“Bullish on Adani Power, as the judicial ruling reversing the MERC order, combined with strong Q1 FY27 financial performance, substantially strengthens its outlook. The decision de-risks the balance sheet by eliminating regulatory overhangs and validating historical revenue claims, unlocking key receivables to boost net cash inflows. This positions the stock for a near-to-medium-term valuation re-rating, supported by high power demand and enhanced long-term earnings visibility.”