Adani Power Limited · NSE:ADANIPOWER
Adani Power — Investor Presentation (June 2025)
40 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.: Credit & Result Summary of Adani Power Limited for June
Slide 2: Adani Power Limited Credit Update – FY25
Adani Power Limited Credit Update – FY25 May 2025
Slide 3: Contents
Contents 01 Adani Portfolio Overview 02a Adani Portfolio: Strong Business Performance 02b Adani Power Limited: Strong Business Performance 03 Borrowings & Leverage discipline 03a Leverage Risk 03b Liquidity Risk 03c System Risk 03d Concentration Risk 04 Rating Affirmations Appendix A Credit Update B
Slide 4: Adani Portfolio Overview
01 Adani Portfolio Overview STRICTLY CONFIDENTIAL
Slide 5: 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 6: Adani Portfolio: Best-in class growth with national footprint
Adani Portfolio: Best-in class 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%) Adani’s Core Infra. 18,711 AGEL P
Slide 7: 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 8: Adani Portfolio: Broad based ESG commitment and Credentials
Adani Portfolio: Broad based ESG commitment and Credentials 2070 Net Zero Adani Enterprises Tax Transparency Audit ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ TCFD Supporter ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ SBTi/ Net Zero Commitment ✓ ✓ ✓ ✓ ✓ ✓ ✓* ✓* 2040 2070 2050 2050 2070 2070 2050 2050 UNGC Participant ✓ ✓ ✓ ✓ ✓ In Progress ✓ ✓ IBBI ✓ ✓ ✓
Slide 9: 02a Adani Portfolio: Strong Business Performance
02aAdani Portfolio: Strong Business Performance STRICTLY CONFIDENTIAL
Slide 10: Adani Portfolio: Resilience, Strength and Stability
Adani Portfolio: Resilience, Strength and Stability All figures in INR cr Sector EBITDA FY25 FY24 Growth % of Total Q4FY25 Q4FY24 Growth % of Total Utility 43,375 44,504 (2.54%) ▼ 48.30% 10,439 9,638 8.31% ▲ 45.90% APL included in Utility above 23,917 28,108 (14.91%)2 ▼ 26.63% 5,199 5,368 (3.14%) ▼
Slide 11: APL: Part of Core Infra Platform – powering free cashflow
APL: Part of Core Infra Platform – powering free cashflow Y-o-Y FY25 Growth & Revenue-FFO Conversion 1. Includes Past period one-time regulatory income. Revenue includes other income | EBITDA: Earning before Interest Tax Depreciation & Amortization I EBITDA: PAT + Share of profit from JV + Tax + Def
Slide 12: 02b Adani Power Limited: Diversified Assets
02bAdani Power Limited: Diversified Assets STRICTLY CONFIDENTIAL
Slide 13: APL: Well distributed EBITDA contribution and Asset base
APL: Well distributed EBITDA contribution and Asset base Portfolio APL EBITDA 10% 7% 6% % of Portfolio EBITDA 25% 22% % of Entity’s EBITDA 8,644 89,806 20,471 10% Diversified, geographically 23% 12,834 23,917 varied EBITDA with 23,917 1,179 1% minimal to no 27% concentration risk 7,747 5,162 10,532
Slide 14: 03a Borrowings & Leverage Risk
03aBorrowings & Leverage Risk STRICTLY CONFIDENTIAL
Slide 15: APL: Sustainable Financial Growth
APL: Sustainable Financial Growth All figures in INR cr Short Seller Major Supply chain Russia – Middle East COVID 19 Event & US Economies in disruption Ukraine War Conflict Bank Crisis Election Cycle 50,000 40,000 20.3% 30,000 28,111 EBITDA 20,000 23,917 22,058 CAGR 18,027 19,594 13,835 15,475 14,4
