Overview
- InCred Equities initiated coverage on Adani Power with an ‘add’ rating and a Rs 649 target, spotlighting its 17.55GW base and aim to grow to 30.67GW by FY30.
- The brokerage highlighted 13.12GW of upcoming projects—including Mahan Phase II, Raipur Phase II and Korba Revival—and secured fuel via four coal mine acquisitions to underpin execution.
- InCred projects an 11% compound annual EBITDA growth for Adani Power over FY25-28, driven by a 70% rise in plant load factor and 87% of capacity under long-term PPAs with fuel cost pass-through.
- Jefferies initiated a ‘buy’ rating on Jindal Stainless with an Rs 800 target, forecasting 10% volume and 21% EPS compound annual growth through FY27 on a resilient balance sheet.
- Macquarie maintained its ‘outperform’ rating on IRCTC with a Rs 900 target, citing strong free cash flow margins and growth drivers in spiritual tourism and air-conditioned rail services.