Our ambitious expansion plan – from 17,550 MW in FY 2024-25 to 30,670 MW by FY 2029-30, with addition of 12,520 MW capacity organically – will be instrumental in meeting the country’s power demand.
We capitalised on our solid foundation to consolidate our market-leading position and boldly stepped into the next phase of growth with ambitious expansion plans.
Adani Power grew from strength to strength in FY 2024-25, driven by a vibrant power market, advantageously positioned assets, operating excellence, as well as an agile and capable team. We capitalised on our solid foundation to consolidate our market-leading position and boldly stepped into the next phase of growth with ambitious expansion plans. We continued enhancing our core strengths with robust values, principles, and structured processes. These efforts reinforce our long-term resilience and stability, ensuring we remain well-equipped to meet India’s power needs while delivering sustained value to stakeholders.
The Indian economy is expanding rapidly, fuelling an ever-growing need for power. Production-linked incentive schemes, growing household electrification, and a surge in e-mobility are propelling energy consumption to newer highs. India’s peak power demand already surged from 203 GW in FY 2021-22 to 249 GW in FY 2023-24. This momentum is not expected to subside anytime soon, with peak demand estimated to reach 296 GW by FY 2026-27 and 388 GW by FY 2031-32.
While renewable energy continues to be in focus, thermal power will remain indispensable in ensuring base load stability, meeting peak power demand, and providing balancing power supply to stabilise the grid. Aligned with this, the government has proposed an additional thermal power capacity requirement of 80 GW by FY 2031-32 and the DISCOMs are floating bids for long-term thermal power supply. But the need would be to add new capacities, while balancing growth with efficiency and minimal environmental impact.
At Adani Power, we are positioning ourselves to lead this transformation. Our ambitious expansion plan – from 17,550 MW in FY 2024-25 to 30,670 MW by FY 2029-30, with addition of 12,520 MW capacity organically – will be instrumental in meeting the country’s power demand. More importantly, all new organic additions would be based on ultra-supercritical technology, which will ensure high thermal efficiency and lower carbon emissions. We have further strategically selected plant locations and acquisitions that offer significant advantages. Their proximity to critical infrastructure, abundant land availability and fuel sources provide us with a formidable competitive edge for upcoming PPAs.
FY 2024-25 was a year of exceptional execution. We expanded our total operating capacity by 2,300 MW through strategic acquisitions, including two financially stressed assets under the Corporate Insolvency Resolution Process (CIRP) – Coastal Energen (amalgamated into Moxie Power Generation Limited) with 1,200 MW operational capacity and Lanco Amarkantak (renamed as Korba Power Limited) with 600 MW operational capacity and 1,320 MW of unfinished expansion project. We also acquired the 500 MW Adani Dahanu Thermal Power Station through a business transfer agreement from a sister company.
In addition to this, we have received a Letter of Intent for the acquisition of the 600 MW Vidarbha Industries Power Limited under CIRP. Leveraging our deep sectoral expertise and seamless integration capabilities, we will swiftly revive and enhance the performance of these important assets. As for the 1,320 MW brownfield expansion at Korba, OEMs and other contractors are being finalised to revive, complete and transform it into a productive asset.
In April 2025, Adani Power (Jharkhand) Limited, the wholly-owned subsidiary of the Company, was amalgamated into it under a Scheme of Arrangement. This amalgamation will allow greater scalability and flexibility, and improve financial strength.
We also initiated several brownfield expansion projects. This includes the 1,600 MW USTPP project at the Mahan Energen site, which is progressing as per schedule, and two 1,600 MW USTCPP projects at Raipur and Raigarh where construction has commenced recently. We have already secured long-term PPAs for 2.92 GW of our upcoming organic capacity, safeguarding their long-term revenue potential.
We have maintained excellent O&M availability of 91% on average across our fleet, ensuring our ability to despatch power on demand. Our strong competitive position helped us post PLF of 71% with generation crossing 102 billion units and power despatch volume growing by 21% to 95.9 billion units. Our ability to navigate challenges was evident in Bangladesh, where we ensured stable operations at the Godda power plant despite political turbulence. This resilience, combined with our strong operational strategy, has also strengthened our financial position.
Expansion in capacities and excellence in plant operations enabled us to effectively address surging demand, both under PPAs and in the merchant market. While we ensured that plants were fully available to supply power under PPAs with good merit order positions, merchant and short-term market despatches surged by 47% to nearly 21 billion units, providing a healthy upside to revenues and margins.
Recurring revenues grew by 11% to ₹56,473 crore. Recurring EBITDA grew stronger by 15% to ₹21,575 crore, primarily due to higher recurring revenue and lower fuel prices along with focus on operational efficiency. Prior period revenue recognition declined from ₹9,322 crore in FY 2023-24 to ₹2,433 crore in FY 2024-25, following the successful resolution of all major regulatory matters. This highlights the growing contribution of core earnings, reaffirming the robustness of our business model. Profit after tax came in at ₹12,750 crore, which was higher in the previous year due to higher one-time income and deferred tax credit.
