Weak merchant gains in Q3, but firms bet on recovery in long term

Of the company's 3,858 megawatt (MW) thermal assets, 34 per cent is in the open market as of December, 2024

Merchant power sale realisations for two major private power producers — Adani Power and JSW Energy — took a hit in the October-December quarter (Q3) of 2024-25. However, company executives and analysts remain optimistic about the segment’s long-term growth.

 

“Merchant rate was ₹6.86 per unit in the same period last year, compared to ₹4.54 now — a drop of more than ₹2 per unit, which has impacted earnings,” said Dilip Jha, chief financial officer of Adani Power, during an analyst call on February 5. The company's continuing earnings before interest, tax, depreciation, and amortisation (Ebitda) fell to ₹4,786 crore in