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ICICI Securities Report
Domestic brokerage ICICI Securities has reiterated its 'Add' rating on Adani Power Ltd. and maintained its target price at Rs 233, valuing the stock at 16x FY28E Ebitda.
Adani Power Q1 Results Highlights
Adani Power reported a good quarter with Ebitda at Rs 6,700 crore (+16% YoY), driven by increased generation and improved realisation.
Realisation for power purchase agreement/merchant-based units increased 8%/13% YoY in Q1 FY27.
Generation increased by 17% YoY to 28.7 billion units on the back of improved demand, which led to improved offtake under PPAs.
Plant load factor stood at 78% vs 67% YoY. Note that ~1.2GW of additional capacity was tied up with PPAs compared to last year.
Over the last few quarters, Adani has won a fair share of long-term PPAs, reducing merchant capacity to merely 5% vs 20% YoY. Moreover, during the quarter, it acquired a minority stake in 2.2GW Jai Prakash Ventures (JPVL), with an optionality to scale up via stake increases and capacity additions.
Key risk: Delay in capacity commissioning.
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