Adani Power: MS on Adani Power: Overweight, Target Price ₹275 (raised), citing its transformation into a lower-risk annuity-style power business with 24GW under construction backed by PPAs, strong execution track record, superior leverage, 10–30% lower capex costs from pre-ordered equipment, high return-accretive growth, and significant bidding opportunities, though demand weakness, commissioning delays, capex inflation and receivable risks remain key concerns.
Adani Power: MS on Adani Power: Overweight, Target Price ₹275 (raised), citing its transformation into a lower-risk annuity-style power business with 24GW under construction backed by PPAs, strong execution track record, superior leverage, 10–30% lower capex costs from pre-ordered equipment, high return-accretive growth, and significant bidding opportunities, though demand weakness, commissioning delays, capex inflation and receivable risks remain key concerns.