Adani Power Limited — PPTs, 05-09-2025: Investor Presentation

Adani Power (APL) is India's largest private thermal power producer, operating 18,150 MW capacity.

**Business Performance:** For FY25, revenue was ~5,890 Cr (-5% YoY), but Continuing EBITDA grew +12% to ~2,156 Cr. PAT was ~1,275 Cr (-40% YoY). In Q1 FY26, revenue hit ~1,458 Cr (-8% YoY), Continuing EBITDA was ~574 Cr (-11% YoY), and PAT stood at ~330 Cr (-18% YoY). Net Debt increased to ~3,741 Cr in Q1 FY26 from ~2,629 Cr in Q1 FY25.

**Growth Drivers & Strategy:** APL is strategically positioned for India's surging electricity demand, targeting 41,870 MW capacity by FY32. Key strategies include brownfield expansion (69% of new projects for faster execution) and secured land/equipment for 23,720 MW capacity. APL has won 7.7 GW in Power Purchase Agreements and plans to self-fund ~14,000 Cr capex over the next seven years.

**Recent Developments:** APL recently secured Letters of Award for 2,400 MW at Pirpainti and Anuppur, bolstering its pipeline of locked-in growth projects.

**Key Financial Metrics:** FY25 saw a Return on Capital Employed (RoCE) of 22%, Return on Equity (RoE) of 25%, and Return on Assets (RoA) of 23%. Q1 FY26 Net Debt to Continuing EBITDA was 1.44x.

**Management Outlook:** Management sees India's energy sector as a massive investment opportunity, with APL well-prepared for long-term growth and stable returns.