Up to 43% upside, outperform rating: Why Macquarie is bullish on the Adani Green Energy stock
Adani Green stock ended on a flat note at Rs 924.50 on Tuesday. Market cap of the firm rose to Rs 1.52 lakh crore.
- Apr 8, 2026,
- Updated Apr 8, 2026 9:35 AM IST
Shares of Adani Green Energy are set for a 43% upside from the current market price, according to brokerage Macquarie. The brokerage has raised its price target to Rs 1,320 and assigned an 'outperform' rating to the green energy stock.
Adani Green stock ended on a flat note at Rs 924.50 on Tuesday. Market cap of the firm rose to Rs 1.52 lakh crore.
The brokerage has raised base-case capacity estimates for Adani Green Energy to 40GW+ by FY30E (30GW earlier). This follows a strong end to FY26 (5GW+ capacity addition).
On a conservative basis, the capacity estimates could result in 25% plus EBITDA CAGR over next five years, according to Macquarie.
However, in a bull case assumption, (in line with management guidance), the capacity estimates could result in 40% CAGR.
The brokerage says faster-than-expected capacity ramp-up could make the price targets more achievable.
Vatsal Bhuva, Technical Analyst at LKP Securities has a price target of Rs 960 on the stock.
"The stock has demonstrated strong upward momentum, closing above its recent swing high with a large bullish candle, indicating robust buying interest. This breakout has been supported by increased market participation, which strengthens the positive outlook. If this momentum persists, the stock may continue its upward move and could approach the ?960 level, where the 100-day moving average may act as an important resistance zone," said Bhuva.
In Q3 of the last fiscal, net profit tanked 99% to Rs 5 crore against Rs 474 crore in the December 2024 quarter. However, total income in Q3 rose to Rs 2837 crore against Rs 1993 crore in the corresponding period of the previous fiscal.
Revenue from operations rose 11.9% to Rs 2618 crore in Q3 against Rs 2072 crore in the year ago period. EBITDA rose 19.2% to Rs 2241 crore.
Shares of Adani Green Energy are set for a 43% upside from the current market price, according to brokerage Macquarie. The brokerage has raised its price target to Rs 1,320 and assigned an 'outperform' rating to the green energy stock.
Adani Green stock ended on a flat note at Rs 924.50 on Tuesday. Market cap of the firm rose to Rs 1.52 lakh crore.
The brokerage has raised base-case capacity estimates for Adani Green Energy to 40GW+ by FY30E (30GW earlier). This follows a strong end to FY26 (5GW+ capacity addition).
On a conservative basis, the capacity estimates could result in 25% plus EBITDA CAGR over next five years, according to Macquarie.
However, in a bull case assumption, (in line with management guidance), the capacity estimates could result in 40% CAGR.
The brokerage says faster-than-expected capacity ramp-up could make the price targets more achievable.
Vatsal Bhuva, Technical Analyst at LKP Securities has a price target of Rs 960 on the stock.
"The stock has demonstrated strong upward momentum, closing above its recent swing high with a large bullish candle, indicating robust buying interest. This breakout has been supported by increased market participation, which strengthens the positive outlook. If this momentum persists, the stock may continue its upward move and could approach the ?960 level, where the 100-day moving average may act as an important resistance zone," said Bhuva.
In Q3 of the last fiscal, net profit tanked 99% to Rs 5 crore against Rs 474 crore in the December 2024 quarter. However, total income in Q3 rose to Rs 2837 crore against Rs 1993 crore in the corresponding period of the previous fiscal.
Revenue from operations rose 11.9% to Rs 2618 crore in Q3 against Rs 2072 crore in the year ago period. EBITDA rose 19.2% to Rs 2241 crore.