Adani Power tops India’s private thermal sector: Morgan Stanley report gives ‘overweight’ rating; earnings set to triple by 2033

Adani Power Limited (APL) has emerged as India’s largest private coal-based power producer with 18,150 MW capacity across 12 plants. Morgan Stanley projects APL’s market share to reach 15% by FY32, driven by successful turnaround of stressed assets and strategic acquisitions. The company’s financial health has improved significantly, with net debt-to-EBITDA declining sharply.