# Adani Power Shares Up 27% But Elara Sees 16% Upside

> Elara Capital targets ₹220 for Adani Power after 27% gain in 2026.
- Title: Adani Power Shares Up 27% But Elara Sees 16% Upside · mint
- Summary: Elara Capital targets ₹220 for Adani Power after 27% gain in 2026. Elara Capital initiated coverage on Adani Power with an 'Accumulate' rating and ₹220…
- Keywords: adani power, elara capital, bse, target price, accumlate rating, thermal power, power purchase agreement, ppa, money, business, Adani, Power
- Source: mint — https://livemint.com/market/stock-market-news/adani-power-shares-up-27-in-2026-but-elara-sees-16-more-upside-what-s-powering-stock-target-price-11791689591531.html
- Author: Dhanya Nagasundaram
- Published: 2026-10-11T04:14:00+00:00
- Read time: 1 min
- Topics: adani power, elara capital, bse, target price, accumlate rating, thermal power, power purchase agreement, ppa, money, business
## Adani Power Shares Up 27%
Adani Power shares gained 27% so far in 2026, with a closing price of ₹189 on the BSE on Friday, 9 October.

> Adani Power shares have gained 27% so far in 2026
## Elara Capital Initiates Coverage
Elara Capital initiated coverage with an 'Accumulate' rating and a target price of ₹220, implying over 16% upside from current price.

> Elara Capital has initiated coverage on the stock with an 'Accumulate' rating and a target price of ₹ 220
## Thermal Power Critical for India
Elara Capital believes thermal power will remain critical to India's energy security by providing reliable baseload electricity.

> Elara Capital believes thermal power will continue to play a crucial role in india's power system
## 42 GW Capacity Target
Adani Power's locked-in expansion pipeline of 24 GW could take total capacity to 42 GW, with 60% brownfield projects.

> Adani Power, India's largest private thermal power generator, currently operates 18.3 GW of capacity
## PPA Coverage and Merchant Power
13.3 GW of expansion is backed by long-term PPAs, with merchant power opportunities for additional upside.

> 13.3 GW, or around 55% of the locked-in expansion pipeline, is backed by long-term PPAs
## Acquisition Strategy
Adani Power has acquired assets like Udupi Power (1.2 GW) and Coastal Energen (1.2 GW) to expand capacity.

> The brokerage cited acquisitions such as Udupi Power (1.2 GW), Coastal Energen (1.2 GW) and Lanco Amarkantak
## Valuation Concerns
Shares have fallen 11.89% in the past month and 12.62% over three months, indicating sustained weakness.

> The stock has fallen 11.89% in the past month and 12.62% over the last three months
## Target Price Justification
Elara Capital sets target price at ₹220 based on 12 times FY29 enterprise value-to-EBITDA.

> Elara Capital has set its target price at ₹ 220, based on 12 times its estimated FY29 enterprise value-to-EBITDA
## Upside Calculation
Current price of ₹189 implies over 16% upside to target price of ₹220.

> The target implies over 16% upside from the stock's ₹ 189 closing price on 9 October
## Key takeaway

Elara Capital initiated coverage on Adani Power with an 'Accumulate' rating and ₹220 target price, implying 16% upside from its ₹189 closing price on 9 October 2026.