Adani Green shares: TotalEnergies mulls Rs 10,000 crore stake sale; check targets & more

Adani Green Energy: Shares of Adani Green Energy (AGEL) shall remain in focus on Monday amid the surfacing reports citing sources that France-based multinational energy company TotalEnergies is eyeing to sell up to 6 per cent stake in the Adani Group firm.

As of the September 2025 quarter, Total Energies owned 18.99 per cent in Adani Green Energy, through two entities — Totalenergies Renewables Indian Ocean (15.58 per cent) and Totalenergies Solar Wind Indian Ocean (3.41 per cent). They cumulatively owned more than 31.28 crore share in Adani Group’s renewable energy arm.

TotalEnergies had bought its stake in Adani Green Energy in 2021 for around $2.5 billion, which is currently valued nearly at $8 billion. The French conglomerate now intends to take some profit off the table, said the media reports citing an industry executive as source aware of the development.

The stake may be offered to Adani Green Energy, which may evaluate the proposal, suggested the media reports. Adani Group, Total Energies and Adani Green Energy has remained tight-lipped on this matter. At Adani Green’s current market capitalisation of Rs 1.67 lakh crore, Total’s 6% stake sale could fetch it more than Rs 10,000 crore (about $1.12 billion).

To recall, Promoters own 62.43 per cent stake in Adani Green Energy, while public investors own 37.57 per cent stake in the company as of September 30, 2025. Mutual Funds and LIC of India owned 1.64 per cent and 1.30 per cent stake in the company as of the given date. Nearly 9.6 lakh retail investors own 3.73 per cent, or 6.15 crore equity shares, in AGEL as of Q2FY26.

Adani Green Energy reported a net profit of Rs 644 crore for the September 2025 quarter, clocking a 25 per cent growth on a year-on-year (YoY) basis. Its revenue from operations inched up marginally to Rs 3,008 crore in Q2FY26. Its Ebitda rose by 17 per cent YoY to Rs 2,603 crore, while margins stood at 86.5 per cent for the reported period.

Shares of Adani Green Energy settled at Rs 1,029.75 on Monday, falling nearly 2.8 per cent for the day. The stock has tanked nearly 30 per cent from its 52-week high, hit nearly a year ago. Recently, select brokerage firms initiated coverage on Adani Green Energy and majority of them had a positive view on the stock.

JM Financial estimates AGEL to deliver a CAGR of 29 per cent, 32 per cent and 41 per cent in revenue, Ebitda and PAT over FY25-28E accompanied by stable EBITDA/MW at Rs 7-8 million and further improvement in net debt/Ebitda to 5.3 by FY28. It has initiated with a 'buy' and a target price of Rs 1,289, considering its strong execution track record and group synergies.

Adani Green's consolidated Q2FY26 Ebitda rose 17 per cent YoY to Rs 2,600 crore, led by 49 per cent YoY uptick in operational capacity to 16.7GW. YoY growth in sale of power was slower at 34%, as CUFs were impacted by seasonality, besides the fall in grid availability, said Emkay Global Financial Services. It has a 'buy' rating on the stock with a target price of Rs 1,500.

Supported by digital asset monitoring, sustainable operations, and vertical integration within the Group, Adani Green remains a key enabler of India’s clean energy ambitions, said Asit C Mehta Investment Interrmediates. "We project a revenue CAGR of 16.2 per cent over FY25-FY27E and, based on an EV/Ebitda multiple of 30 times on FY27E estimates, derive a target price of Rs 1,388, maintaining an 'accumulate' rating."

Rajiv Jain-led GQG Partners has increased its stake in select Adani Group firms including Adani Green Energy as per the NSE block deal data on November 18. GQG Partners acquired 77.39 lakh shares of Adani Green Energy at Rs 1,088.6 apiece for a total of Rs 842.53 crore. At the end of the September quarter, GQG Partners held 2.46 per cent stake in the company.