Adani Green Energy shares demonstrated resilience on Monday, posting gains despite a broader market downturn. The positive movement followed an announcement from global brokerage Macquarie, which raised its price target for the Adani Group stock and maintained an "outperform" rating.
The renewable energy firm's stock advanced by 1.66% to reach Rs 1539.45 during trading, eventually closing 1% higher at Rs 1530.20. This performance occurred as the wider market experienced a slump, with the Sensex falling 443 points to 77,708 and the Nifty dropping 96 points to 24,238.
Brokerage Boosts Outlook
Macquarie increased its price target for Adani Green Energy to Rs 1,800, up from its previous target of Rs 1,700. This adjustment reflects confidence in the company's future growth trajectory.
Adani Green Energy has shown strong momentum over the past year, with its stock price surging 73.42% in the last six months and 49% over the past year. The large-cap stock hit a 52-week high of Rs 1631.35 on July 14, 2026, contrasting with its 52-week low of Rs 767 recorded on January 23, 2026. Despite its high beta of 1.76, indicating significant volatility, the stock's Relative Strength Index (RSI) of 50.7 suggests it is currently neither oversold nor overbought.
Future Growth Projections
The brokerage's optimistic outlook is underpinned by expectations of substantial capacity additions. Macquarie anticipates Adani Green Energy will achieve 10GWh in annual additions, driving incremental EBITDA growth, partly due to Battery Energy Storage Systems (BESS). The firm targets 5GW annual renewable capacity additions until FY30, projecting a 30% EBITDA Compound Annual Growth Rate (CAGR) over the next five years, fueled by strong execution and scaling.
Macquarie also notes that heavy capital expenditure will be supported by robust cash flow generation, leading to an expected reduction in Net debt/EBITDA by FY30. However, the brokerage highlighted grid availability as a key challenge for the company moving forward.