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.