Whalesbook
Ab aage kya hua, woh suno. Supreme Court ne haal hi mein Adani Group ke Uttar Pradesh wale thermal power plant ko lekar turant koi interim order dene se mana kar diya hai. Chief Justice of India Surya Kant ki bench ne kaha hai ki pehle government ka response chahiye. Court development ki zaroorat ko samajh rahi hai, jaise UP mein bijli ki kami ho sakti hai, par saath hi environmental concerns bhi equally important hain. Activists ka kehna hai ki plant jungle ke paas hai, jisse sloth bears jaise wildlife ko khatra hai. Unhone yeh bhi bataya ki environmental clearance mil gayi thi, par abhi petitions apex court aur National Green Tribunal mein pending hain. Court ne kaha ki development zaroori hai, par yeh 'proper safeguards' ke saath ho aur iska robust scientific assessment bhi acchi honi chahiye.
Ab baat karte hain Adani Power ki company profile ki. Yeh India ki sabse badi private thermal power producer hai. Inka market cap abhi lagbhag ₹2.89 se ₹2.99 trillion ke aas paas hai. P/E ratio pichle 12 mahine mein 23.3x se 26.8x ke beech raha hai. Company ka ROE lagbhag 26.1% aur ROCE 22.5% hai. Lekin kuch market watchers ko lagta hai ki yeh stock apne current aur projected earnings ke hisaab se thoda overvalued ho sakta hai. Stock price mein volatility rahi hai, haal hi mein yeh ₹150-₹155 ke aas paas trade kar raha tha, lekin pichle saal mein yeh 50% se bhi zyada bhaga hai. Analysts ka average target price ₹182.17 hai, jo current levels se upside dikhata hai.
India ki bijli demand mein thermal power ka hissa 50% se zyada hai, jismein coal ka sabse bada role hai. Lekin ab thermal plants se hone wale greenhouse gases aur pollution par bhi sawal uth rahe hain. Supreme Court ne pehle bhi government ke thermal power plants ko emission standards pura karne ke liye diye gaye extensions par chinta jatayi hai, aur pucha hai ki kya yeh 'license to pollute' hai.
Agar compare karein, toh sarkari company NTPC ka model stable hai, jahan predictable returns milte hain. Adani Power zyada tar long-term Power Purchase Agreements (PPAs) par depend karta hai, jo revenue toh dikhate hain par tariffs fixed hote hain. Adani Power ki operational efficiency achhi hai aur debt bhi manageable lagta hai, NTPC ke bade debt ke muqable. Lekin NTPC ka scale bada hai aur unke paas renewable energy ka bhi portfolio hai. Adani Power ka P/E ratio bhi NTPC ( 14.6x ) jaise peers se zyada hai.
Ab Adani Group ke history ki baat karte hain, jahan pehle bhi environmental aur regulatory issues rahe hain. Jaise ki projects par minimal progress ke bawajood environmental clearance extensions milna, ya fir ash utilization aur paani ke contamination jaise allegations, jo unke Mundra plant mein dekhe gaye. Environmental clearances milna hamesha ek mushkil process raha hai, aur group ko legal challenges ke bawajood approvals mili hain. Yeh current Supreme Court hearing bhi aise hi judicial scrutiny ka hissa hai, jahan compliance aur scientific impact assessment par zor diya gaya hai. Agar environmental activists ki chinta, jaise wildlife endangerment aur deforestation, sahi nikli toh projects mein delays ho sakte hain, costly mitigation measures lag sakte hain, ya expansion plans ruk sakte hain. Yeh NTPC jaise peers ke regulated environment se bilkul alag hai.
In sab challenges ke bawajood, analysts Adani Power ko lekar generally positive hain. Company 2032 tak apni capacity ko 41.9 GW tak badhane ka plan kar rahi hai, jismein EBITDA growth ki bhi ummeed hai. Ek interesting move mein, Adani Power ne February 12, 2026 ko ek nayi subsidiary banayi hai, Adani Atomic Energy Limited, jo nuclear energy sector mein enter karegi. Unka plan hai ki future mein thermal capacity ko nuclear power se replace kiya jaaye. Yeh ek long-term pivot ka signal hai, lekin UP wale thermal project jaiso ka future abhi regulatory aur judicial review par depend karta hai.