Jefferies bullish on Adani Green, Adani Power, Adani Energy with Buy ratings
Synopsis
Jefferies has put its weight behind all three of Adani Group's listed energy companies simultaneously — Adani Green, Adani Power, and Adani Energy Solutions — flagging a 50 GW renewable target, a 42 GW thermal roadmap, and ₹71,800 crore in live transmission projects as reasons the group's power vertical is entering a structural growth phase.
Key Takeaways
Jefferies maintained 'Buy' on Adani Green Energy with a target of ₹1,435 , citing a scale-up from 19.3 GW to 50 GW by 2030 .
Adani Power received a 'Buy' with a ₹255 target (~ 11% upside), backed by a 42 GW by FY32 expansion plan.
Nearly 56% of Adani Power's upcoming capacity is already tied under long-term PPAs .
Adani Energy Solutions rated 'Buy' at ₹1,665 ; executing transmission projects worth ₹71,800 crore with 11 million smart meters installed by FY26 .
Jefferies projects strong double-digit EBITDA and PAT growth across all three companies over the medium term.
Global brokerage Jefferies has reaffirmed a bullish stance on three major Adani Group companies — Adani Green Energy, Adani Power, and Adani Energy Solutions — citing strong capacity expansion pipelines, robust demand visibility, and improving execution momentum across the group's power and infrastructure portfolio.
Adani Green Energy: 50 GW target by 2030
Jefferies maintained a 'Buy' rating on Adani Green Energy Limited with a price target of ₹1,435, acknowledging limited near-term upside but affirming strong long-term execution potential. The brokerage highlighted the company's plan to scale renewable capacity from 19.3 GW in FY26 to a targeted 50 GW by 2030. This includes a 5 GW pumped storage project and a scale-up in battery energy storage systems to over 10 GWh by FY27. Jefferies identified large-scale renewable development at Khavda in Gujarat — where 30 GW of capacity is under construction — as a key long-term growth driver.
Adani Power: 42 GW roadmap and PPA visibility
On Adani Power Limited, Jefferies retained its 'Buy' rating with a target price of ₹255, implying an upside of approximately 11 per cent. The brokerage pointed to the company's capacity expansion roadmap to 42 GW by FY32 as a key earnings visibility driver. Notably, nearly 56 per cent of upcoming capacity is already tied up under long-term power purchase agreements (PPAs), with management targeting full tie-ups going forward. Jefferies said the strong PPA pipeline significantly de-risks near-term revenue projections.
Adani Energy Solutions: India's only listed pure-play T&D company
Adani Energy Solutions Limited (AESL) received a reiterated 'Buy' rating with a price target of ₹1,665. Jefferies described AESL as India's only listed pure-play transmission and distribution company in the private sector, well placed to capitalise on the country's expanding transmission infrastructure pipeline and rising smart meter deployment. The company is currently executing transmission projects worth ₹71,800 crore, while its smart metering business has crossed 11 million meters installed by FY26.
Earnings Outlook and Growth Drivers
Across all three companies, Jefferies expects EBITDA and PAT to grow at strong double-digit rates over the medium term. The brokerage cited execution momentum and expanding opportunities in data centres, commercial energy solutions, and industrial power supply as additional tailwinds. This comes amid India's broader push to add renewable and grid capacity to meet surging power demand, giving Adani Group's energy vertical a structural demand backdrop that few peers can match at scale.
Point of View
Both of which have historically been India's renewable bottlenecks. Jefferies' bullishness is calibrated, not unconditional — the 'limited near-term upside' caveat on Adani Green suggests the market has already priced in optimism, leaving execution as the only remaining variable that can move the needle.
NationPress
9 Aug 2026
Frequently Asked Questions
What is Jefferies' rating and target price for Adani Green Energy?
Jefferies has maintained a 'Buy' rating on Adani Green Energy with a price target of ₹1,435. The brokerage cited the company's plan to expand renewable capacity from 19.3 GW in FY26 to 50 GW by 2030, including a 5 GW pumped storage project and over 10 GWh in battery storage by FY27.
What is Jefferies' view on Adani Power?
Jefferies retained a 'Buy' rating on Adani Power with a target price of ₹255, implying around 11% upside. The brokerage pointed to Adani Power's 42 GW capacity expansion roadmap by FY32 and the fact that 56% of upcoming capacity is already covered under long-term power purchase agreements.
Why is Jefferies bullish on Adani Energy Solutions?
Jefferies reiterated a 'Buy' on Adani Energy Solutions with a target of ₹1,665, describing it as India's only listed pure-play private-sector transmission and distribution company. The company is executing transmission projects worth ₹71,800 crore and has installed over 11 million smart meters by FY26.
What is the Khavda project and why does it matter?
Khavda in Gujarat is the site of Adani Green Energy's flagship 30 GW renewable energy development, one of the largest in the world. Jefferies identified it as a primary long-term growth driver for the company's push toward its 50 GW target by 2030.
What growth does Jefferies expect from these Adani companies?
Jefferies expects strong double-digit EBITDA and PAT growth across Adani Green Energy, Adani Power, and Adani Energy Solutions over the medium term, driven by execution momentum and expanding opportunities in data centres, commercial and industrial energy solutions.
