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

Elara Capital sees thermal power’s role in India’s energy system and Adani Power’s planned capacity growth as supportive of the company’s outlook. It initiated coverage with an Accumulate rating and a ₹220 target price, noting that the shares’ recent gains limit valuation upside.