Jefferies keeps Buy on 3 Adani stocks, sees up to 11%

What Jefferies said on the Adani Group names

Jefferies has retained its ‘Buy’ rating on three Adani Group stocks: Adani Power Ltd (APL), Adani Green Energy Ltd (AGEL) and Adani Energy Solutions Ltd (AESL). The brokerage’s note flags capacity expansion plans, demand visibility and improving execution momentum across the businesses as key supports for its positive stance.

Across the three names, Jefferies’ stated potential upsides vary by stock. Its target price on Adani Power implies about 11% upside, while it sees a 1% upside on Adani Green and a 10% upside on Adani Energy Solutions.

The note also frames the call around the gap between current valuations and earlier peak multiples for at least one of the stocks. Jefferies said valuations are at a 56% discount to the January 2023 peak on a one-year forward EV/Ebitda basis, which it said creates room for upside if execution remains on track.

Adani Power: target Rs 255 and FY30 free cash flow inflection

Jefferies maintained a ‘Buy’ rating on Adani Power with a target price of Rs 255, suggesting about 11% potential upside. In its view, Adani Power’s operating trajectory supports a higher valuation as the company scales over the next few years.

Jefferies expects Adani Power to deliver a 23% Ebitda CAGR over FY26-30E. It also expects the company to turn free cash flow (FCF) positive by FY30E, from negative levels currently. The brokerage highlighted this potential shift in cash generation as a key marker investors will track.

While the note does not provide a detailed bridge for Ebitda and FCF, the emphasis on multi-year compounding and an eventual FCF turnaround indicates that Jefferies is leaning on a longer-dated operating cycle rather than near-term catalysts alone.

Adani Green Energy: Buy retained, target Rs 1,435

Jefferies said it remains positive on Adani Green Energy with a ‘Buy’ rating and a price target of Rs 1,435. It characterised the near-term upside as limited, but pointed to long-term execution potential.

Jefferies also linked valuation comfort to the distance from past peaks. It said valuations are at a 56% discount to the January 2023 peak one-year forward EV/Ebitda, and added that this creates room for upside on execution.

Separate market notes cited in the provided material also show that Jefferies had earlier adjusted Adani Green’s price target to Rs 1,260 from Rs 1,300 (published 01/26/2026), while keeping the rating at ‘Buy’. The latest Jefferies target referenced in the June 7 update is Rs 1,435.

Adani Energy Solutions: bid pipeline, execution, and target Rs 1,665

For Adani Energy Solutions, Jefferies reiterated a ‘Buy’ rating with a price target of Rs 1,665. It highlighted AESL as India’s only listed pure-play transmission and distribution company in the private sector.

Jefferies pointed to a near-term bid pipeline of Rs 150,000 crore, compared with Rs 54,000 crore at the end of FY25. It also said the company is executing Rs 71,800 crore worth of transmission projects, up 20% year-on-year.

The note added that the smart meter business is “ramping up well” and is a key growth driver going forward. It also said the company is “locked-in for double-digit medium-term growth,” linking the view to the size of the pipeline and ongoing project execution.

Jefferies said its target for Adani Energy Solutions is based on 20 times estimated FY28 EV/Ebitda, which it described as a 14% discount to AESL’s 10-year average.

Stock move: AESL trades lower in early session

Adani Energy Solutions stock was trading at Rs 1,558.9 in the early session, down 1.3% from Friday’s close of Rs 1,578.8. Jefferies’ reiterated target price in the note is Rs 1,665 per share.

The provided material also includes an earlier update dated Apr. 28 stating: “Jefferies Adjusts Adani Energy Solutions’ Price Target to INR 1,665 from INR 1,170, Keeps at Buy.”

Key figures from Jefferies’ note

Timeline of Jefferies target updates mentioned in the material

Why the note matters for investors tracking the sector

Jefferies’ commentary puts the focus on execution and multi-year visibility rather than short-term price action. For Adani Power, the call hinges on Ebitda compounding through FY26-30E and an expected move to positive free cash flow by FY30E. For Adani Energy Solutions, the emphasis is on a quantified pipeline and a large under-execution project base, alongside the scaling smart meter business.

The valuation framing is also central to the brokerage’s positioning. By highlighting discounts to earlier peak EV/Ebitda levels and, for AESL, an explicit multiple benchmark against its own 10-year average, Jefferies signals that it sees valuation as supportive if operating delivery remains consistent.

Conclusion

Jefferies has kept ‘Buy’ ratings on Adani Power, Adani Green Energy and Adani Energy Solutions, with targets of Rs 255, Rs 1,435 and Rs 1,665, respectively. Its thesis leans on growth visibility, execution momentum, and valuation cushions versus historical reference points. Investors are likely to watch AESL’s project execution and bid conversion, AGEL’s delivery against longer-term plans, and APL’s path to FCF positivity by FY30E as the next set of measurable milestones.