During Wednesday’s trading session, the shares of India’s largest renewable energy company and a part of Adani Group moved up by nearly 2 percent on BSE, after global brokerage firm Jefferies recommended a “buy” rating on the stock, with a potential upside of about 31 percent.
With a market capitalisation of Rs. 1.57 lakh crores, the shares of Adani Green Energy Limited closed in the green at Rs. 996 on BSE, up by around 0.4 percent, as compared to its previous closing price of Rs. 992.1. The stock has delivered negative returns of nearly 43 percent in the last one year, and has fallen by over 3 percent in a month.
Brokerage Target & Outlook
Global brokerage firm Jefferies has initiated coverage on Adani Green Energy Limited with a ‘buy’ rating and a target price of Rs. 1,300 per share, representing a potential upside of nearly 31 percent from its Wednesday’s closing price.
Jefferies noted that Adani Green added 2.6 GW of new capacity in Q4, a sharp acceleration compared to just 675 MW added during the first nine months of FY25. This momentum has carried into Q1 FY26, with another 1.6 GW commissioned already.
Brokerage sees Adani Power as well-positioned for robust capacity growth, supported by a strong balance sheet. A key highlight is the company’s ability to secure new capacity through profitable Power Purchase Agreements (PPAs), which provide revenue visibility. As more of its future projects are tied to these favourable contracts, the company’s overall risk profile is gradually improving.
Jefferies also emphasized the importance of the Rs. 9,350 crore capital infusion by Adani Green’s promoter group. This move has played a crucial role in maintaining a strong balance sheet while ensuring the company has the flexibility to fund its aggressive capex plans. It is expected to enhance credit metrics and reduce the need for additional debt.
With India pushing aggressively toward renewable energy goals, Jefferies believes Adani Green is in a prime position to benefit. The company’s extensive pipeline is closely aligned with government targets, and if execution remains on track, there is significant potential for meaningful upside.
Jefferies is optimistic about Adani Green’s ability to capitalise on upcoming green energy opportunities, citing its established presence in solar, wind, and hybrid energy projects and a solid record of timely project delivery, giving a strong chance of capturing a larger share of future tenders. However, the brokerage cautions that risks remain, including potential regulatory hurdles, project financing, and weather-related disruptions, which could impact execution.
Adani Green is on an ambitious path to more than triple its capacity from 14 GW to 50 GW by 2030. Jefferies believes the company is making steady progress toward this goal, underpinned by improving net debt-to-EBITDA trends.
Financials & More
Adani Green reported a significant growth in revenue from operations, experiencing a year-on-year rise of nearly 22 percent, from Rs. 2,527 crores in Q4 FY24 to Rs. 3,073 crores in Q4 FY25. Similarly, the company’s net profit increased during the same period from Rs. 310 crores to Rs. 383 crores, representing a significant rise of nearly 23 percent YoY.
Adani Green Energy Limited (AGEL) develops, owns, and operates utility scale grid-connected solar, wind, hybrid and energy storage solutions. Presently, AGELhas an operating renewable portfolio of over 15.5 GW, the largest in India, spread across 12 states. The company has set a target of achieving 50 GW by 2030 aligned to India’s decarbonization goals.
Written by Shivani Singh
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