Adani Energy Solutions Ltd. shares are in focus on Tuesday following a positive note from Jefferies, which has sharply raised its target price by 42% to Rs 1,665 from Rs 1,170, on the back of several strong cues, including long-term earnings visibility and improving execution.
In its latest note, Jefferies has maintained a 'buy' call on Adani Energy, stating that company continues to see a visible Ebitda CAGR of over 20%. This is despite some near-term execution delays that prompted the brokerage firm to trim its FY27-FY27 Ebitda estimates by 5-6%.
Jefferies highlighted that Adani Energy's management remains confident of achieving around Rs 15,300 crore of capitalisation in FY26, which is expected to rise to Rs 20,000-22,000 crore run-rate by FY27. This growth will be supported by a robust pipeline of transmission and smart metering projects.
The brokerage firm further poitned out Adani Energy's order book, which stands at around 2.8 times FY26 regulated asset base, with roughly Rs 540 billion worth of proejcts currently under execution.
Some of the key contributors to the order book include interstate and intrastate transmission prjects and a steady ramp-up in smart metering deployment across multiple states.
In addition, Jefferies has pointed to an improving outlook on regulator and legal fronts, adding that positive updates regarding the group's proceedings before the Competition Commission of India (CCI).
Although Jefferies warns that near-term margins may see pressure due to execution timing, the brokerage believes earnings visibility remains strong. The firm values the stock at 20 times FY28 EV/Ebitda, representing a discount to its long-term average multiple.
Overall, Jefferies said downside risks appear manageable, while long-term growth drivers such as expanding transmission capacity, smart metering rollout and regulated returns support its revised target price and bullish stance on the stock.
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