Adani Power Becomes India’s Largest Private Thermal Power Producer, Aims to Triple Earnings by 2033

20 Sep 2025

AdPower Limited (APL) has solidified its position as India's leading private coal-based independent power producer (IPP), boasting an impressive portfolio of 18,150 MW across 12 plants in eight states, as highlighted in a research report.

APL has successfully acquired and revitalised 4,370 MW of stressed assets, with the integration of an additional 2,900 MW currently underway. The private power producer has consistently achieved plant availability rates exceeding 90%, driven by advanced digital operations and its in-house expertise in coal sourcing and logistics.

The company has established itself as a dominant player in the coal sector, currently holding an 8% share of India's coal capacity and generation, ranking just behind NTPC. According to the report, APL's market share is expected to grow to 15% by FY32, driven by a robust capacity pipeline of 41.9 GW – more than two and a half times its current portfolio.

The report projects APL’s market share to grow to 15% by F32e, with a portfolio of 41.9 GW (2.5 times larger than in F25). The company has successfully resolved most regulatory challenges and maintains a robust balance sheet.

The report highlights APL’s proven ability to revive distressed assets. For example, the 1,370 MW Raipur plant, acquired in 2019, saw its EBITDA soar twelvefold, from ?2.1 billion to ?24 billion by FY25. Similarly, the 1,200 MW Mahan plant, purchased in 2022, experienced a fourfold increase in EBITDA to ?19 billion within just three years, with its debt fully repaid. Additionally, the Raigarh plant, which was previously non-operational, now generates an impressive ?12.7 billion in annual EBITDA.