Revenue distribution by sectors:

1. Energy generation: approx. 85%
2. Coal trading: approx. 10%
3. Renewable energies: approx. 5%

TOP 3 markets and their percentage shares:

1. India: approx. 70%
2. Southeast Asia: approx. 15%
3. Middle East: approx. 10%

Adani Power Limited generates the majority of its revenue from energy generation, with the Indian market accounting for the largest share. Due to its geographical location and strategic expansion, the company also holds significant market shares in Southeast Asia and the Middle East. The focus on renewable energies indicates a growing interest in sustainable energy sources, although this sector currently represents a smaller share of revenue.

Production sites of Adani Power Limited:

1. Mundra, Gujarat
2. Tiroda, Maharashtra
3. Kawai, Rajasthan
4. Udupi, Karnataka
5. Raipur, Chhattisgarh

Adani Power Limited operates several power plants in India. The main production sites are located in the states of Gujarat, Maharashtra, Rajasthan, Karnataka, and Chhattisgarh. These sites are strategically chosen to ensure efficient power generation and distribution. The company utilizes both coal and renewable energy sources to diversify its capacities and meet the country's increasing energy demand.

Strategic Growth Goals:

• Capacity Expansion: Target of 20 GW by 2025
• Renewable Energies: Investment in solar and wind power projects
• International Expansion: Entry into new markets in Southeast Asia and Africa

Adani Power Limited is pursuing a strategy of capacity expansion to solidify its position as a leading energy provider in India. The company plans to increase its installed capacity to 20 gigawatts (GW) by 2025. This will be achieved through the construction of new power plants and the expansion of existing facilities.

Another focus is on diversifying into renewable energies. Adani Power is increasing its investments in solar and wind power projects to meet the growing demand for clean energy and reduce dependence on fossil fuels.

Additionally, the company is aiming for international expansion, particularly in emerging markets in Southeast Asia and Africa. These markets offer significant growth opportunities due to the increasing energy demand and the support for renewable energies by local governments.

Main imported raw materials: Coal

Countries of origin: Indonesia, Australia, South Africa

Adani Power Limited mainly imports coal, which is used as the primary fuel for its power plants. Indonesia is one of the largest suppliers, as it has abundant coal reserves and is geographically convenient. Australia and South Africa are also significant suppliers, as they offer high-quality coal suitable for energy generation in Adani Power's power plants.

These imports are crucial for maintaining energy production, especially in times when domestic coal production is insufficient to meet demand. Adani Power optimizes its supply chains to minimize costs and ensure supply security.

Market share in India: Approx. 20% (2024, estimated)

Capacity expansion: 13% growth in the last two years

Adani Power Limited has a significant competitive advantage in the Indian energy sector, mainly due to its large market presence and continuous capacity expansion. With an estimated market share of around 20%, the company is one of the leading power producers in India.

Another advantage is its strategic positioning in the value chain, which extends from coal mining to power generation. This allows Adani Power to optimize costs and ensure a stable power supply. Additionally, the company benefits from the Indian government's support for infrastructure development and renewable energy expansion, which opens up future growth opportunities.

However, challenges exist in the dependence on fossil fuels and the associated regulatory risks. Nevertheless, Adani Power remains well positioned to compete due to its strategic investments and market position.

Institutional investor share: 20% (estimated for 2025)
Insider purchases/sales: No significant transactions in the last year (2024)

The institutional investor share in Adani Power Limited is estimated to be around 20%. This indicates a moderate interest from institutional investors, suggesting a certain level of stability and trust in the company.

In 2024, there were no significant insider purchases or sales, indicating that the management and other insiders are currently not making any significant changes to their stake in the company. This could be seen as a sign that the management has confidence in the current company strategy and development.

Market share of Adani Power Limited: Estimated 8% (2025, based on market analysis)

Top competitors and their market shares:

1. NTPC Limited: 23%
2. Tata Power Company Limited: 15%
3. Reliance Power Limited: 10%
4. Adani Power Limited: 8%
5. JSW Energy Limited: 6%
6. NHPC Limited: 5%
7. CESC Limited: 4%
8. Torrent Power Limited: 3%
9. SJVN Limited: 2%
10. NLC India Limited: 2%

Moat of Adani Power Limited:

Adani Power Limited has a moderate moat, mainly based on its strategic positioning in the Indian energy market. The company benefits from a strong infrastructure and diversified energy generation, including both coal and renewable energy sources.

However, compared to its competitors, Adani Power does not have a significant technological or cost advantage. Companies like NTPC Limited and Tata Power have larger resources and a broader geographical presence, giving them a stronger moat in terms of economies of scale and market access.

While Adani Power benefits from the support of the Adani Group, one of the largest corporate groups in India, competition in the energy sector remains intense. Adani Power's ability to maintain or expand its market share heavily depends on its ability to invest in renewable energy and increase its operational efficiency.

Revenue Growth: 20% (2024) EBITDA Growth: 18% (2024) Debt Ratio: 1.8 (2024)

Adani Power Limited recorded strong revenue growth of 20% in 2024, attributed to its expansion into new markets and increased demand for energy. The 18% EBITDA growth indicates that the company is operating efficiently at an operational level and was able to enhance its profitability.

The debt ratio of 1.8 suggests that the company has a relatively high level of debt, which is not uncommon in the energy sector. This indebtedness could pose a risk, especially in an environment of rising interest rates. However, Adani Power has demonstrated in the past its ability to effectively manage its debts.

Overall, Adani Power Limited could present an attractive investment opportunity, particularly due to its strong revenue and EBITDA growth. Nevertheless, investors should keep an eye on the debt ratio and consider the macroeconomic conditions that could affect financing costs.

Dividend payment: No dividend (as of 2025)

Adani Power Limited has not paid any dividends in recent years. The company has traditionally focused on reinvesting its profits into the growth and expansion of its business activities, particularly in expanding its power generation capacities.

The reliability of dividend payments is therefore not guaranteed, as there are no regular payouts. Investors should focus more on the potential for capital gains and the company's growth rather than on dividend yields when considering Adani Power.