“IIFL initiates 'Buy' on Adani Power with a 12-month target price of ₹240, forecasting EBITDA to quadruple by FY33-35E and a 20% EBITDA CAGR over FY26-29E. This is driven by a large growth pipeline of 23.7GW new coal capacity, industry-leading execution, and planned ventures into nuclear and hydro power, despite the stock trading at a rich 4.6x FY28E P/BV.”