Investec has initiated a ‘Buy’ rating on Adani Green Energy, setting a target price of ₹2,515 per share, reflecting significant upside potential from the current market price of ₹1,924. The firm anticipates a fivefold increase in the company’s installed capacity, reaching over 50 GW by FY30.
Key growth drivers include 30 GW of installations in Khavda and 11 GW in Rajasthan, coupled with the integration of new-age technology and an increased share of merchant and commercial & industrial (C&I) power. Investec expects Adani Green’s revenue to grow at a rate of 34% over the FY24-30 period, with EBITDA and PAT expected to rise at CAGRs of 37% and 60%, respectively.
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Adani Green Energy