Adani stocks: Jefferies hikes 3 targets for 2026

What Jefferies changed and why it matters

Global brokerage Jefferies raised its target prices on three Adani Group stocks: Adani Power, Adani Ports and Special Economic Zone (APSEZ), and Adani Enterprises. The US-based brokerage retained its ‘Buy’ call on all three companies. Jefferies linked the upgrades to strong operational performance, ongoing capacity expansion, and improving realisations across the businesses. The note also pointed to rising demand across ports, power, and diversified infrastructure as a supportive backdrop. The brokerage said recent quarters have delivered better-than-expected business performance for these companies.

New target prices: Adani Power, APSEZ, Adani Enterprises

Jefferies upgraded price targets across the three stocks. For Adani Enterprises, Jefferies raised its target price to Rs 2,800 per share. For Adani Power, the target price was raised to Rs 255 from Rs 185. For Adani Ports, Jefferies raised its target price to Rs 1,980 from Rs 1,825. Across the trio, the brokerage flagged optimism around volume growth, EBITDA improvement, and strategic execution.

Adani Power: profit jump adds to the upgrade case

Adani Power reported a 64% rise in Q4 net profit to Rs 4,271 crore, compared with Rs 2,599 crore in the same period a year ago. Jefferies’ target revision on Adani Power reflects an earnings and capacity-led thesis. The brokerage assigned a 20x FY28E EV/EBITDA multiple in its valuation approach. The revision assumes a 23% EBITDA CAGR through FY26-29E, backed by capacity expansion plans. Jefferies said it sees capacity potential to double to 30.7 GW by FY30E.

Adani Enterprises: EBITDA led by airports, copper, infra

For Adani Enterprises, Jefferies said EBITDA growth was led by the airports, copper and infrastructure segments. At the same time, it noted that profit after tax turned negative due to higher depreciation. Jefferies added that management expects a strong ramp-up in EBITDA from FY27. The brokerage’s higher target price of Rs 2,800 per share reflects this segment-led EBITDA trajectory and the expectation of stronger operating leverage as projects scale.

Adani Ports: March 2026 quarter beat and realisation gains

In the case of APSEZ, Jefferies highlighted that the March 2026 quarter EBITDA beat its estimates by 9%. The brokerage attributed this beat to a 9% year-on-year rise in domestic port realisations. Jefferies also cited the company’s outlook: management guided for 9% to 14% year-on-year FY27E EBITDA growth, compared with Jefferies’ 11% forecast. The new target price for APSEZ was raised to Rs 1,980 from Rs 1,825.

Quick snapshot table: targets and key drivers

Stock move mentioned: Adani Power’s latest trade levels

The provided market data showed Adani Power moving up by 2.46% from its previous close of Rs 221.85. The stock last traded at Rs 227.30, with the timestamp shown as 04 May, 2026 (03:59). These levels were presented alongside the brokerage update and broader stock coverage.

Broader context: Adani Group stocks also moved with market news

Separate from the Jefferies note, the text also referenced a broader rally in Adani Group stocks alongside the wider market after India sealed a long-awaited trade agreement with the US. It said Adani Enterprises jumped as much as 12%, marking its steepest intraday gain since November 2024. The same section said Adani Ports and Special Economic Zone climbed 8%, Adani Green surged 12.7%, Adani Energy Solutions rose 10%, and Adani Power advanced 7.8%.

Market impact: what the upgrade signals for investors

Jefferies’ revisions put emphasis on operating momentum and execution, especially where realisations, utilisation and scale-up matter most. For Adani Power, the upgrade leans on profit growth and a capacity expansion roadmap that Jefferies expects to support a high EBITDA growth run-rate. For APSEZ, the update is anchored in the March 2026 quarter EBITDA beat and the rise in domestic realisations, with management guidance framing the FY27E trajectory. For Adani Enterprises, the note separates EBITDA momentum from accounting pressure, highlighting that higher depreciation impacted profit after tax even as operating segments drove growth.

Conclusion

Jefferies’ higher target prices for Adani Power, APSEZ and Adani Enterprises follow stronger operating performance and specific drivers such as rising domestic port realisations and expansion-linked EBITDA expectations. The brokerage maintained its ‘Buy’ stance on all three. Investors will track management commentary and delivery against the stated growth markers, including APSEZ’s FY27E EBITDA growth guidance and the EBITDA ramp-up expectation from FY27 at Adani Enterprises.