Adani Power wins big nods from Street
Global brokerages Morgan Stanley, Jefferies, and Cantor Fitzgerald kept positive ratings on Adani Power Limited after its strong September quarter results and raised their price targets on Friday. Morgan Stanley maintained an Overweight rating with a target of Rs 163.60, citing solid project execution and healthy receivables. Jefferies held its Buy rating and lifted its target to Rs 195 from Rs 138, arguing Adani Power deserves a premium over NTPC due to higher margins and growth. Cantor Fitzgerald also stayed Overweight and boosted its target by 32 percent to Rs 184, pointing to expanding power purchase agreements and clear earnings visibility.
Adani Power reported consolidated revenue of Rs 13,106 crore and EBITDA of Rs 6,001 crore for the quarter, with power sales up 7.4 percent despite monsoon disruptions. Its PPA pipeline now totals 22 GW, with 14.5 GW already secured. The company aims to reach 42 GW capacity by 2031-32 and has secured land and equipment for 23.7 GW of new projects. CEO SB Khyalia said strong profitability and liquidity support this expansion.
