Shares of Adani Green are in focus on Monday after the company came out with its fourth quarter earnings for the financial year ending March 2026, prompting Jefferies to offer a bullish outlook.
In its latest note, Jefferies has hiked target price on Adani Green from Rs 1,260 to Rs 1,435 while maintaining a 'buy' call on the counter. The updated target price suggests 16.6% upside from Friday's closing price of Rs 1,231.
Adani Green Energy Ltd. reported a strong operational and financial performance for fourth quarter, driven by aggressive capacity additions, improved plant efficiency, and expanding renewable energy (RE) infrastructure.
The brokerage firm highlighted the problem of transmission constraints Adani Green is facing, admitting that it could impact the company's capacity addition, but noted that the company's Ebitda was 5% above expectations thanks to lower operating expenses.
Meanwhile, the management highlighted that 4.5 gigawatt is a more realistic capacity addition target for the company compared to the earlier guidance of 7-8 gigawatt. This is largely due to transmission evacuation issues that have forced Adani Green to track back on capacity additions.
Keeping that in mind, capacity addition guidance for FY27 has been lowered from 6.3 gigawatt to 5 gigawatt. However, Jefferies highlighted that Adani Green is well on its way to delivering 50 gigawatt capacity by 2030. The company's current capacity stands at 19.3 gigawatt.
Adani Green's revenue for the fourth quarter from power supply rose 22% year-on-year to Rs. 11,602 crore, supported by a sharp increase in energy generation. Energy sales surged 34% year-on-year to 37,567 million units, reflecting higher capacity utilisation and new project commissioning across key renewable sites.
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