Adani Power share price up 40% in a month - What's behind rally and what investors should do?

Shares of Adani Power Ltd have rallied sharply over the past month, gaining 40.31 per cent, even as the stock traded 1.70 per cent lower at Rs 210.60 in early deals on Friday.

What's behind the recent surge

The recent upmove comes amid growing optimism around the company's entry into the nuclear energy space. Global brokerage Bernstein has identified Adani Power as one of the key beneficiaries of India's nuclear programme.

The company informed exchanges that Adani Atomic Energy Ltd (AAEL), its wholly-owned arm, has incorporated two subsidiaries.

"We would like to inform that Adani Atomic Energy Ltd (AAEL), a wholly-owned subsidiary of the Company, has incorporated a wholly-owned subsidiary, namely, Rawatbhata-Raj Atomic Energy Limited (RRAEL) on April 20, 2026," Adani Power stated.

Prior to this, it said, "We would like to inform that Adani Atomic Energy Ltd (AAEL), a wholly-owned subsidiary of the Company, has incorporated a wholly-owned subsidiary, namely, Coastal-Maha Atomic Energy Ltd (CMAEL) on April 13, 2026 (Certificate of Incorporation received on April 18, 2026)."

Kranthi Bathini, Equity Strategist at WealthMills Securities, noted that the counter has gained significantly over the past one month. "The company's push in the nuclear energy sector is a positive and investors with a long-term view can expect decent returns," he added.

Technical view

Ravi Singh, Chief Research Officer at Mastertrust, believes that the stock may climb up to Rs 235 level in the near term. He advised placing a stop loss at Rs 210 for this trade.

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, said, "Support is seen at Rs 200, while resistance is placed at Rs 220. A decisive move above Rs 220 could push the stock towards Rs 225, with the expected short-term trading range pegged between Rs 200 and Rs 225."

The company is scheduled to announce its fourth quarter (Q4 FY26) results on April 29. In the December quarter (Q3 FY26), Adani Power's net profit fell 18.89 per cent year-on-year (YoY) to Rs 2,479.58 crore, compared with Rs 3,057.21 crore in the corresponding quarter last year. Revenue from operations also dropped 8.92 per cent YoY to Rs 12,451.44 crore from Rs 13,671.18 crore.