New Delhi: In a major development the AdPower Limited (APL) has established itself as Indias largest private coal-based independent power producer (IPP) according to a research report by Morgan Stanley According to the reports the company has a portfolio of 18150 MW spread across 12 plants in eight states. It is important to note that the APL has successfully acquired and turned around 4370 MW of stressed assets with integration of another 2900 MW underway. The private power producer has consistently maintained plant availability above 90 per cent backed by digital operations and in-house coal sourcing and logistics expertise. We forecast its market share to reach 15 per cent by F32e with a 41.9GW portfolio (2.5x vs F25). APL has seen favourable resolution of most regulatory issues and has a strong balance sheet said the report Here are some of the key details: AdPower has emerged as a formidable coal franchise holding an 8 percent share in Indias coal capacity and generation second only to NTPC. APLs market share is projected to rise to 15 percent by FY32 supported by a capacity pipeline of 41.9 GW - 2.5 times its current portfolio. APL has shown a strong track record in reviving distressed assets. For instance the 1370 MW Raipur plant acquired in 2019 saw EBITDA grow twelvefold from Rs 2.1 billion to Rs 24 billion in FY25. Similarly the 1200 MW Mahan plant bought in 2022 quadrupled EBITDA to Rs 19 billion in three years with debt fully prepaid. Recent acquisitions of FY25 including Mutiara (1200 MW) Korba (600 MW) Butibori (600 MW) and Dahanu (500 MW) are expected to contribute meaningfully to earnings over FY26 to FY27. The report adds that APLs financials have seen a dramatic improvement with net debt-to-EBITDA falling from 9.7x in FY19 to 1.8x in FY25 aided by recovery of regulatory dues and favourable resolutions of legacy issues.