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ICICI Securities remains constructive on Adani Energy Solutions Ltd., maintaining its Buy rating while revising the target price to Rs 1,100 (earlier Rs 1,127), supported by strong growth visibility in both transmission and smart metering businesses.
Adani Energy Solutions is now the second‑largest transmission player in competitive bids and a leading participant in smart meter tenders—two sectors currently benefiting from strong policy and investment tailwinds.
The brokerage expects the company’s Ebitda to rise sharply from Rs 7,100 crore in FY25 to Rs 12,300 crore by FY28, driven by a robust pipeline and expanding project execution.
The strong growth forecast is underpinned by:
- commissioning of new transmission projects,
- steady deployment of smart meters, and
- capex in distribution circles, which will lift regulated equity over time.
Adani Energy’s project pipeline remains healthy. Its transmission pipeline stands at ~80,000 crore, supported by key wins such as the Bhadla–Fatehpur HVDC project worth Rs 25,000 crore in FY25 and the Khavda–Olpad HVDC projects in FY26. On the metering side, the company has a Rs 2.46 crore smart meter pipeline and has also participated in the rebidding of Tamil Nadu smart meter projects after the previous tender—won by Adani Energy —was cancelled.
Execution of the underconstruction transmission projects and smart meter deployment remain monitorable.
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