Slide 16: APL: High growth profile & Credit Discipline
APL: High growth profile & Credit Discipline Threshold 5.0x 5.52x 4.54x Guided 3.5x to 4.5x 3.91x Benchmark 2.5x to 3.5x 2.79x 2.27x Net Debt / EBITDA 1.28x 0.94x FY19 FY20 FY21 FY22 FY23 FY24 FY25 Avg Maturity (yrs)1 6.09 8.03 7.73 20.00% 1.20 13.68% 18.00% 1.00 16.00% 14.00% 10.28% 9.32% 9.30% 8.7
Slide 17: 03b Liquidity Risk
03bLiquidity Risk STRICTLY CONFIDENTIAL
Slide 18: APL: Benchmark Liquidity Position
APL: Benchmark Liquidity Position Particulars UOM FY19A FY20A FY21A FY22A FY23A1 FY24A FY25A EBITDA INR Cr 7,878 7,256 10,425 13,835 14,4272 28,1082 23,9172 Gross Assets INR Cr 62,210 72,624 76,903 84,215 88,188 91,634 113,215 Gross Debt INR Cr 36,814 42,255 42,515 41,573 35,563 34,316 37,872 Net De
Slide 19: APL: Maintaining RoA at rapidly increasing Asset base
APL: Maintaining RoA at rapidly increasing Asset base All figures in INR cr Gross Assets RoA 1,13,215 88,188 91,634 84,215 76,903 23.35% 72,624 62,210 12.79% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Particulars FY19A FY20A FY21A FY22A FY23A FY24A1 FY25A EBITDA2 7,878 7,256 10,425 13,835 14,427 28,108 23,9
Slide 20: 03c System Risk
03cSystem Risk STRICTLY CONFIDENTIAL
Slide 21: Adani Portfolio: Eliminating system risk
Adani Portfolio: Eliminating system risk Long Term Net Long Avg. Maturity Leverage Net Debt / RR FFO Cash Balance Listed Entity Debt Term Debt Net LTD/FFO of LTD Ratio EBITDA INR cr. INR cr. INR cr. INR cr. (Years) ATGL 1.05x 872 521 1,716 1,195 1.37x 2.97 0.0x – 2.5x APL 1.39x 20,506 7,311 28,784 2
Slide 22: APL: No maturity outside of cash & FFO envelop
APL: No maturity outside of cash & FFO envelop page All figures in INR cr FFO for FY25 10 years of debt maturity profile 23,917 20,506 (3,403) (8) FFO + Cash Balances – 27,817 EBITDA Finance Tax Paid FFO Cost FFO – 20,506 32,692 -15% 27,817 7,912 7,311 1,605 1,615 1,615 1,674 2,314 2,314 2,336 2,359
Slide 23: 03d Concentration Risk
03dConcentration Risk STRICTLY CONFIDENTIAL
Slide 24: APL: Concentration risk management
APL: Concentration risk management Debt mix profile of APL as on 31st March 2025 All figures in INR cr Global Capital Domestic Capital Domestic Banking Global Banking Others Markets Markets Debt Mix 100% - - - - Avg Maturity (yrs) 7.73 - - - - 28,784 Long Term Debt 28,784 , 76% Total Debt - - - - 37
Slide 25: Rating Affirmations
04 Rating Affirmations STRICTLY CONFIDENTIAL
Slide 26: APL: Continuously improving credit profile with deep rating coverage
APL: Continuously improving credit profile with deep rating coverage Domestic 22% Global 32% IG AAA - AA+ Rating Track Record April April April BB+ AA – AA- 2019 2023 2025 6 BB- A Category 68% BBB+ - Below 78% 100% years Nil rated above “AA-” Nil rated above “AA-” 100% rated above “AA-” RR EBITDA IN
Slide 27: A Credit Update
adani APPENDIX Credit Update
Slide 28: Adani Power Limited: FY25 Highlights
Adani Power Limited: FY25 Highlights Growth with Responsibility Net Debt/ EBITDA FY25 FY24 EBITDA1 (INR Cr) 23,917 28,108 5.52x EBITDA (USD bn) 2.80 3.37 4.54x 3.91x CAT (FFO) (INR Cr) 2.79x 20,506 24,855 2.27x 0.94x 1.28x CAT (FFO) (USD bn) 2.40 2.98 FY19 FY20 FY21 FY22 FY23 FY24 FY25 • Consolidate
Slide 29: Adani Power Limited: FY25 Highlights – Business Updates
