5 Adani stocks get new targets after Q4 results: What should investors do?

Adani Group stocks have been in focus as several of its companies declared their results for the fourth quarter of FY25. With Gautam Adani-led Adani Enterprises Ltd set to announce its earnings report soon, stock brokerages have already reviewed the performance of five listed companies from the group and shared fresh price targets and advice for investors.

These companies include Adani Green Energy Ltd, Adani Energy Solutions Ltd, ACC Ltd, Ambuja Cements Ltd, and AWL Agri Business (earlier known as Adani Wilmar). While analysts remain confident about some stocks, others have received mixed views due to valuation concerns or weak parts of business performance.

ADANI GREEN ENERGY

Brokerage firm Emkay Global has set a new target price of Rs 1,500 for Adani Green Energy. The company’s earnings before interest, tax, depreciation and amortisation (Ebitda) rose 31% year-on-year in the March quarter. This growth was supported by a 30% rise in operational capacity and better use of capacity, which together helped increase the sale of power by 44%.

However, the company’s net debt also rose by 37% from the previous year to Rs 72,900 crore. This was mainly due to capital spending of Rs 24,800 crore in FY25. The company noted that rains had slowed down work on the Khavda project, limiting the capacity addition to 3.3GW in FY25. But for FY26, the guidance is stronger at 5GW, with 1GW expected to be ready in the next one month.

The management also said that it now targets to have 25% of its energy sales from merchant and commercial customers. Emkay added that both Ebitda and profit after tax were slightly better than expected for the full year.

ADANI ENERGY SOLUTIONS

Adani Energy Solutions had a good quarter, reporting 35% growth in revenue for Q4FY25. This was mainly due to more capacity, expansion in its regulatory asset base, and a rise in smart meter installations. Ebitda jumped 44% and profit after tax increased by 48% compared to last year. Margins also improved to 35%.

The company’s order book stood at Rs 59,940 crore. It had a 28% share in a year where the sector saw record transmission project bidding worth Rs 1.6 lakh crore. The company installed 3.13 million smart meters and aims to reach 10 million by FY26, with another 22.8 million in the pipeline.

Based on the strong results, Elara Securities raised its target price to Rs 1,013 from Rs 930 but downgraded the rating from ‘Buy’ to ‘Accumulate’. ICICI Securities kept its ‘Buy’ rating with a slightly raised target of Rs 1,127 from Rs 1,101. On the other hand, Cantor gave an ‘Overweight’ rating but reduced its 12-month target to Rs 1,690 from Rs 1,978, due to a drop in valuation of peer companies in the sector.

ACC AND AMBUJA CEMENTS

Cement makers ACC and Ambuja Cements also saw fresh target prices after announcing Q4 results. Antique Stock Broking said ACC’s profits have improved and valuations are fair. It gave a target price of Rs 2,100.

Ambuja Cements, meanwhile, is focusing on turning around the assets it recently acquired. For this stock, Antique suggested a price target of Rs 595. JM Financial said it prefers Ambuja Cements over ACC because of better growth visibility. It kept a ‘Buy’ rating on Ambuja with an unchanged target price of Rs 635. The brokerage also liked Ambuja’s strong market position, wide presence across India, and leading volume growth.

However, JM Financial reduced its Ebitda estimates for ACC by 3% for FY26 and FY27, and brought down its March 2026 target price to Rs 2,150 from Rs 2,250.

AWL AGRI BUSINESS (ADANI WILMAR)

AWL Agri Business, earlier known as Adani Wilmar, reported a mixed set of results for the March quarter. ICICI Securities noted that while overall revenue grew 38% year-on-year, this was led by price increases. Volumes rose only 8% and performance across segments was steady. Volume in edible oil grew by 7% despite inflation, which the brokerage said was a good sign.

But the company also lost 30 basis points in edible oil market share, and the food segment only grew 10% in volume, which was below its earlier growth trend of over 15%. Gross profit and Ebitda per ton also fell 22% and 44%, respectively, compared to the previous quarter.

On the positive side, the company saw strong growth in southern India, where volumes in the edible oil segment grew 25%. This region now accounts for 10% of total edible oil revenues. The company is focusing on increasing its distribution network and spending more on branding to win back market share. ICICI Securities gave a target price of Rs 360 for the stock.

(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)