ICICI Securitie`s research report on Adani Power
Adani Power (Adani) ended the year with higher operating capacity at 17.5GW (vs. 15.2GW in FY24) driven by acquisitions during the year, which supported a 20% YoY rise in Q4FY25 generation to 27BU. Operational metrics have improved with PLF at 71% (+600bps YoY) and PAF at 91%. Adani’s earnings were in line with our expectations – revenue grew 7% YoY to INR 142bn, EBITDA was at INR 48bn (flat YoY).
Outlook
The company’s growth outlook remains solid, with a target of 31GW capacity by 2030. The state DISCOMs are in process of floating PPAs. Central has allocated 24GW worth of coal in recent past to states. As a result, we expect new tenders from state DISCOMs improving the outlook of the upcoming untied capacity. Retain BUY with a DCF-based revised TP of INR 610 (earlier INR 600).
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