Adani Power shares may rally 18%, positioned as a pure play in India’s thermal power space: InCred Equities

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InCred gives Adani Power an 'add' rating with Rs 649 target.
Plans to expand capacity to 30.67 GW by FY30.
FY25 revenue at Rs 564 bn; debt reduction planned.
Risks: project delays, weak merchant rates, discom dues.

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