Adani Power Ltd, the power and utilities arm of the Adani Group, has achieved a significant milestone, becoming India's 12th most valued company. On Monday, its shares climbed 5.45% to a 52-week high of Rs 234, pushing its total market capitalization to the Rs 4.5 lakh crore mark. This surge allowed Adani Power to overtake Sun Pharmaceutical Industries Ltd in market valuation.
Adani Power's Remarkable Stock Performance
The company's stock has demonstrated exceptional growth, earning it 'multibagger' status. In the last month alone, Adani Power shares have jumped nearly 45%. Looking at the year-to-date performance for 2026, the stock has soared over 57%. Over the past year, it has delivered returns exceeding 130% from its 52-week low of Rs 101. Over five years, the stock has generated a staggering 1,100% return, and an incredible 39-fold increase from its Covid-19 lows of Rs 6.
While Adani Enterprises and Adani Ports & Special Economic Zone are Nifty50 constituents, Adani Power has outpaced both in market capitalization. Adani Enterprises, the flagship company, recorded a 4.45% rise to Rs 2,515, with a market cap of Rs 3.25 lakh crore. Adani Ports saw a 5.5% jump to Rs 1,748.60, reaching a market valuation of Rs 4 lakh crore.
Shareholding and Financial Performance
As of March 31, 2026, promoters held a substantial 74.96% stake in Adani Power. Mutual Funds collectively owned 3.62%, Foreign Portfolio Investors (FPIs) held over 11.75%, and approximately 20.55 lakh retail investors accounted for 5.4% of the company's shares.
For the quarter ended March 31, Adani Power reported a 64.3% year-on-year (YoY) increase in net profit, reaching Rs 4,271 crore. Although revenue remained largely flat at Rs 14,223.09 crore, EBITDA surged 27.15% YoY to Rs 6,598.47 crore, with margins at 33.27%. Power sales volumes increased to 27.2 billion units (BU) for the period. The company also announced a 1,600 MW long-term Power Purchase Agreement (PPA) with Maharashtra's distribution utility, bringing its installed capacity to 18,150 MW by quarter-end.
Analyst Views: Buy, Add, or Reduce?
Brokerage firms have offered varied outlooks on Adani Power stock:
- Jefferies raised its target price to Rs 255, citing better-than-expected realization and utilization, and healthy growth prospects for the next 3-4 years. They noted that thermal tariff PPAs have been signed at close to Rs 6/unit, improving profitability for FY28E-30E. The firm expects capacity to rise from 18.2 GW in FY26 to 31 GW by 2030, with a management aim of 42 GW by 2032.
- ICICI Securities downgraded the stock to 'add' with a target price of Rs 233. While acknowledging improved earnings potential in FY27 due to a shrinking merchant footprint, they highlighted the stock's recent sharp run-up. They noted Adani Power has tied up almost all operational capacity and 14GW of under-construction capacity with PPAs at attractive tariffs.
- JM Financial Ltd downgraded the stock to 'reduce' with a revised target of Rs 202 (previously Rs 177). Despite recognizing consistent yearly capacity addition and EBITDA growth, they revised their estimated Plant Load Factor (PLF) for FY27 and FY28 to 70% due to traction in power demand. They pointed out that the stock has run up over 45% in the last month and is trading at 17 times EV/EBITDA.