Jefferies Maintains Buy Ratings for Three Adani Group Companies

Jefferies Group maintained Buy ratings and specific price targets for three Adani Group entities, citing strong execution momentum and a favorable regulatory environment. The brokerage set targets of Rs 1,665 for Adani Energy Solutions, Rs 255 for Adani Power, and Rs 1,435 for Adani Green Energy.

Adani Energy Solutions is projected to grow more than twice as fast as its state-run rival, Power Grid Corp, between FY26 and FY30. The company is executing transmission projects worth Rs 718 billion and has installed 11.4 million smart meters as of the end of FY26. Jefferies expects the firm to achieve a 27% EBITDA CAGR and 19% PAT CAGR through FY30.

Adani Power aims to expand its capacity to 42 GW by FY32, with 56% of that capacity already secured via long-term power purchase agreements. The company reached 18.3 GW by May 2026, utilizing equipment from Larsen & Toubro and Bharat Heavy Electricals Limited. Jefferies anticipates Adani Power will turn free cash flow positive by FY30.

Adani Green Energy is pursuing a target of 50 GW of renewable energy by 2030. The brokerage noted that a recent dismissal of a case by the Competition Commission of India could lead to a group-wide market re-rating for these companies.