NEW DELHI: Antique Stock Broking on Tuesday initiated coverage on Adani Power Limited (APL) with a ‘Buy’ rating, setting a target price of Rs 187 per share.
With the stock currently trading around Rs 144, the brokerage sees an upside potential of about 30 per cent, driven by strong earnings visibility, large capacity expansion plans and improving balance sheet strength.
In its report, Antique said Adani Power is entering a multi-year earnings upcycle, supported by a sharp increase in capacity and rising power demand in India.
The company plans to expand its installed capacity by more than two times, from 18.15 GW in FY25 to 41.9 GW by FY33.