IIFL initiates coverage on Adani Power with target price at Rs 240, estimates EBITDA to quadruple by FY33-35E

IIFL has initiated coverage on Adani Power with a Buy rating and a SoTP-based 12-month target price of Rs 240 per share, implying an FY28E EV/EBITDA of 20x versus the coverage median of 11.1x. The brokerage projects EBITDA to quadruple by FY33-35E with a 20% EBITDA CAGR over FY26-29E, supported by 23.7GW of new ultra-supercritical thermal capacity being added to the existing 18.2GW base, with PPAs already secured for 56% of the pipeline. Free cash flow from operations is expected to rise from Rs 170 billion in FY26 to Rs 570 billion on full portfolio buildout, with growth optionality from nuclear (10GW by 2035), hydro (5GW JV with Druk Green), and C&I power supply forays.