Adani Power Vs Adani Green – A Comprehensive Analysis

When it comes to the Adani Group’s presence in the energy sector, two of its major companies stand out — Adani Power and Adani Green Energy. Both these companies are part of the Adani Group, but their business focus is completely different. Adani Power specializes in conventional thermal power generation, whereas Adani Green is driving the group’s expansion into renewable energy through solar and wind projects. 

In this case study, we will compare the business strategy, financial performance and future plans of Adani Power and Adani Green, so that you can make an informed investment decision about which company can be better in the long term. 

Adani Power – An Overview

Adani Power is a company of the Adani Group which is considered to be the largest private company associated with traditional thermal power generation in India. It was started in 1996 and today it is headquartered in Ahmedabad, Gujarat. The company has built numerous coal-fired power plants in different states of the country and these plants are crucial in meeting the ever-increasing electricity needs of India.

What does the company do?

Adani Power mainly runs thermal power plants meaning this company generates electricity from coal and supplies it to the state governments. Its largest plants are in Gujarat (Mundra), Maharashtra, Chhattisgarh and Karnataka. Currently, the company has a production capacity of about 18,150 MW.

Recent major developments : In 2025, the company purchased the 600 MW Vidarbha Power unit and also acquired projects like Coastal Energen, Lanco Amarkantak and Raigarh Energen. These acquisitions have rapidly increased the company’s capacity and it has now become a major supplier of electricity across the country.

Role and Importance : This company has become the backbone of the country’s power infrastructure. It has many long-term power purchase agreements (PPAs), which keep its revenue stable. As long as there is a need for conventional power in India, Adani Power will remain in demand.

Business Model – Adani Power

• Thermal power-based operations : Adani Power’s business model is primarily based on coal-based power generation. Its thermal plants are spread across several states in the country, which meet the country’s power demand.
• Long Term Agreements (PPAs) : The company has long-term power purchase agreements with state governments and distribution companies, which provide it with regular and stable revenues.
• Open market sales option : The company also sells some power in the merchant market, which gives additional profits during times of high demand.
• Self-sufficiency in supply chain : Adani Group’s own logistics and port facilities help the company in uninterrupted supply of coal.

Adani Green Energy – An Overview

Adani Green Energy Limited (AGEL) is a company of the Adani Group which is considered one of the fastest growing renewable energy companies in India. It was started in 2015 and today it is among the largest solar and wind power producing companies in the country. AGEL is also headquartered in Ahmedabad, Gujarat.

What does the company do?

Adani Green’s core business activities are to generate electricity through solar and wind projects and sell it to states or government agencies on long-term contracts. The company has projects spread across the country – in states like Rajasthan, Gujarat, Maharashtra, Andhra Pradesh, Tamil Nadu and Karnataka.

As of April 2024, the company has over 10,000 megawatts (MW) of renewable energy capacity, comprising 7,393 MW of solar, 1,401 MW of wind, and 2,140 MW of wind-solar hybrid projects.

Recent major developments : Adani Green created history by winning the world’s largest 13.5GW solar project from SECI in 2023. French company TotalEnergies has also shown confidence in international investment by taking a major stake in AGEL.

Role and importance : Adani Green is not only meeting India’s energy needs in an environmentally friendly manner, but this company has also become a symbol of sustainability, ESG investment and green future. Long term PPAs and clear direction of growth makes it an attractive option for investors.

Business Model – Adani Green

• Focus on renewable energy : Adani Green’s business model is entirely based on solar and wind energy. The company aims to produce clean energy at a large scale with low carbon emissions.
• Long-term PPA agreements : The company has signed long-term PPAs of up to 25 years with government agencies (such as SECI) and state distribution companies, which gives it fixed revenue.
• Big investment, low operational expenses : Adani Green’s strategy is – invest heavily initially and then generate power at a low cost over the long term. This is its asset-heavy but scalable model.
• ESG and green investment friendly : The company’s focus is not only on profit but also on sustainability and ESG standards, making it the first choice of green investors.

