Morgan Stanley Backs Adani Power with ‘Overweight’ Rating, Sees 30% Upside

Global brokerage Morgan Stanley has initiated coverage on Adani Power (APL) with an ‘overweight’ rating and a target price of ₹818, implying nearly 30% upside from its last close of ₹631.35. The firm called APL a “good illustration of turnaround in India’s corporate history”, making it its top pick among utilities. The call follows SEBI’s recent clean chit to Gautam Adani and his group in the Hindenburg case. Growth outlook: Capacity expected to rise 2.5x by FY33 EBITDA to jump 3x over the same period Strong balance sheet (FY25 net debt/EBITDA: 1.5x) to support US$27 bn capex, with 60–65% met via internal accruals Key strengths cited: strategic acquisitions, robust execution track record, land availability, early equipment orders, and industry-leading return ratios. On September 19, Adani Power stock surged 13% to ₹716.10, extending gains of 18% in one month and 37% in six months. #AdaniPower #MorganStanley #StockMarket #EnergySector #PowerStocks