Our sustained performance and solid financial foundation are a result of our prudent capital management. With cash and cash equivalent of ₹7,312 crore as on March 31, 2025, our liquidity position remains healthy. We have judiciously utilised our cash flows to fund our capex and maintained a low leverage. We have judiciously utilised our cash flows to fund our capex and maintained a low leverage. Strict control over finance costs resulted in a decline of 1.4% to ₹3,340 crore in FY 2024-25.
These measures have contributed to upgrades in our credit rating. Both CRISIL and India Ratings have improved rating from AA- to AA, while CARE Ratings and ICRA rated us AA at the initiation stage. This marks 10 notches improvements in our credit rating since 2018, highlighting our healthy business risk profile, diversified operating portfolio, growth in revenues and profits, and strengthened financial position.
As we prepare for a period of accelerated growth in India’s energy landscape, our focus remains on flawless execution to translate our vision into impactful action and enhanced market leadership. Our diverse capabilities and financial resilience provide a solid foundation in this quest. We aim to employ the robust cash flows from our operations to fund projects and reduce reliance on external debt. This debt-light approach will lower our financial risk and interest costs while giving us flexibility to address emerging opportunities in the power market.
To ensure timely execution, we have proactively placed advance orders for boiler, turbine and generators (BTG) for the entire 11.2 GW of targeted organic capacity expansion, securing the most critical part of the project supply chain. Orders for balance-of-plant, civil work, etc. are being awarded in phases to maintain a streamlined rollout.
Profit after tax
Recurring EBITDA
Ensuring fuel security is fundamental to supporting our capacity expansion and driving cost and operational efficiency. In line with this, we have acquired Stratatech Mineral Resources from Adani Enterprises, which has a licence for the Dhirauli mine. This move will secure 6 million tonnes of annual coal supplies for our Mahan power plant with initial supplies beginning in the next financial year, minimising dependence on external sources. We will explore more such opportunities to drive cost-effectiveness and strengthen our competitiveness.
Digital readiness will be crucial to managing our vast and growing operations. We are undergoing a digital transformation with several flagship programmes deployed towards becoming a smarter, analytics-driven entity. Our efforts include integrating advanced technologies like AI/ML, IoT and cloud computing to improve real-time insights and decision-making. Robotic process automation is being deployed across our operations to streamline and drive process efficiency.
While we sharply focus on business growth and performance, we remain deeply committed to environmental, social responsibilities and governance excellence. We are consistently undertaking efforts to fulfil our ESG commitments and improve our performance on various parameters.
Being in coal-based power generation, decarbonisation is a priority for us. All the new expansion projects being undertaken by us utilise ultra-supercritical technology, setting new benchmarks for efficiency and lower emissions. With this, 77% of our overall capacities in FY 2029-30 will be based on these advanced technologies, contributing to a steady decline in carbon emissions per MW. Our water intensity for the year was 2.17 m3/ MWh, well below the statutory limit for hinterland plants. Fly ash utilisation remained over 100%.
Our safety performance remains top-class, with zero health and safety-related injuries. We continue to ensure an engaging workplace for our people and provide them with necessary operational and digital skill training to ensure their future readiness. With impactful healthcare, education, infrastructure development and sustainable livelihood programmes, our community efforts benefited more than 12,34,155 lives during the year.
Governance is central to our ESG and business excellence. With 50% independent directors, our governance framework ensures transparent and ethical practices in the interest of all our stakeholders. We have taken significant steps to strengthen corporate governance. This includes conducting training sessions for independent directors and defining their maximum tenure. We have also reinforced management ownership and introduced independent third-party review and certification for all related party transactions.
Our all-round efforts have been recognised through improved ESG ratings from various Indian and international agencies. Our Corporate Sustainability Assessment by S&P Global improved from 48 out of 100 to 68, placing us among the top 15% in our peer group. In the FTSE ESG rating, we scored 3.5 out of 5. Both these scores are better than World Electric Utilities’ average score of 42 and 2.7 respectively, highlighting our ESG excellence in the sector. We remain focussed on continually tracking our ratings and performance, to improve year-on-year.
The future is brimming with opportunities and we are confident of seizing them by delivering our value-accretive investments and leveraging our core strengths. Our agile business model, integrated project execution approach and financial discipline ensure highly resilient operations, positioning us uniquely for sustained success.
In conclusion, we extend our sincerest appreciation to all our stakeholders for their continued support in this journey. We express our gratitude to the government and DISCOMs for ensuring a healthy regulatory environment that enables growth and benefits all stakeholders. Our heartfelt thanks to all employees and business partners who have rallied together to strengthen our competitive edge. Together, let us advance to a future where we lead India’s power sector into a sustainable, high-growth future and unlock immense value in the process.
Managing Director
Chief Executive Officer
