Adani Power Ltd Q4 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Mohit Kumar - ICIC Securities - Analyst : I'll keep them. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 01, 2025 / NTS, ADAN.NS - Q4 2025 Adani Power Ltd Earnings Call

Question: Yash Rawal - GM Financial - Analyst : Hello. Yes, sir, good afternoon. I wanted to know what was the merchant realization in the fourth quarter and the volumes and also the year-on-year number for the last year.

Question: Yash Rawal - GM Financial - Analyst : Okay, and so the outlook for merchant rates, for this financially, how do you see that panning out?

Question: Yash Rawal - GM Financial - Analyst : Sure sir, sure. And so, what is the CapEx for FY' 26? I didn't get that number, the plan of CapEx for FY '26.

Question: Yash Rawal - GM Financial - Analyst : INR13,000 crores, yeah, got it. And all the NCLT plans they have commissioned or there is something left to come on stream in FY '26. That we have bought the inorganic plants are all now commissioned or there is something more to come in at FY '25.

Question: Yash Rawal - GM Financial - Analyst : Got it. Got it. Okay, sir. Okay. Thank you so much for answering my question.

Question: Nikhil Nagana - Aliens posing AMC - Analyst : Hi, thank you for taking my question. My first question is, around the capacity expansion only. So just wanted to clarify, you said Lang formerta, late this year, early next year. After that, the next set of capacity we'll be adding, would be Mahan 1,600 megawatt, and in how much time, if you could clarify that, and after that it would be the right wood ex expansion, am I correct?

Question: Nikhil Nagana - Aliens posing AMC - Analyst : Understood that's very helpful. Just in terms of PPAs, I mean if you could share some more color, I mean, the presentation is helpful, but given there is so much capacity we have ordered. The for most of these assets we are already in discussion for a potential PPAs through Bero or. How do we get the comfort, such a huge quantum we?

Question: Nikhil Nagana - Aliens posing AMC - Analyst : Got it, sir. Then the last question I had, was, on the merchant side. So Adani Power has done well to make the most of the merchant market last three years. But going forward, especially during solar hours as we see prices fall to, 50s or even 10 pairs on a few days, and even renewable curtailment come in, what is the strategy you have, given the good sort of merchant exposure, the company has to tackle this, very low afternoon power prices that we are seeing.

Question: Nikhil Nagana - Aliens posing AMC - Analyst : Understood. So, it's a mix of bilateral and exchange we are using to balance, understood. Thank you, sir. Thank you so much.

Question: Mahesh Patel - ICIC Securities - Analyst : Yeah, hi, sir, thanks for the opportunity. So my first question is on the, merchant power. When you say, merchant sales, how do you exactly define it? Does that mean all the power that is, excluding the, no long term contracts, does it also include the medium term contract in the merchantship? Do you include that? See.

Question: Nikhil Nagana - Aliens posing AMC - Analyst : Okay, sir. Understood. So my second question is on the, status of the fuel supply agreement for the new, upcoming capacity. So could you throw some light on that and. Any tenders, that are floated by the state. Regarding this? two supply agreements.

Question: Mahesh Patel - ICIC Securities - Analyst : Okay sir, got it, thank you. And sir, one more question on the Q4 numbers. The other income that we have compared to the last Q4 has come down quite a bit. In the notes, I can see that you have mentioned that LPS payments of around INR367 crore have been received this year, out of which Q4 had just INR7 crore of LPS payments. So, could you throw some light on that? I mean, why it was higher in the first nine months and lower in the fourth quarter? Also, if you can share the overall LPS amount that is pending as of date. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 01, 2025 / NTS, ADAN.NS - Q4 2025 Adani Power Ltd Earnings Call

Question: Mahesh Patel - ICIC Securities - Analyst : Okay, sir, got it. And so, my, last question is on the, for the CapEx, in the near term, especially in this fiscal, how will be the funding, is there any, debt that you are planning to raise for this CapEx?

Question: Nikkel Aankar - UTI mutual fund - Analyst : Yeah, thanks for the opportunity, sir. So, you mentioned just a while ago that most of your, capital be done through internal approvals. Can you just elaborate why exactly is this the reason, because if you are able to, I mean, instead of giving dividends, if you're making such humongous cash, I mean we are hampering our ROs going forward.

Question: Nikhil Nagana - Aliens posing AMC - Analyst : So, we, I think (technical difficulty)

Question: Nikkel Aankar - UTI mutual fund - Analyst : Yeah, sure, understood, sir. And so, as I mean you also, mentioned about it in your comments, can we expect a significantly higher, capacity add additional announcement in coming times as well? I mean, currently we have a target of say 30 gigawatts and how. How large can it be If at all?

Question: Nikkel Aankar - UTI mutual fund - Analyst : Okay, and for this, commercial coal mining, you mentioned the total capacity of 14 million tons. How, what will be, I mean, how much of our coal requirements will be sourced for this? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 01, 2025 / NTS, ADAN.NS - Q4 2025 Adani Power Ltd Earnings Call

Question: Mohit Kumar - ICIC Securities - Analyst : In terms of in terms of megawatt capacity it can cater to 3,000 megawatt. And mainly it will be used for the merchant capacity because all the PPA plants, will have a linkage from the state side, so the PP plants don't need, the captain mind code. So the Maharashtra is obviously will be used in nearest plant in Maharashtra and. The rest of the three mines are in Madhya Pradesh where we have this Mahan power plant where phase 3 is also coming which is not get tied up and phase 1 is also not tied up with the, under any PPA so we have good capacity, in that, at that location. So there we can optimize ours. Resources optimize our by using the captive mind coal and particularly we say when we use the captive mind very near to the power plant, a good saving is on account of, cost of transportation.

Question: Mohit Kumar - ICIC Securities - Analyst : Cost of mining is almost same or near to whatever the call we get from coal India. So in terms of cost of coal there will not be much of saving, but in most of the car plants almost 50 to 100% of the coal cost goes to the transportation and that would be almost entirely saving.