Morgan Stanley has initiated coverage on Adani Power with an overweight rating and a target price of ₹818 per share, implying a potential upside of about 29.1% from the current market price of ₹633.50.
The brokerage described Adani Power as “a good illustration of turnaround in India’s corporate history,” noting that the company has achieved resolution on most regulatory issues and executed multiple value-accretive acquisitions.
Morgan Stanley expects Adani Power to deliver strong earnings growth, supported by the timely completion of ongoing projects and additional wins in medium-term power purchase agreements (PPAs). It forecast the company’s capacity to increase by 2.5 times and EBITDA to rise by 3.0 times by FY2033.
The brokerage added that new coal PPAs should improve investor confidence in the company’s earnings power, further strengthening its growth outlook.
Disclaimer: The views and investment recommendations expressed are those of Morgan Stanley. These do not represent the views of this publication and should not be considered as investment advice. Investors are advised to consult their financial advisors before making any investment decisions.
