Adani Group stocks lit up Dalal Street on September 19, surging as much as 13 percent, after the Securities and Exchange Board of India (Sebi) cleared Gautam Adani and his diversified conglomerate of the stock manipulation charges levelled by US-based short-seller Hindenburg Research. The regulator’s detailed orders found no evidence of funds being routed through related parties to inflate the group’s listed companies.
The ruling marks the closure of a 3-year cloud of allegations that had wiped out over $100 billion in market value at the trough. With the regulatory overhang finally lifted, brokerages are warming up to the Adani pack once again, with “buy” ratings steadily rising across group companies.
Bloomberg data showed a marked change in analyst sentiment since 2023. Adani Enterprises now enjoys 3 “buy” calls compared to just 1 at the end of March last year. Adani Power’s tally has risen from 1 to 5, Adani Total Gas has secured its 1 “buy” call, while Adani Green Energy has jumped from 0 to 6. Adani Energy Solutions has climbed from 1 to 8, and Ambuja Cements has notched up 36 bullish calls, versus 27 earlier.
Analysts attribute this shift to a cocktail of factors: sharp corrections in stock prices, more reasonable valuations, and ambitious expansion plans that are beginning to crystalise into execution.
ALSO READ: Sebi's clean chit lifts Adani Group stocks, paves way for fresh re-rating
Adani Enterprises
Elara Capital highlights airports as the crown jewel in Adani Enterprises’ portfolio. Passenger traffic already touched 94 million in FY25 and is poised to cross 100 million in FY26, aided by the launch of Navi Mumbai Airport in September 2025. A steep 30–35 percent tariff hike at Mumbai Airport will begin flowing into EBITDA from this quarter, providing a significant profitability kicker. Management has confirmed that airports will be the first business to be demerged and listed by FY27–28, unlocking major shareholder value.
Beyond airports, the roads portfolio is gaining traction, with 14 projects under management, six operational and eight nearing completion. Meanwhile, the data centre business is evolving into a high-margin, annuity-style vertical anchored by hyperscale contracts. With 50 MW already live in Hyderabad and Chennai, 200–300 MW contracted, and a roadmap of one facility every quarter from FY26, the company is targeting 150 MW of operational capacity by September 2026 and scaling to 1 GW by FY27.
Currently, the stock carries 3 “buy” ratings and a consensus target price of Rs 3,000, implying upside of nearly 20 percent.
Adani Power
Morgan Stanley has initiated coverage on Adani Power with an “overweight” rating and a target price of Rs 818, suggesting upside of 30 percent. The brokerage calls the company one of India’s most remarkable corporate turnaround stories, given its resolution of regulatory hurdles and multiple value-accretive acquisitions.
Adani Power is India’s largest independent power producer and the second-largest overall after NTPC, with an 8 percent share in both coal capacity and generation. Analysts forecast market share to reach 15 percent by FY32, supported by an expansion from 18.15 GW in Q1FY26 to 41.9 GW by FY32.
Post this expansion, Morgan Stanley projects EBITDA of Rs 67,200 crore by FY33, representing a 17 percent CAGR over FY22–33. Net debt is forecast to peak at Rs 1.32 lakh crore by FY31, with leverage manageable at 3.2x net debt-to-EBITDA at the peak. Importantly, 60–65 percent of the Rs 2.27 lakh crore capex pipeline is expected to be funded through internal accruals.
Currently, the stock has 5 “buy” ratings and a consensus target price of Rs 704.
Adani Ports and SEZ
Adani Ports and Special Economic Zone (APSEZ) has evolved from a pure-play port operator into a fully integrated transport and logistics platform. With capacity expansions, transshipment hub operations kicking off, and steady cargo growth, the company is well-placed for sustained outperformance.
Motilal Oswal estimates revenue, EBITDA, and PAT CAGR of 16, 16, and 21 percent, respectively, between FY25–27, driven by cargo growth of around 10 percent annually. Cargo volumes are targeted at 505–515 MMT in FY26. Analysts reiterate a “buy” rating with a target price of Rs 1,700.
Currently, the stock has 21 "buy" calls and 1 "hold" rating, with consensus price target of Rs 1,708, implying 18 percent upside potential.
Adani Green Energy
Jefferies remains bullish on Adani Green, reiterating a “buy” rating with a target price of Rs 1,300. Management has outlined aggressive plans to scale capacity from 14 GW in FY25 to 50 GW by 2030 translating to a 3.5x expansion.
The company guided for 5 GW capacity addition in FY26, with Jefferies estimating 4.5 GW in FY26 and 6.3 GW in FY27. Importantly, net debt-to-EBITDA metrics are improving, while valuations remain compelling at a 63 percent discount to their January 2023 peak forward EV/EBITDA multiples.
Currently, the stock enjoys 6 "buy" calls and 1 "sell" rating, with consensus price target of Rs 1,240, implying upside potential of 20 percent.
Adani Total Gas
Adani Total Gas Ltd (ATGL) remains primarily focused on city gas distribution (CGD), supplying natural gas to households, commercial establishments, industries, and the transport segment. The company has recently diversified into biogas production and electric vehicle (EV) charging infrastructure, aligning itself with India’s long-term clean energy transition.
To fund its ambitions, ATGL is targeting capex of Rs 15,000–20,000 crore over the next decade, which includes expansion of its CGD footprint and scaling its EV charging and biogas ventures. This long pipeline of investments is expected to drive financial acceleration once new assets come onstream.
Currently, the stock carries just one “buy” call on the Street.
ACC
ACC, part of the Adani cement portfolio, has earmarked Rs 225–300 crore for FY26 capex, representing 25–30 percent of the group’s spend. Investments are aimed at regional capacity additions, operational efficiencies, and sustainability-linked initiatives.
Cement demand rose 4 percent year-on-year in Q1FY26, led by infrastructure build-out and resilient housing activity. On this backdrop, management has raised its FY26 volume growth guidance to 7–8 percent, up from 6–7 percent earlier.
Analysts at Deven Choksey Research believe the pre-election infrastructure push, combined with strong policy visibility, sets the stage for sustained growth in the second half of FY26.
The stock currently has 25 “buy” calls, 11 “hold” and six “sell” ratings, with a consensus target price of Rs 2,127, implying an upside potential of 13 percent.
Ambuja Cements
Ambuja Cements has guided for strong demand and pricing discipline in FY26, expecting cement consumption to rise seven–8 percent year-on-year, versus earlier guidance of 6–7 percent. Pricing trends already showed improvement in Q1, and management has reiterated its focus on strict price discipline to protect margins.
On the cost front, the company is targeting a reduction of Rs 530 per ton, with around 35–40 percent of the savings already achieved. Capacity expansion also remains on track, with current grinding capacity at 104.5 MTPA. An additional 13 MTPA will be commissioned over the remaining nine months of FY26, reinforcing growth visibility.
Ambuja Cements enjoys 16 “buy” calls, 7 “hold” and 3 “sell” ratings, with a consensus target price of Rs 652 per share.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
