Motilal sees Adani Power gaining from India's thermal capacity upcycle; starts at "buy"
BUZZ-Motilal sees Adani Power gaining from India's thermal capacity upcycle; starts at "buy" ** India's largest private thermal power producer Adani Power ADAN.NS is a natural winner of the country's upcoming thermal capacity build-out and is a beneficiary of a benign competitive environment, says Motilal Oswal
** Brokerage initiates coverage of the stock with a "buy" rating and PT of 250 rupees, implying 20% potential upside in 12 months
** Says it likes ADAN for ambitious 2.3x growth plans to expand capacity to 42 Gigawatt by FY2032, solid execution track record
** Says APL faces limited competition as India's thermal capacity pipeline expands further, since NTPC only participates in regulated tariff-linked projects and Tata Power has stated its intent to move to renewables from thermal
** ADAN shares rise 1% on the day
** ADAN shares are up 46.7% in 2026 so far, well exceeding 8.2% rise in Nifty Energy index .NIFTYENR, according to exchange data
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
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