Jefferies has reiterated its buy rating on Adani Green Energy with a target price of ₹1,300 per share, implying a potential upside of about 32.6% from the current market price of ₹980.60.
Management reinforced confidence in its long-term growth plan to raise capacity 3.5x from 14 GW in FY25 to 50 GW by 2030. The brokerage noted that improving net debt-to-EBITDA trends remain underway, supporting balance sheet strength alongside expansion.
For the near term, Jefferies estimates 4.5 GW capacity addition in FY26E and 6.3 GW in FY27E. The company has reiterated guidance of 5 GW capacity addition in FY26E, which the brokerage said provides upside potential to its estimates if achieved.
Jefferies also highlighted that valuations remain attractive, trading at a 63% discount to the January 2023 peak one-year forward EV/EBITDA, leaving meaningful room for upside on execution.
Disclaimer: The views and investment recommendations expressed are those of Jefferies. 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.
