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Economic Times
11-06-2025
- Business
- Economic Times
Adani Power shares snap 5-day rally, slip over 1% amid profit-taking
Shares of Adani Power slipped as much as 1.2% on Wednesday to Rs 589 on the BSE, snapping a five-day rally that saw the stock surge nearly 12% since June 3. The decline appears to reflect profit-booking after a sharp upward move driven by a combination of technical strength and long-term growth triggers. ADVERTISEMENT The stock had rallied to an intraday high of Rs 610 on Tuesday, gaining 8.2% during the session and marking its fifth consecutive day of gains. Despite a mixed March-quarter performance—with net profit falling 4% year-on-year to Rs 2,637 crore and a sequential decline of 14%—investor sentiment remained upbeat, supported by long-term order wins and capacity expansion plans. Revenue for the quarter rose 6.5% YoY to Rs 14,237 crore, though it fell 4% compared to the December quarter. Total expenses during the period surged 9% YoY to Rs 11,274 crore. The recent rally was partially driven by Adani Power's announcement in May of a Rs 2 billion greenfield thermal power project. The company secured a Letter of Award to supply 1,500 MW of electricity to Uttar Pradesh Power Corporation Ltd under a long-term power purchase agreement. ADVERTISEMENT The power will be generated from a 2×800 MW ultra-supercritical plant, developed under the DBFOO (Design, Build, Finance, Own, and Operate) InCred Equities, which initiated coverage in May with an 'Add' rating and a price target of Rs 649, described Adani Power as a 'pure play on the Indian thermal space.' It noted that the company generated Rs 200 billion in recurring EBITDA in FY25, backed by a stable revenue mix. ADVERTISEMENT InCred also highlighted the company's merchant power exposure via the Indian Energy Exchange (IEX), with realised prices ranging from Rs 5–6/kWh and peaking at Rs 10/ ahead, Adani Power plans to expand capacity from 17.55 GW to 30.67 GW by FY30, including brownfield additions such as Mahan Phase II (1.66 GW), Raipur Phase II (1.66 GW), and Korba Revival (1.32 GW). InCred noted that this expansion aligns with India's projected 5–6% annual power demand growth, which is expected to drive peak demand to 458 GW by FY32F. ADVERTISEMENT Despite muted earnings, technical indicators remained supportive. The stock has been trading above all eight key simple moving averages—from the 5-day to the 200-day SMA. The Relative Strength Index (RSI) stood at 68.8, near the overbought threshold of 70, while the MACD reading of 6.9 stayed above both its center and signal lines, reinforcing bullish momentum until the latest the stock has gained 15.4% over the past month and 8.5% in the past week, it remains down 23% over the past year, underperforming both the Nifty 50 and Nifty Energy indices. ADVERTISEMENT According to Trendlyne, analyst sentiment remains strong, with a consensus 'Strong Buy' rating on the stock. Also read | From bankruptcy to bull run: Can Reliance Infra & Reliance Power fuel Anil Ambani's comeback saga? (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
29-05-2025
- Business
- Time of India
Adani Power shares may rally 18%, positioned as a pure play in India's thermal power space: InCred Equities
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Calling it a pure play on the Indian thermal space, domestic brokerage firm InCred Equities has initiated coverage on Adani Power Ltd (APL) with an 'add' rating and set a target price of Rs 649 per share, implying an upside potential of 17.8% from its previous closing brokerage's outlook is based on the company's strong presence in the thermal power segment, brownfield expansion strategy, and deleveraging to InCred, Adani Power is a pure play in India's thermal power space with 87% of its capacity tied to long-term power purchase agreements (PPAs) that include a fuel cost pass-through company generated Rs 200 billion of recurring EBITDA in FY25, supported by this stable revenue mix. The remaining 17% of capacity is dedicated to merchant power, leveraging Indian Energy Exchange (IEX) prices with a realised average of Rs 5–6/kWh and a peak of Rs 10/ Power currently operates 17.55 GW of capacity and has outlined an expansion strategy to scale its installed capacity to 30.67 GW by FY30F. This includes a planned addition of 13.12 GW through brownfield projects such as Mahan Phase II (1.66 GW), Raipur Phase II (1.66 GW), Korba Revival (1.32 GW), and noted that this growth strategy aligns with India's projected 5–6% annual power demand growth, with peak demand expected to reach 458 GW by domestic brokerage firm also highlighted that the company achieved a 71% plant load factor (PLF) in FY25 and generated Rs 564 billion in revenue for the same period. APL's inorganic growth strategy and expansion projects are expected to improve the industry PLF to 69% by the financial side, Adani Power is expected to report an 11% EBITDA CAGR over FY25–28F, primarily driven by increased PLF and higher power generation from the merchant segment. The company plans to spend Rs 1,200 billion in capital expenditure for FY25, funded via internal accruals, and aims to reduce its net-debt-to-EBITDA ratio to 0.9x by FY30F from 1.5x in brokerage notes potential downside risks related to execution delays in the 13.12 GW pipeline, lower-than-expected merchant realisation, and the timing of discom payment resolution.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
29-05-2025
- Business
- Economic Times
Adani Power shares may rally 18%, positioned as a pure play in India's thermal power space: InCred Equities
InCred Equities has initiated coverage on Adani Power with an 'add' rating and a target price of Rs 649, citing a potential 17.8% upside. The brokerage highlights APL's strong thermal power presence, stable PPAs, brownfield expansion plans, and deleveraging efforts. With capacity set to rise to 30.67 GW by FY30F, APL is well-positioned for growth. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Calling it a pure play on the Indian thermal space, domestic brokerage firm InCred Equities has initiated coverage on Adani Power Ltd (APL) with an 'add' rating and set a target price of Rs 649 per share, implying an upside potential of 17.8% from its previous closing brokerage's outlook is based on the company's strong presence in the thermal power segment, brownfield expansion strategy, and deleveraging to InCred, Adani Power is a pure play in India's thermal power space with 87% of its capacity tied to long-term power purchase agreements (PPAs) that include a fuel cost pass-through company generated Rs 200 billion of recurring EBITDA in FY25, supported by this stable revenue mix. The remaining 17% of capacity is dedicated to merchant power, leveraging Indian Energy Exchange (IEX) prices with a realised average of Rs 5–6/kWh and a peak of Rs 10/ Power currently operates 17.55 GW of capacity and has outlined an expansion strategy to scale its installed capacity to 30.67 GW by FY30F. This includes a planned addition of 13.12 GW through brownfield projects such as Mahan Phase II (1.66 GW), Raipur Phase II (1.66 GW), Korba Revival (1.32 GW), and noted that this growth strategy aligns with India's projected 5–6% annual power demand growth, with peak demand expected to reach 458 GW by domestic brokerage firm also highlighted that the company achieved a 71% plant load factor (PLF) in FY25 and generated Rs 564 billion in revenue for the same period. APL's inorganic growth strategy and expansion projects are expected to improve the industry PLF to 69% by the financial side, Adani Power is expected to report an 11% EBITDA CAGR over FY25–28F, primarily driven by increased PLF and higher power generation from the merchant segment. The company plans to spend Rs 1,200 billion in capital expenditure for FY25, funded via internal accruals, and aims to reduce its net-debt-to-EBITDA ratio to 0.9x by FY30F from 1.5x in brokerage notes potential downside risks related to execution delays in the 13.12 GW pipeline, lower-than-expected merchant realisation, and the timing of discom payment resolution.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
