Any current/future new fundraising through debt or equity?

Adani Green Energy has already fully funded its 50 GW capacity target for 2030 from both debt and equity perspectives. Debt: The company has construction facilities tied up and deep access to Indian debt markets. Existing revolving facilities are sufficient and get churned annually. Equity: Internal accruals and promoter commitments via subscription of warrants ensure 100% of equity needs are met for the 50 GW target. No additional equity fundraising is currently planned or required. The company has refinanced a Restricted Group 1 bond with an 18-year bond issuance of US $409 million, oversubs

Any current/future capex/capital investment/strategic investment?

Adani Green plans to add about 6,000 MW of greenfield capacity in FY25 and a similar or slightly higher number in FY26, targeting 6,000 to 8,000 MW annually going forward. They aim to add at least 5 GW of pumped hydro storage capacity by 2030, with construction started on the first 500 MW project in Andhra Pradesh. Capital cost estimates for solar are around INR 5 crores per MW and wind approximately INR 6.5 crores per MW. Pumped storage capital cost is estimated between INR 4.5 crores to INR 5 crores per MW, considered competitive. The 50 GW renewable capacity target by 2030 is fully funded f

Future growth expectations in sales/revenue/volumes?

Adani Green Energy targets a greenfield capacity addition of 6,000 to 8,000 MW annually in FY25 and FY26, supporting robust volume growth. Revenue from power supply increased 33% YoY to INR 7,735 crore in FY24, indicating strong sales growth momentum. EBITDA grew 30% to INR 7,222 crore with a run-rate EBITDA of INR 10,462 crore, reflecting improving profitability. The company expects a significant increase in locked-in contracts over the next 2 years, including PPAs and C&I customers, enhancing revenue visibility. Merchant portfolio capacity is currently ~5% with an expected stable contributio

Future growth expectations in earnings/operating earnings/profits/EPS?

FY24 saw a 33% revenue increase to INR 7,735 crore and 30% EBITDA growth to INR 7,222 crore. Run-rate EBITDA stands strong at INR 10,462 crore with net debt to EBITDA improved from 5.4x to 4x. Cash profit increased by 25% to INR 3,986 crore. Capacity addition guidance: 6,000 MW greenfield capacity addition targeted in FY25; similar or higher addition expected in FY26. Plans to add 6,000 to 8,000 MW of new capacity per year going forward. Growth driven by a mix of locked-in PPAs (20 GW), high-credit C&I customers, and merchant/open market sales (~10% capacity). Focus on operational excellence,

Current/ Expected Orderbook/ Pending Orders?

Adani Green Energy Limited (AGEL) has a robust pipeline of projects with a focus on executing 6,000 to 8,000 MW of greenfield capacity addition annually in FY25 and FY26. The company has 20 GW of locked-in Power Purchase Agreements (PPAs). Additionally, AGEL is actively pursuing high-rated C&I customers and various Adani Group companies for power offtake to meet decarbonization needs. The company aims for a total renewable energy capacity target of 50 GW by 2030, up from the earlier 45 GW. All 50 GW capacity is fully funded from both debt and equity perspectives. AGEL has locked-in land parcel

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Adani Green Energy LtdQ1 FY24Power

Adani Green Energy Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,525P/E: 125.4Market Cap: ₹2.3L CrSector: Power

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 1

→Adani Green Energy targets a greenfield capacity addition of 6,000 to 8,000 MW annually in FY25 and FY26, supporting robust volume growth.
→Revenue from power supply increased 33% YoY to INR 7,735 crore in FY24, indicating strong sales growth momentum.
→EBITDA grew 30% to INR 7,222 crore with a run-rate EBITDA of INR 10,462 crore, reflecting improving profitability.
→The company expects a significant increase in locked-in contracts over the next 2 years, including PPAs and C&I customers, enhancing revenue visibility.
→Merchant portfolio capacity is currently ~5% with an expected stable contribution of about 10% (combined merchant and C&I sales), allowing flexible revenue streams.
→Plans to add at least 5 GW of pumped hydro storage by 2030 enhance long-term capacity and revenue potential.
→Fully funded 50 GW capacity target by 2030 underpins growth expectations without financial constraints.

Margin guidance

Category 3

→FY24 saw a 33% revenue increase to INR 7,735 crore and 30% EBITDA growth to INR 7,222 crore.
→Run-rate EBITDA stands strong at INR 10,462 crore with net debt to EBITDA improved from 5.4x to 4x.
→Cash profit increased by 25% to INR 3,986 crore.
→Capacity addition guidance: 6,000 MW greenfield capacity addition targeted in FY25; similar or higher addition expected in FY26.
→Plans to add 6,000 to 8,000 MW of new capacity per year going forward.
→Growth driven by a mix of locked-in PPAs (20 GW), high-credit C&I customers, and merchant/open market sales (~10% capacity).
→Focus on operational excellence, resilient supply chains, and innovation to sustain margins (92% EBITDA margin).
→50 GW capacity target by 2030 is fully funded, supporting long-term growth.
→Strategic portfolio diversification including pumped hydro storage (5 GW by 2030) enhances stability and profitability.

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Fundraise plans

Yes

→Adani Green Energy has already fully funded its 50 GW capacity target for 2030 from both debt and equity perspectives.
→Debt: The company has construction facilities tied up and deep access to Indian debt markets. Existing revolving facilities are sufficient and get churned annually.
→Equity: Internal accruals and promoter commitments via subscription of warrants ensure 100% of equity needs are met for the 50 GW target.
→No additional equity fundraising is currently planned or required.
→The company has refinanced a Restricted Group 1 bond with an 18-year bond issuance of US $409 million, oversubscribed 6.5x, indicating strong investor confidence.
→Overall, capital to support growth targets is secured without the need for new fundraising at present.

Order book

→Adani Green Energy Limited (AGEL) has a robust pipeline of projects with a focus on executing 6,000 to 8,000 MW of greenfield capacity addition annually in FY25 and FY26.
→The company has 20 GW of locked-in Power Purchase Agreements (PPAs).
→Additionally, AGEL is actively pursuing high-rated C&I customers and various Adani Group companies for power offtake to meet decarbonization needs.
→The company aims for a total renewable energy capacity target of 50 GW by 2030, up from the earlier 45 GW.
→All 50 GW capacity is fully funded from both debt and equity perspectives.
→AGEL has locked-in land parcels and transmission connectivity in Rajasthan and Gujarat for smooth project execution.
→They are developing the world’s largest single-location renewable energy plant (30,000 MW) at Khavda, to be completed by 2029.
→The current merchant capacity without signed PPAs is approximately 550 MW out of 10,934 MW effective capacity.

Capex plans

Yes

→Adani Green plans to add about 6,000 MW of greenfield capacity in FY25 and a similar or slightly higher number in FY26, targeting 6,000 to 8,000 MW annually going forward.
→They aim to add at least 5 GW of pumped hydro storage capacity by 2030, with construction started on the first 500 MW project in Andhra Pradesh.
→Capital cost estimates for solar are around INR 5 crores per MW and wind approximately INR 6.5 crores per MW.
→Pumped storage capital cost is estimated between INR 4.5 crores to INR 5 crores per MW, considered competitive.
→The 50 GW renewable capacity target by 2030 is fully funded from both debt and equity, including internal accruals and promoter subscription of warrants.
→Transmission infrastructure is proactively planned to support capacity expansion, with government bids expected this year to ensure connectivity.

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