Adani Power Limited successfully concluded its 30th Annual General Meeting (AGM) on June 25, 2026, utilizing a video conferencing facility to facilitate shareholder participation. The meeting, which commenced at 2:30 p.m. and concluded at 4:35 p.m., was conducted in accordance with Regulation 30 of the SEBI LODR Regulations. The company provided remote e-voting facilities to shareholders ahead of the meeting, enabling them to cast votes from June 21 to June 24.

Proceedings and Participation

The proceedings of the AGM have been made available on the company's official website. A total of 114 shareholders attended the meeting through the video conferencing mode, comprising 8 from the Promoters and Promoter Group and 106 from the Public category. The total number of shareholders on the record date, which was June 18, 2026, stood at 21,67,958.

Voting and Compliance

Shareholders who had not cast their votes during the remote e-voting period were afforded the opportunity to do so through the e-voting facility available at the AGM via video conferencing. The company confirmed that the detailed voting results, as required under Regulation 44(3) of the SEBI LODR Regulations, will be submitted separately to the exchanges.

Morgan Stanley has initiated coverage on Adani Power with an Overweight rating and a raised target price of ₹275, underscoring the company's strategic transformation into a lower-risk, annuity-style power business. The brokerage's assessment reflects confidence in the company's large-scale capacity pipeline, cost competitiveness, and return-accretive growth profile.

Key Investment Highlights

Morgan Stanley's bullish stance is anchored in several structural positives that distinguish Adani Power within the Indian power sector. The following table summarises the key factors cited by the brokerage:

The 24GW of capacity currently under construction, entirely backed by Power Purchase Agreements, provides revenue visibility and reduces merchant exposure — a key attribute of the annuity-style business model that Morgan Stanley highlights. The company's strong execution track record further reinforces confidence in timely project delivery at scale.

Cost Competitiveness and Leverage

A notable competitive advantage cited by Morgan Stanley is Adani Power's ability to achieve 10–30% lower capital expenditure costs through pre-ordered equipment. This cost discipline, combined with superior leverage, positions the company to generate returns that are accretive relative to peers. The brokerage also pointed to significant bidding opportunities as a potential driver of further capacity additions beyond the current pipeline.

Key Risks to Monitor

Despite the positive outlook, Morgan Stanley identified several risks that could weigh on the investment thesis:

• Demand weakness: A slowdown in power demand could impact capacity utilisation and revenue realisation.
• Commissioning delays: Project execution at the scale of 24GW carries inherent risks of timeline slippages.
• Capex inflation: Rising equipment or construction costs could erode the current cost advantage.
• Receivable risks: Delays in collections from distribution companies remain a sector-wide concern.

Outlook

Morgan Stanley's Overweight rating and raised target price of ₹275 reflect a broadly constructive view on Adani Power's long-term positioning in India's power sector. The combination of a large PPA-backed pipeline, cost advantages from pre-ordered equipment, and a strong execution record forms the core of the brokerage's investment case, even as near-term risks around demand, delays, and receivables warrant close monitoring.