Winners and Losers in India's Energy Sector Q4 Results Taken together, the quarterly results show an energy sector in flux. While traditional power and metals firms wrestle with demand softness and rising input costs, others like have capitalized on operational efficiencies and market momentum.
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In the final quarter of FY25, India's energy sector laid bare the evolving narrative of resilience and volatility. As companies across thermal power, oil, renewables, and metals announced their results, the numbers spoke of their earnings, as well as broader shifts in market demand, operational strategies, and macroeconomic currents.
Adani Power, one of the sector's biggest players, posted a modest 5.3 per cent year-on-year (YoY) increase in consolidated revenue at INR 14,522 crore. The growth, driven largely by higher volumes, was blunted by lower tariff realisations, a reflection of sluggish merchant pricing and muted demand. Its EBITDA slipped slightly to INR 5,098 crore from INR 5,273 crore a year ago, pressured by rising costs from recent acquisitions and elevated operating expenses. Profit after tax dropped over 5 per cent to INR 2,599 crore.
Despite the dip in bottom-line performance, the company maintains a long-term view. CEO S.B. Khyalia framed the results as part of a broader growth arc, stating, "Adani Power has posted ever higher operating and financial performance for FY 2024-25, aptly demonstrating the strength and resilience of the Adani Portfolio companies… Our unrelenting commitment to sustainability… will continue to guide us on our growth journey."
In contrast, Indian Oil Corporation (IOC) delivered a significantly stronger quarter. Net profit surged 50 per cent to INR 7,264.85 crore, compared to INR 4,837.69 crore in Q4 FY24. The surge is likely benefited from stable crude prices, improved refining margins, and steady fuel demand—particularly as India's mobility and infrastructure activity continued to rebound.
But the quarter's standout performer was Vedanta, with net profit jumping 118 per cent year-on-year to INR 4,961 crore. Revenues climbed 13.9 per cent to INR 40,455 crore, a reflection of both market tailwinds and internal discipline. CFO Ajay Goel attributed the performance to "robust 14 per cent YoY growth" in revenue and a sharp 30 per cent rise in EBITDA, which hit INR 11,618 crore with margins peaking at 35 per cent, the highest in three years. Notably, Vedanta also managed to deleverage its balance sheet by $500 million during the quarter, signaling prudent financial management even amid aggressive topline expansion.
Meanwhile, Orient Green Power Company turned in a mixed set of numbers. While profit for the quarter fell to INR 15.09 crore from INR 25.25 crore a year earlier, the company emphasized operational improvement. CEO T. Shivaraman noted, "Total income grew by 23 per cent q-o-q and 5 per cent y-o-y. Profit before exceptional items for the financial year rose by 48 per cent." He added that the company's ongoing windmill upgrades and a new solar project would position it well for future growth, underscoring the sector's gradual pivot toward renewables.
The outlier in the quarter was Jindal Steel and Power Ltd (JSPL), which reported a consolidated loss of INR 304 crore—its first such setback in several quarters. Gross revenue fell marginally to INR 15,525 crore, and net profit after tax plunged to INR 107.53 crore from INR 1,281.53 crore last year. Even with increased production and sales volumes, the company was unable to overcome pricing pressures and cost headwinds, reflecting the volatile dynamics in the global steel market.
