Adani Power Ltd. is positioned for a significant rally, with brokerage firm JM Financial projecting its shares to exceed their previous record high. The firm has set a price target of Rs 257 for the Adani Group stock, anticipating a potential 30% upside from current levels as of September 1, 2026.
Raipur Plant Performance Drives Optimism
JM Financial's optimistic outlook follows a recent visit to Adani Power's Raipur plant, which reinforced a positive view of the company's operational capabilities and project execution. The Raipur facility currently operates a 2x685 MW plant and is progressing with a 2x800 MW expansion project.
Key takeaways from the visit highlighted an impressive turnaround of the operational 2x685MW plant, achieving consistent availability above 90%. The plant load factor (PLF) has also seen substantial improvement, rising from 55% in 2021 to 72% in FY26, with FY24 and FY25 recording 73% and 78% respectively.
Expansion Projects Ahead of Schedule
Progress on Raipur Phase-II (2x800MW), which utilizes BHEL as an equipment supplier, is reported to be well on track. While the commissioning of Unit-3 is officially scheduled for January 2028, site executives expressed confidence in potentially bringing it online six months ahead of that timeline. This accelerated execution underscores the company's robust project management.
The brokerage emphasized the ongoing importance of thermal generation for maintaining grid stability, noting its inherent role in reactive power generation. Adani Power's healthy portfolio of projects and swift execution capabilities were key factors in JM Financial's positive assessment.
Adani Power shares have already demonstrated strong growth, climbing over 70% from their 52-week low of Rs 120.23 recorded on September 2, 2025. The previous record high for the stock was Rs 254.15, achieved on May 29, 2026.
Disclaimer: This article provides market insights for informational purposes only and should not be considered investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.