Global brokerage firm Jefferies has expressed optimism about the growth potential of key Adani Group entities, such as Adani Green Energy, Adani Power, and Adani Energy Solutions. Jefferies cited strong capacity expansion plans, solid demand visibility, and enhanced execution momentum across these businesses. The firm’s positive outlook includes a “Buy” rating for Adani Green Energy Limited with a price target of Rs 1,435, indicating promising long-term execution capabilities despite limited near-term upside.
Jefferies emphasized Adani Green Energy’s ambitious renewable energy expansion strategy, aiming to increase capacity from 19.3 GW in FY26 to 50 GW by 2030. This includes significant projects like a 5 GW pumped storage initiative and a substantial scale-up in battery energy storage systems to over 10 GWh by FY27. The brokerage also highlighted the ongoing large-scale development at Khavda in Gujarat, a crucial growth driver with 30 GW of renewable capacity under construction.
Regarding Adani Power Limited, Jefferies maintained a “Buy” rating with a target price of Rs 255, signaling an approximate 11% upside potential. The firm praised Adani Power’s roadmap to expand capacity to 42 GW by FY32, coupled with a robust pipeline of long-term power purchase agreements that enhance earnings visibility. Notably, around 56% of the upcoming capacity is already secured under PPAs, with management aiming for full tie-ups in the future.
For Adani Energy Solutions Limited, Jefferies reiterated a “Buy” rating with a price target of Rs 1,665, underscoring its unique position as India’s sole listed pure-play transmission and distribution company in the private sector. The brokerage highlighted the company’s advantageous position to capitalize on India’s expanding transmission infrastructure pipeline and the increasing deployment of smart meters. AESL is actively involved in executing transmission projects worth Rs 718 billion, while its smart metering business has seen rapid growth, with over 11 million meters installed by FY26. Jefferies anticipates strong double-digit growth in EBITDA and PAT over the medium term, driven by execution efficiency and expanding opportunities in data centers, commercial, and industrial energy solutions.
