Elara Securities has initiated coverage on Adani Power with an Accumulate rating and a target price of Rs 220, implying an upside of around 17% from the current levels. The brokerage sees the company’s expansion plans supporting growth over the next few years, though it believes the market has already priced in much of that potential.
Adani Power currently operates 18.3 GW of capacity and has another 24 GW in the pipeline. If the plans go through, its total capacity could reach around 42 GW by FY32. The scale of this expansion is central to Elara’s positive view, but the pace of execution will matter as the company takes on more capital expenditure.
