Cantor Fitzgerald has assumed coverage on Adani Energy Solutions (AESL) with an outperform rating and a target price of ₹1,048, citing the company’s strong visibility on growth across regulated and contracted transmission assets, rising revenue from smart-meter annuities, and improving efficiency in the distribution business.
The brokerage said AESL’s growth prospects are supported by a transmission pipeline under development worth ₹593.04 billion, along with a near-term tender pipeline of approximately ₹900 billion. These projects, according to Cantor, provide a long runway for revenue and earnings expansion over the coming years.
Cantor added that from the second quarter of FY26 onward, AESL’s financials will begin to more fully capture the benefits of assets commissioned in the first quarter of FY26, as full-quarter earnings contributions flow through. This, the brokerage noted, should lead to a stronger revenue and earnings trajectory in the near to medium term.
By combining a growing regulated and contracted base, annuity-like cash flows from smart meters, and steady improvements in distribution efficiency, Cantor concluded that AESL remains well placed to deliver sustained growth and stable returns, supporting its positive stance on the stock.
Disclaimer: The views and investment recommendations expressed above are those of Cantor Fitzgerald. They do not represent the views of this publication. This article is for informational purposes only and is not investment advice.
