Adani Power (ADANIPOWER) Q4 24/25 earnings summary

Executive summary

• Achieved record power generation of 102.2 billion units in FY25, with 91% plant availability and consolidated power sale volume up 20.7% to 95.9 billion units, driven by robust demand and increased capacity.

• Asset base expanded from 15,250 MW to 17,550 MW through acquisitions of MPGL, KPL, ADTPS, and amalgamation of Adani Power (Jharkhand); acquisition of Vidarbha Industries Power Ltd. (600 MW) pending.

• Credit ratings upgraded to AA/Stable by four agencies, reflecting improved financial strength.

Financial highlights

• FY25 continuing revenue increased 10.8% year-over-year to ₹56,473 crore, with consolidated revenue at ₹58,906 crore.

• Continuing EBITDA grew 14.8% to ₹21,575 crore; consolidated EBITDA was ₹24,008 crore.

• FY25 continuing profit before tax rose 21.4% to ₹13,926 crore; consolidated PBT was ₹16,360 crore.

• FY25 profit after tax was ₹12,750 crore, lower than FY24 due to reduced one-time income and higher tax charge.

• Q4 FY25 revenue was ₹14,522 crore; Q4 EBITDA was ₹5,098 crore; Q4 net profit was ₹2,599 crore.

Outlook and guidance

• Expansion plans to increase capacity from 17,550 MW to 30,670 MW by 2030, with 11.2 GW of ultra-supercritical equipment ordered and brownfield/greenfield projects underway.

• FY26 CAPEX planned at ₹13,000 crore, primarily funded by internal accruals.

• Confident in maintaining strong merchant rates and demand due to limited new thermal capacity and robust economic growth.