NTPC and Adani Power highlight competing models in electricity
India’s electricity sector is witnessing a contest between state-owned NTPC and private rival Adani Power, with scale pitched against efficiency.
NTPC remains the dominant generator, producing 439bn units last year from 80GW of installed capacity. The company mines coal from nine blocks and operates thermal, solar and hydro assets. It plans to add 30GW of nuclear capacity, cementing its role as the country’s energy backbone.
Adani Power, while smaller, outshines on profitability. It produced 96bn units but posted a 37.9 per cent operating margin, compared with NTPC’s 28.77 per cent. Return on equity was 25.6 per cent, almost double NTPC’s 13.6 per cent.
The contrast stems from approach. Adani sells nearly 90 per cent of its output under long-term contracts, securing stable revenue...



