Antique Initiates 'Buy' on Adani Power, Sees 30% Upside

• Antique initiates 'buy' coverage on Adani Power with a target price of Rs 187, projecting up to 30% upside.
• The brokerage anticipates a multi-year earnings upcycle, driven by a 2.3x capacity expansion to 41.9 GW by FY33E.
• Adani Power secured a 70% share in ongoing state thermal power purchase agreement awards, with 67% of its 41.9 GW portfolio tied under long-term PPAs.
• Antique forecasts FY25-32E revenue/EBITDA/PAT CAGRs at 16%/19%/17% respectively, citing attractive valuation at 15x EV/EBITDA FY26E.

Why It Matters: Antique's 'buy' rating signals potential 30% upside for Adani Power investors.