Adani Power Emerges as India’s Leading Private Coal IPP

23 Sep 2025 CW Team

APL has consistently maintained plant availability above 90 per cent, supported by digital operations and in-house coal sourcing and logistics expertise. The company holds an 8 per cent share in India’s coal capacity and generation, second only to NTPC, and is projected to increase its market share to 15 per cent by FY32, supported by a 41.9 GW capacity pipeline—2.5 times its current portfolio.

The report highlights APL’s strong track record in reviving distressed assets. The 1,370 MW Raipur plant, acquired in 2019, saw EBITDA rise twelvefold from Rs 210 million to Rs 2.4 billion in FY25. Similarly, the 1,200 MW Mahan plant, acquired in 2022, quadrupled EBITDA to Rs 1.9 billion in three years, with debt fully repaid. The Raigarh plant, once non-operational, now generates Rs 1.27 billion in annual EBITDA. Recent FY25 acquisitions—including Mutiara (1,200 MW), Korba (600 MW), Butibori (600 MW) and Dahanu (500 MW)—are expected to make meaningful contributions to earnings in FY26–FY27.

APL’s financials have markedly improved, with net debt-to-EBITDA falling from 9.7x in FY19 to 1.8x in FY25, aided by regulatory recovery and resolution of legacy issues. The company has demonstrated rapid execution, completing India’s largest supercritical plant at Mundra (4,620 MW) in record time and commissioning the Godda transnational plant within 3.5 years during the pandemic.

Most regulatory matters have been resolved favourably. The Supreme Court dismissed allegations from a short-seller report, and market regulator SEBI recently cleared the Adani Group. Morgan Stanley has initiated coverage of Adani Power with an ‘Overweight’ rating and a price target of Rs 818, implying a 30 per cent upside. The report forecasts APL’s capacity and EBITDA to increase 2.5x and 3x respectively by FY33.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Adani Power Limited (APL) has solidified its position as India’s largest private coal-based independent power producer (IPP), with a total capacity of 18,150 MW across 12 plants in eight states, according to a Morgan Stanley research report. The company has successfully acquired and revitalised 4,370 MW of stressed assets, with an additional 2,900 MW integration currently underway.APL has consistently maintained plant availability above 90 per cent, supported by digital operations and in-house coal sourcing and logistics expertise. The company holds an 8 per cent share in India’s coal capacity and generation, second only to NTPC, and is projected to increase its market share to 15 per cent by FY32, supported by a 41.9 GW capacity pipeline—2.5 times its current portfolio.The report highlights APL’s strong track record in reviving distressed assets. The 1,370 MW Raipur plant, acquired in 2019, saw EBITDA rise twelvefold from Rs 210 million to Rs 2.4 billion in FY25. Similarly, the 1,200 MW Mahan plant, acquired in 2022, quadrupled EBITDA to Rs 1.9 billion in three years, with debt fully repaid. The Raigarh plant, once non-operational, now generates Rs 1.27 billion in annual EBITDA. Recent FY25 acquisitions—including Mutiara (1,200 MW), Korba (600 MW), Butibori (600 MW) and Dahanu (500 MW)—are expected to make meaningful contributions to earnings in FY26–FY27.APL’s financials have markedly improved, with net debt-to-EBITDA falling from 9.7x in FY19 to 1.8x in FY25, aided by regulatory recovery and resolution of legacy issues. The company has demonstrated rapid execution, completing India’s largest supercritical plant at Mundra (4,620 MW) in record time and commissioning the Godda transnational plant within 3.5 years during the pandemic.Most regulatory matters have been resolved favourably. The Supreme Court dismissed allegations from a short-seller report, and market regulator SEBI recently cleared the Adani Group. Morgan Stanley has initiated coverage of Adani Power with an ‘Overweight’ rating and a price target of Rs 818, implying a 30 per cent upside. The report forecasts APL’s capacity and EBITDA to increase 2.5x and 3x respectively by FY33.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..