Adani stocks: Jefferies hikes 2026 targets on 3 companies

What changed in Jefferies’ Adani view

Jefferies raised target prices on Adani Power, Adani Ports and Special Economic Zone (APSEZ), and Adani Enterprises, while maintaining a ‘Buy’ rating on all three. The brokerage linked its upgrades to strong operational performance, capacity expansion plans, and improving realisations across businesses. The updated targets also reflect optimism on volume growth, EBITDA ramps, and execution across power, ports, and diversified infrastructure. In the market, Adani Group stocks were already in focus after a sharp April 2026 rally. Several group companies touched 52-week highs during Monday’s intraday trade on the BSE.

Adani Ports: target raised to Rs 1,980

Jefferies increased its target price on APSEZ to Rs 1,980 from Rs 1,825. The valuation cited was 17x Mar-28E EV/EBITDA, in line with FY27 trading multiples. Jefferies noted that the March-26 quarter EBITDA beat its estimates by 9%. The beat was attributed to a 9% year-on-year rise in domestic port realisations. Management guided for 9% to 14% year-on-year FY27E EBITDA growth, compared with Jefferies’ 11% forecast.

Ports growth levers: terminals, coal recovery, and volume mix

Jefferies highlighted capacity additions such as the NQXT terminal and Colombo West Terminal as key volume drivers for FY27E. It also flagged the possibility of coal import recovery, linked to Power Ministry guidelines, and Tata Power’s Mundra PPA as supportive factors for port volumes. Jefferies’ framework implies an 18% EBITDA CAGR over FY26-31E for the ports business, driven by ramp-ups and incremental capacity. Separately, other analyst notes referenced revised FY2026 revenue guidance for APSEZ at Rs 380 billion (corporate guidance).

Adani Power: target lifted to Rs 255

Jefferies raised Adani Power’s target price to Rs 255 from Rs 185. The brokerage applied a 20x FY28E EV/EBITDA multiple, described as a 100 bps premium to NTPC. The revision was based on expectations of a 23% EBITDA CAGR through FY26-29E, supported by capacity expansion plans. Jefferies expects capacity to double to 30.7 GW by FY30E. In the March quarter, EBITDA exceeded Jefferies’ estimates by 7%, driven by better utilisation and realisations.

PPAs, PLF trends, and merchant exposure

Recent PPAs were cited as a profitability tailwind, with tariffs in the Rs 5.8 to Rs 6.3 per unit range across 8.2 GW, compared with sub-Rs 5.5 per unit previously. Jefferies linked these higher tariffs to improved profitability for FY28-30E. The plant load factor (PLF) was reported flat year-on-year at 74% amid 2% power demand growth. Merchant exposure dipped to 19% of volumes, which Jefferies indicated supports stable blended realisations.

Adani Enterprises: target raised to Rs 2,800 via SOTP

Jefferies increased its target price on Adani Enterprises to Rs 2,800 from Rs 2,600, using a sum-of-the-parts (SOTP) approach. It said Airports and ANIL together contribute about 75% to 80% of enterprise value, anchored to a 14% EBITDA/PAT CAGR over FY25-28E. For the March quarter, EBITDA rose 3% to 4% year-on-year to Rs 44.8 billion. Jefferies attributed this to 75% year-on-year growth in Airports (and noted FY26 up 55%), a 6% rise in ANIL, and a strong exit in Copper, even as Trading and Mining Services saw declines.

Capex plans and incremental EBITDA targets

Management commentary cited in the note pointed to more than Rs 30 billion of incremental FY27 EBITDA potential from scaling Navi Mumbai Airport, Kutch Copper, and Roads after FY26 stabilisation. The same update mentioned capex of Rs 400 billion. These datapoints matter because Adani Enterprises’ near-term earnings mix is expected to depend on scaling newer infrastructure businesses, while trading-linked segments can be more variable.

April 2026 rally and 52-week highs across Adani names

Adani Group shares extended an upward move in April 2026, with some stocks up as much as 56% for the month. On Monday’s intraday trade on the BSE, APSEZ (up 4% at Rs 1,649.70) and Adani Power (up 4% at Rs 221.95) hit 52-week highs. Adani Energy Solutions (up 2% at Rs 1,443.75) and Adani Green Energy (up 2% at Rs 1,257.30) also hit 52-week highs. Adani Enterprises traded 2.53% higher at Rs 1,880 and touched an intraday high of Rs 1,894.55.

Key numbers at a glance

Market impact: what investors are reacting to

The Jefferies revisions place emphasis on operational outperformance and clearer medium-term ramp-up visibility. For APSEZ, the combination of domestic realisation gains and new terminal capacity is central to the brokerage’s higher target. For Adani Power, the re-rating case is tied to capacity growth and improved contracted tariffs through PPAs, alongside reduced merchant exposure. For Adani Enterprises, the focus is on Airports, ANIL and the incremental EBITDA opportunity from major projects such as Navi Mumbai Airport and Kutch Copper.

Why the upgrades matter for the Adani complex

Across the three companies, Jefferies’ notes repeatedly point to EBITDA delivery versus estimates and execution on capacity additions. The targets also show how brokerages are using forward EV/EBITDA benchmarks and SOTP frameworks to translate operational datapoints into valuation changes. In parallel, the sharp April moves and new 52-week highs indicate that a large part of the market is already pricing in improved near-term momentum. Investors tracking the group are likely to watch whether guided growth ranges, project stabilisation timelines, and capex plans translate into reported volumes and earnings.

Conclusion

Jefferies’ updated targets for Adani Ports, Adani Power and Adani Enterprises were driven by EBITDA beats, improving realisations, and expansion-led growth visibility. Near-term market attention remains on management guidance, commissioning timelines for new capacity, and delivery against stated EBITDA growth ranges and project scale-ups.