Adani Power shares set to breach record high; here's why 

Shares of Adani Power Ltd are set for a 30% upside, according to brokerage JM Financial, which carried out a plant visit at the company's Raipur plant. Adani Power Raipur has a 2X685 MW operational plant and a 2X800MW under-construction project.  Brokerage JM Financial assigned a price target of Rs 257 on the Adani Group stock, recognising its healthy portfolio of projects and swift execution. Adani Power shares are already up 70.21% from their 52-week low. The Adani Group stock fell to a 52 week low of Rs 120.23 on September 2, 2025.

The brokerage expects the stock to surpass the record high of Rs 254.15 reached on May 29, 2026. It expects the Adani Power stock to hit the price target of Rs 257 mark in a year.

The brokerage's bullish stance comes after its Raipur visit reinforced its positive view on Adani Power, citing the turnaround of the 2x685 MW plant, the progress of the 2x800 MW expansion and the company’s execution across the site.

Thermal generation will remain important for grid stability, while Unit 3 of Phase II remains scheduled for January 2028, with site executives indicating the possibility of commissioning six months ahead of that timeline.

Listing out the key takeaways of the visit, the brokerage said Adani Power has achieved an impressive turnaround of the operational 2x685MW with availability consistently above 90% and plant load factor (PLF) has improved from 55% in 2021 to 73%/78%/72% in FY24/FY25/FY26.

Thermal plants will be critical to maintain grid stability due to inherent reactive power generation.

Mentioning the third takeway, the brokerage said Raipur Phase-II (2×800MW) with BHEL as equipment supplier is progressing well and mostly in line with schedule. The commissioning of Unit-3 is expected in January 2028. But executives at the site were confident of commissioning it six months in advance.