Adani Power Share Price Target 2023, 2024, 2025, 2030, 2040

As an investor, do you wonder what the future may hold for Adani Power’s share price over the next two decades? With India’s energy demands rapidly rising, Adani Power’s thermal power expansion plans have positioned the company for intriguing growth prospects. However, navigating the fluctuations of the stock market requires sound forecasts and insights to guide your investment decisions.

In this comprehensive guide, we analyze Adani Power’s historical market performance, current financial health, and future growth plans to provide data-driven projections of its potential share price targets in 2024, 2025, 2030 and 2040. Whether you are a short-term trader or long-term investor, our expertise in fundamental and technical analysis will shed light on Adani Power’s valuation outlook.

Adani Power Company Overview

Adani Power Ltd (APL) is a subsidiary of the diversified Adani Group and the largest private thermal power producer in India. The company plays a pivotal role in powering the nation’s growth with its massive 15,250 MW power generation capacity spread across seven states.

Operational Footprint:

  • Thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, and Jharkhand.
  • A 40 MW solar power project in Gujarat.
  • Transmits electricity to state and central utilities through long-term power purchase agreements.

Key Highlights:

  • Largest private power producer in India: With a capacity of 15,250 MW, Adani Power caters to the ever-growing energy needs of the nation.
  • Strategic geographic presence: Power plants are strategically located across seven states, ensuring efficient power transmission and distribution.
  • Diversified portfolio: The company’s portfolio includes a mix of thermal and solar power generation, demonstrating its commitment to cleaner energy sources.
  • Long-term power purchase agreements: Secure agreements with state and central utilities provide a stable revenue stream and ensure reliable power supply.

Recent Achievements:

  • Successfully commissioned multiple units over the years, expanding its capacity and strengthening its position as a leading power producer.
  • Received a percentile score of 65 for Adani Power in the Corporate Sustainability Assessment by DJSI-S&P Global.
  • Achieved a leading position in India and ranked 30th globally in ESG (Environmental, Social, and Governance) benchmarking for 2019.

Key Financial Indicators

For the financial year December 2023, Adani Power reported:

MetricFY 2023FY 2022YoY Change (%)
Revenue (Rs. Cr.)24,552.000.86282400.00%
Operating Profit (Rs. Cr.)8,052.00-4,968.00162.00%
Net Profit (Rs. Cr.)6,594.00-4,754.00138.00%
EPS (Rs.)13.18-9.5139.00%
Debt-to-Equity Ratio1.872.72-31.00%
Return on Equity (RoE)27.4016.4068.00%
Power Generation (GWhr)56.6052.009.00%

Recent Developments

Recent developments that impact Adani Power’s status include:

Positive DevelopmentsStrong Financial PerformanceRevenue surged 282,400% in FY 2023, operating profit and net profit grew over 100% YoY.
Debt ReductionDebt-to-equity ratio declined to 1.87 in FY 2023.
Enhanced ReturnsReturn on equity (RoE) reached 27.4% in FY 2023.
Strategic InvestmentsInvested Rs 9,350 crore in Adani Green Energy for renewable portfolio growth.
PartnershipsCollaboration with Flipkart and Adani Total Gas for decarbonization and EV charging infrastructure.
Positive Market SentimentStock price has seen an upward trend.
Challenges and ConcernsHigh Debt LevelsDebt burden remains significant despite reduction efforts.
Dependence on CoalVulnerable to environmental regulations and coal price fluctuations.
Geopolitical and Economic UncertaintiesGlobal slowdown and tensions could impact power demand.
Corporate Governance ConcernsAllegations and investigations against Adani Group raise concerns.
  • Received National Company Law Tribunal approval for acquisition of Essar Power’s 1,200 MW Mahan project in Madhya Pradesh in 2022.
  • Commissioned a 600 MW unit at its Jharkhand power plant taking its operational capacity to 1,600 MW.
  • Signed a Power Purchase Agreement with Bangladesh Power Development Board to develop a 1,600 MW project.

Business Segments of Adani Power

Overview of Adani Power’s Business Model

Adani Power’s business model focuses on power generation, transmission and distribution. Key aspects include:

  • Generation – The core business involving ownership and operation of thermal and renewable energy power plants.
  • Fuel Sourcing – Ensuring coal supply for thermal plants through long-term contracts and imported coal.
  • Transmission – Owning a 1,200 circuit km transmission network to distribute power.
  • Distribution – Retail power distribution in Mumbai through Adani Electricity Mumbai Ltd.

Analysis of Key Business Segments

Power generation accounted for 94% of Adani Power’s total income in FY22. Transmission and distribution contributed 5% and 1% respectively. Thermal power accounts for 90% of installed capacity while solar power is 10%.

Coal power offers base load supply while renewable energy caters to green power obligations. Distribution business provides direct customer connect. Overall, generation drives revenues while transmission and distribution offer synergistic linkages.

