Adani Power shares have delivered exceptional returns, doubling investor wealth over the past year and reaching a record high of Rs 234.35 on May 5, 2026. However, the stock is now experiencing a phase of profit-booking, prompting market analysts to offer varied perspectives on its immediate future trajectory.
Stellar Performance Amid Market Volatility
Despite significant market volatility, Adani Power's rally has been sustained by robust power demand across India and strong quarterly and fiscal earnings. The stock's impressive 100% surge over the last year, coupled with a 55% gain in just three months, underscores its strong bullish medium-term structure. Currently, the stock trades above its 10-day, 20-day, 30-day, 50-day, 100-day, and 200-day moving averages, indicating a powerful uptrend. Its Relative Strength Index (RSI) stands near 60, suggesting a healthy consolidation after a sharp rally, while a beta of 1.04 points to its high volatility.
Analysts Divided on Future Trajectory
Expert opinions are mixed regarding Adani Power's next move:
- Hitesh Tailor, Technical Research Analyst at Choice Broking, notes a strong bullish rally after breaking above the Rs 180 resistance, supported by rising volumes. He identifies a “Flagpole” and “Pennant” pattern on the daily chart, typically signaling a continuation of the uptrend after a pause. Tailor suggests that as long as the stock maintains above Rs 210, the bullish bias will remain, with potential upside towards Rs 230–235 in the near term.
- Jigar Patel from Anand Rathi advises investors to consider booking profits. He identifies immediate support at Rs 208 and resistance at Rs 229. A decisive breakout above Rs 229 could pave the way for a move towards Rs 235, but for the short term, he expects the stock to trade within the Rs 208–Rs 235 range.
- Virat Jagad, Sr. Technical Research Analyst at Bonanza, confirms Adani Power remains in a strong medium-term uptrend despite current consolidation near the Rs 220–230 resistance band. He views the recent pullback as profit-booking rather than a reversal, with immediate support at Rs 210 and a stronger demand zone around Rs 195–200. Jagad believes a sustained move above Rs 230 could trigger fresh upside towards Rs 245–250 in the coming weeks, and any dips towards key support zones are likely to attract buying interest above the Rs 200 mark.
Strong Financials and Ambitious Expansion
Adani Power's robust financial performance underpins its market strength. The company reported a consolidated Profit After Tax (PAT) of Rs 12,971.08 crore for FY25, a 1.7% increase year-on-year. Its total annual income reached Rs 57,865.28 crore. The fourth quarter alone saw a 64.33% year-on-year rise in net profit, reaching Rs 4,271.40 crore.
Looking ahead, Adani Power is aggressively expanding its generation capacity, aiming to increase it from 18.2 GW to nearly 42 GW by FY32. This expansion strategically positions the company to capitalize on India’s surging electricity demand, driven by prolonged heatwaves, accelerating industrial activity, growing household electrification, and the increasing energy needs of data centers and artificial intelligence infrastructure.