Elara Capital Initiates Coverage on Adani Power with Target Price of ₹220

Elara Capital initiated coverage on Adani Power with an 'Accumulate' rating and a target price of ₹220, implying a 16% upside from its closing price of ₹189.

Adani Power currently operates 18.3 GW of thermal capacity and has a locked-in expansion pipeline of 24 GW, targeting a total capacity of 42 GW.

Around 55% of the planned expansion pipeline is backed by long-term power purchase agreements, while remaining capacity targets merchant power opportunities.