Adani Power Limited — PPTs, 10-05-2025: Investor Presentation

1. Financial Highlights:

Adani Power reported continuing revenue of ₹58,906 Cr, up 11% YoY, driven by higher volumes amid improved power demand. Continuing EBITDA grew 15% YoY to ₹21,575 Cr, with margins steady at around 37%. Operating capacity increased to 17,550 MW across 12 assets, supported by 13,120 MW of secured upcoming capacity. Plant availability remained strong at 91%, with a 71% plant load factor. Power sales rose 21% YoY to 95.9 billion units. Net debt/EBITDA improved markedly to 1.44x from 9.7x five years ago, reflecting improved leverage and robust cash flow. Gross fixed assets stood at ₹1.13 lakh Cr with planned sustainable capex of ₹11,671 Cr for FY25.

2. Strategic Initiatives & Growth Drivers:

Focus remains on base load thermal power supporting peak demand and renewables integration. Execution of 13.12 GW locked-in projects mainly via brownfield expansions is underway, backed by full land availability and advanced equipment orders speeding timelines. Fuel security is bolstered by 60% long-term fuel supply contracts and in-house mines under development. New PPAs include fuel pass-through and availability risk mitigation, ensuring stable, escalable cash flows. Strong internally generated funds (~₹20,499 Cr) support a ₹1.12 lakh Cr capex plan over six years.

3. Business Developments:

Inorganic capacity expanded by 6.67 GW through acquisitions at attractive valuations: Mutiara (1,200 MW), Korba (600 MW), Dahanu (500 MW). Integration has improved EBITDA and enabled prepayment of acquisition debt. The Godda project (1,600 MW), India’s first transnational power plant, supplies Bangladesh under a 25-year PPA and was commissioned swiftly despite challenges. Extensive coal handling capacity (74 MMT) and port connectivity provide operational and cost advantages.

4. Market Position & Competitive Advantage:

Adani Power’s diversified fleet of ultra-supercritical and supercritical plants span key industrial states, with over 80% capacity under long-term PPAs, ensuring revenue stability. Locational benefits near coal mines, proprietary fuel logistics, and high plant availability (>90%) enhance dispatch efficiency and margins. Credit ratings are AA/Stable from four agencies, demonstrating strong financial health and market access. Execution by Adani Infra ensures disciplined project delivery and risk mitigation.

5. Investor Implications:

The company’s mix of secured capacity, long-term contracts, and disciplined execution supports positive growth potential aligned with rising power demand and renewable integration in India. Strong cash flows and improved leverage provide flexibility for growth investments. Investors should watch the company’s acquisition integration and capacity roll-out progress, along with fuel pass-through and PPA structures, to assess margin sustainability amid sector shifts.