Jefferies cuts price target on two Adani Group stocks by up to 35%

Brokerage firm Jefferies has issued ratings on three Adani Group stocks – Adani Enterprises, Adani Ports and Adani Green Energy, where it has cut its price targets for Adani Ports and Adani Green Energy by 22% and 35% respectively.

Jefferies has maintained its “buy” rating on Adani Green Energy but cut its price target by 35% to ₹1,300 from ₹2,000 per share. It said that the capacity added by the company in the first nine months of 2025 is lower than their estimates.

It has cut its financial year 2025 – 2027 capacity estimates by 4-6 GW and its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) estimates by 4% and 23% respectively. It also said that the stock is trading at a premium to JSW Energy at the current price.

However, Jefferies said that the long-term growth story of the company remains intact.

On the other side, Jefferies has also cut its price target on Adani Ports by 22% to ₹1,440 from ₹1,855 per share, while maintaining its “buy” recommendation on the stock.

It said that Adani Ports’ third quarter volume growth of 3% and for the first nine months of 2025 at 7% is lower than their full-year estimate of 12%.

The weak industry growth is partly offset by market share gains, where Jefferies expects a growth to 30% by financial year 2027 from the current level of 27%.

Jefferies has cut its financial year 2025 – 2027 volume estimates by 3% for Adani Ports.

For the flagship company Adani Enterprises, Jefferies has retained its “buy” rating with a price target of ₹3,800.

It said that the asset monetisation will improve cash flows for the company, adding that it is initiating capex to double cell and module capacity.

Shares of Adani Green Energy have halved from their recent peak of ₹2,174, while those of Adani Ports are trading 28% below their recent peak of ₹1,621.

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