Adani Power share price targets: Low-debt stock rises 52% from 52-week low; what's next?

Shares of Adani Power are on investors' radar with the Adani Group stock gaining 52% from its 52-week low. The rally in the  stock comes amid decent financials of the Adani Group firm. Net profit CAGR came at 37% in the last three years. The CAGR for EBITDA during the same period stood at 20%. 

The stock fell to a 52 week low of Rs 93.23 on February 25, 2025 and hit a 52 week high of Rs 182.75 on September 23, 2025.

ICICI Securities expects gross profit margins to grow steadily from 37.9% in FY25 to 38.1% in FY26, 40.6% in FY27 and 45.3% in FY28. EBITDA, which came at 17.2% in FY25 is seen at minus 2.65% in FY26, 24.2% in FY27 and 23.2% in FY28. The company has a low debt to equity ratio of 0.3. 

However, the picture is not that rosy for the stock, which has been in the red for a period up to three months. The stock is down 6% this year and lost nearly 8% in two weeks. 

The multibagger stock has gained 334% in three years and gained 1164% in five years. The stellar rise in the Adani Power stock has been accompanied by high volatility in a year, signals its one year beta of 1.34. 

In the current session, the Adani Group stock was trading on a flat note at Rs 141.20. Market cap of the firm climbed to Rs 2.72 lakh crore. A total of 3.61 lakh shares of the firm changed hands amounting to a turnover of Rs 5.08 crore on BSE.

In terms of technicals, the Adani Group stock is trading neither in the overbought zone nor in the oversold zone, signals the relative strength index (RSI) of Adani Power which stands at 45.3.

The Adani Group stock is trading higher than the 150 day, 200 day but lower than the 10 day, 20 day, 30 day, 50 day and 100 day moving averages, signaling bearishness in the short term.

Morgan Stanley has an overweight stance with a target price of Rs 185 on the Adani Group stock. Operational performance was largely in line, said the global brokerage mentioning that adjusted  Q3 PAT beat was due to lower interest and tax. 

The Adani Group firm has received 3,200MW LoAs and has large capacity additions plans over F26-29, it added.  

ICICI Securities has a price target of Rs 187 on the stock. 

The domestic brokerage said Adani has resolved its disputes, reduced the leverage and improved the profits of its operating assets. It is using its balance sheet to acquire assets at attractive prices. It is also setting up new assets to meet renewed demand for coal. It is ahead of competition in new build. 

"As a result, it is able to tie up its existing assets under new long-term arrangements at attractive tariffs. Given the lower growth in power demand across the country in 9MFY26, resulting in lower realisation in merchant sale, which formed 20% of its power sales and lower PLFs, we revise our FY26E earnings. Our long-term outlook remains intact. We maintain BUY, with an unchanged target price of Rs 187," said the brokerage. 

However, the assumptions face likely challenges such as delays in construction of assets; merchant price risk; fuel risk; and counterparty risks. 

JM Financial has a price target of Rs 177 on the Adani Group stock. 

"With key enablers in place (land, EC, PPAs, and equipment) and management’s assurance of timely commissioning of projects, we expect operational capacity to reach 39.5 GW by FY32 and EBITDA/MW to increase from Rs 1.3 crore /MW in FY25 to Rs 1.8 crore/MW by FY32. We maintain a BUY rating on the stock with TP of Rs 177 per share, valuing the company at 13x FY28 EV/EBITDA," said the brokerage.