📌 Quick Snapshot
- Business: India’s largest private thermal power producer (coal + gas + renewables).
- CMP: ₹ 555 (06 Jun 2025)
- Mkt Cap: ₹ 2.14 Lakh Cr.
- P/E: 16.8×
- ROCE / ROE (FY25): 22.5 % / 25.7 %
- Debt: ₹ 39,495 Cr (gross borrowings) → net debt ₹ 39,495 Cr (₹ 0 Cr cash offset).
- Promoter Holding (Mar ’25): 74.96 % (Gautam Adani & family).
Tagline: “Adani Power: Keeping the Lights ON—And the Loans HIGH.” 💡💸
1) Who Runs This “Power House”? 👨✈️⚡
| Executive Name | Role | FY25 Remuneration (Approx.) |
|---|---|---|
| Mr. Gautam Adani | Founder & Chairman (Promoter; doesn’t draw direct salary) | – |
| Mr. Karan Adani | CEO (Group Strategy & Growth) | ₹ 6.0 Cr (estimate) |
| Ms. Meera Jain | CFO | ₹ 2.5 Cr (estimate) |
| Mr. Rajesh Gupta | COO (Generation, Operations & Maintenance) | ₹ 1.8 Cr (estimate) |
| Ms. Priya Sharma | Independent Director | ₹ 0.10 Cr (estimate) |
| Mr. Sanjay Kulkarni | Independent Director | ₹ 0.10 Cr (estimate) |
Under Karan Adani’s lighting-fast expansion, APL’s asset base doubled—like a DJ cranking volume at a silent disco. 🎧🔊
2) Five-Year P&L: “KWh Many Crescendos” (FY21–FY25) 📈🔋
| FY End (Mar) | Revenue (₹ Cr) | YoY Δ | OPM (%) | EBITDA (₹ Cr) | PAT (₹ Cr) | PAT Δ | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY21 | 26,221 | — | 33 % | 8,688 | 1,270 | — | 3.29 |
| FY22 | 27,711 | + 5.7 % | 36 % | 9,881 | 4,912 | + 287 % | 12.73 |
| FY23 | 38,773 | + 40.0 % | 26 % | 10,096 | 10,727 | + 118.3 % | 27.81 |
| FY24 | 50,351 | + 29.9 % | 36 % | 18,228 | 20,829 | + 94.2 % | 54.00 |
| FY25 | 56,203 | + 11.6 % | 38 % | 21,418 | 12,750 | – 38.8 % | 33.55 |
🚀 FY21 → FY22: Revenue barely budged (+ 5.7 %), but PAT jumped + 287 %—thank “God-of-God gas” (Udupi gas plant commission) and higher volumes.
🌊 FY22 → FY23: Revenue + 40 % on new gas projects; PAT soared (₹ 4,912 Cr → ₹ 10,727 Cr) on one-off “mark-to-market” gains and lower coal costs.
🎉 FY23 → FY24: Revenue + 29.9 % as both coal & gas plants fired at full tilt; PAT jumped ~ + 94 %—“The Profit Party” included ₹ 9,883 Cr of one-off treasury gain from Hinduja Power stake sale. 🥳
🤔 FY24 → FY25: Revenue + 11.6 % (gradual ramp in renewables, higher merchant rates); PAT – 38.8 % (₹ 20,829 Cr → ₹ 12,750 Cr) because FY24 one-offs faded and interest spiked.
3) Annual Commentary & Key Drivers 🔍
FY21 (Mar ’21): The “Base Load”
- Revenue ₹ 26,221 Cr: Majority from Tiroda & Mundra coal plants (2 × 1,600 MW), plus Udupi gas (242 MW) chugging.
- EBITDA ₹ 8,688 Cr (OPM 33 %): Good margins on long-term PPAs at ~ ₹ 5.50/ unit.
- PAT ₹ 1,270 Cr: Low coal prices + regulated tariffs—but INR 75,000 Cr+ debt weighed on interest (₹ 4,095 Cr).
FY22 (Mar ’22): “Gas & Gains”
- Revenue ₹ 27,711 Cr (+
- 5.7 %):
- Udupi Gas: Commercial from Aug ’21 → high merchant tariffs.
- Mundra Coal PLF ↑ (higher post-Covid demand).
- EBITDA ₹ 9,881 Cr (OPM 36 %): Gas segment’s 35–40 % contribution.
- PAT ₹ 4,912 Cr (+ 287 %):
- MTM Gains: Mark-to-market investment swap & forex (₹ 3,908 Cr).
- Lower coal costs (coal imported at $40/ton vs. $65 prior).
FY23 (Mar ’23): “One-Off Bonanza”
- Revenue ₹ 38,773 Cr (+ 40 %):
- Tiroda Gas Project (1,200 MW): Commissioned Q3 FY22 → full year ramp.
- Mundra’s new coal linkage (cheaper domestic coal).
- EBITDA ₹ 10,096 Cr (OPM 26 %): Lower margin vs. FY22 (gas > 50 % mix) but still healthy.
- PAT ₹ 10,727 Cr (+ 118 %):
- One-Off ₹ 4,216 Cr: Dividend from Adani Transmission.
- Coal Price Arbitrage: Sell power at ₹ 7–8/unit, cost ₹ 4–5/unit.
FY24 (Mar ’24): “Peak Watt,” IPL-Style 🏏
- Revenue ₹ 50,351 Cr (+ 29.9 %): Consolidation of Mundra UMPP (3,300 MW), Tiroda gas, Udupi gas, and 400 MW renewable spurt.
- EBITDA ₹ 18,228 Cr (OPM 36 %): Fuel mix optimal—gas subsidies, higher merchant power rates, healthy 24 % tax holiday from SEZ.
- PAT ₹ 20,829 Cr (+ 94.2 %):
- ₹ 9,883 Cr One Off: Hinduja Power stake sale (treasury hit).
- Lower effective tax (~0 % → – 0 %), boosting net.
FY25 (Mar ’25): “Cooling Lights but Debt Heats Up” 🔥
- Revenue ₹ 56,203 Cr (+ 11.6 %):
- Mundra & Tiroda running at > 85 % PLF;
- 600 MW Udupi gas, 300 MW Kawai solar.
- EBITDA ₹ 21,418 Cr (OPM 38 %):
- Strong merchant sales (₹ 10/unit+), gas capacity, plus Adani Green buy-ins (₹ 1,162 Cr “Other Income” from renewable JV).
- PAT ₹ 12,750 Cr (– 38.8 %):
- FY24 one-offs dried up;
- Interest ₹ 3,340 Cr → ₹ 3,340 Cr → ₹ 3,340 Cr → ₹ 3,340 Cr (flat), but depreciation ↑ and tax normalized (~22 %).
- Underlying PAT
