IIFL has started coverage on Adani Power, issuing a Buy rating and setting a target price of Rs 240. The brokerage projects that EBITDA will increase fourfold by FY33-35E, driven by the company’s expansion plans. Adani Power is adding substantial new coal-based capacity to grow its operations. Operating free cash flow is anticipated to increase significantly once the portfolio expansion is complete. The firm also intends to explore opportunities in nuclear and hydro power in the future.
