Adani Power, Adani Green, Adani Ports, Adani Energy: Jefferies shares target prices

Jefferies has maintained its 'Buy' rating on at least four Adani group stocks after hosting them in its Jefferies India Forum 2026. Adani Power Ltd, Adani Green Energy Ltd, Adani Ports and SEZ Ltd and Adani Energy Solutions Ltd are projected to see up to 53 per cent upside over the next 12 months. Here's what the foreign brokerage said.

Adani Power Ltd
Jefferies said the Adani Power management reiterated its target of expanding capacity by 2.5 times to 45 GW by FY32. It said 56 per cent of the upcoming 23.7 GW capacity by Adani Power is already locked in under long-term PPAs and the aim is to tie up 100 per cent, which lowers the risk profile further.

"We believe Adani Power (APL) should see 22 per cent EBITDA CAGR over FY26-30E and turn FCF positive by FY30E from negative levels currently. Buy," Jefferies said while suggesting a target of Rs 270. The target suggests 33 per cent potential upside.

Adani Green Energy Ltd
Jefferies said the Adani Green Energy management remained confident of adding 5 GW capacity in FY27E.
The company is aligning capacity addition timelines with transmission infrastructure to mitigate curtailment risk, it said.

"Plans to ramp up Battery Energy Storage System (BESS) capacity from 3.6 GWh currently to 10 GWh+ by FY27E remain on track. Capacity tie-up with Adani Energy Solutions (AESL) caps merchant upside, though improves earnings predictability," Jefferies said as it suggested a target of Rs 1,695 on the stock, hinting at 34 per cent upside.

Adani Ports and SEZ Ltd 
Jefferies said Adani Ports’ (ADSEZ) remained confident of achieving its 1 bnt cargo target by 2030, driven by organic growth in domestic ports and ramp up at its international ports. Integrating technology into its strong port infrastructure is a focus area. Logistics is a growth enabler for ports as well. Balance sheet remains strong with potential to turn net cash by FY31E, indicating room for growth capex, it said.

Capital allocation remains a key focus area, Jefferies said as it suggested a target of Rs Rs 2,160 on the stock, suggesting 25 per cent potential upside.

Adani Energy Solutions Ltd 
Jefferies said the Adani Energy management remained upbeat on prospects of its Trading business.
"They further highlighted that India’s transmission outlook remains robust and reiterated their guidance on medium-term annual capex run-rate of Rs 20,000-25,000 crore," Jefferies said.

Smart meters and trading business is ramping up well and will be the key growth drivers going forward, the foreign brokerage said while suggesting 'Buy' and a target of Rs 2,060, hinting at 53 per cent potential upside.