<ul data-eligibleForWebStory="false"><li>Adani Power (APL) is poised for strong capacity addition with a reduced risk profile and profitable PPAs in place. Recent payments from Bangladesh ease investor concerns.</li><li>Management expects APL's earnings volatility to decrease as merchant capacity drops to 10-12% by FY30E compared to the current 18%.</li><li>APL is a pure play on India's thermal energy sector, with a focus on peak power containment. The company is valued at a 36% premium to NTPC based on a 15x EV/EBITDA multiple.</li><li>The article discusses the strong position of Adani Power in India's thermal energy landscape, its valuation compared to NTPC, and potential risks such as PPA issues and merchant realisations. The analysis was published on July 9, 2025.</li></ul>

Broker’s call: Adani Power (Buy)

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