“IIFL Capital initiates coverage on Adani Power with a 'buy' rating and a 12-month target price of ₹240, implying a 9% upside. The firm expects Adani Power to quadruple EBITDA by FY33-35E, driven by its strategy of capturing countercyclical arbitrage in asset creation, a large growth pipeline, and industry-leading execution. They forecast a 20% EBITDA CAGR over FY26–29E as under-construction projects commission, despite the stock trading at a rich 4.6x FY28E P/BV.”