Investment Case 1

A balanced portfolio with revenue visibility and cost efficiency

Multifaceted Power Producer With A Well-Balanced Portfolio, Revenue Visibility, and Cost Leadership

India’s largest private thermal power producer with a strategically located, diversified, and ultramodern fleet with in-house logistics
Reliable power supply to meet growing power demand through high availability fleet, leveraging technologies, digitalisation, and analytics to maximise uptime
Core earnings stability with two-part, availability based tariff structure, remunerative PPAs with competitive tariffs, and upside potential from judiciously balanced open capacities
Cost leadership through economies of scale, operational excellence, in-house supply chain, and strategically located plants (98% of domestic coal-based open capacity is located near mine pitheads) that have logistics cost advantage

28%

5-year recurring EBITDA CAGR driven by improved cost recovery and efficient capacity deployment

87%

Capacities contracted under LT/MT PPAs, of which 92% have assured fuel cost recovery

Locked-in Capacity Expansion With PPA Tie-Up

17,550 MW CapacityAs on March 31, 2025

30,670 MW CapacityTargeted by 2030

Investment Case 2

Top-class operational performance

Excellence in Operations and Management

Three-pronged O&M strategy focussed on:
- Reliability through reliability-centred maintenance, zero forced outage programme, and asset performance management;
- Efficiency through focussing on unit cycle efficiency and continuous monitoring; and
- People safety and excellence achieved via automation, safety protocols and culture and skill-building initiatives
Energy Network Operations Centre (ENOC) for centralised real-time monitoring of operations and Analytics Centre of Excellence (ACoE) for digital and analytics integration
Excellence in fuel management and logistics, with in-house mine-to-logistics capabilities, a dedicated team and LT/MT coal linkages
Robust material handling and logistics infrastructure (availability of 17 rakes under General Purpose Wagon Investment Scheme and 160 captive trucks) innovative transportation strategies (rail logistics optimisation) and advanced coal storage management for uninterrupted fuel availability and quick turnaround

71%

Plant load factor

91%

Plant availability factor

91%

Domestic fuel requirements secured under long/ medium-term contracts

18,500

Rakes equivalent of fuel handled annually

Investment Case 3

A power player of national importance

Fulfilling base load and peak power demand and enabling greater grid penetration with reliable power supply with 17,550 MW operational capacity of which 15,950 MW capacity supplying power to India

Capacity Expansion Target

Investment Case 4

Excellence in inorganic growth

Proven Ability to Acquire and Turn Around Assets for Inorganic Growth

Proven model to grow capacities through inorganic route
Demonstrated capability to turn around stressed acquisitions rapidly (GMR and Essar Mahan)

Driving Growth Through Strategic Acquisitions

6,710 MW

Overall capacity added

2,300 MW

Capacity addition in FY 2024-25

38%

Contribution of acquired units in total power generation

Investment Case 5

Financially strong and well-managed

Strong Financial Profile With A Healthy Balance Sheet, Robust Returns, and Improved Credit Ratings

Sector-leading debt servicing capability with abundant headroom for growth
Consistent low leverage at 1.44x Net debt / Continuing EBITDA in FY 2024-25 as compared to 1.41x in FY 2023-24 despite ongoing organic and inorganic expansions
Backed by strong sponsor, India’s largest infrastructure and real asset platform

₹1.77 crore

Net debt/MW; among the lowestin India’s conventional power sector

20.52%

ROCE in FY 2024-25 (EBIT / Capital Employed)

CRISIL AA; Stable;
India Ratings AA; Stable / A1+;
CARE AA; Stable / A1+;
ICRA AA; Stable / A1+

Credit rating of Adani Power Limited

Investment Case 6

Pioneer in sustainable practices

Committed to Industry-Leading ESG Practices

Focus on Ultra-supercritical / Supercritical technologies to reduce emissions intensity (tCO₂e/MWh)
Undertaking initiatives aligned with the UNSDGs to positively impact lives and livelihoods
Prioritise climate alignment with a focus on switching to greener technologies

Fresh Water Consumption for Hinterland Power Plants

2.29 m³/MWh

For FY 2024-25 vs statutory limit of 3.5m³ MWh (3m³/MWh for Godda TPP)

2024-25 Integrated Annual Report

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Invested in growth and value

As the largest private thermal power producer in India, Adani Power leverages its competitive edge and financial strength to meet the nation’s increasing energy demands.

We are making strategic investments to drive value-accretive growth while contributing responsibly to nation-building and a sustainable energy future.