Consistently Achieving New Performance Peaks
Operational Revenue
(₹ crore)
Commentary: Operational revenue demonstrated strong and consistent growth over the period, driven by sustained performance across core business segments.
Operating EBITDA
(₹ crore)
Commentary: Operating EBITDA improved, reflecting stable asset availability, better operating discipline, and a balanced contribution from all business lines.
EBITDA
(₹ crore)
Commentary: EBITDA strengthened on the back of robust operational performance and efficiencies across the integrated asset base.
ROCE
(%)
Commentary: ROCE remained broadly stable over the period, with a marginal moderation reflecting ongoing investments and capital deployment towards future growth.
Gearing
Commentary: Gearing moderated further, reflecting disciplined capital management and healthy internal accruals.
Adjusted PAT1
(₹ crore)
Commentary: Adjusted PAT rose, driven by improved earnings across businesses and prudent financial management.
Cash Profit2
(₹ crore)
Commentary: Cash profit performance demonstrates the Company’s robust cash-generating capability from its stable business operations
Net Debt to EBITDA3
Commentary: Net Debt to EBITDA rose to 4.5x, reflecting accelerated capital deployment towards high-value, long-gestation infrastructure assets; the ratio is expected to improve as the projects commence commercial operations and contribute to EBITDA.
Notes:
Gearing Ratio: Total Debt/Total Equity
ROCE: Total EBIT/Capital Employed
(1) Adjusted PAT excludes one time and exceptional items.
(2) Cash profit calculated as PAT + Depreciation + Deferred Tax + MTM option loss.
(3) For the Net Debt to EBITDA calculation, net debt here refers to total long-term debt at the hedge rate excluding shareholders affiliated debt and adjusted for cash & cash equivalent bank balance, current & non-current investments, balances held as margin money or security against borrowings divided by reported EBITDA.
(4) Adjusted for an exceptional item due to carve-out of the Dahanu power plant of ₹ 1,506 crore
(5) Adjusted for regulatory income of ₹ 148 crore in T&D segments and net one-time deferred tax reversal of ₹ 469 crore in AEML distribution business
Segment-wise Financial Highlights
Operational Revenue
(₹ crore)
Operating EBITDA
(₹ crore)
EBITDA
(₹ crore)
PAT
(₹ crore)
(1)Adjusted for an exceptional item due to carve-out of the Dahanu power plant of ₹ 1,506 crore.
This financial year has been a landmark year — a testament to our unwavering commitment to growing with financial discipline. As the Company navigates one of its most capital-intensive phases, we remain steadfast in upholding credit discipline, keeping leverage firmly under control, and executing a robust capital management framework. The results speak for themselves — our execution capabilities have translated sustained capex deployment into a compelling financial trajectory, with operating revenue growing at a CAGR of 16% and EBITDA at a CAGR of 12% over the last four years, validating the strength and resilience of our business model. As we continue to scale, our focus remains unchanged — deliver with discipline, compound with consistency, and create enduring value for all our stakeholders.
Mr Kunjal MehtaChief Financial Officer