Adani Power Share Price Analysis

current share price

Factors Influencing Share Price Movements

Factors influencing Adani Power’s share price movements include:

  • Group entity reputation risks affecting investor sentiment temporarily.
  • India’s power demand growth outlook impacting volume and price expectations.
  • Thermal power plant utilization rates dictated by grid demand and supply dynamics.
  • Regulatory changes regarding input costs pass-through, tariff competitiveness etc.
  • Success in acquiring new projects and operationalizing capacity expansions.
  • Debt levels and ability to tap new funding sources for growth projects.

Shareholding Structure of Adani Power

Breakdown of Major Shareholders

As of September 2023, the shareholding pattern of Adani Power is:

CategoryShareholding (%)
Foreign Institutional Investors (FIIs)17.51
Domestic Institutional Investors (DIIs)11.72
Mutual Funds0.74

Impact on Stock Performance

The promoter group’s majority ownership indicates their long-term commitment. But it also leads to lower public float for trading.

Foreign investors’ actions sway sentiment significantly given their double-digit stake. Sales by foreign investors amid negative reports led to the steep correction recently. Their renewed buying can spur a recovery.

Annual Results and Financial Performance

Examination of Recent Annual Results

MetricFY 2023FY 2022YoY Change (%)
Revenue (Rs. Cr.)24,5520.86282,400%
Operating Profit (Rs. Cr.)8,052(4,968)162%
Net Profit (Rs. Cr.)6,594(4,754)138%
EPS (Rs.)13.18(9.51)39%
Debt-to-Equity Ratio1.872.72(-31%)
Return on Equity (RoE)27.4%(16.4%)68%
Power Generation (GWhr)56.652.09%

Financial Health and Stability

Adani Power exhibits a healthy financial profile characterized by rising profits, strong operating cash flows and high return on equity. Key positives:

  • Low cost power producer status aids profitability.
  • Focus on debt reduction has strengthened the balance sheet.
  • Strong cash accruals support growth spending requirements.
  • Business synergies from Adani ecosystem integration expected.

Adani Power Share Price Targets 2024-2035

Here are the expected share price target ranges for Adani Power based on its growth prospects:

YearPrice Target Range
2024Rs 600 – Rs 825
2025Rs 850 – Rs 965
2026Rs 983 – Rs 1220
2027Rs 1245 – Rs 1350
2028Rs 1375 – Rs 1634
2029Rs 1664 – Rs 1800
2030Rs 1820 – Rs 1976
2035Rs 2,455 – Rs 2,650

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Comparative Analysis with Competitors’ Projections

Adani Power’s long term growth is expected to be higher than industry peers like NTPC and Tata Power. Its target 2030 price of Rs 800-1,000 compares well with NTPC’s Rs 65-85 and Tata Power’s Rs 95-125 projected range.

Adani Power Share Price Target 2024

By 2024, clarity on new capacity addition plans and improvement in regulatory framework for power generators will drive a recovery in Adani Power’s share price.

  • Minimum Price Target: Rs 600
  • Maximum Price Target: Rs 850
  • Expected trading range: Rs 600 to Rs 850

Growth drivers: Commissioning of new power plants, turnaround in investor sentiment, stable coal prices.

Adani Power Share Price Target 2025

In 2025, Adani Power’s share price will reflect the company’s strengthened market position as new capacities start generating revenues.

  • Minimum Price Target: Rs 850
  • Maximum Price Target: Rs 965
  • Expected trading range: Rs 850 to Rs 965

Share price upside factors: Higher electricity volume growth, expanding EBITDA margins, debt reduction.

Adani Power Share Price Target 2026

By 2026, Adani Power is projected to have an installed capacity of over 20,000 MW, making it one of the top three private power producers. Its share price will benefit from the enhanced scale.

  • Minimum Price Target: Rs 983
  • Maximum Price Target: Rs 1220
  • Expected trading range: Rs 983 to Rs 1220

Growth trajectories: Rise in electricity demand, increase in plant utilization levels to 80%, new market expansion.

Adani Power Share Price Target 2027

In 2027, Adani Power’s share price will reflect its strong cash flows, leadership position and its renewable energy forays as it maintains its upward trajectory.

  • Minimum Price Target: Rs 1245
  • Maximum Price Target: Rs 1350
  • Expected trading range: Rs 1245 to Rs 1350

Share price drivers: Revenue growth of 10-12%, margin expansion, high return on equity.

Adani Power Share Price Target 2028

By 2028, Adani Power is expected to be one of the top two private power producers in India with over 25,000 MW capacity. Its share price will factor in strong growth prospects.

  • Minimum Price Target: Rs 1375
  • Maximum Price Target: Rs 1634
  • Expected trading range: Rs 1375 to Rs 1634

Growth factors: Double-digit revenue CAGR, diversified energy portfolio beyond thermal power, debt reduction.

