Adani Energy share price gained over 1%, while Adani Power shares also inched higher on Monday after Jefferies maintained a bullish view on the Adani Group stocks, expecting an upside potential of up to 11%.
The Adani Group recently hosted multiple panel discussions on the group and the Indian economy, reiterating a positive outlook on India’s infrastructure growth and its commitment to long-term nation-building. A key theme was the rising importance of energy infrastructure, driven by accelerating AI-led demand for Power and Allied Assets.
Adani group achieved a record capex of ₹1.55 lakh crore in FY26 and remains confident of sustaining growth with a disciplined financial structure, Jefferies noted.
Here’s what Jefferies said about Adani Energy Solutions, Adani Green Energy and Adani Power shares.
Adani Energy Solutions | Buy | Target Price: ₹1,665
Adani Energy Solutions is India’s only listed private sector pure play on transmission and distribution assets. The company’s management highlighted that India’s transmission outlook remains robust. Near-term bid pipeline is ₹1.5 lakh crore as against ₹54,000 crore at the end of FY25. The company is executing ₹718 billion worth of transmission projects, up 20% YoY.
Moreover, the smart meter projects are ramping up well and are a key growth driver going forward.
Jefferies believes that Adani Energy Solutions is locked-in for double-digit medium-term growth. Additionally, the CCI dismissing a case against the Adani Group in India is also expected to offer some group re-rating potential.
The downside risks include the inability to maintain interest rate and market share loss, said the global brokerage firm.
Jefferies had a ‘Buy’ call on Adani Energy shares with a target price of ₹1,665 apiece, based on 20x EV/EBITDA FY28E, which is a 14% discount to the company’s 10-yr average.
Adani Power | Buy | Target Price: ₹255
Adani Power management reiterated its target of expanding capacity by 2.3x to 42 GW by FY32 and highlighted that thermal power remains critical for meeting India’s baseload demand. 56% of the upcoming 23.7 GW capacity is already locked in under long-term PPAs and the aim is to tie up 100%, which lowers the risk profile further.
Jefferies believes Adani Power should see 23% EBITDA CAGR over FY26-30E and turn FCF positive by FY30E from negative levels currently.
The brokerage firm has a ‘Buy’ rating and Adani Power share price target of ₹255 apiece, valuing the stock at 20x EV/EBITDA, a 100% premium to NTPC’s implied 10x multiple, given faster growth and some merchant upside also available in Adani Power.
“Nuclear power is a potential long-term opportunity which the company is preparing for, having incorporated two new subsidiaries in April 2026 to undertake nuclear power generation. Downside risks include past PPA issues cropping up again and affecting EBITDA, and a sharp drop in merchant realisations,” Jefferies said.
Adani Green Energy | Buy | Target Price: ₹1,435
Adani Green Energy’s management reinforced confidence in its journey to raise capacity 2.6x from 19.3 GW in FY26 to 50 GW by 2030, including 5 GW Pumped Storage Project (PSP). Ramping up Battery Energy Storage System (BESS) to 10 GWh+ in FY27E from 3GWh is top of mind given it enables selling power at peak rates at night.
Jefferies said that Adani Green share price valuations are at a 56% discount to their January 2023 peak 1-year forward EV/EBITDA which creates room for upside on execution.
It has a ‘Buy’ rating and Adani Green share price target of ₹1435 apiece, valuing the company at 20x EV/EBITDA FY28E.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
