Jefferies Reaffirms Buy Ratings On Key Adani Group Power Companies

Global brokerage Jefferies has reiterated its optimistic stance on major Adani Group power and infrastructure companies, including Adani Green Energy, Adani Power and Adani Energy Solutions.

In its latest assessment, the brokerage highlighted strong expansion plans, improving execution capabilities and favourable demand trends as key drivers supporting future growth across these businesses.

Jefferies maintained a ‘Buy’ rating on Adani Green Energy Limited and set a target price of Rs 1,435.

While the brokerage sees limited near-term upside, it remains confident about the company’s long-term growth trajectory.

The report noted that Adani Green plans to expand its renewable energy capacity from 19.3 GW in FY26 to 50 GW by 2030.

The strategy includes a 5 GW pumped storage project and a significant increase in battery energy storage systems to more than 10 GWh by FY27.

The brokerage identified the large-scale renewable energy development at Khavda in Gujarat, where 30 GW of capacity is under construction, as a major growth catalyst.

Jefferies also retained a ‘Buy’ recommendation on Adani Power with a target price of Rs 255, indicating an upside potential of around 11 per cent.

The brokerage said the company’s plan to increase generation capacity to 42 GW by FY32, combined with a strong portfolio of long-term power purchase agreements (PPAs), enhances earnings visibility.

Nearly 56 per cent of the upcoming capacity is already secured through PPAs, while management aims to achieve complete tie-ups for future projects.

For Adani Energy Solutions Limited (AESL), Jefferies reaffirmed a ‘Buy’ rating and assigned a target price of Rs 1,665.

The brokerage highlighted AESL’s unique position as India’s only listed private-sector pure-play transmission and distribution company. It said the company stands to benefit from the country’s expanding transmission infrastructure network and accelerating smart meter deployment.

Strong Growth Expected in Smart Metering Business

Jefferies noted that AESL is executing transmission projects worth Rs 718 billion and expects the smart metering business to grow rapidly, with more than 11 million meters installed by FY26.

The brokerage expects EBITDA and profit after tax to record strong double-digit growth over the medium term, supported by execution momentum and expanding opportunities in data centres, commercial and industrial energy solutions.

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