Adani Green, Adani Energy, ACC, Ambuja, AWL: 5 Adani stocks get target revisions post Q4 results

A handful of Adani group companies such as Adani Green Energy Ltd, Adani Energy Solutions Ltd, ACC Ltd and Ambuja Cements Ltd have declared their March quarterly results, following which stock brokerages have updated their stock ratings and target prices on respective scrips. 

Analysts are largely positive on Adani Green Energy; they tweaked estimates for Adani Energy Solutions, while they prefer Ambuja Cements over ACC among the Adani group cement makers.  In the case of AWL Agri Business (erstwhile Adani Wilmar), a broking firm retained its ‘Buy’, saying edible oil business now  contributes 10 per cent of edible oil revenues, and that the company is focusing on distribution expansion and higher investments behind brands to gain market share. 

Adani Green Energy

On Adani Green Energy, Emkay Global suggested a target price of Rs 1,500. The Adani group firm’s consolidated Ebitda rose 31 per cent YoY in Q4, led by 30 per cent YoY uptick in operational capacity and improvement in capacity utilisation factor, leading to 44 per cent growth in sale of power. Net debt rose 37 per cent YoY to Rs 72,900 crore amid cash-flow capex of Rs 24,800 crore in FY25. The management highlighted that the rains impacted Khavda project work in FY25, thus slowing capacity addition to 3.3GW. 

“The FY26 guidance is healthy at 5GW, with 1GW likely to be commissioned within a month. AGEL now targets merchant+C&I share of 25 per cent; PSP exposure would also grow. AGEL’s FY25 Ebitda/PAT was slightly better than our estimate,” Emkay said.  

In the case of Adani Energy Solutions, Cantor suggested ‘overweight’ rating, but lowered its 12-month target to Rs 1,690 from Rs 1,978, given the de-rating that has occurred amongst AESL’s peer group. ICICI Securities retained ‘Buy’ with a revised target of Rs 1,127 from Rs 1,101 earlier. Elara Securities downgraded this stock to ‘Accumulate’ from ‘Buy’ but upped its target price to Rs 1,013, saying Adani is poised for strong growth across transmission, distribution, and smart meter.

Adani Energy Solutions

Adani Energy Solutions reported a strong Q4FY25, with 35 per cent YoY revenue growth, driven by capacity and RAB expansion and a ramp-up in smart metering. Ebitda grew 44 per cent YoY, with margin improving to 35 per cent. Adjusted PAT rose 48 per cent YoY.

“The orderbook stood strong at Rs 59,940 crore. Adani Energy led the market with a 28 per cent share in a year that posted a record Rs 1.6 lakh crore transmission bidding. Smart meter installations reached 3.13 million, with a target of 10 million by FY26 and a pipeline of 22.8 million meters. Given a robust Q4, we raise our target P to Rs  1,013 from Rs 930,” it said.

ACC, Ambuja Cements 

ACC and Ambuja Cements also received rating updates post Q4 results. Antique Stock Broking said ACC’s profitability has improved and valuations are reasonable, as it suggested a target of Rs 2,100 on the stock. Ambuja Cements, it said, is focusing on turnaround of acquired assets. For this Adani stock, Antique suggested a target Rs 595.

Within the two Adani group cement makers, JM Financial prefers Ambuja Cements over ACC, given higher growth visibility. It suggested ‘Buy’ on Ambuja Cements with an unchanged target of Rs 635, saying it likes the company’s dominant market position, pan-India presence, and industry leading volume growth, further supported by a strong balance sheet. 

This brokerage has cut its Ebitda estimates for ACC by 3 per cent for FY26-FY27 and revised down March 2026 target to Rs 2,150 from Rs 2,250 earlier.

AWL Agri Business 

On AWL Agri Business (erstwhile Adani Wilmar), where Adani Commodities still held 30.42 per cent stake as on March 31, ICICI Securities said the company reported an underwhelming 4QFY25 with revenue growth of 38 per cent YoY (price-led) while volume grew 8 per cent with broad-based performance across segments. 

While 7 per cent YoY volume growth in edible oil despite significant price inflation is good, there were a few misses, it said. This includes the market share loss of 30 bps YoY in edible oil and volume growth of 10 per cent YoY in Foods, which was below the earlier trajectory of over 15 per cent growth. 

Gross profit per ton and Ebitda per ton also declined 22 per cent and 44 per cent, sequentially on
a higher base. 

“Positively, edible oil business grew volumes by 25 per cent in south region (historically under indexed) and now contributes 10 per cent of edible oil revenues. It continues to focus on distribution expansion and higher investments behind brands to gain market share,” ICICI Securities said while suggesting a target price of Rs 360 on the stock.