Adani Power hits 11-month high, rallies 6% in 2 days; here's why

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Adani Power share price today

 

Shares of Adani Power hit a 11-month high of ₹648.30, gaining 2 per cent on the BSE in Tuesday's intra-day trade. In the past two trading days, the stock price of Gautam Adani Group integrated power utilities company has rallied 6 per cent after the company won a 570 MW hydro power plant order from the Druk Green Power Corp. Ltd (DGPC), Bhutan Power Utility. 

 

Currently, the stock trades at its highest level since October 9, 2024. It had hit a 52-week high of ₹681.30 on September 16, 2024.

 

In the past one month, Adani Power has outperformed the market by surging 12 per cent, as compared to 0.56 per cent rise in the BSE Sensex and 1.3 per cent decline in BSE Power index.

 

What's driving Adani Power stock price?

 

On Saturday, September 6, 2025, Adani Power announced that the company won a 570 MW hydro power plant order from DGPC, Bhutan Power Utility. The project will be set up in Wangchhu, Bhutan. Adani Power will develop the plant in a 49:51 ownership mix with DGDC. 

 

The Wangchhu project will see an investment of about ₹6,000 crore in setting up the renewable energy power plant and related infrastructures. With the preparation of the detailed project report already completed, construction work is expected to begin by the first half of 2026, and the completion is targeted within five years of groundbreaking, Adani Power said in an exchange filing.

 

Meanwhile, in separate exchange filing on September 5, Adani power said the company fixed September 22, 2025 as the ‘Record Date’ for the purpose of determining the eligibility of shareholders for sub-division / split in the ratio of 1:5 i.e. splitting of face value of ₹10 per share to ₹2 per share.

 

State discoms are in the process of floating power purchase agreements (PPAs). As a result, analysts at ICICI Securities expect new tenders from state discoms to improve the outlook of the upcoming untied capacity. In June 2025 quarter (Q1); Adani Power had also placed an additional 4.8GW turbine order, signalling its plans for new capacity addition beyond 31GW.

 

Adani is looking to expand its current capacity from 18GW to 31GW. It has also placed an additional turbine order for 4.8GW. It also tied up an additional 1.6GW PPA during the quarter at an attractive rate, taking the total PPA signed capacity to ~4.5GW for UC plants, the brokerage firm said in the Q1 result update. It maintains a ‘Buy’ rating on the stock with a target price of ₹ 669 per share.

 

Sector outlook

 

India’s Energy Sector is the largest macro-Investment Opportunity, Adani Energy Businesses best positioned to play this theme.

 

Despite the growing share of renewable energy, the stability and reliability of conventional power generation remain key to meeting the country’s electricity demand, ensuring uninterrupted supply amidst rapid demand growth.

 

Adani Power has signed up new long term and medium term PPAs (total 1600 MW with 2 counter parties) over the past 12-18 months, resulting in tying up of 84 per cent of its total 18.1 GW capacity, post competition of acquisition of Vidarbha Industries Power Ltd (VIPL) which operates a 600MW power plant. Similarly, 57 per cent of the total fuel requirement (81 per cent of domestic fuel) is now backed by fuel supply arrangements (FSAs) as compared to 50 per cent a year ago, thereby lending higher certainty to revenue and profitability of the company, according to Crisil Ratings.

 

The business and financial risk profile of Adani Power is expected to be supported by sustaining of healthy operational performance over the medium term on account of healthy power demand, remunerative tariffs for most capacities tied up under long term PPA and assured supply of captive or linkage fuel, the rating agency said in its rationale.