Adani Power Share Price Rises After Motilal Oswal’s Bullish Call On Thermal Power Stock | More Upside Ahead?

Adani Power Share Price Today: Shares of Adani Power rallied during Thursday's intraday trading session after Motilal Oswal initiated a 'Buy' call for the thermal power stock. Its ambitious growth plans, solid execution track record and optionality from nuclear foray would strengthen its growth outlook, according to Motilal Oswal report.

Adani Power Share Price Outlook

Adani Power is likely to benefit from its ambitious growth plan, solid execution track record demonstrated by acquisition and turnaround of multiple distressed plants, and optionality from nuclear foray.

The company is India's largest private thermal power producer with a capacity of nearly 18 GW in the first quarter of financial year 2026-27. It will account for 24% of private and 8% of aggregate coal and lignite-based capacity in India.

Adani Group-owned power firm is likely to emerge as a prime beneficiary of upcoming thermal capacity build-out and beneficiary of a benign competitive environment.

"As the Central Electricity Authority (CEA)'s 86GW thermal capacity pipeline expands further, we note that APL faces limited competition as, NTPC generally only participates in regulated tariff-linked projects" stated Motilal Oswal in its report. Meanwhile, Tata Power is focused more towards renewables and JSW Energy already has an ambitious pipeline of thermal and RE projects.

Adani Power Share Price Recommendation

The brokerage initiated a 'Buy' rating for the stock with a target price of Rs 250 per share. "We value APL at 16x FY29E EBITDA, investments add INR1/share. The sum of these contributions, adjusted for net debt, results in a TP of INR250. APL is currently trading at an FY29E EV/EBITDA of 13.8x. We build an EBITDA CAGR of 21% over FY26-29E, a PAT CAGR of 9% over FY26-29E, and capacity additions of 1.3/1.6/3.2GW in FY27/FY28/FY29," stated the brokerage in its report.

Adani Power share price was trading 0.99% higher at Rs 209.3 per share on BSE with a market capitalisation of Rs 4,03,628.66 crore at 10:14 am. The stock had touched an intraday high of Rs 211.35 per share and an intraday low of Rs 208.50 per share.

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