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.

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 Transport

05 Feb 2026

MMRDA Installs 325-Tonne Steel Spans on Mumbai Metro Line 4

The Mumbai Metropolitan Region Development Authority (MMRDA) has achieved a key construction milestone on Metro Line 4 with the successful installation of three large steel spans at Bhandup West during overnight operations.The spans, together weighing 325 metric tonnes, were launched using eight heavy-duty cranes and 12 multi-axle vehicles. The operation required precise engineering and meticulous planning to minimise disruption in the densely populated suburban area.Due to effective inter-agency coordination, the work—originally scheduled across four nights—was completed within just two n..

Infrastructure Transport

05 Feb 2026

CMRL Targets March 2027 Opening for Vadapalani–Panagal Park

Chennai Metro Rail Limited (CMRL) is progressing as scheduled to open the Vadapalani–Panagal Park section of Phase II’s Corridor 4 by March 2027. The 3.5 km underground stretch is part of the 26.1 km Corridor 4 connecting Lighthouse with Poonamallee Bypass.Construction activities are advancing steadily, with tunnelling works between Vadapalani and Panagal Park already completed. Track-laying operations are expected to commence shortly. At Panagal Park station, structural works have reached the concourse and platform levels, while excavation continues at the lowest level.CMRL is also consid..

Infrastructure Transport

05 Feb 2026

Maha-Metro Invites Pune Metro Civil Maintenance Bids

Maharashtra Metro Rail Corporation Limited (Maha-Metro) has invited bids for the annual civil maintenance contract of the Pune Metro Rail Project. The tender, bearing ID and number P1-O&M-20/2025, is scheduled to close on 23 February 2026, with a pre-bid meeting slated for 10 February 2026. The earnest money deposit (EMD) for the contract is Rs 3,50,500, and the duration of the contract is one year.The scope of work includes annual civil maintenance of 28 elevated and underground stations, 28.079 km of elevated viaduct including steel bridges, 12.15 km of tunnels, and two depots under the ..