The move comes after the Adani Group company won a ₹4,700-crore transmission project in Maharashtra to evacuate up to 4,500 MW of renewable and storage power.
According to the brokerage, Adani Energy’s latest transmission project win takes its FY27 year-to-date order wins to more than 50% of Morgan Stanley’s base-case estimate for the full year, highlighting the company’s strong execution and bidding momentum.
The stock is up over 51% year-to-date, despite a 7% decline in the last month.
Following the new contract, the company’s transmission order book has expanded to around ₹85,000 crore, providing robust revenue visibility over the coming years.
The newly secured project will add 562 circuit kilometres (ckm) of transmission lines to Adani Energy’s portfolio, along with 9,000 MVA of transformation capacity. The infrastructure is expected to play a crucial role in strengthening the power transmission network and supporting India’s growing demand for renewable energy and for grid-balancing infrastructure.
Pumped storage projects are increasingly seen as critical to India’s clean energy transition, helping utilities store surplus renewable energy and deploy it during peak demand. The transmission infrastructure associated with these projects is expected to create significant opportunities for transmission developers such as Adani Energy.
The brokerage’s positive stance reflects confidence in the company’s ability to capitalise on India’s expanding power transmission investment cycle, supported by rising renewable energy capacity additions and the need for large-scale grid upgrades.
With a growing order book and a steady stream of project wins, Morgan Stanley believes Adani Energy remains well-positioned to benefit from the country’s long-term power infrastructure buildout.
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