Adani Power Limited Overview
Pro stress-test →Adani Power (APL), a part of the diversified Adani Group, is the largest private thermal power producer in India. The company expanded its installed capacity to 18.15 gigawatts and secured over 90% of its capacity under Power Purchase Agreements, enhancing revenue stability. The company operates coal-based thermal power plants across India with additional coal trading operations.
Strategic Profile
Pro stress-test →APL supplies power through long-term Power Purchase Agreements (PPAs) with state electricity boards and industrial consumers, while also engaging in merchant power sales with in-house coal logistics. In Q3 FY26, despite challenging market conditions with flat power demand and increased renewable generation, the company secured 90% capacity under PPAs but faced declining merchant prices and increased operational expenses.
Competitive Landscape
Pro stress-test →Adani Power is the largest private thermal power producer in India. The company competes with other private thermal generators and increasingly with renewable energy providers. Analyst coverage from Morgan Stanley, Jefferies, and other institutions reflects market confidence in its PPA-backed revenue model despite near-term margin challenges.
Industry Context
Adani Power Limited operates in Thermal Power Generation & Energy.
Key facts
Founded: 1988 · Headquarters: Ahmedabad, India · Employees: 19,340 · Revenue: Rs 13,456.84 crore (Q3 FY26) · Market cap: Rs 2,73,264 Crore (~$32.8B USD)