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Business & Stocks Economic Times Markets • Oct 12, 2026

Elara Capital Initiates Coverage on Adani Power with Accumulate Rating and Rs 220 Target Price: 17% Upside Projected on FY32 Expansion

💡 Key Takeaways

•Elara Securities initiates coverage on ADANI POWER with an Accumulate rating.
•Target price set at Rs 220, implying a 17% upside potential.
•Capacity expansion targeted to surge from 18.3 GW to 42 GW by FY32.

NEW DELHI [NCRBuzz Wire] — **Elara Securities has officially initiated equity coverage on ADANI POWER, assigning an Accumulate rating backed by a target price of Rs 220, projecting a 17% capital appreciation upside.** Institutional investors are closely evaluating the brokerage thesis, which identifies massive infrastructure scaling as the cornerstone of the company's long-term financial trajectory.

### Financial Metrics & Expansion Targets

**The brokerage model projects that ADANI POWER will expand its operational power generation capacity from the current 18.3 GW to roughly 42 GW by the financial year 2032.** Financial analysts emphasize that executing this capital-intensive pipeline will require stringent balance sheet management, given the associated funding requirements.

| Financial Metric / Parameter | Brokerage Projection / Detail |

|---|---|

| Brokerage Firm | Elara Securities |

| Target Stock | ADANI POWER |

| Assigned Rating | Accumulate |

| Target Price | Rs 220 |

| Implied Upside | 17% |

| Current Capacity | 18.3 GW |

| Projected Capacity (FY32) | ~42 GW |

### Risk Factors & Execution Headwinds

**Despite the optimistic valuation targets, Elara Securities has explicitly flagged key structural risks including rising leverage, project execution delays, and restricted valuation headroom.** Market participants must weigh these execution variables against the broader energy sector demand growth across India before committing fresh capital.

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🏛️ Background Context

Brokerage coverage initiations on major Indian energy conglomerates typically drive institutional fund reallocation based on long-term capital expenditure cycles, debt servicing capacity, and regulatory compliance standards set by SEBI and central financial authorities.

💡 Citizen & Commuter Quick Explainer (FAQ)

Q1: What is the target price and stock rating assigned by Elara Securities to ADANI POWER?

Elara Securities has assigned an Accumulate rating with a target price of Rs 220, implying a 17% upside.

Q2: What is the projected power generation capacity target for ADANI POWER by FY32?

The brokerage projects capacity to scale from the current 18.3 GW to approximately 42 GW by FY32.

Q3: What major risk factors did the brokerage highlight regarding ADANI POWER?

Elara Securities flagged execution bottlenecks, rising debt profiles, and limited near-term valuation headroom.

Verified Wires: Economic Times Markets Original Wire Dispatch ↗

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