India's Adani Power edges up; Antique starts with 'buy' rating

Adani Power

16/12/2025 05:38

** Shares of Adani Power ADAN.NS up 0.3% to 144.81 rupees after Antique initiates coverage with "buy" rating and target price 187 rupees, sees multi‑year earnings upcycle

** Brokerage cites 2.3x capacity expansion to 41.9 GW by FY33E, led by 23.72 GW under construction across brownfield and greenfield projects

** Says ADAN has secured ~70% share (12.4 GW of 17.7 GW) in ongoing state thermal power purchase agreement (PPA) awards; 67% of 41.9 GW portfolio already tied under long-term PPAs

** Brokerage expects FY25–32E revenue/EBITDA/PAT CAGRs at 16%/19%/17%; net debt/EBITDA to fall to sub‑1x by FY32E despite 2 trillion rupees ($22 billion) capex funded ~60% via internal accruals

** Stock up 36.7% this year

($1 = 90.8775 Indian rupees)

 (Reporting by Brijesh Patel in Bengaluru)

 ((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))