Adani Power shares have 29% upside, Morgan Stanley says citing turnaround
Published on 19/09/2025 08:09 AM
Adani Power shares have 29% upside, Morgan Stanley says citing turnaroundMorgan Stanley has forecast that Adani Power's capacity and earnings before interest, taxes, depreciation and amortisation (EBITDA) will rise 2.5 times and 3 times by the financial year 2033, respectively.By Shloka Badkar September 19, 2025, 8:09:47 AM IST (Published)2 Min ReadShares of Adani Power Ltd. are in focus on Friday, September 19, after brokerage firm Morgan Stanley initiated coverage on the stock, projecting an upside of 29% from its previous closing price.
Morgan Stanley has initiated coverage on the stock, with an "overweight" rating and a price target of ₹818 per share. The stock ended the previous session at ₹633.5 apiece.
The brokerage said Adani power is a good illustration of a turnaround in India's corporate history, with resolution on most regulatory issues and multiple value-accretive acquisitions.
Morgan Stanley said the company will deliver strong earnings growth, driven by the timely completion of projects and power purchase agreement (PPA) wins in the medium-term.
It also forecast that the company's capacity and earnings before interest, taxes, depreciation and amortisation (EBITDA) will rise 2.5 times and 3 times by the financial year 2033, respectively.
New coal Power Purchase Agreements (PPAs) should improve investor confidence in earnings power, Morgan Stanley said.
All five analysts that have coverage on shares of Adani Power have "buy" recommendations on the stock.
Adani Group stocks, including Adani Power are also in focus after market regulator Securities and Exchange Board of India (SEBI) gave a clean chit to the Group and its top executives on some allegations made by short seller Hindenburg Research, as it found no violation of laws, fraudulent practices, market manipulation or insider trading.
Shares of Adani Power ended the previous session 0.5% up. The stock has gained 21.6% in the last six months.
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