Adani Power shares climbed 7.1% on Thursday, reaching ₹153.20 on the BSE, as investors assessed the company's long-term growth prospects amid rising baseload power demand expectations and improving earnings visibility highlighted in recent brokerage reports.

Antique Initiates Coverage with Multi-Year Growth Outlook

Antique Stock Broking initiated coverage on Adani Power, describing the company as entering a "multi-year earnings upcycle." The brokerage highlighted the company's transformation from a stressed thermal independent power producer to India's most efficient private baseload operator.

Antique pointed to India's structural power demand upcycle, driven by electric vehicles, data centers, artificial intelligence workloads, and manufacturing growth. The brokerage noted this environment continues to support coal-based generation's role in meeting peak and non-solar demand.

Strong PPA Performance Enhances Revenue Visibility

Adani Power has demonstrated exceptional performance in securing power purchase agreements, winning a dominant share of state-led thermal PPA awards.

Antique emphasized that new PPAs carry higher fixed charges than legacy contracts, improving fixed-cost recovery and earnings predictability. The company's fuel security is supported by SHAKTI-linked fuel supply agreements, while captive coal output is expected to support merchant capacity.

Morgan Stanley Raises Price Target on Strong Earnings Visibility

Morgan Stanley updated its outlook on Adani Power, raising the price target to ₹185 from ₹163.60 while maintaining its Overweight rating. The brokerage noted the company has won PPAs and letters of award for approximately 6.7 GW over the past three months, bringing the total PPA bid pipeline to around 22 GW.

Morgan Stanley lowered its estimate of merchant capacity exposure, reflecting stronger earnings visibility from recent PPA wins and operational performance improvements.

Massive Expansion Pipeline Supports Growth Strategy

Adani Power is executing India's largest private-sector thermal expansion program, with significant capacity under construction.

Antique highlighted the company's brownfield-led expansion strategy, which reduces capital intensity and execution timelines compared to public-sector peers. Approximately 60% of the capex pipeline is expected to be funded through internal accruals, supporting deleveraging efforts.

Both brokerages emphasized that coal-fired generation is expected to remain central to India's grid stability and peak-hour reliability over the coming decade, positioning Adani Power as a key beneficiary of tightening baseload requirements.

Adani Power Limited has announced a senior management change, with Mr. Sameer Ganju ceasing his role as Senior Management Personnel effective December 26, 2025. The announcement was made through a regulatory filing to stock exchanges on December 27, 2025, in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Management Transition Details

The change is part of an ongoing transition process across the Adani Group. Mr. Ganju, who held the position of Chief - Fuel Management & Ash Management and was designated as Senior Management Personnel of the company, has been moved to a new role within the broader Adani Group structure.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company filed the necessary documentation with both BSE Limited and National Stock Exchange of India Limited, ensuring full compliance with regulatory requirements.

The announcement follows the prescribed format under SEBI LODR Regulations and SEBI Circular SEBI/HO/CFD/POD2/CIR/P/0155 dated November 11, 2024. The information has also been made available on the company's official website at www.adanipower.com .

Company Information

Adani Power Limited, with its registered office at Adani Corporate House in Ahmedabad, Gujarat, continues its operations under the ongoing organizational restructuring within the Adani Group. The company maintains its commitment to transparency and regulatory compliance through timely disclosures of material changes in senior management positions.