Adani Energy Solutions share price: Analysts turn bullish after 30% correction; check new targets

Adani Energy Solutions Ltd (formerly known as Adani Transmission Ltd) has received rating upgrades from several brokerages following a strong performance in the September 2026 quarter. However, the stock remains significantly below its all-time high, having fallen nearly 70 per cent from its peak about four years ago.

Adani Energy Solutions Q2 results Adani Energy Solutions reported a 147.75 per cent year-on-year (YoY) jump in net profit to Rs 1,322.85 crore for the quarter ended September 2026. Revenue rose 52.75 per cent to Rs 10,075.54 crore, while EBITDA increased 35.5 per cent to Rs 3,101.5 crore. EBITDA margin improved by 400 basis points to 30.7 per cent during the quarter.

Revenue from the transmission business increased 17 per cent YoY to Rs 1,700 crore, while capital expenditure nearly doubled to Rs 3,500 crore. The distribution business reported operating EBITDA of Rs 600 crore, up 23 per cent YoY. EBITDA from the smart metering business surged 145 per cent to Rs 226 crore. Power Pulse Trading Solutions reported revenue of Rs 2,000 crore and EBITDA of Rs 800 crore.

Adani Energy Solutions share price Shares of Adani Energy Solutions rose from an intraday low of Rs 1,208.50 to Rs 1,260.25 on Monday, marking a recovery of more than 4.1 per cent from the day's low. The company had a market capitalisation of nearly Rs 1.55 lakh crore. The stock is down 30 per cent from its 52-week low at Rs 1,789, hit in July 2026. However, it has cracked nearly 70 per cent from it's all-time peak around Rs 4,100 hit four year ago in September 2022.

Adani Energy Solutions target prices: What brokerages say Jefferies said Adani Energy Solutions' EBITDA for the September quarter was 19 per cent higher than expected, driven by stronger-than-anticipated performance in the trading business.

The brokerage raised its FY27 EBITDA estimate by 6 per cent but cut its FY28-FY30 estimates by 4-5 per cent, factoring in lower capitalisation guidance for the transmission and smart metering businesses. Despite these revisions, Jefferies remains confident of a 25 per cent EBITDA compound annual growth rate (CAGR) over FY26-FY30 and retained the stock among its top sector picks with a 'buy' rating with a target price of Rs 1,980.

ICICI Securities said Adani Energy Solutions delivered a strong performance in Q2FY27, supported by growth in operating EBITDA and profit. The energy solutions segment is scaling up and, alongside the Mumbai high-voltage direct current (HVDC) project, is expected to be a key growth driver in FY27. The segment accounted for 57 per cent of the incremental EBITDA growth in the first half of FY27, the brokerage said.

The company's transmission order book improved to Rs 87,200 crore. However, commissioning lagged in the first half despite strong capital expenditure, with management expecting capitalisation to pick up in the second half. The company has also secured a 2.5 GW round-the-clock (RTC) power supply contract with MSEDCL, while another 750 MW tie-up with AEML is under consideration, ICICI added and upgraded the stock to 'buy' with a target price of Rs 1,600.

Elara Capital upgraded Adani Energy Solutions to 'buy' from 'accumulate', while trimming its target price to Rs 1,747 from Rs 1,823 The brokerage revised its earnings estimates upwards by 12.5 per cent for FY27, 34.4 per cent for FY28 and 18.2 per cent for FY29, factoring in contributions from the energy solutions platform.

For its valuation, Elara assigned a multiple of 2.5 times FY29 estimated price-to-book value to regulated transmission and distribution assets. It valued transmission assets awarded through the tariff-based competitive bidding route and smart metering at 12 times FY29 estimated EV/EBITDA. The brokerage also factored in additional option value from upcoming smart metering projects, potential transmission opportunities under the National Electricity Plan and the energy solutions platform.

PL Capital upgraded Adani Energy Solutions to 'buy' from 'hold' and set a target price of Rs 1,526. It raised its FY28 and FY29 EBITDA estimates by 6 per cent and 9 per cent, respectively, driven by the energy solutions platform. It added that the stock was trading at a reasonable valuation of 13 times FY29 estimated EV/EBITDA following its recent weakness.