Adani Power share price target at Rs 818: 3 reasons the stock is up 9%

Shares of Adani Power surged up to 9% to a day’s high of Rs 687 on NSE on Friday, September 19, as fresh catalysts reignited investor enthusiasm. Here are three key reasons why experts believe the stock could rally nearly 30% from current levels.

Morgan Stanley’s overweight rating – Analysts describe Adani Power as India’s largest private coal-based independent power producer (IPP) with 18.15 GW of operational capacity. The company is expected to nearly 2.5x its portfolio to 41.9 GW by FY32, increasing its share in coal-based capacity from 8% in FY25 to 15% by FY32. Adani Power plans to invest around $22 billion in under under-construction capacity of 23.7 GW, with Morgan Stanley factoring in potential cost overruns that could push total capex to $27 billion.

The report projects EBITDA to triple by FY33, reaching Rs 67,200 crore, reflecting a 17% CAGR over FY25–33. Net profit is forecast at Rs 11,740 crore in FY26, rising to Rs 15,316 crore by FY28. Revenue is estimated at Rs 55,015 crore in FY26, increasing to Rs 70,057 crore by FY28. Operating margins are expected to remain strong, with EBITDA rising from Rs 21,305 crore in FY25 to Rs 30,453 crore in FY28.

Also read: Rs 46,000 crore rally! What Sebi slamming the door on Hindenburg means for Adani investors

No regulatory overhang – On September 18, the market regulator SEBI gave a clean chit to Gautam Adani, his brother Rajesh Adani, and several Adani Group companies in connection with allegations made by US short-seller Hindenburg Research. SEBI stated there was no evidence of wrongdoing in the case related to the allegations from January 2023.

Hindenburg had accused the Adani Group of stock manipulation and accounting fraud, which had triggered a sharp fall in the shares of the group’s listed companies. SEBI’s investigation found no fraud, misuse of funds, or falsification of records.

Reacting to the SEBI order, Gautam Adani wrote on X (formerly Twitter), “After an exhaustive investigation, SEBI has reaffirmed what we have always maintained—that the Hindenburg claims were baseless.”

Read more: Adani Enterprises and other group stocks zoom up to 13% as Sebi clears Gautam Adani, Rajesh Adani of Hindenburg allegations1:5 stock split – Today marks the last opportunity for investors to purchase shares of Adani Power to qualify for the company’s first-ever stock split. The record date for determining shareholder eligibility has been set as Monday, September 22, 2025. Investors holding shares as of the record date will be entitled to receive the split shares. This is the first stock split in the company’s history.

The split aims to increase the number of outstanding shares and adjust the face value accordingly. Market observers note that such corporate actions generally make shares more affordable in absolute terms and boost liquidity by encouraging wider participation.

Morgan Stanley has assigned a price target of Rs 818 per share. This implies an upside potential of almost 30% from current market levels.

At around 9:45 am, Adani Power shares were trading at Rs 671 on the NSE, up 6.35% from the previous close. The stock has risen 11% in the past month and about 30% over the last six months.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)