On May 10, 2025, Adani Power announced it had secured a Letter of Award (LoA) from Uttar Pradesh Power Corporation Limited (UPPCL) to supply 1,500 MW of thermal power over 25 years. The power will be generated from a new 2×800 MW (1,600 MW installed capacity, 1,500 MW net) ultra-supercritical thermal power plant to be developed under the Design, Build, Finance, Own, and Operate (DBFOO) model.
The agreed tariff is ₹5.383 per unit, secured through a competitive bidding process.
This project aligns with Uttar Pradesh’s anticipated increase in power demand, projected to rise by approximately 11,000 MW by 2033–34 due to urbanization and industrialization.
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Share price reaction and market performance
Following the announcement, Adani Power’s share price surged by 7% on May 12, 2025, reaching an intraday high of ₹549.65 on the BSE.
As of the latest data, the stock is trading at ₹543.90, with a market capitalization of approximately ₹2.09 lakh crore. Despite a 16% decline over the past year, the stock has gained 114% over the past two years.
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Financial performance snapshot
Adani Power plans to invest around $2 billion in setting up the plant and related infrastructure. The project is expected to generate approximately 8,000–9,000 jobs during the construction phase and about 2,000 jobs once operational.
For the financial year ending March 31, 2025, Adani Power reported a net profit of ₹12,938.77 crore, with total income of ₹58,905.83 crore.
However, in Q3 FY25, the company experienced a decline in core profit due to reduced power demand, with EBITDA falling by 5.4% to ₹4,786 crore and revenue from operations decreasing by 3.4% to ₹12,692 crore.
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Key metrics at a glance
| Metric | Value |
| Current Share Price | ₹543.90 |
| Market Capitalization | ₹2.09 lakh crore |
| 52-week High / Low | ₹896.75 / ₹430.85 |
| Net Profit (FY25) | ₹12,938.77 crore |
| Total Income (FY25) | ₹58,905.83 crore |
| Promoter Holding (Mar 2025) | 74.96% |
| Analyst Target Price | ₹634 |
| Analyst Recommendation | Strong Buy |
Final thoughts
The 1,500 MW contract in Uttar Pradesh marks a significant milestone for Adani Power, potentially enhancing its revenue streams and reinforcing its position in the thermal power sector. While the stock has faced volatility over the past year, the long-term outlook appears positive, supported by strategic investments and favorable analyst sentiments.
Investors should monitor the project’s progress and its impact on Adani Power’s financials to make informed decisions.
