The shares of Adani Energy Solutions jumped around 7 percent on October 29 as brokerages issued bullish calls for the stock despite fall in Q2 profit. The stock hit an intraday high of Rs 983.50 apiece earlier during the day.
Later, the stock pared some gains to close around 5 percent higher in the green at Rs 967.10 apiece.
Adani Energy Solutions Q2 results:
Adani Energy Solutions on October 27 reported a consolidated net profit of Rs 534 crore for the second quarter of the financial year 2026. This marks a 21 percent year-on-year (YoY) decline in net profit from the Rs 675 crore net profit reported in the same period last year.
The Adani Group firm's consolidated revenue from operations meanwhile rose 7 percent YoY to Rs 6,596 crore in Q2 FY26, as compared to Rs 6,184 crore in Q2 FY25. On a sequential basis, revenue fell 3.7 per cent from Rs 6767.2 crore.
ICICI Securities on Adani Energy Solutions:
ICICI Securities kept a 'Buy' call on the stock, with a target price of Rs 1,127 per share. This implies an upside potential of more than 22 percent from the stock’s previous closing price. Earnings increased on account of new assets and revenue was cut due to expectations of lower deprecation in older cost-plus assets, the brokerage said.
The domestic brokerage added that Adani Energy Solutions has robust pipelines for transmission and smart metering projects. “Execution of the under-construction transmission projects and smart meter deployment remain monitorable. On account of slower trajectory of execution compared to earlier estimates and subdued smart meter bidding activity, we have revised our estimates downwards,” it added.
Jefferies on Adani Energy Solutions:
Jefferies also kept a ‘Buy’ call on the stock, with a target price of Rs 1,100 per share. This implies an upside potential of more than 19 percent from the stock’s previous closing price.
The international brokerage said that the firm’s September quarter EBITDA was 4 percent above its estimates, due to better operational performance in the transmission segment. It added that profit was in line with estimate, and FY26E capex guidance was largely maintained.
Elara Capital on Adani Energy Solutions:
Elara Capital kept a target price of Rs 1,169 per share for the stock, while maintaining its ‘Buy’ rating. The latest target price implies an upside potential of nearly 27 percent from the stock’s previous closing price.
The brokerage said that the company is poised for robust growth across transmission, distribution, and smart meters.
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