Brokerage firm Jefferies has expressed a positive outlook on Adani Energy Solutions Limited and Adani Power Limited, projecting potential upside of more than 20% for both companies as India’s power demand continues to grow and large-scale infrastructure investments gather pace.
According to Jefferies, Adani Energy Solutions is well-positioned to benefit from the rapid expansion of India’s transmission network. The company has emerged as one of the country’s leading private transmission developers and is expected to gain from a strong pipeline of transmission projects being awarded to support renewable energy integration, grid modernization, and rising electricity consumption. Increasing investments in interstate transmission corridors and high-voltage infrastructure are likely to provide significant growth opportunities over the coming years.
The brokerage highlighted that Adani Energy Solutions’ transmission order book remains robust, providing strong revenue visibility. The company’s expanding distribution business and growing smart metering portfolio are also expected to contribute to long-term earnings growth. India’s push to strengthen power infrastructure and improve grid reliability is creating a favorable environment for transmission developers with proven execution capabilities.
Jefferies is also optimistic about Adani Power, citing the company’s aggressive thermal power expansion plans and improving demand outlook. India’s electricity consumption has been rising steadily, driven by industrial growth, urbanization, increased air-conditioning demand, and expanding digital infrastructure. As a result, thermal power plants continue to play a critical role in ensuring grid stability and meeting peak demand requirements.
Adani Power has announced substantial capacity expansion plans across its existing and new power generation assets. The company is investing heavily in adding thermal generation capacity to meet future demand growth while enhancing operational efficiency at its current facilities. Jefferies believes these investments will strengthen the company’s market position and support earnings growth over the medium term.
The brokerage noted that both companies stand to benefit from India’s broader energy transition strategy, which requires significant investments in transmission infrastructure alongside reliable conventional power generation. While renewable energy capacity continues to expand rapidly, transmission networks and thermal power plants remain essential components of the country’s evolving energy mix.
With strong capital expenditure programs underway, favorable policy support, and rising electricity demand, Jefferies expects both Adani Energy Solutions and Adani Power to deliver sustained growth. The brokerage’s positive outlook reflects confidence in the companies’ ability to capitalize on India’s expanding power infrastructure requirements and increasing energy consumption.
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