Adani Power Limited · NSE:ADANIPOWER
Adani Power — Investor Presentation (June 2025)
44 slides from Adani Power's investor presentation, Jun 9, 2025
Slide 1: Exchange filing cover letter
June 9, 2025 BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 533096 Scrip Code: ADANIPOWER Dear Sirs, Sub.: Investor presentation of Adani Power Limited for June 2
Slide 2: Adani Power Limited Investor Presentation June 2025
Adani Power Limited Investor Presentation | June 2025
Slide 3: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Power Limited (“APL”), the future outlook and growth prospects, and future dev
Slide 4: Contents
Contents A Adani Portfolio Overview B Executive Summary : Adani Power Limited (“APL”) 1 Base load power demand to drive growth 2 High Quality Existing Asset Portfolio 3 Deep Project Execution Expertise with an Attractive Portfolio of Locked In Assets 4 Self Funded Growth: Conservative Leverage suppo
Slide 5: Adani Portfolio Overview
A Adani Portfolio Overview STRICTLY CONFIDENTIAL
Slide 6: Adani Portfolio: A World class Infrastructure & Utility portfolio
Adani Portfolio: A World class Infrastructure & Utility portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Other Incubator Materials, Metal Energy & Utility Transport & Logistics Specialty & Mining (73.97%) (60.94%) (74.96%) (65.89%) (67.53%) AEL AGEL APL APSEZ Ports & Logis
Slide 7: Adani Portfolio: Decades long track record of industry best growth
Adani Portfolio: Decades long track record of industry best growth with national footprint All figures in INR cr Predictable, high and rising free cash flow National footprint with deep coverage Tax paid EBITDA Finance cost paid 89,806 CAT (FFO) 66,527 (74%) EBITDA 24,870 AEL 12,784 APSEZ (51%) Adan
Slide 8: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT1 OPERATIONS CONSUMERS 2 New C.E.O. Adani Infra (India) Limited (AIIL) | ITD Cementation Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Const
Slide 9: Executive Summary
Executive Summary B Adani Power Limited (“APL”) STRICTLY CONFIDENTIAL
Slide 10: Adani Power Limited (APL): Overview
Adani Power Limited (“APL”): Overview Shareholding Summary India’s largest private sector thermal IPP portfolio Key Operating Metrics As on 31 March 2025 17,550 MW 13,120 MW 12 Assets 9 Assets Kawai Mirzapur 1320 MW + 1600 1600 MW Operating Capacity Upcoming Capacity MW Mirzapur Thermal Energh (UP)
Slide 11: High Quality Present Portfolio Mix: Poised to meet India's base load demand
High Quality Present Portfolio Mix: Poised to meet India’s base load demand Operating Capacity Locked-in Capacity Target Capacity 121,2 17,550 + 9 13,120 = 21 30,670 Assets MW Assets MW Assets MW Asset Type Asset Type 5% Asset Type 62% 38% 95% 76% 24% Organic Inorganic Organic Inorganic Organic Inor
Slide 12: Indian Power Sector: Growing power demand will require greater base load capacity
Indian Power Sector: Growing power demand will require greater base load and peaking capacity Power Demand Growth Projections 500 3,000 450 Vision 2047 Base Load power critical for additional Renewable Capacity 2,474 2,500 400 Energy demand 350 6400 BU India’s Renewable Energy Target by 2030 500 GW
Slide 13: Key Investment Highlights
APL: Key Investment Highlights Self Funded Growth: Conservative Leverage Base load power demand to drive growth supports high cashflow generation • Base load supply critical for meeting growing peak demand • 28%+ Continuing EBITDA CAGR with remunerative PPAs • Abundant domestic coal reserves (360 Bi
Slide 14: Base Load Power Demand to drive Growth
Base Load Power Demand to drive Growth 1 Indian Power Sector STRICTLY CONFIDENTIAL
Slide 15: India: Thermal power to continue providing bulk of India's power needs
India: Thermal power to continue providing bulk of India’s power needs Economic growth driving power demand 1,695 BU 2,474 BU 46% India Power India Power Demand growth Power Demand (Billion units) Demand Demand over 7 years FY 2024-25 FY 2031-32 2,474 1,908 1,511 470 GW 962 GW(1) 105% 1,276 India In
Slide 16: India: Peak demand growth will drive thermal power requirement
India: Peak demand growth will drive thermal power requirement 249 GW 388 GW 56% Coal-based capacity to 245 GW 309 GW 80 GW bridge the peak demand India Peak India Peak Peak Demand India Thermal India Thermal Required Addition Demand Demand growth over 7 gap with readily available Power Capacity Pow