Adani Power Limited: FY25 Highlights Business Updates • APL signed Long term Power Supply Agreement with MSEDCL for supply of 1,496 MW • O&M Availability was 91% during FY25. (net) power during FY25. The power will be supplied from upcoming 1,600 MW • Consolidated PLF 71% in FY25 vs 65% in FY24. bro
Slide 30: Adani Power Limited: Credit Updates
Adani Power Limited: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on March 31, 2025 (INR Cr) Entity Rating Agency Rating Cash Balances1 : INR 7,311 cr RR EBITDA2: INR 22,058 cr APL CARE AA/Stable APL CRISIL AA/Stable 2,314 2,314 2,336 2,359 2,381 2,404 APL ICRA AA/Stable 1,674 1,
Slide 31: B Ownership Structure
B APPENDIX Ownership Structure STRICTLY CONFIDENTIAL
Slide 32: Adani Portfolio: Shareholding Summary
Adani Portfolio: Shareholding Summary Total Total Total Promoter Total Public Listed Entity Others Onshore Offshore Holding Holding AEL 58.29% 15.68% 73.97% - 26.03% APSEZ 42.65% 23.24% 65.89% - 34.11% APL 47.20% 27.76% 74.96% - 25.04% AGEL 51.02% 9.92% 60.94% - 39.06% AESL 58.21% 11.73% 69.94% - 30
Slide 33: Adani Portfolio: UBO (Onshore)
Adani Portfolio: UBO (Onshore) Trustees Gautam S. Adani Rajesh S. Adani Vinod S Adani 100% S. B. Adani Family Trust (SBAFT) 15.59% 83.97% 100% Adani Properties Private Ltd. (APPL) & Adani Rail Infra Private Ltd. Individual Promoters 1 Total its wholly owned Subsidiaries (ARIPL) AEL 0.00% 58.29% - 58
Slide 34: Adani Portfolio: UBO (Offshore)
Adani Portfolio: UBO (Offshore) Trust (Beneficiary Owner: VSA & RVA) Amulya Resources Holding Ltd through Holding Company (BVI) Adani Global Investment DMCC (UAE) Acropolis Trade & Investment through Total Subsidiaries & Financial Companies (Mauritius) AEL 1.66% 14.02% 15.68% APSEZ 6.31% 16.93% 23.2
Slide 35: C Synergy
C APPENDIX Synergy STRICTLY CONFIDENTIAL
Slide 36: Operational Synergies accruing to each business in Portfolio
Operational Synergies accruing to each business in Portfolio Adani Portfolio Ecosystem EPC & PMC O&M Human Resource AIMSL GCC AIIL1 Centre of Centre of Centre of Excellence Excellence Excellence Supply of Power Synergy benefits between entities providing assurance on Supply chain and off Mining Ener
Slide 37: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment
Slide 38: Rating Actions Q4 FY2025
Rating Actions Q4 FY2025 Vertical Entity CRA Earlier Existing Upgrade Thermal Adani Power Limited - AA/Stable New Rating (January’25) AA/Stable Upgraded and Adani Power Limited - (February’25) Assigned for NCD - AA/Stable Reaffirmed and Adani Power Limited (January’25) Assigned for NCD AA/Stable Rea
Slide 39: Rating Actions FY2025
Rating Actions FY2025 Vertical Entity CRA Earlier Existing Upgrade AA/Stable AA/Stable Reaffirmed Adani Power Limited (October’24) (October’24) AA/Stable AA/Stable Reaffirmed Thermal Adani Power Limited (January’25) (September’24) Adani Power Limited AA-/Positive AA/Stable Outlook upgrade (October’2
Slide 40: APL: Stable Weighted average Cost of debt capital
APL: Stable Weighted average Cost of debt capital Adani Portfolio: 13.68% 20.00% 1.20 18.00% 10.28% 9.32% 9.30% 1.00 8.70% 16.00% Finance cost paid 7.74% 7.10% 14.00% 0.80 12.00% 10.00% 0.60 / Avg Gross Debt1 8.00% 6.00% 4.00% 0.40 0.20 2.00% 0.00% 0.00 83.41 85.48 75.67 75.79 82.17 90.00 Forex Rate