Adani Power reports strong growth, financials and outlines future expansion

Adani Power Limited (APL) reported strong financial performance in FY25, with revenue from operations reaching $6,570 mn and EBITDA at $2,807 mn. The company’s net debt to continuing EBITDA stood at 1.44x in FY25, down from 9.79x in FY19, indicating improved financial health. APL projects an FFO of $2.4 bn for FY25, with an expected aggregate FFO of $16.8 bn over the next seven years, allowing for a self-funded capital expenditure plan of approximately $14 bn.

The company currently operates 18,150 MW of power generation capacity and has 23,720 MW of locked-in capacity under development, aiming for a target capacity of 41,870 MW. This expansion is supported by secured project portfolios, with 69% brownfield projects minimizing land acquisition delays and 92% land available. APL has also prioritized long-term Power Purchase Agreements (PPAs), with 88% of existing capacity tied up and competitive tariffs secured for new PPAs in various states.

Operationally, APL achieved 91% plant availability in FY25 and maintains a 38% continuing EBITDA margin, demonstrating strong operational excellence through technology-driven asset management and AI/ML-based analytics. The company’s fuel management strategy leverages in-house logistics and coal production capacity of 14 MTPA from four coal mines, ensuring revenue stability and cost efficiency.