Overview
- Jefferies reaffirmed Buy ratings and raised target multiples for the three Adani power stocks after recent management meetings that showed clearer execution plans.
- Adani Power reiterated a plan to grow installed thermal capacity to 42 GW by FY32 and already has 56% of the near‑term 23.7 GW pipeline contracted under long‑term power purchase agreements.
- The brokerage cites secured land and equipment orders with Larsen & Toubro and BHEL and expects about 6.9 GW of new capacity to be operational by FY29, supporting a projected 23% EBITDA CAGR through FY30.
- Adani Energy Solutions is executing roughly Rs 718 billion of transmission projects, has installed 11.4 million smart meters by end‑FY26 and holds a near‑term bid pipeline of about Rs 1.5 trillion that underpins double‑digit growth forecasts.
- Jefferies warned results depend on timely project delivery, closing remaining PPAs and macro conditions and flagged the Competition Commission of India dismissal of a case against the group as a possible catalyst for a re‑rating.