3 Adani Group Stocks: Global brokerage firm Jefferies has raised its target prices for three major Adani Group companies—Adani Ports and Special Economic Zone, Adani Power, and Adani Enterprises—while maintaining a ‘Buy’ rating on all three. This move reflects growing confidence in the Group’s operational strength, capacity expansion plans, and the improving financial performance across its core business segments: ports, power generation, airports, and infrastructure.
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Jefferies on Adani Group Stocks
The brokerage’s confidence is grounded in several factors: robust quarterly results, better-than-expected EBITDA figures, and a clear roadmap for capacity expansion in the coming years. Jefferies believes that rising demand within India’s ports, power, and infrastructure sectors will continue to drive volume growth and earnings expansion for these companies. Strategic decisions taken by the management, coupled with improving realization rates across all business verticals, have further bolstered the brokerage’s confidence in these three stocks.
Adani Ports Limited
Jefferies has raised its target price for Adani Ports from ₹1,825 to ₹1,980. The brokerage has valued the stock at 17 times its estimated EV/EBITDA for March 2028. The EBITDA for the March quarter exceeded estimates by 9%, driven primarily by a 9% year-on-year increase in earnings (realizations) from domestic ports. Management has projected an EBITDA growth of 9–14% for FY27, which aligns broadly with Jefferies’ own growth estimate of 11%.
The addition of new capacities—such as the NQXT Terminal and Colombo West Terminal—along with a potential surge in coal imports linked to Ministry of Power guidelines and Tata Power’s Mundra PPA, are identified as the key drivers for volume growth. The brokerage has set a target of an 18% EBITDA CAGR for Adani Ports between FY26 and FY31.
Adani Power Limited
Adani Power has received the most significant upgrade; Jefferies has raised its target price for the stock from ₹185 to ₹255. The brokerage has valued the stock at 20x its estimated FY28 EV/EBITDA—representing a 100 basis point premium relative to NTPC. This revised target is predicated on an expected EBITDA CAGR of 23% between FY26 and FY29, underpinned by the company’s plan to nearly double its capacity to 30.7 GW by FY30. The EBITDA for the March quarter exceeded estimates by 7%, a performance attributed to improved plant utilization and better realizations.
Adani Power recently signed Power Purchase Agreements (PPAs) for 8.2 GW of capacity at a rate of ₹5.8–6.3 per unit—a significant increase from the previous rate, which was below ₹5.5 per unit. Despite a 2% increase in power demand, the Plant Load Factor (PLF) remained stable year-on-year at 74%, while merchant market sales accounted for 19% of total volume, thereby helping the company maintain stable blended realizations. These new agreements are expected to drive substantial earnings growth between FY28 and FY30.
Adani Enterprises Limited
Utilizing a ‘Sum-of-the-Parts’ methodology, Jefferies has raised its target price for Adani Enterprises from ₹2,600 to ₹2,800. The Airports and ANIL segments are expected to collectively contribute 75–80% to the enterprise value, supported by a projected EBITDA and PAT CAGR of 14% between FY25 and FY28.
EBITDA for the March quarter rose 3–4% year-on-year to ₹44.8 billion; within this, the airports business recorded a robust 75% year-on-year growth, ANIL contributed 6%, and the copper segment also delivered a strong performance. Management aims to generate over ₹30 billion in additional EBITDA by FY27, driven by the Navi Mumbai Airport, Kutch Copper, and road projects—all of which are expected to stabilize post-FY26. A capital expenditure plan of ₹400 billion has been outlined to finance this ambitious expansion.
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