Adani Power, a prominent player in the energy sector, has seen its shares double investors' wealth over the last year, even as the broader Sensex experienced a decline. The stock reached a record high of Rs 234.35 on May 5, 2026, driven by robust power demand and strong quarterly and fiscal earnings.
Profit Booking After Record Gains
Following its significant rally, Adani Power shares are now in a consolidation phase, which analysts largely attribute to profit booking. Despite this, the stock maintains a bullish medium-term structure, trading above its 10-day, 20-day, 30-day, 50-day, 100-day, and 200-day moving averages, indicating a strong underlying uptrend.
Analyst Perspectives on Adani Power's Next Move
Hitesh Tailor, Technical Research Analyst at Choice Broking, noted a strong bullish rally after the stock broke above the Rs 180 resistance zone. He identifies a "Flagpole" formation followed by a "Pennant" pattern on the daily chart, suggesting a continuation of the uptrend after a brief pause. Tailor advises that as long as the stock sustains above Rs 210, the bullish bias is likely to remain, with potential upside towards Rs 230–235 in the near term.
Conversely, Jigar Patel from Anand Rathi recommends booking profit. He places support at Rs 208 and resistance at Rs 229, suggesting that a decisive breakout above Rs 229 could lead to further gains towards Rs 235. Patel anticipates the stock will trade within the Rs 208–Rs 235 range in the short term.
Virat Jagad, Sr. Technical Research Analyst at Bonanza, echoes the view of a strong medium-term uptrend despite current consolidation. He sees the recent pullback as profit booking rather than a reversal, with immediate support around Rs 210 and a stronger demand zone near Rs 195–200. Jagad believes a sustained move above Rs 230 could trigger fresh upside towards Rs 245–250 in the coming weeks, provided the stock holds above the Rs 200 mark.
Strong Financial Performance and Future Expansion
Adani Power reported a consolidated Profit After Tax (PAT) of Rs 12,971.08 crore for FY25, marking a 1.7% year-on-year increase. The company's total annual income stood at Rs 57,865.28 crore. In the fourth quarter, net profit surged by 64.33% year-on-year to Rs 4,271.40 crore.
The company is aggressively expanding its generation capacity, aiming to increase it from 18.2 GW to nearly 42 GW by FY32. This expansion strategy positions Adani Power to capitalize on India’s rapidly growing electricity demand, which is fueled by prolonged heatwaves, accelerating industrial activity, increasing household electrification, and the rising energy needs of data centers and artificial intelligence infrastructure.