Adani Power shares up 27% in 2026 but Elara sees 16% more upside - What’s powering stock? Target price

Adani Power shares have risen by 27% in 2023, but Elara Capital sees further upside of 16%. Elara initiated coverage with an 'Accumulate' rating and a target price of ₹220, citing the company's planned capacity growth and the role of thermal power in India's energy system. However, the recent gains in the shares' price limit the valuation upside.