JM Financial has initiated coverage on Adani Power with a Buy rating, positioning the company as a key beneficiary of India's expanding power demand landscape. The brokerage has set a target price of ₹178 per share, representing approximately 20% upside from current levels and valuing the stock at 13 times fiscal 2028 EV/EBITDA.

Strong Market Position and Growth Trajectory

Adani Power has established itself as India's largest private sector thermal power producer, with current installed capacity reaching 18.10GW. The company's capacity portfolio comprises 10.80GW of organic capacity and 7.30GW added through strategic acquisitions. The company has set ambitious expansion targets, aiming to reach 41.90GW by fiscal 2032.

Power Demand Growth Projections

JM Financial's bullish outlook is anchored on India's substantial power demand growth trajectory. Peak power demand is projected to rise significantly across multiple time horizons, with thermal power expected to remain indispensable for grid reliability as renewable energy's variable nature increases.

Operational Excellence and Execution Capabilities

The company demonstrates strong operational metrics with plant load factor of approximately 71.00% and plant availability factor of about 91.00%. JM Financial highlights Adani Power's execution capabilities, noting industry benchmarks including synchronization of 4,620MW capacity at Mundra within 36 months. The company's early equipment pre-ordering strategy reduces execution risks and improves project timelines.

Financial Projections and Investment Requirements

JM Financial expects significant profitability improvements, with EBITDA per MW projected to increase from approximately ₹1.30 crore in fiscal 2025 to around ₹1.80 crore by financial year 2032. The expansion program requires substantial capital investment of around ₹2 trillion over financial year 2025-2032.

Leverage and Debt Management

The aggressive expansion program will impact the company's leverage profile. Net debt-to-EBITDA is expected to rise from current levels of about 1.60 times in financial year 2025 to around 3.00 times by fiscal 2029, before moderating to approximately 1.60 times by fiscal 2031 as new capacities become operational and cash flows improve.

JM Financial's valuation methodology reflects confidence in the company's execution capabilities and improving EBITDA per MW metrics, warranting a premium to the historical trading multiple of around 10 times trailing EV/EBITDA over the past five years.

Adani Power Limited has formally notified the stock exchanges about its upcoming board meeting scheduled for January 29, 2026, where directors will review and approve the company's third-quarter financial results. The meeting will focus on the unaudited financial results for both the quarter and nine months ended December 31, 2025.

Board Meeting Details

The company has communicated to both BSE Limited and National Stock Exchange of India Limited regarding the board meeting under Regulation 29 of the SEBI Listing Regulations. The notification was signed by Company Secretary Deepak S Pandya on January 7, 2026, from the company's corporate headquarters in Ahmedabad.

Trading Window Restrictions

In compliance with the company's Code of Conduct for Prevention of Insider Trading, Adani Power Limited has implemented a trading window closure for its securities. The restriction period began on January 1, 2026, and will continue until 48 hours after the financial results are declared and made public following the board meeting conclusion.

The company has already informed its designated persons and stock exchanges about this trading window closure period, ensuring adherence to insider trading prevention regulations.

Post-Results Conference Call

Following the board meeting, Adani Power Limited will host a post-results conference call with investors on January 29, 2026. This conference call will provide stakeholders with detailed insights into the company's financial performance for the quarter and nine months ended December 31, 2025.

Regulatory Compliance

The announcement fulfills the company's obligations under Regulation 30 of the SEBI Listing Regulations. All relevant information regarding the board meeting and conference call will be made available on the company's official website at www.adanipower.com , ensuring transparent communication with stakeholders and the investment community.