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Adani Energy Q4 Results Review: ICICI Securities Maintains 'Buy', Hikes Target Price On Favorable Tailwinds
Adani Energy has given capex guidance of Rs 160– 180 billion in FY26, retain Buy with a revised SoTP-based target price of Rs 1,127, says the brokerage.
28 Apr 2025, 10:46 AM IST 
Adani Energy Solutions' revenue was Rs 60.4 billion (+27% YoY), distribution/transmission revenues were up 21%/18% YoY.
(Representative image. Source: Envato)
Adani Energy is the second-largest transmission player in the country in bids. It is also a leading player in smart meter bids. Note that both the segments are seeing favorable tailwinds. As a result, we estimate Ebitda is set to rise from Rs 69 billion in FY25 to Rs 124 billion in FY27E. The strong increase is on the back of ~Rs 30 billion+ from new transmission project commissioning; ~Rs 20 billion+ from smart meter; and ~Rs 5 bill...
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