Adani group stocks were in the spotlight on Friday as global brokerages issued positive views on Adani Green Energy and Adani Power, even as the Securities and Exchange Board of India (SEBI) formally gave a clean chit to the Adani group in connection with the allegations raised in the Hindenburg Research report.
Jefferies on Adani Green
Jefferies maintained a buy rating on Adani Green Energy with a target price of ₹1,300, implying a potential upside of 32.6% from the current market price of ₹980.60. The brokerage said management remains confident of scaling capacity 3.5x from 14 GW in FY25 to 50 GW by 2030. Improving net debt-to-EBITDA ratios and attractive valuations — trading at a 63% discount to the January 2023 peak one-year forward EV/EBITDA — create room for further upside if execution remains on track.
Morgan Stanley on Adani Power
Morgan Stanley initiated coverage on Adani Power with an overweight call and a target price of ₹818, about 29.1% upside from CMP ₹633.50. The brokerage said Adani Power is a strong example of a turnaround in India’s corporate history, with most regulatory issues resolved and multiple value-accretive acquisitions in place. It expects capacity and EBITDA to rise 2.5x and 3x, respectively, by FY33, while new coal PPAs should improve investor confidence in earnings power.
SEBI’s clean chit lifts sentiment
The positive brokerage views came against the backdrop of SEBI confirming that its investigation into the Hindenburg Research allegations has found no evidence of wrongdoing by the Adani group. This formal clean chit removes a long-standing overhang on the group’s listed companies, which had faced sharp volatility and investor scrutiny since January 2023.
Analysts said the regulator’s decision provides a significant sentiment boost for Adani stocks across the board, from Adani Enterprises and Adani Ports & SEZ to utilities like Adani Transmission, Adani Green, and Adani Power.
Adani group stocks under brokerage radar:
| Stock | Brokerage | Rating | Target (₹) | CMP (₹) | Upside % | Key driver |
|---|---|---|---|---|---|---|
| Adani Green | Jefferies | Buy | 1,300 | 980.6 | +32.6% | 50 GW capacity by 2030, valuations at discount |
| Adani Power | Morgan Stanley | Overweight | 818 | 633.5 | +29.1% | Regulatory resolution, capacity & EBITDA growth |
Disclaimer: The views and investment recommendations expressed are those of the respective brokerages. These do not represent the views of this publication and should not be considered as investment advice. Investors are advised to consult their financial advisors before making any investment decisions.
