Jefferies keeps Buy on Adani Enterprises, Adani Energy; sees up to 46% upside
Jefferies set a Rs 3,830 target for Adani Enterprises, implying 29% upside, and Rs 2,060 for Adani Energy Solutions, implying 46% upside. The brokerage cited investment-led growth in airports, defence and data centres, alongside long-term power-contract visibility.
What happened
Jefferies retained Buy ratings on Adani Enterprises and Adani Energy Solutions. It expects Adani Enterprises’ airport, data-centre and defence investments to
Key facts
- Jefferies target price: Rs 3,830 for Adani Enterprises
- Adani Enterprises implied upside: 29%
- Adani Energy Solutions target price: Rs 2,060
- Adani Energy Solutions implied upside: 46%
- Adani Enterprises projected investment: Rs 2 lakh crore during FY26-FY31
- Adani Enterprises projected EBITDA CAGR: 23% during FY26-FY31
- Airports projected EBITDA CAGR: 25%
- Defence projected EBITDA growth: more than 40%
- Data-centre EBITDA growth: more than 100%
- Adani Energy Solutions power agreement: 2.5 GW for 25 years
Why this matters
Adani’s growth thesis reinforces the strategic value of partnerships, acquisitions and capital deployment across infrastructure-linked sectors such as airports, defence, data centres and energy transmission.
What to watch
- Quarterly airport passenger growth, EBITDA margins and new route or capacity announcements
- Defence order-book additions, execution milestones and government procurement awards
- Data-centre land, power-supply, customer-contract and financing announcements
- Transmission project awards, commissioning dates and regulated-return visibility at Adani Energy Solutions
- Net debt, interest-cost trends, refinancing activity and any equity issuance
- Power-demand growth, renewable integration requirements and policy support for grid investments
- Regulatory, governance or litigation developments affecting the Adani group
- Adani Enterprises may accelerate disclosures around airport EBITDA, defence order inflows and data-centre partnerships to support its growth narrative.
- Adani Energy Solutions may prioritize transmission commissioning updates, long-term contract wins and capital-raising clarity.
- Peer infrastructure and utility valuations may rise if investors treat the targets as validation of India’s capex and grid-expansion cycle.
- Higher investor attention could improve access to strategic capital but also intensify scrutiny of leverage, related-party exposure and project-return timelines.