Brokerage Jefferies has kept a Buy rating on four Adani group companies after hosting their managements at its Jefferies India Forum 2026. The note, reported on 18 September 2026, covers Adani Power, Adani Green Energy, Adani Ports and SEZ, and Adani Energy Solutions.
What Jefferies Told Clients
Jefferies said it sees up to 53 per cent upside across the four stocks over the next twelve months, based on the targets it has set for each.
The note follows management presentations at the brokerage’s own investor conference, so much of it reflects what company managements said about their plans rather than new disclosures to the exchanges.
Adani Power: The Capacity Argument
According to the note, Adani Power’s management repeated its target of expanding capacity by 2.5 times, to 45 GW by FY 2031-32.
Of the 23.7 GW of capacity being added, 56 per cent is already tied up under long-term power purchase agreements, and the company wants to tie up all of it. A power purchase agreement, or PPA, is a long-term contract to sell electricity at an agreed price, which makes future revenue more predictable than selling into the open market.
Jefferies said it expects Adani Power to deliver 22 per cent EBITDA growth a year compounded over FY 2025-26 to FY 2029-30, and to turn free cash flow positive by FY 2029-30 from negative levels now. Its target price on the stock is ₹270, which the brokerage said implies about 33 per cent upside.
Adani Green: Storage and the Grid
On Adani Green Energy, Jefferies said management remained confident of adding 5 GW of capacity in FY 2026-27, and is timing new capacity to match the transmission infrastructure available to carry it.
That timing point matters. Curtailment is what happens when a renewable plant generates power the grid cannot absorb, and the output is cut back. A solar farm that cannot evacuate its electricity does not earn from it.
The brokerage also said plans to raise battery energy storage capacity from 3.6 GWh now to more than 10 GWh by FY 2026-27 remain on track. Storage lets a solar generator sell power at night, when tariffs are higher. Jefferies set a target of ₹1,695 on the stock.
The Trade-off Jefferies Itself Points To
The same note flags a limit on the upside. Adani Green’s capacity tie-up with Adani Energy Solutions caps what it can earn from selling power on the merchant market, where prices swing with demand.
In exchange, earnings become more predictable. That is the trade every contracted power producer makes: less chance of a windfall, less chance of a collapse.
What a Target Price Actually Means
A target price is an analyst’s estimate of where a share might trade over a stated horizon, usually twelve months. It is built on assumptions about growth, margins and the multiple the market will pay.
Change one assumption and the target moves. Jefferies has revised its targets on these same stocks more than once during 2026 as capacity plans and market conditions changed.
A target is not a promise, a forecast the brokerage is accountable for, or a statement about what any individual investor should do. Different brokerages routinely publish very different targets on the same stock at the same time.
How to Read a Note Like This
Three things are worth separating when you read brokerage coverage.
- Facts disclosed to the exchanges, such as capacity already commissioned or contracts signed
- Management guidance, which is a plan and not yet a result
- The analyst’s own estimates and target, which rest on both of the above
Most of what appears in a conference note falls into the second and third categories. Whether the plans convert into earnings is visible only in the quarterly filings that follow.
Shares in these companies, like any listed stock, are bought and held through a demat account, and their day to day movement can be followed on an online trading platform. What matters more than the daily move is whether the execution milestones described above actually land.
The ratings, targets and figures in this article are Jefferies’ own, as reported on 18 September 2026, and were carried by a single outlet at the time of writing. They are reported here as information and may have changed since.
Investments in securities are subject to market risks. Read all related documents carefully before investing. This article is for information only and is not investment advice. Findoc does not recommend any of the securities named here.
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