Adani Power‘s plans to more than double generation capacity by FY32, improve power purchase agreement coverage and strengthen cash-flow generation. This has reinforced Jefferies‘ positive view on the stock following a management interaction. The brokerage maintained its ‘Buy’ rating and target price of Rs 255, implying an upside of about 11% from the previous closing price. Jefferies said 56% of the company’s planned 23.7 gigawatts of upcoming capacity is already tied up under long-term power purchase agreements, while management aims to secure agreements for the balance capacity as well. Adani Power: Jefferies expects steady growth The brokerage expects Adani Power Ltd. to deliver a 23% earnings before interest, tax, depreciation and amortisation compound annual growth rate between FY26 -FY30 and turn free cash flow positive by FY30.