Adani Power Leads India’s Private Coal Power Sector
POWER & RENEWABLE ENERGY

Adani Power Leads India’s Private Coal Power Sector

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. 

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. 

Next Story
Infrastructure Transport

RVNL wins North Eastern Railway bridge project worth Rs 1.66 billion

Rail Vikas Nigam Limited (RVNL) announced on 27 October that it has emerged as the lowest bidder (L1) for a significant infrastructure project awarded by the North Eastern Railway, as part of its routine business operations. The project involves the construction of the substructure for Important Bridge No. 50, which will comprise 14 spans of 61 metres each. It will feature a Double D-type well foundation designed for a double line and adhere to the RDSO 25T axle loading standard. The bridge will be built over the river Gandak, situated between Paniyahwa and Valmikinagar stations, as part of ..

Next Story
Infrastructure Transport

Northern Railways plans direct Kashmir link with India

Following the successful launch of twin Vande Bharat trains on the Srinagar–Katra route, marking the completion of the Udhampur–Srinagar–Baramulla rail link in June, Northern Railways is now working towards providing direct rail connectivity between Kashmir and the rest of the country, an official has confirmed. Senior Divisional Commercial Manager of the Jammu Division, Uchit Singhal, said that efforts are underway to resolve operational and security challenges to achieve this milestone for Jammu and Kashmir. Speaking to PTI after introducing a two-minute stoppage for the semi-high-sp..

Next Story
Infrastructure Transport

Railway Board approves new station at Nedumbassery airport

The Railway Board has approved the construction of a new railway station at Nedumbassery, fulfilling a long-standing demand from air passengers using the Cochin International Airport. Union Minister George Kurian’s office announced on Wednesday that the decision marks a major step towards enhancing rail connectivity to the airport, which serves as one of southern India’s key transport hubs. According to the statement, Kurian had earlier met Railway Minister Ashwini Vaishnaw, who assured him that the project would be expedited. The plan gathered momentum following Vaishnaw’s visit last ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?