MW unit every 6 months. INR 8,000 crore expansion capex in FY25, with INR 13,307 crore planned for FY26. Total 6-year capex target of INR 120,000 crore fundable entirely from internal accruals.
Bangladesh: Continuing Supply with Improving Payment Trends
Full power supply to Bangladesh continues uninterrupted. Total billing of USD 2,000 million with USD 1,207 million received. Gross outstanding including USD 136 million LPS at approximately USD 900 million. Outstanding reduced by INR 500 crore in Q4 with payments now exceeding monthly billing. 50% of LPS amount already accepted by Bangladesh.
Coal Mining and PPA Pipeline Securing Future Growth
Won 4 commercial coal mines with 14 MTPA capacity (3 in MP, 1 in Maharashtra) serving 3,000 MW equivalent. One mine to start production in FY26. Savings primarily from transportation cost reduction. PPAs signed for 2.92 GW with over 14 GW bids at various stages. GoI revised thermal capacity addition target from 80 GW to 100 GW. Coal allocated to states under SHAKTI policy B(iv) clause mitigates fuel risk.