ICICI upgrades Adani Energy Solutions to buy, sets ₹1,600 target
Business
ICICI Securities just bumped up Adani Energy Solutions to a buy rating, setting a new target of ₹1,600.
The main reason? The company's growth is on fire: operating EBITDA grew about 68% year over year in the second quarter of fiscal 2027, showing some serious momentum.
Adani Energy profits 2.5x to ₹13.6bn
Adani Energy's profits grew about 2.5x to ₹13.6 billion this quarter, thanks to strong performance from its energy solutions segment and the Mumbai HVDC project.
They also landed a big 2.5 GW contract with MSEDCL and boosted their transmission order book from ₹718 billion in June to ₹872 billion now (pretty solid moves that hint at even more growth ahead).