Comparative Analysis: Adani Power Vs Adani Green

Particulars	Adani Power	Adani Green Energy
Current Price (₹)	568	998
Market Cap (₹ Crores)	2,19,248	1,61,976
52-W High (₹)	753	2,092
52-W Low (₹)	431	758
FII Holdings as of June 2025	12.46%	11.58%
DII Holdings (as of June 2025)	1.76%	2.86%
Book Value (₹)	146	76.6
PE Ratio	17.2	88

Financial Statements Analysis 

Income Statement Comparison 

Particulars	Adani Power	Adani Green Energy
Total Income	58,905	12,422
Total Expenses	39,206	5,159
EBIT	19,699	7,263
Net Profit	12,749	1,557

Balance Sheet Comparison 

Particulars	Adani Power	Adani Green Energy
Current Liabilities	16,440	16,888
Current Assets	26,329	8,622
Reserves & Surplus	49,433	6,791
Fixed Assets	81,197	94,391

Cash Flow Statement Comparison 

Particulars	Adani Power	Adani Green Energy
Cash Flow from Operating Activities	21,501	8,364
Cash Flow from Investing Activities	-17,142	-19,827
Cash Flow from Financing Activities	-5,175	12,068

Key Performance Indicators (KPIs) 

Particulars	Adani Power	Adani Green Energy
Operating Profit Margin (%)	35.05	67.68
Net Profit Margin (%)	22.68	13.88
ROE (%)	24.27	13.47
ROCE (%)	20.41	8.02
Debt to Equity (x)	0.71	7.29

Future Plans of Adani Power

• Strategy to increase production capacity : Adani Power aims to increase its installed capacity to more than 30,000 MW by FY2030. For this, the company is working on new projects and is also expanding through acquisitions.
• New greenfield projects : The company is setting up a new 1,500MW power plant in Uttar Pradesh, which will meet the power needs of the state.
• Organic and inorganic growth : The company’s growth has been accelerated by the acquisition of projects such as Vidarbha Power, Lanco Amarkantak and Coastal Energen.
• Stable supply and long-term contracts : Adani Power will focus on long-term PPAs and stable supply of baseload power to meet India’s conventional energy needs.

Future Plans of Adani Green

• Target of 45 GW capacity by 2030 : Adani Green has set a vision of achieving 45 GW of renewable energy capacity by 2030, making it the largest green energy company in India.
• Hybrid and storage based solutions : Adani Green is now also working on hybrid models like solar + wind + battery storage to provide 24×7 green power.
• Towards becoming a global green leader : Keeping in mind goals like ESG and net zero, the company is moving towards green energy leadership not only in India but also internationally.

Who is Better: Adani Power or Adani Green?

• Business Focus and Segments : Adani Power is primarily focused on thermal power generation, i.e. coal-based power generation, while Adani Green’s entire focus is on renewable energy i.e. solar and wind energy. Both companies are in the energy sector, but their working style and approach are different.
• Difference in financial performance : Adani Power’s revenue and profit have grown in the last few years, especially due to power demand and acquisitions. On the other hand, Adani Green’s focus has been on long-term projects and ESG goals, due to which its growth has been relatively slow but stable.
• Future outlook and expansion : While Adani Power is focusing on conventional energy infrastructure, Adani Green is preparing itself for the green energy future. Both have long-term plans and want to make a strong hold in their respective fields.
• From an investor’s perspective : If one wants to see growth in conventional power, then Adani Power may be suitable. For those who believe in green energy and ESG based development, Adani Green is an option. However, the final decision depends on the investor’s preference and risk profile.

Read Also: Adani Enterprises Case Study

Conclusion

Adani Power and Adani Green, both companies are playing an important role in the energy sector, but their business models, growth strategies and focus areas are completely different. While Adani Power is strengthening its hold in conventional energy, Adani Green is moving towards a sustainable and green future. This case study makes it clear that the direction and strategy of both the companies offer different opportunities to investors. Choosing the better option depends entirely on the investor’s preference, risk appetite and confidence in the sector.

S.NO.	Check Out These Interesting Posts You Might Enjoy!
1	Tata Motors vs Maruti Suzuki
2	Tata Steel vs. JSW Steel
3	Tata Power Vs Adani Power
4	Tata Steel vs. JSW Steel
5	Tata Motors Vs Ashok Leyland