Adani Power Share Price Hits 52-Week High as Jefferies Raises Target to Rs 255 After Q4 PAT Jumps 64 Percent and Capacity Reaches 18150 MW

Adani Power share price surged 5.45% to hit a 52-week high of Rs 234 on May 4, 2026, pushing its market capitalisation to Rs 4.5 lakh crore and making it India’s 12th most valued company. Jefferies raised its target on Adani Power share price to Rs 255 (from a previous level), based on 20 times FY28E, citing rising power demand and healthy growth prospects for the next 3 to 4 years. Alongside, Jefferies also raised its Adani Ports target to Rs 1,765 and revised targets on Adani Enterprises in a multi-stock upgrade note on the Adani group.

The Adani Power share price rally comes on the back of the company’s Q4 FY26 results: net profit rose 64.3% year on year to Rs 4,271 crore on revenue that remained largely flat at Rs 14,223 crore, while EBITDA surged 27.15% to Rs 6,598.47 crore with margins at a healthy 33.27%. Installed capacity reached 18,150 MW at the end of Q4 FY26, with management targeting 31 GW by 2030 and 42 GW by 2032. Adani Power share price has surged approximately 57% in 2026 so far and approximately 45% in April alone.

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Jefferies Raises Adani Power Share Price Target to Rs 255

Jefferies’ target upgrade on Adani Power share price to Rs 255, based on 20 times FY28 estimated EV/EBITDA (raised from 17.5 times previously), reflects the brokerage’s view that near-term earnings are more visible than the market had expected. The Q4 FY26 EBITDA of Rs 6,598 crore came in approximately 7% ahead of Jefferies’ estimate, driven by better-than-expected realisation rates and higher plant load factors. The brokerage notes that thermal tariff power purchase agreements have been signed at close to Rs 6 per unit, leading to better profitability visibility for FY28 to FY30.

Capacity Expansion Plan Behind Adani Power Share Price Re-Rating

Management’s capacity roadmap from 18,150 MW to 31 GW by 2030 and 42 GW by 2032 is the multi-year growth driver behind the Adani Power share price. This implies nearly doubling capacity from current levels in four years and then adding another 11 GW in the following two years. India’s power demand is growing at 6 to 8% annually driven by industrial expansion, air conditioning penetration, and the electric vehicle charging infrastructure being built nationwide. Adani Power’s long-term contracted capacity additions are directly aligned with this structural demand growth.

Jefferies Also Raises Adani Ports Share Price Target to Rs 1765

Alongside Adani Power, Jefferies raised its Adani Ports share price target to Rs 1,765 from Rs 1,700, maintaining a Buy rating, based on 17 times June 2027 EV/EBITDA in line with the company’s 16.5 times historical average. Jefferies estimates a 12% CAGR in port volumes from FY25 to FY30, led by organic growth in domestic ports and increased international volumes. Adani Ports share price jumped 5.5% to Rs 1,748.60 on May 4, with market cap hitting Rs 4 lakh crore. The company plans approximately Rs 70,000 crore in capex between FY26 and FY29, targeting 1 billion tonnes of cargo volume by 2030.

Adani Group Broader Market Rally on May 4

The Adani group stocks broadly participated in the May 4 rally. Adani Enterprises surged 4.45% to Rs 2,515 (market cap Rs 3.25 lakh crore). Adani Ports jumped 5.5% to Rs 1,748.60 (market cap Rs 4 lakh crore). Adani Power hit a 52-week high at Rs 234 (market cap Rs 4.5 lakh crore). The BJP West Bengal election win context added a political tailwind for Adani group stocks, as the group’s infrastructure investments in eastern India have historically benefited from supportive state government policy. Promoters hold 74.96% stake in Adani Power, with FPIs at 11.75% and retail investors at 5.4%.

Risks to Adani Power Share Price at Current Valuation

Adani Power share price at Rs 234 represents a significant rerating from levels seen 12 months ago. Key risks include: renewable energy growth threatening demand for thermal power in the medium term as solar and wind capacity additions accelerate; regulatory changes in electricity tariff policy that could affect long-term PPA pricing; and any slowdown in industrial demand that reduces commercial power consumption. The upcoming 1,600 MW long-term PPA from Maharashtra distribution utility is a positive but needs to be watched for tariff realisation.

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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Consult a SEBI-registered financial advisor before making any investment decisions.

Frequently Asked Questions

Why did Adani Power share price hit 52-week high on May 4?

Adani Power share price hit a 52-week high of Rs 234 after Q4 FY26 PAT surged 64.3% to Rs 4,271 crore and Jefferies raised its target to Rs 255 (20x FY28E). EBITDA of Rs 6,598 crore (+27.15%) beat estimates by 7%, while installed capacity reached 18,150 MW with a credible roadmap to 31 GW by 2030.

What is Jefferies’ target for Adani Power share price?

Jefferies raised its Adani Power share price target to Rs 255, based on 20 times FY28E EV/EBITDA (raised from 17.5x), citing rising power demand, healthy growth prospects for 3 to 4 years, and near-term earnings visibility from thermal PPA signings at close to Rs 6 per unit.

Why did Jefferies raise Adani Ports share price target?

Jefferies raised the Adani Ports share price target to Rs 1,765 from Rs 1,700, based on 17x June 2027 EV/EBITDA. The brokerage estimates 12% CAGR in port volumes from FY25 to FY30, driven by domestic port growth and increasing international volumes across Tanzania, Gopalpur, Vizhinjam, and Colombo West Container Terminal.

Is Adani Power a good investment after the 57% YTD rally?

Adani Power share price has delivered 57% in 2026 and approximately 45% in April alone, which raises valuation concerns. The Jefferies target of Rs 255 implies modest upside from current Rs 234 levels. Long-term capacity expansion to 31 GW by 2030 is the structural bull case. Key risks are renewable energy substitution and tariff regulation. Consult a SEBI-registered financial advisor before investing.

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