Adani Power shares near record high after 34% rise in 2 days; rally decoded

Adani Power stock split today: Shares of the Adani Group company turned ex-date for stock split in the ratio of 1:5

Adani Power stock price today

 

Adani Power shares hit a new 52-week high of ₹168.90 on the BSE on Monday after they rallied 19 per cent in today's intraday trade, amid heavy volumes, in an otherwise subdued market.

 

In the past two trading days, the stock price of Adani Group's power generation company has zoomed 34 per cent. It is quoting close to its all-time high level of ₹179.35, touched on June 3, 2024.

 

At 10:03 AM, Adani Power shares were trading 17 per cent higher at ₹165.40 as compared to a 0.13 per cent decline in the BSE Sensex. The counter saw huge trading volumes with a combined 76.07 million equity shares changing hands on the NSE and BSE till the time of writing this report.  CATCH STOCK MARKET LATEST UPDATES LIVE

What's driving the Adani Power stock price?

 

Shares of Adani Power turned ex-date for stock split today in the ratio of 1:5 i.e. from a face value of ₹10 to ₹2. The company had fixed Monday, September 22, 2025 as the "Record Date" for the purpose of determining the eligibility of shareholders for sub-division / split.

 

The rationale behind the stock split is to enhance the liquidity of the company's equity shares by encouraging participation of retail investors as the split will make the shares more affordable to invest, Adani Power said.

Adani Power business outlook

Adani Power has an installed thermal power capacity of 18,110 megawatt (Mw), spread across twelve power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40 Mw solar power plant in Gujarat.

 

Moreover, Adani Power is implementing India's largest private sector capex programme to secure India's growing base load demand. It has a current operating capacity of 18.15 Gw from 12 thermal power plants (TPP) and is aiming to achieve an overall generation capacity of 41.87 Gw by 2031-32.

 

Meanwhile, on September 18, 2025, the Securities and Exchange Board of India (Sebi) closed proceedings against Adani group companies, Group Chairman Gautam Adani, and associated entities facing accusations of fund diversion, violations of related-party transactions (RPTs), and fraud.

 

The market regulator has concluded its investigation into the Group, dismissing all allegations of stock manipulation and accounting irregularities raised by Hindenburg Research. The regulator found no evidence to substantiate the claims, marking a decisive legal and reputational win for the Adani group.

 

In another positive development, global brokerage Morgan Stanley has initiated coverage on Adani Power stock with an 'Overweight' rating, citing its improving market share and favourable regulatory resolutions. The global brokerage assigned a share target price of ₹163.6 per share (adjusted to stock split) under the base case.

 

"India's energy dynamics are changing and the future of energy will change materially aside from energy demand for increased manufacturing and consumption given rising disposable income. We are now seeing multiple new demand drivers such as increased data centre capacities (powering AI demand), increased local manufacturing in critical sectors such as semiconductors and defense, and urban mobility solutions (metro rail, electric buses and vehicles)," Morgan Stanley said.

 

Adani Power is India's largest independent power producer (IPP) and second-largest thermal developer (after NTPC) with a market share of 8 per cent across both coal capacity and generation. Morgan Stanley forecasts its market share to reach 15 per cent by F32 with a 41.87 Gw portfolio (2.5x vs F25).

 

"We look for a 17 per cent earnings compound annual growth rate (CAGR), F25-33, but see upside potential if Adani Power's merchant portfolio falls from 20 per cent currently and profitability in its recently acquired 2.9 Gw power plants improves. Adani Power has a strong balance sheet with net-debt-to-Ebitda of 1.5x as of F25, amongst the lowest in our coverage. We expect net-debt-to-Ebitda to peak at 3.2x by F31," Morgan Stanley said.