Adani Energy Solutions shares climbed 2% after Jefferies reaffirmed its ‘Buy’ rating with a target price of ₹1,150. As of 10:52 AM, the shares were trading 2.12% higher at Rs 899.90.
The brokerage highlighted a strong project pipeline, robust growth in Mumbai’s power distribution, and steady progress in the company’s smart meter rollout.
Jefferies noted that Adani’s transmission order book has surged to ₹61,600 crore, marking a 3.6x year-on-year increase. This expansion underscores India’s rising electricity infrastructure demands and the company’s strategic project wins.
The Mumbai distribution arm continues to perform steadily, generating consistent cash flows. Additionally, the underutilized Mundra power link may soon see improved usage due to better interconnections between Gujarat and the southern grid.
Jefferies also sees significant upside in Adani’s smart meter business, citing strong execution capabilities and early-mover advantages under the government’s RDSS scheme.
Despite positive fundamentals, the stock trades at a steep 79% discount to its January 2023 peak, making current valuations appealing amid improving sector dynamics and financial deleveraging.
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