Adani Power Ltd (APL), India’s largest private-sector thermal power generation company, has achieved another major milestone. The company has received a Letter of Intent (LoI) from the Bihar State Power Generation Company Ltd (BSPGCL) to establish a 2,400 MW greenfield thermal power plant at Pirpainti, Bhagalpur (Bihar).
Project Details
- Capacity: 3×800 MW (Ultra-supercritical technology)
- Net Supply Capacity: 2,274 MW, fully dedicated to Bihar utilities
- Model: DBFOO (Design, Build, Finance, Own, Operate)
- Tariff: ₹6.075 per unit (Lowest bid)
- Fuel Source: Coal linkage under Government of India’s SHAKTI Policy
- Total Investment: Approximately $3 billion (~₹25,000 crore)
- Construction Timeline: First unit in 48 months, final unit in 60 months
- Employment: Around 10,000–12,000 jobs during construction and 3,000 jobs during operations
What Lies Ahead for the Company
Adani Power is expected to soon receive the Letter of Award (LoA), after which it will sign a Power Supply Agreement (PSA) with state utilities. This project will not only fulfill Bihar’s growing power requirements but also boost the economic growth and infrastructure development of the region.
Adani Power Company Profile
Adani Power Ltd, part of the Adani Group, operates in power generation, transmission, distribution, and renewable energy. The company has a balanced portfolio of long-term and short-term Power Purchase Agreements (PPAs) and merchant power sales. It also benefits from its in-house coal logistics capabilities, ensuring efficiency and cost control across operations.
Stock Split Announcement
The company’s board has approved a stock split — dividing 1 equity share (Face Value ₹10) into 5 equity shares (Face Value ₹2 each). This move will take effect after shareholder approval and is expected to enhance liquidity and increase retail investor participation.
Financial Highlights and Stock Performance
- Market Cap: ₹2 lakh crore+
- 5-Year Profit Growth CAGR: 65.3%
- P/E Ratio: 18x
- ROE (Return on Equity): 26%
- ROCE (Return on Capital Employed): 23%
- 52-Week Low: ₹430.85 (Stock up 45% from lows)
- 5-Year Return: +1,500% — a true multibagger
Adani Power — Quick Snapshot
| Metric | Value / Status |
|---|---|
| Project Value | $3 billion (~₹25,000 crore) — Bihar Greenfield Thermal Plant |
| Capacity | 2,400 MW (3×800 MW), Ultra-supercritical |
| Tariff | ₹6.075 per unit (Lowest bid) |
| Investment Model | DBFOO (Design, Build, Finance, Own, Operate) |
| Market Cap | ₹2 lakh crore+ |
| 5-Year Return | +1,500% Multibagger |
| P/E / ROE / ROCE | 18x / 26% / 23% |
| Financial Status | Strong and growing |
What This Means for Investors
This ₹25,000 crore power project is set to significantly strengthen Adani Power’s position in Eastern India’s energy market. With high generation capacity and long-term PPA visibility, it could act as a major revenue catalyst for the company.
Additionally, the upcoming stock split could lead to increased liquidity and higher retail participation, making Adani Power one of the most closely watched stocks in the Indian power sector for the coming years.
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