Global brokerage firm Jefferies has maintained its 'Buy' rating on Adani Power, Adani Green Energy, Adani Energy Solutions and Adani Ports & SEZ shares, driving a significant rally in Adani Group stocks on Friday. According to The Economic Times, Adani Total Gas emerged as the top gainer with a 12% rally, followed by Adani Energy Solutions (1-3% range), Adani Green Energy (1-3% range), Adani Power (1-3% range) and Adani Ports (1-3% range). The brokerage's latest assessment follows management discussions at the Jefferies India Forum 2026, with the firm remaining confident about the group's infrastructure and energy sector prospects. As per The Economic Times, the rally was supported by an eight-fold jump in average trading volume with a combined 32.71 million shares changing hands on NSE and BSE.
Jefferies sees Adani Energy Solutions as the standout performer with a target price of ₹2,060 and 53% upside potential from the previous close of ₹1,350. The brokerage's thesis centers on the company's transmission business, smart-meter rollout and energy trading platform as main engines of growth. According to The Economic Times, Adani Energy Solutions' management remains upbeat on prospects of its Trading business and India's transmission outlook, with the company reiterating its medium-term annual capex run-rate guidance of ₹200-250 billion. The trading segment has tied up power supply largely with Adani Green and Adani Power, with the recent 2.5 GW round-the-clock power supply agreement with MSEDCL taking tied-up volumes in the trading segment to 57% in FY28E from 20% at the end of Q1FY27. Jefferies expects revenue and EBITDA CAGRs of 22% and 29%, respectively, over FY26-30E for the company.
Premier Energies is the second recommendation with a target price of ₹1,205 and 36% upside potential. Jefferies expects the company to build 12 GW to 15 GW of fully integrated capacity by FY31, with solar accounting for around 70-75% of the business. The brokerage expects industry consolidation to play a role, with management expecting only 4-5 scaled manufacturers to ultimately control 80% of the market as standalone module producers face pressure on margins. Premier Energies is also looking beyond conventional solar manufacturing, with plans for a 12 GWh cell-to-pack facility expected to start from June 2027 and an order book of around ₹15,000 crore providing visibility for future execution. Jefferies values the company at 13 times estimated June 2028 EBITDA based on an average EBITDA margin of 27.5% for FY27E to FY29E, expecting a 27% EBITDA CAGR between FY26 and FY29E.
Adani Green Energy has a target price of ₹1,695, implying 34% upside potential from the previous close of ₹1,269.6. Jefferies expects the company's installed capacity to rise to about 44 GW by FY30E, compared with the company's stated target of 50 GW. According to The Economic Times, Adani Green's management remains confident of adding 5 GW capacity in FY27E, with the company aligning capacity addition timelines with transmission infrastructure to mitigate curtailment risk. The brokerage estimates that the company could add around 25 GW of renewable capacity between FY26 and FY30E, accounting for a sizeable share of India's overall renewable capacity additions during the period. Khavda remains central to the capacity expansion story, with Jefferies expecting the site to account for about 60% of the company's 50 GW target by 2030. The location has the best solar irradiation levels after Ladakh in India and should help incremental utilisation levels rise to 30%+ from current company average of 25-26%. Battery storage remains another expansion plan, with Jefferies expecting Adani Green's battery energy storage capacity to reach 20 GWh by FY29E.
Adani Power comes next with a target price of ₹270, implying 33% upside potential from the previous close of ₹202.35. According to The Economic Times, management reiterated its target of expanding capacity by 2.5x to 45 GW by FY32, with 56% of the upcoming 23.7 GW capacity already locked in under long-term power purchase agreements (PPAs) and the aim to tie up 100% of capacity, which lowers the risk profile further. The brokerage expects EBITDA to grow at a 22% CAGR between FY26 and FY30E, while operating cash flow is projected to rise at a 17% CAGR and free cash flow to turn positive by FY30E. Jefferies believes Adani Power should see 22% earnings before interest, taxes, depreciation, and amortization (EBITDA) compound annual growth rate (CAGR) over FY26-30E and has set a 20-times September 2028E EV/EBITDA valuation for its ₹270 target. The brokerage notes that Adani Power has one of the lowest leverage profiles among generation companies, with its net debt-to-EBITDA expected to peak at 3.6 times in FY28E and decline to 2.3 times by FY30E.
Adani Ports rounds out the five stocks with a target price of ₹2,160, implying 25% upside potential from the previous close of ₹1,725.95. According to The Economic Times, Adani Ports remains confident of achieving its 1 billion tonne cargo target by 2030, with the company's balance sheet remaining strong and potential to turn net cash positive by FY31. The brokerage notes that Adani Ports' FY27 year-to-date volume growth of 16% was ahead of its 14% FY27 estimate, with container cargo growth and the ramp-up at Vizhinjam as key drivers. Jefferies expects 13% volume CAGR against management's 16% target and sees the company potentially turning net cash positive by FY31E. The brokerage also pointed to container cargo growth and the ramp-up at Vizhinjam as key drivers for future growth.