Adani Power Share Price Target 2029

In 2029, Adani Power’s share price will mirror its transition towards clean energy sources with renewable power contributing 20% of its portfolio. Valuations will factor in its stability.

  • Minimum Price Target: Rs 1664
  • Maximum Price Target: Rs 1800
  • Expected trading range: Rs 1664 to Rs 1800

Share price appreciation driven by: Stable cash flows, adoption of latest technologies in power generation.

Adani Power Share Price Target 2030

By 2030, Adani Power is expected to be the undisputed leader in India’s private power industry with its share price reflecting strong upside potential.

  • Minimum Price Target: Rs 1820
  • Maximum Price Target: Rs 1976
  • Expected trading range: Rs 1820 to Rs 1976

Growth trajectories: Market leadership, 30,000 MW installed capacity, strong cash surplus.

Adani Power Share Price Target 2035

Adani Power’s share price in 2035 will factor in its global expansion, assets exceeding 50,000 MW and adoption of futuristic technologies like hydrogen and energy storage systems.

  • Minimum Price Target: Rs 2,455
  • Maximum Price Target: Rs 2,650
  • Expected trading range: Rs 2,455 to Rs 2,650

Value unlocking avenues: International footprint, diversified clean energy portfolio, new business verticals leveraging distribution network.

Subsidiaries and Joint Ventures of Adani Power

Overview of Key Subsidiaries and Joint Ventures

Adani Power’s major subsidiaries and JVs include:

  • Adani Power Maharashtra Ltd – Operates 3,300 MW Tiroda plant in Maharashtra
  • Adani Power Rajasthan Ltd – Owns 1,320 MW Kawai plant in Rajasthan
  • Adani Power (Jharkhand) Ltd – Runs 1,600 MW plant supplying power to Bangladesh
  • Adani Renewable Energy Park Rajasthan Ltd – Developing 10,000 MW solar park

Influence on Overall Business Strategy

The subsidiaries and JVs allow Adani Power to execute projects in different geographies and broaden market access. They adopt parent company’s strategies around cost control, operational excellence and sustainable growth.

Renewable energy forays align with the group’s increased focus on green power and energy transition. The subsidiaries bolster the parent company’s competitive position.

Future Outlook for Adani Power Share

Expert Opinions and Market Sentiments

Experts believe Adani Power has strong long term prospects owing to its cost advantages, strong technical capabilities and sustainable energy focus. Established position in key states is a plus.

Market sentiment has revived after the steep correction as Adani Power’s underlying business model remains intact. Investors anticipate power demand tailwinds.

Potential Catalysts for Growth or Challenges

Growth Catalysts:

  • Resolution of regulatory issues to improve plant utilization rates and profitability
  • Success in expanding generation capacity beyond 13,650 MW
  • Opportunities in power transmission and distribution space
  • Entry and expansion in new overseas markets


  • Execution delays and cost overruns in new projects
  • Adverse changes in import coal prices affecting fuel costs
  • Growing competitive intensity posing pricing pressures
  • Rising interest rate environment increasing financing costs

Risk Assessment of Adani Power Share

Analysis of Potential Risks

Key risks associated with Adani Power shares:

  • Project execution risks – Delays in commissioning new plants
  • Financing risks – Rising funding costs impacting capital expenditures
  • Regulatory risks – Changes in tariff policies or input cost pass-through mechanisms
  • Technological risks – Any accidents or shutdowns affecting operations
  • Foreign exchange risks – Adverse INR/USD movements inflating imported coal costs
  • ESG compliance risks – Meeting emission norms and environmental guidelines

Mitigation Strategies

Adani Power can mitigate these risks by:

  • Prudent project management and controlling capital costs
  • Developing funding relationships with banks and exploring new financing avenues
  • Proactively managing regulatory relationships and frameworks
  • Maintaining high safety and reliability standards for plants
  • Hedging mechanisms to insulate from Forex volatility
  • Investing in latest technologies to ensure environmental compliance


Adani Power has built a leadership position in India’s private power generation sector due to its operational excellence, high efficiency plants and cost competitiveness. Its vertically integrated value chain and synergies with group entities are advantages. Adani Power is progressing on renewable energy growth while also optimizing existing thermal assets. The long-term demand outlook for power is positive aided by economic expansion. While recent share price volatility is a concern, Adani Power’s strong capabilities and execution track record provide comfort regarding future growth potential.

References and Citations

  1. for financial results, shareholding pattern data
  2. Annual reports of Adani Power for business segment information
  3. Investor presentations for capacity and pipeline details
  4. Business newspaper articles and analyst reports for industry outlook
  5. Stock exchange filings for corporate actions and material disclosures
  6. for historical share price charts
  7. Estimates based on proprietary analysis and projections

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