Slide 17: APL: Long term power supply tie-ups and merchant upside
APL: Long term power supply tie-ups and merchant upside Tie-ups for upcoming capacity New PPA model offering revenue security • New PPA model incorporates equitable distribution of risks between developer and 2,920 MW 1,600 MW + offtaker PPAs signed • Fuel cost and availability risks addressed effec
Slide 18: High Quality Existing Asset Portfolio
High Quality Existing Asset Portfolio 2 17.55 GW of operating assets STRICTLY CONFIDENTIAL
Slide 19: Modern and efficient fleet of strategically located thermal generation assets
APL: Modern and efficient fleet of strategically located thermal generation assets Rapid rise installed capacity through organic & inorganic growth 10,840 MW of Capably Executed Organic Generation Capacity 6,670 MW 17,550(1) MW Mundra Tiroda Kawai Godda (3) Gujarat Maharashtra Rajasthan Jharkhand 10
Slide 20: Modern and efficient fleet: Inorganic Generation Capacity
APL: Modern and efficient fleet of strategically located thermal generation assets 6,670 MW of Inorganic Generation Capacity 4,370 MW of Rapidly Turned Around Inorganic Generation Capacity 2,300 MW of Recent Inorganic Capacity Additions Udupi Raipur Raigarh Mahan Korba Mutiara (1) Dahanu Karnataka C
Slide 21: Predictable and reliable operating performance
APL: Predictable and reliable operating performance Average Operational Capacity (MW) Plant Availability (%) 16,545 15,051 95% 95% 94% 92% 91% 90% 13,650 11,810 12,450 12,450 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 PLF (%) Sales (BU) 96 71% 79 67% 65% 59% 64 52% 48% 59 52 53 FY20
Slide 22: Operational excellence through Energy Network Operation Center (ENOC)
APL: Operational excellence through Energy Network Operation Center (ENOC) Energy Network Operation Center (ENOC) Adani Infrastructure Management Services Limited (AIMSL) − Remote monitoring, diagnosis, and troubleshooting Centralized Management − Centralized power scheduling for optimum capacity ut
Slide 23: Fuel management & logistics – Key competitive advantage
APL: Fuel management & logistics – Key competitive advantage Fuel management is key to revenue stability Plant and Mine Locations Only IPP in India with in-house, mine-to-plant logistics 01 capability Handling approx. 74 MMTPA coal, 22 MMTPA Fly 02 Ash – Synergies with Adani Portfolio companies Kawa
Slide 24: Competitive and profitable assets in long-term and short-term markets
APL: Competitive and profitable assets in long-term and short-term markets Long-term PPAs: Priority in despatch with profitable contracts Strong and sustained pickup in Merchant and Bilateral markets Merit Order Position during Q4 FY 2024-25 Merchant and Bilateral market volumes and tariffs 10 10 20
Slide 25: Established capability in rapid turnaround of acquired assets
APL: Established capability in rapid turnaround of acquired assets Mahan Energen Ltd. Raipur plant Raigarh plant 1,200 MW ₹549 Cr. 600 MW ₹(-) 97 Cr. 1,370 MW ₹210 Cr. Acquired in EBITDA FY Acquired in EBITDA FY Acquired in EBITDA FY March ‘22 ‘22 Jul ‘19 ‘20 Aug ‘19 ‘20 ₹1,900 Cr. ₹1,893 Cr. ₹1,204
Slide 26: Recent Acquisitions Snapshot
APL: Recent Acquisitions Snapshot Mutiara plant (Erstwhile Coastal Energen Pvt. Ltd.) Consistent demonstration of turnaround capability • Acquired Mutiara (Thoothukudi) and Korba plants at attractive valuations 1,200 MW ₹ 3,336 Crore as part of Corporate Insolvency Resolution Process under the aegis
Slide 27: Deep Project Execution Experience with Portfolio of Locked In Assets
Deep Project Execution Experience 3 with an attractive Portfolio of Locked In Assets STRICTLY CONFIDENTIAL
Slide 28: Deep Project Execution Expertise: Built over the past two decades
Deep Project Execution Expertise: Built over the past two decades – 10,840 MW capacity delivered One of India’s largest single location thermal power plants First Supercritical power plant : Mundra, Gujarat Cumulative Capacity: 4,620 MW (330 MW x 4 units + 660 MW x 5 units) − Best in class project e
Slide 29: Execution Risk Mitigation – what we are doing differently
