Adani Power, Adani Green, Adani Ports: Bernstein targets; this Adani stock offers highest upside
Brokerage Bernstein revised its target prices for Adani Ports, Adani Power, Ambuja Cement and Adani Green. The changes reflect stronger port volumes, fresh capacity assumptions and updated tariff and financing estimates.
- Aug 18, 2026,
- Updated Aug 18, 2026 3:26 PM IST
Bernstein has updated its valuation assumptions and target prices for Adani group companies. It has retained Outperform rating on Adani Ports, Adani Power and Ambuja Cement. On Adani Green, the brokerage has assigned an Underperform rating due to rich valuations.
It revised its target for Adani Ports & Special Economic Zone Ltd to Rs 1,973 per share, valuing Adani Power at Rs 220 and Adani Green Energy Ltd at Rs 980. The brokerage has also set a target price of Rs 486 for Ambuja Cements Ltd.
The changes reflect updates to growth, capacity and tariff assumptions across the companies. For Adani Ports, the brokerage raised its volume growth estimate for FY27 and increased its earnings estimates. For Adani Green, it revised its model to factor in lower contracted tariffs, changes to the debt-equity mix and an extended capacity addition timeline up to 2030.
Here's a look at what the brokerage said on the four Adani Group stocks.
Adani Ports & Special Economic Zone
Bernstein said it updated its volume growth estimate for FY27 to 12% from 10% earlier, based on strong performance from international ports in Q1 FY27 and July data. Following this change, its EPS estimate for FY27 has been increased by 3%.
The brokerage also raised the target EV/EBITDA multiple for Adani Ports to 16.5x from 16x, and said it arrived at a target price of Rs 1,973 per share using a forward EV/EBITDA multiple of 16.5x on its FY28 EBITDA estimates.
Adani Power
Bernstein said it used the discounted cash flow method to arrive at a price target of Rs 220. It has assumed that a 24 GW pipeline will be added by FY33 and has forecast financials asset-wise over an assumed 40-year life.
Beyond FY33, the brokerage has assumed annual capacity addition of 1.5 GW a year till FY60. It said it used a weighted average cost of capital of 10% in its valuation.
Ambuja Cements
The brokerage set a target price of Rs 486 using a forward EV/EBITDA multiple of 16x on its FY28 EBITDA estimates.
Adani Green Energy
Bernstein said it used the discounted cash flow methodology to arrive at a target price of Rs 980. Its valuation factors in existing projects, pipeline projects and the company’s market share in future sector growth.
The brokerage said it has assumed a cost of equity of 10% and a cost of debt of 6%. For projects beyond 2030, it has assumed that Adani Green will hold an 11-12% market share and generate returns of WACC plus 3.5%.
It also said it incorporated the latest AESL contracted tariffs, which are lower than its earlier estimates, and updated its capacity addition assumptions from till 2028 to till 2030 by including management’s target of reaching 50 GWh of BESS and 5 GW of PSP by 2030. As a result, its EBITDA estimates for Adani Green for FY27 have been reduced by 10%.
Bernstein added that a change in the debt-equity mix, based on the current share price, led to a reduction in WACC for Adani Green to 8.6% from 8.8%. It said these changes resulted in a revised target price of Rs 980 per share.
Bernstein has updated its valuation assumptions and target prices for Adani group companies. It has retained Outperform rating on Adani Ports, Adani Power and Ambuja Cement. On Adani Green, the brokerage has assigned an Underperform rating due to rich valuations.
It revised its target for Adani Ports & Special Economic Zone Ltd to Rs 1,973 per share, valuing Adani Power at Rs 220 and Adani Green Energy Ltd at Rs 980. The brokerage has also set a target price of Rs 486 for Ambuja Cements Ltd.
The changes reflect updates to growth, capacity and tariff assumptions across the companies. For Adani Ports, the brokerage raised its volume growth estimate for FY27 and increased its earnings estimates. For Adani Green, it revised its model to factor in lower contracted tariffs, changes to the debt-equity mix and an extended capacity addition timeline up to 2030.
Here's a look at what the brokerage said on the four Adani Group stocks.
Adani Ports & Special Economic Zone
Bernstein said it updated its volume growth estimate for FY27 to 12% from 10% earlier, based on strong performance from international ports in Q1 FY27 and July data. Following this change, its EPS estimate for FY27 has been increased by 3%.
The brokerage also raised the target EV/EBITDA multiple for Adani Ports to 16.5x from 16x, and said it arrived at a target price of Rs 1,973 per share using a forward EV/EBITDA multiple of 16.5x on its FY28 EBITDA estimates.
Adani Power
Bernstein said it used the discounted cash flow method to arrive at a price target of Rs 220. It has assumed that a 24 GW pipeline will be added by FY33 and has forecast financials asset-wise over an assumed 40-year life.
Beyond FY33, the brokerage has assumed annual capacity addition of 1.5 GW a year till FY60. It said it used a weighted average cost of capital of 10% in its valuation.
Ambuja Cements
The brokerage set a target price of Rs 486 using a forward EV/EBITDA multiple of 16x on its FY28 EBITDA estimates.
Adani Green Energy
Bernstein said it used the discounted cash flow methodology to arrive at a target price of Rs 980. Its valuation factors in existing projects, pipeline projects and the company’s market share in future sector growth.
The brokerage said it has assumed a cost of equity of 10% and a cost of debt of 6%. For projects beyond 2030, it has assumed that Adani Green will hold an 11-12% market share and generate returns of WACC plus 3.5%.
It also said it incorporated the latest AESL contracted tariffs, which are lower than its earlier estimates, and updated its capacity addition assumptions from till 2028 to till 2030 by including management’s target of reaching 50 GWh of BESS and 5 GW of PSP by 2030. As a result, its EBITDA estimates for Adani Green for FY27 have been reduced by 10%.
Bernstein added that a change in the debt-equity mix, based on the current share price, led to a reduction in WACC for Adani Green to 8.6% from 8.8%. It said these changes resulted in a revised target price of Rs 980 per share.