Adani Power Ltd.

“Adani Power is India's largest private thermal utility with a real capacity expansion pipeline and contracted revenue stability, but the investment case is disqualified by a combination of governance risk (US federal indictment history, active SEBI proceedings, opaque related-party structures, non-independent board), poor earnings quality driven by one-time regulatory income, a coal-only exposure facing a structural energy transition headwind post-2030, and a valuation that prices in near-perfect execution with no margin of safety — at 23-25x normalized EV/EBITDA near a 52-week high, minority shareholders are taking maximum risk for minimum reward.”