New Delhi, Oct. 11 -- Adani Power shares have gained 27% so far in 2026, and domestic brokerage Elara Capital has initiated coverage on the stock with an 'Accumulate' rating and a target price of Rs.220, implying an upside of over 16% from its closing price of Rs.189 on the BSE on Friday, 9 October.

In its coverage initiation report, Elara Capital said the company offers strong medium-term growth visibility, supported by a substantial capacity expansion pipeline, increasing long-term power purchase agreement (PPA) coverage and opportunities in the merchant power market. However, the brokerage cautioned that much of the company's growth potential is already reflected in its current valuation.

Elara Capital has set its target price at Rs....