Adani Power to nearly double thermal power market share by FY32

Morgan Stanley expects Adani Power‘s market share in the thermal segment to nearly double to 15% by FY32 with its capacity rising two-and-a-half times to 41.9 gigawatt. With a market share of 8% in FY25, Adani Power is the second-largest power producer in the country after state-owned NTPC in both coal capacity and generation.

“Adani Power has seen favourable resolution of most regulatory issues and has a strong balance sheet with a FY25 net debt/Ebitda of 1.5x,” Morgan Stanley said in a report.