Backed by strong operational growth, rising capital expenditure and sectoral tailwinds linked to India’s infrastructure push, several Adani group companies have delivered significant gains over the last few years despite phases of volatility.
According to a recent report by Prabhudas Lilladher, the conglomerate has strengthened its leadership position across transport logistics and energy utilities while building a diversified portfolio spanning ports, airports, roads, power, renewables, mining, data centres and urban infrastructure.
The brokerage highlighted that the Adani Group has positioned itself around large-scale infrastructure development opportunities in India with businesses that benefit from long concession periods, regulated returns and strong future demand visibility. Among all listed entities, PL Capital identified three companies as its top picks — Adani Ports and Special Economic Zone Limited, Adani Power Limited and Adani Enterprises Limited.
Adani Enterprises surged 28% in the past 1 month, Adani Power gained around 16%, and Adani Ports rose 12.5% in 1 month. Among other Adani stocks, Adani Total Gas rallied 22%, Adani Green Energy jumped 21%, and Adani Energy advanced 6%.
Here’s a closer look at the brokerage’s preferred Adani stocks and the factors driving optimism around them.
1. Adani Ports: PL Capital remained positive on Adani Ports and Special Economic Zone (APSEZ), citing its dominant position in India’s logistics and port infrastructure sector. The company currently operates 15 domestic ports and four international ports while handling over 500 MMT of cargo annually, representing nearly 26% of India’s total seaborne trade.
“Adani Ports and Special Economic Zone Limited is India’s largest commercial port operator and among the world’s fastest-growing integrated transport platforms,” the report noted.
The company reported FY26 revenue of ₹38,736 crore and EBITDA of ₹22,851 crore, while PAT growth stood at 16% YoY. The brokerage highlighted that APSEZ plans to invest between ₹90,000 crore and ₹1 lakh crore over the next five years across domestic ports, marine operations, logistics and international ports.
“Capacity expansion to 1 billion metric tonnes from 653 MMT and continued logistics integration could significantly strengthen APSEZ’s long-term earnings visibility,” the brokerage said. The company’s logistics business is also expected to witness strong growth, with FY31 revenue projected at ₹19,500 crore compared to ₹4,478 crore in FY26.
2. Adani Power: PL Capital also remained constructive on Adani Power, supported by rising electricity demand, long-term power purchase agreements and aggressive capacity expansion plans.
The company operated 18.15 GW capacity in FY26 and generated 105 billion units of electricity during the year. Around 95% of its capacity remained tied under long- and medium-term PPAs, offering stable revenue visibility.
“Adani Power Limited is India’s largest private thermal power producer, operating a diversified coal-based generation portfolio supplying power to state utilities and industrial consumers,” the report stated.
Adani Power reported FY26 revenue of ₹57,865 crore and EBITDA of ₹23,431 crore, with EBITDA margin at 40%. The company is targeting total capacity of 42 GW by FY32 through projects such as Korba Phase-II, Raigarh Phase-II and Mahan Phase-II. Management has also guided for EBITDA of nearly ₹50,000 crore by FY30-31, driven by capacity additions and improving cash flows.
“To support expansion, APL plans capex of around ₹25,000 crore in FY27 and approximately ₹33,000 crore in FY28,” the report highlighted.
3. Adani Enterprises: PL Capital’s third top pick was Adani Enterprises Ltd (AEL), the flagship incubator business of the Adani Group. The brokerage believes AEL offers exposure to multiple high-growth infrastructure verticals including airports, roads, mining services and green hydrogen manufacturing.
The company follows what it describes as a “build, stabilize, scale and unlock” strategy and has previously incubated major listed businesses such as Adani Ports, Adani Power, Adani Green Energy and Adani Energy Solutions.
“Infrastructure and utility businesses contributed around 80% of FY26 EBITDA, with the company entering a value-unlock phase through planned demergers of airports, roads and the ANIL platform,” the report said.
AEL reported FY26 revenue of ₹1,02,943 crore and EBITDA of ₹16,464 crore, while PAT growth came in at 24% YoY. Its airports business handled around 23% of India’s passenger traffic, while Adani New Industries continued building an integrated green hydrogen ecosystem with 10 GW solar manufacturing capacity. The brokerage also highlighted growth potential in roads, mining services and integrated resource management businesses as India’s infrastructure and energy demand continue to rise.
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.
