
Jefferies maintained its Buy rating on Adani Green Energy but reduced its target price significantly to ₹1,300 from ₹2,000. The cut reflects lower-than-expected capacity additions in the first nine months of FY25. The brokerage noted that the company’s capacity addition during 9MFY25 lagged its expectations, prompting a downward revision in FY25-27 capacity estimates by 4-6 GW and EBITDA forecasts by 4-23%.
Despite these short-term setbacks, Jefferies remains optimistic about Adani Green’s long-term growth story. The company’s focus on renewable energy and aggressive expansion plans in solar and wind capacity underpin its potential for sustained performance. However, Jefferies flagged valuation concerns, noting that Adani Green trades at a premium compared to its peer JSW Energy, which could limit near-term upside. The brokerage sees Adani Green’s commitment to renewable energy as a critical factor in maintaining its growth trajectory but acknowledges the need for consistent execution to meet its ambitious targets.