Adani Green Energy (ADANIGREEN) Q3 24/25 earnings summary

Executive summary

• Operational capacity increased 37% year-over-year to 11.6 GW, with 3.1 GW greenfield additions and major progress at the Khavda project, which had 2,425 MW operational by December 2024 and a workforce exceeding 12,000.

• Achieved 15% of new solar and 12% of new wind installations nationwide in 2024, reinforcing sector leadership.

• Energy sales rose 23% year-over-year to 20,108 million units for the nine months ending December 31.

• High plant availability (solar: 99.4%, wind: 95.0%, hybrid: 99.7%) and strong CUF (solar: 23.5%, wind: 29.2%, hybrid: 39.8%) maintained.

• Signed a 25-year PPA with MSEDCL for 5 GW solar supply.

Financial highlights

• Revenue from power supply increased 18% year-over-year to ₹6,829 crore.

• EBITDA from power supply up 18% year-over-year to ₹6,366 crore, with an industry-leading margin of 92%.

• Cash profit surged 23% year-over-year to ₹3,630 crore.

• Run-rate EBITDA for current 11.6 GW capacity is about ₹10,000 crore; expected to exceed ₹15,000 crore post new capacity addition.

• Net debt as of Q3 stands at approximately ₹57,000 crore, with operational debt at ₹42,000–₹45,000 crore.

Outlook and guidance

• Targeting 5 GW of new capacity addition in FY25, with 4.3 GW expected in the final quarter.

• Guidance for next year remains at 6–8 GW commissioning, with plans to ramp up run rate.

• On track to achieve 50 GW operational capacity by 2030, with a fully secured growth path and focus on C&I and merchant opportunities.

• Strategic focus on long-term, fixed-term PPAs for 85% of contracts, with 10–15% in CNI/merchant markets.

• Large-scale deployment of battery energy storage solutions (BESS) planned, leveraging recent cost declines.