InCred has initiated coverage on Adani Power with an Add rating and a target price of ₹649, highlighting a strong turnaround in India’s largest private thermal Independent Power Producer (IPP).
The brokerage emphasized Adani Power’s robust 13.12 GW expansion project, aimed at meeting the country’s growing power demand. It also pointed to improving financial health, with deleveraging supported by an 11% EBITDA CAGR.
Further strengthening the company’s outlook is its merchant power strategy—17% of total sales volume comes from high-margin merchant power, allowing Adani Power to tap into dynamic pricing opportunities.
InCred sees the company well-positioned to benefit from the ongoing energy demand surge, while maintaining margin growth and financial discipline.
Disclaimer: The views expressed are those of the brokerage firm and do not constitute investment advice by Business Upturn.
