According to Jefferies, in a bull market with strong industry tailwinds and growing power demand, Adani Green Energy’s stock might rise by an astounding 75% given the aim for capacity development.
The international brokerage firm has set a target price of Rs 2,130 per share, which suggests a possible gain of 17% from the previous close.
Monday morning saw a 1.5% increase in Adani Green’s share price to 1,830 per share.
Nevertheless, noting the company’s goal of 50 gigawatt (GW) of capacity by 2030, Jefferies has put out a more bullish upside scenario, predicting a potential stock price of Rs 3,180, or a 75% increase from the current price.
The Khavda plant in Gujarat is Adani Green’s “game-changer.” The Khavda renewable energy (RE) plant occupies 538 square kilometers, which is about five times the size of Paris.
Adani Green Energy Limited (AGEL) expects to build a total of 6 GW capacity in FY25; Khavda will contribute a large portion of this capacity. Within a year of commencing ground, AGEL operationalized the first 2 GW.
By 2029, Khavda will have completed the development of its 30 GW RE capacity, establishing a record for the world’s fastest execution of such a large-scale project.
Additionally mentioned by Jefferies was the company’s earnings doubling in the first quarter of the 2025 fiscal year. In the April–June quarter, the Adani Group company’s net profit increased 95% year over year to Rs 629 crore.
The global brokerage added that in the fiscal years 2024–2030, power capital expenditures are expected to increase by 2.2 times, reaching $280 billion.
At the 30 GW RE project in Khavda, Adani Green Energy operationalized the first 250 MW of wind capacity last week.
With the completion of this milestone, the Khavda plant has 2,250 MW of total capacity put into service, solidifying the company’s leading position in India with the largest operating portfolio of 11,184 MW.
Amit Singh, CEO of Adani Green Energy, stated, “Adani Green is well on track to achieve its capacity target of 50 GW including at least 5 GW energy storage in the form of pumped hydro, with sites already secured and clear visibility on evacuation.”