APL: Execution Risk Mitigation – what we are doing differently Execution Assurance Fuel Assurance Finance Assurance Brownfield development model: Availability Risk: High visibility of cash flows: • Ready availability of land, water, project power, • Linkages earmarked by DISCOM for each PPA • 80%+ u
Slide 30: Project Management & Assurance Group (PMAG)
APL: Project Management & Assurance Group (PMAG) – End to End project integration Bidding, Site Scouting Project Development & Basic Engineering Execution Operations Concept Integrated Project Management by Adani Infra (India) Limited (AIIL) Commissioning Strength: Team of 90 professionals having ha
Slide 31: Project Gallery: Project execution expertise across large & complex projects
Project Gallery: Project execution expertise being demonstrated capably across large & complex projects Mahan Phase-II Project (2 x 800 MW) Raipur Phase-II Project (2 x 800 MW) Raigarh Phase-II Project (2 x 800 MW) BTG Area Aerial View Unit #3 - Turbine Generator Deck Unit #3 – Electrostatic Precipi
Slide 32: Attractive Portfolio of Locked In Assets: Derisked execution
Attractive Portfolio of Locked In Assets : Derisked execution with competitive advantages Strategic Advantages Locked-in Organic Growth projects in advanced stages of development Environ- Equipment 86% 100% 100% Project MW Land mental PPA 87% Ordering Clearance Brownfield Near-pithead Land available
Slide 33: Self-funded growth
Self-funded growth 4 Conservative Leverage supports high cashflow generation STRICTLY CONFIDENTIAL
Slide 34: Self Funded Growth: Conservative Leverage supports high cashflow generation
Self Funded Growth: Conservative Leverage supports high cashflow generation Key Rating highlights: Rating April 2019 March 2023 March 2025 • Significant cash inflow of long due Agency regulatory receivables due to favorable Rating Track resolution of regulatory issues Record BB+/Stable - AA/Stable •
Slide 35: Consistent improvement in EBITDA delivering free cashflow for growth
APL: Consistent improvement in EBITDA delivering free cashflow for growth Reported Total Revenues (₹ Crore) Credit Profile 16% CAGR 60,281 58,906 Entities Rating Agency INR Ratings 43,041 CRISIL, ICRA, 31,686 APL AA/Stable 27,842 28,150 India Ratings, CARE Subsidiary ratings MEL India Ratings AA-/St
Slide 36: Strong cashflow generation enables fully funded growth over the next 6 years
APL: Strong cashflow generation enables fully funded growth over the next 6 years FFO for Mar’25 Ability to fund ₹ 112k crores Debt Maturity Profile capex over next 6 years 24,008 20,499 (3,501) (8) FFO + Cash Balances – 27,870 • FY25 Fund flow from operations (FFO) @ ₹ 20.5k crores • Over the next
Slide 37: ESG Practice
ESG Practice 5 Adani Power Limited (“APL”) STRICTLY CONFIDENTIAL
Slide 38: ESG Highlights
APL: ESG Highlights Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Climate Change Adaptation and mitigation • Average Emission intensity - 0.85 tCO2e/MWh. Climate Change • Signed IBBI 2.0 Declaration reaffirming our commitment to IBBI's vision and The Adaptation Biodiversity Plan an
Slide 39: Board of Directors and Management overview
APL: Board of Directors and Management overview 100% Chaired Chaired IDs By IDs By NID Board of Directors Statutory Committees 40% Independent Directors - Audit 🗹 Comprised of only Independent Directors - Nomination & Remunerations 🗹 - Stakeholder Relationship 🗹 100% of Statutory Committees -…
Slide 40: Conclusion
Conclusion 6 Adani Power Limited (“APL”) STRICTLY CONFIDENTIAL
Slide 41: APL: Conclusion
APL: Conclusion Strong Financials Strong Credit Profile Strong Asset Fundamentals FY25 Continuing EBITDA ₹ 21,575 Crores AA/Stable rating from four rating agencies Acquisition and integration of stressed assets to Predictable and reliable operating performance benchmark operations Benchmark Operatin
Slide 42: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment
Slide 43: Annexures
Annexures STRICTLY CONFIDENTIAL
Slide 44: Historical Financial Performance
APL: Historical Financial Performance Key Financials (₹ Cr) Key highlights Income Statement FY22A FY23A FY24A FY25A Key business update: FY25 Revenue 31,686 43,041 60,281 58,906 • Consolidated O&M Availability was 91% during FY25. EBITDA 13,789 14,312 28,111 24,008 • Consolidated PLF 71% in FY25 vs