Accumulate Adani Green Energy target of Rs 1388: Asit C Mehta

Asit C Mehta recommended accumulate rating on Adani Green Energy with a target price of Rs 1388 in its research report dated October 31 2025.

Broker Research

November 10, 2025 / 12:03 IST

Accumulate

26 Aug, 2025 12:21

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Asit C Mehta report on Adani Green Energy

Adani Green Energy Limited (ADANIGREEN) is India’s largest renewable power producer and one of the world’s leading developers of utility-scale solar, wind, and hybrid energy projects. Established in 2015 under the Adani Group, the company plays a pivotal role in driving India’s clean energy transition and strengthening its renewable infrastructure base. With an operational capacity of approximately 16.6 GW and a locked-in pipeline exceeding 34 GW, ADANIGREEN is on course to achieve its ambitious 50 GW target by 2030, which includes pumped storage capacity for grid stability and energy balancing Renowned for its execution of ultra-large-scale projects such as the 30 GW Khavda Renewable Energy Park in Gujarat, poised to become the world’s largest single-site renewable installation, the company exemplifies leadership in scale, technology, and innovation. Its strong focus on securing long-term Power Purchase Agreements (PPAs), covering over 85% of total capacity, ensures stable and predictable cash flows while allowing flexibility through participation in merchant and commercial & industrial (C&I) segments Operating across multiple states.

Outlook

We project a revenue CAGR of 16.2% over FY25-FY27E and, based on an EV/EBITDA multiple of 30x on FY27E estimates, derive a target price of INR 1,388, maintaining an ACCUMULATE rating. This valuation reflects ADANIGREEN’s superior execution, expanding scale, and leadership in India’s renewable transformation.

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