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Adani Group Eyes Growth with Record Capex
8 Jun
Summary
- Adani Group achieved a record capex of ₹1.55 lakh crore in FY26.
- Jefferies maintains a bullish view, forecasting up to 11% upside for Adani stocks.
- Energy infrastructure is a key growth driver, especially with AI-led power demand.
Adani Group has achieved a record capital expenditure of ₹1.55 lakh crore for the fiscal year 2026. The conglomerate remains optimistic about sustaining its growth momentum, underpinned by a disciplined financial strategy, according to insights from Jefferies.
Jefferies maintains a bullish stance on Adani Group stocks, including Adani Energy Solutions, Adani Green Energy, and Adani Power, with an anticipated upside of up to 11%. The firm noted that smart meter projects are progressing well and are expected to be significant growth drivers.
Adani Energy Solutions is projected to experience double-digit medium-term growth. The recent dismissal of a case against the Adani Group by the Competition Commission of India (CCI) could also contribute to a potential re-rating of the group's stocks.
For Adani Power, Jefferies forecasts a 23% EBITDA CAGR between FY26 and FY30E, with the company expected to turn free cash flow (FCF) positive by FY30E. The brokerage has a 'Buy' rating with a target price of ₹255 per share, valuing the stock at a premium due to its faster growth prospects.
Adani Green Energy's valuations are currently at a discount to their peak, suggesting room for upside based on execution. Jefferies has assigned a 'Buy' rating with a target price of ₹1435 per share.
