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Adani Power’s share price jumped 4.63% to Rs. 637.90 on heavy trading volume.
The company signed a deal with Bhutan’s DGPC for a 570 MW Wangchhu hydro project.
The Rs. 6,000 crore investment will begin construction by 2026, boosting renewable energy expansion.
Adani Power shares gained momentum on September 8 after the company unveiled a major renewable energy project in Bhutan. The stock climbed 4.63 % to trade at Rs. 637.90, reflecting investor optimism over the announcement. The company confirmed that it will develop a 570 MW Wangchhu hydroelectric project in collaboration with Bhutan’s state-owned utility, Druk Green Power Corporation (DGPC).
Gautam Adani, the chairman of Adani Power, announced the news through an X post, stating:
The rally in Adani Power share price came on the back of heavy trading volumes. Over 1.44 crore shares changed hands, compared to the 20-day average volume of about 25.6 lakh shares, signaling strong investor participation. The stock touched an intraday high of Rs. 649.60 and a low of Rs. 614.05, while the VWAP (Volume Weighted Average Price) stood at Rs. 638.48.
Adani Power share price chart on TradingView shows gains of 4.18% as of 1.30 PM:
The company continues to be one of the most significant players in India’s energy sector with a market capitalization of Rs. 2.46 lakh crore. Adani Power stock has gained a lot over the past year, moving from a 52-week low of Rs. 432 to a recent high of Rs. 681.55.
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From a valuation perspective, Adani Power share price trades at a price-to-earnings (PE) ratio of 19.84, which is below the sector PE of 25.99, indicating relative value compared to its peers. However, the trailing twelve-month (TTM) earnings per share (EPS) fell 22.34 % year-on-year to Rs. 32.18.
The price-to-book ratio (P/B) stands at 4.40, while the book value per share is Rs. 145.07. Technical indicators according to Moneycontrol market data show key resistance levels at Rs. 621 and Rs. 627, while support lies near Rs. 603 and Rs. 596, according to classic pivot levels.
The primary driver behind the recent price surge was the company’s announcement of the Bhutan project. On September 6, Adani Power signed a Shareholders Agreement (SHA) with DGPC for setting up the 570 MW Wangchhu hydroelectric project. An in-principle understanding on the Power Purchase Agreement (PPA) was also reached.
The signing ceremony was attended by Bhutan’s Prime Minister, Dasho Tshering Tobgay, and Gautam Adani, Chairman of the Adani Group. This project will be executed on a BOOT (Build, Own, Operate, Transfer) model, which allows Adani Power to manage the project before transferring ownership to Bhutan after a set period.
The Wangchhu project is part of a broader 5,000 MW hydropower development agreement signed between Adani Group and DGPC in May 2025. With an estimated investment of Rs. 6,000 crore, construction is expected to commence in the first half of 2026, with a completion target within five years.
Analysts remain positive on Adani Power shares, with three analysts covering the stock rating it a ‘Buy.’ The company’s focus on renewable and sustainable energy projects positions it well for long-term growth. The move into hydropower also diversifies its energy portfolio, reducing dependence on coal-based generation.
While earnings have shown some decline in the past year, the company’s expansion strategy and partnerships in the international market are expected to support future revenue growth. If the Bhutan project progresses as planned, it could enhance Adani Power’s presence in South Asia’s renewable energy sector.
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1. Why did Adani Power’s share price rise on September 8?
Adani Power’s share price rose because of its announcement to develop a 570 MW hydroelectric project in Bhutan with DGPC. This move signaled growth in renewable energy, improving investor confidence.
2. What is the significance of the Wangchhu hydroelectric project in Bhutan?
The Wangchhu project is a Rs. 6,000 crore renewable energy initiative that strengthens Adani Power’s green portfolio. It will generate 570 MW of clean energy and expand India-Bhutan energy cooperation.
3. How will the Bhutan project impact Adani Power’s long-term growth?
The Bhutan hydroelectric project diversifies Adani Power’s portfolio beyond coal, adds renewable capacity, and supports sustainable growth. It also positions the company as a regional clean energy leader.
4. What are analysts saying about Adani Power stock?
Analysts remain bullish on Adani Power, with three giving it a “Buy” rating. They expect strong long-term growth due to renewable energy expansion and strategic international partnerships.
5. When is the Bhutan project expected to be completed?
Construction for the Wangchhu hydroelectric project is expected to start in the first half of 2026. The completion timeline is set within five years, targeting around 2031.
