Adani Green, Adani Energy, Adani Power: Why Jefferies is positive on 3 Adani stocks

Overseas brokerage firm Jefferies is positive on three stocks from Adani Group namely- Adani Green Energy, Adani Power and Adani Energy Solutions. The foreign brokerage has a ‘buy’ rating on the three counters and sees up to 30 per cent upside in these companies from Gautam Adani-led conglomerate.

Jefferies has maintained its buy rating on Adani Green Energy and Adani Energy Solutions. The brokerage has target prices of Rs 1,300 and Rs 1,150 on these stocks respectively. It sees more than 30 per cent rise in both the stocks on the back of strong order book and inflows.

Commenting on Adani Energy Solutions, Jefferies said that the company has transmission projects worth Rs Rs 61,600 crore in its hand, which are up 3.6 times on a year-on-year (YoY) basis. It sees distribution growth steady in Mumbai, with Mundra having potential to offer upside. Smart meters are seeing progress, which is a key growth driver for the company, which is trading at 79 per cent discount to its January 2023 peak, it said.

Adani Green saw 2.6 GW addition in Q4, compared to 675 MW addition in 9MFY25 and Q1FY26 has continued the pace with 1.6 GW being commissioned, said Jefferies. It also sees promoter infusion of Rs 9,350 crore to keep balance sheet intact for execution, which is seen as a major positive for the company.

Shares of Adani Energy Solutions were trading above Rs 2,700 in January 2023 before the damning report from the US-based short seller Hindenburg Research hit all Adani Group stocks. Similarly Adani Green Energy is down 53 per cent from its 52-week high at Rs 2,091.85, while its down nearly 55 per cent from its January 2023 peak near Rs 2,200.

Jefferies has reiterated its ‘buy’ coverage rating on Adani Power with a target price of Rs 690, citing a 15 per cent upside potential from the current levels.  Shares of Adani Power were trading range-bound on Wednesday, with its total market capitalization topping Rs 2.3 lakh crore mark.

Adani Power is well-positioned for strong capacity addition, backed by a healthy balance sheet. Importantly, its risk profile is steadily improving, with new capacity being secured through profitable power purchase agreements (PPAs), which offer earnings visibility. It also sees risk profile reducing gradually as incremental capacity is being locked-in with profitable PPAs.