Adani Power Leads India’s Private Coal Power Sector

19 Sep 2025 CW Team

The company has successfully acquired and turned around 4,370 MW of stressed assets, with integration of another 2,900 MW currently underway. APL has consistently maintained plant availability above 90 per cent, supported by digital operations and in-house coal sourcing and logistics expertise.

APL has emerged as a leading coal franchise, holding an 8 per cent share of India’s coal capacity and generation, second only to NTPC. Morgan Stanley projects APL’s market share to rise to 15 per cent by FY32, underpinned 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 grow twelvefold from Rs 210 crore to Rs 2.4 billion in FY25. Similarly, the 1,200 MW Mahan plant, purchased in 2022, quadrupled EBITDA to Rs 1.9 billion within three years, with debt fully repaid. The previously non-operational Raigarh plant now delivers Rs 1.27 billion EBITDA annually.

Recent FY25 acquisitions including Mutiara (1,200 MW), Korba (600 MW), Butibori (600 MW), and Dahanu (500 MW) are expected to significantly contribute to earnings in FY26–FY27.

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

Most regulatory challenges have been favourably resolved. The Supreme Court dismissed allegations from a short-seller report, and the market regulator SEBI recently cleared the Adani Group.

Morgan Stanley has initiated coverage on Adani Power with an ‘Overweight’ rating and a price target of Rs 818, implying 30 per cent upside. The report forecasts APL’s capacity and EBITDA will rise 2.5x and 3x respectively by FY33.

Adani Power Limited (APL) has firmly established itself as India’s largest private coal-based independent power producer (IPP), with a portfolio of 18,150 MW across 12 plants in eight states, according to a Morgan Stanley research report.The company has successfully acquired and turned around 4,370 MW of stressed assets, with integration of another 2,900 MW currently underway. APL has consistently maintained plant availability above 90 per cent, supported by digital operations and in-house coal sourcing and logistics expertise.APL has emerged as a leading coal franchise, holding an 8 per cent share of India’s coal capacity and generation, second only to NTPC. Morgan Stanley projects APL’s market share to rise to 15 per cent by FY32, underpinned 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 grow twelvefold from Rs 210 crore to Rs 2.4 billion in FY25. Similarly, the 1,200 MW Mahan plant, purchased in 2022, quadrupled EBITDA to Rs 1.9 billion within three years, with debt fully repaid. The previously non-operational Raigarh plant now delivers Rs 1.27 billion EBITDA annually.Recent FY25 acquisitions including Mutiara (1,200 MW), Korba (600 MW), Butibori (600 MW), and Dahanu (500 MW) are expected to significantly contribute to earnings in FY26–FY27.APL’s financial profile has strengthened markedly, with net debt-to-EBITDA falling from 9.7x in FY19 to 1.8x in FY25, aided by recovery of regulatory dues and resolution of legacy issues. The company has demonstrated rapid execution capabilities, completing India’s largest supercritical Mundra plant (4,620 MW) in record time and commissioning the Godda transnational plant within 3.5 years during the pandemic.Most regulatory challenges have been favourably resolved. The Supreme Court dismissed allegations from a short-seller report, and the market regulator SEBI recently cleared the Adani Group.Morgan Stanley has initiated coverage on Adani Power with an ‘Overweight’ rating and a price target of Rs 818, implying 30 per cent upside. The report forecasts APL’s capacity and EBITDA will rise 2.5x and 3x respectively by FY33.

Infrastructure Urban

30 Oct 2025

ABB India Expands Local Production with New Line for Energy-Efficient Drives

ABB India has announced the expansion of its local manufacturing footprint with the launch of a new production line for variable speed drive (VSD) modules at its Peenya facility in Bengaluru. The new line enhances ABB’s local production capacity for drives by around 25 per cent, supporting the Government of India’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives.Equipped with state-of-the-art automation and digital monitoring technologies, the new line is designed to meet the rising demand for energy-efficient and high-performance drives across industries such as buildings, da..

Infrastructure Urban

30 Oct 2025

Aimtron Secures International IoT Order Worth $3.9 Million

Aimtron Electronics, one of India’s fastest-growing Electronics System Design and Manufacturing (ESDM) companies, has announced that it has secured a major international IoT order worth $3.946 million (approximately Rs 340.69 million) from a leading global client. The contract involves the manufacture and export of 200,000 IoT devices over the next 12 to 15 months.This order marks a significant milestone in Aimtron’s global expansion, underscoring its capability to deliver complete box-build IoT solutions that meet international quality standards. The deal is expected to strengthen the com..

Infrastructure Urban

30 Oct 2025

AAI Urges Govt to Check Rising Aluminium Imports

The Aluminium Association of India (AAI) has called on the Department for Promotion of Industry and Internal Trade (DPIIT) and the Ministry of Finance to take urgent measures to safeguard the country’s aluminium industry from escalating import dependence and market distortions. The association has warned that unchecked imports could lead to an impending aluminium shortage—similar to global concerns around critical and rare minerals—and derail over Rs 20 trillion of potential investments in India’s aluminium value chain.AAI has urged the government to increase the basic customs duty to ..