Adani Power Shares Hit 52-Week High on Stock Split, Positive Outlook

Shares of Adani Power surged to a 52-week high of ₹168.90 on the BSE on Monday, marking an intraday rally of 19%, amid heavy trading volumes in an otherwise subdued market. Over the past two trading sessions, the stock has jumped 34%, nearing its all-time high of ₹179.35 reached on June 3, 2024.

By 10:03 AM, the stock was trading 17% higher at ₹165.40, compared with a marginal 0.13% decline in the BSE Sensex. Combined trading volumes on NSE and BSE reached 76.07 million shares, highlighting strong investor interest.

Impact of Stock Split

The surge followed the company’s 1:5 stock split, reducing the face value from ₹10 to ₹2. The record date for the split was September 22, 2025. Adani Power explained that the split aims to improve liquidity, making shares more affordable and encouraging participation from retail investors.

Adani Power’s Business and Growth Outlook

Adani Power is India’s largest independent power producer (IPP) and the second-largest thermal developer after NTPC, with a market share of 8% across coal capacity and generation. The company operates 12 thermal power plants across Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, with an installed capacity of 18,110 MW, in addition to a 40 MW solar plant in Gujarat.

The firm is implementing India’s largest private-sector capex program to meet rising base load demand. By 2031-32, Adani Power aims to increase its total generation capacity to 41.87 GW, more than double its current operating capacity of 18.15 GW.

Positive Regulatory Developments

On September 18, 2025, the Securities and Exchange Board of India (SEBI) closed proceedings against Adani Group companies, Chairman Gautam Adani, and associated entities over allegations of fund diversion, related-party transaction violations, and fraud. SEBI’s investigation found no evidence of stock manipulation or accounting irregularities raised by Hindenburg Research, marking a significant legal and reputational win for the group.

Global Broker Support

Global brokerage Morgan Stanley initiated coverage on Adani Power with an ‘Overweight’ rating, assigning a target price of ₹163.6 (post-stock split). The brokerage highlighted the company’s improving market share and favorable regulatory resolutions as key growth drivers.

Morgan Stanley noted that India’s energy demand is growing due to increased manufacturing, data center expansion, and urban mobility projects, including metro rail and electric vehicles. Adani Power’s market share is expected to rise from 8% currently to 15% by FY32, supported by a 41.87 GW portfolio.

Strong Financial Position

Morgan Stanley also emphasized Adani Power’s strong balance sheet, with a net debt-to-EBITDA ratio of 1.5x as of FY25, among the lowest in its coverage. The ratio is expected to peak at 3.2x by FY31. The brokerage forecasts a 17% compound annual growth rate (CAGR) in earnings from FY25 to FY33, with additional upside potential if merchant portfolio profitability improves.

Investor Sentiment

The combination of a stock split, strong volumes, favorable regulatory outcomes, and positive broker coverage has fueled investor optimism, driving Adani Power shares to a 52-week high. Analysts expect sustained interest from both retail and institutional investors as the company continues to expand its capacity and strengthen its market position.