Adani Power Jumps After ₹26,500 Crore Bihar Mega Deal — SEBI Analyst Sees Up To 40% Upside

Adani Power shares rose on Monday after the company announced a 25-year power supply agreement with the Bihar State Power Generation Company Ltd. (BSPGCL) for 2,400 MW of electricity from a new greenfield ultra supercritical thermal power plant at Pirpainti in Bhagalpur district.

The ₹26,500 crore ($3 billion) project will comprise three units of 800 MW each, secured at the lowest tariff of ₹6.075 per unit. The Letter of Award was issued in August by BSPGCL on behalf of the state’s two distribution companies. 

Coal will be sourced under the Government of India’s SHAKTI Policy. The plant is expected to generate 10,000–12,000 jobs during construction and about 3,000 once operational. Adani Power has set a 60-month commissioning target.

Technical Outlook

SEBI-registered analyst Deepak Pal said Adani Power has given a clear breakout above its key moving averages, with the Parabolic SAR confirming buyers remain in control. 

The relative strength index (RSI) at 66 indicates strong momentum, while moving average convergence divergence (MACD) is in bullish mode. 

Pal flagged resistance at ₹670–680, with potential for the stock to move toward ₹715–730 and even ₹780–800 if momentum sustains. On the downside, he pointed to ₹610–620 as immediate support and ₹570 as a strong base.

What Should Traders Do?

Pal added that in the short term, as long as the stock holds above ₹620, it could advance toward ₹670–700. Some profit booking may occur near resistance, but overall the trend remains positive. 

In the medium term, with the stock split and new project announcements, investor interest is likely to stay firm. If the stock sustains above ₹680–700, he sees the next target zone at ₹750–780, with dips near ₹620–640 offering buying opportunities.

Over a 6–12 month horizon, Pal said Adani Power’s upcoming Bihar project and capacity expansion provide strong growth visibility. 

If execution remains on track, the stock could move toward ₹850–900+, with ₹570 acting as a long-term base support.

Recent News Triggers 

Adani Power also announced a 1:5 stock split with a record date of September 22, which is expected to improve liquidity. 

Separately, the company has secured approvals to add 800 MW of thermal capacity, further boosting its position in the energy sector.

What Is The Retail Mood?

On Stocktwits, retail sentiment was ‘bullish’ amid ‘high’ message volume.

Adani Power’s stock has risen 23.8% so far in 2025.

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