Global brokerage firm Jefferies has announced revised, higher target prices for three major Adani Group stocks: Adani Power, Adani Ports, and Adani Enterprises. This optimistic outlook comes on the heels of robust operational performance, significant capacity expansions, and improving realisations across various business segments.
Jefferies has maintained its 'Buy' rating on all three companies, citing strong volume growth, improved EBITDA, and strategic execution in response to rising demand in the ports, power, and diversified infrastructure sectors.
Adani Power Sees Significant Target Hike
Adani Power reported a substantial 64% increase in its Q4 net profit, reaching Rs 4,271 crore, up from Rs 2,599 crore in the same period last year. While revenue from operations remained relatively flat at Rs 14,233 crore, Jefferies raised its price target for Adani Power to Rs 255 from Rs 185. The brokerage’s revised outlook is based on an assumed 23% EBITDA CAGR through FY26-29E, supported by ambitious capacity expansion plans. Jefferies anticipates Adani Power's capacity to double to 30.7 GW by FY30E.
Adani Ports' Strong Performance Drives Upgrade
Adani Ports and Special Economic Zone (APSEZ) demonstrated strong financial health, with Q4 net profit rising 10.4% year-on-year to Rs 3,329 crore. Revenue surged by 26.5% to Rs 10,737 crore. Jefferies increased its target price for APSEZ to Rs 1,980 from Rs 1,825. The brokerage noted that APSEZ's EBITDA surpassed its estimates by 9% in the March 2026 quarter, driven by a similar 9% year-on-year rise in domestic port realisations. Management has guided for a 9% to 14% year-on-year EBITDA growth for FY27E.
Adani Enterprises' Diversified Growth
Adani Enterprises reported a consolidated net loss of Rs 220.7 crore attributable to owners in Q4, primarily due to the absence of an exceptional gain of Rs 3,945.7 crore recorded in Q4 FY25 from a stake sale in AWL Agri Business. Despite this, revenue from operations climbed 20.3% year-on-year to Rs 32,439.3 crore, with total income reaching Rs 33,187 crore. Jefferies raised its target price for Adani Enterprises to Rs 2,800 per share. The brokerage highlighted that EBITDA growth was primarily led by the company's airports, copper, and infrastructure segments, with management expecting a strong ramp-up in EBITDA from FY27.