Dalal Street witnessed a dramatic rally on September 19 as Adani Group stocks jumped as much as 13 percent after the Securities and Exchange Board of India (SEBI) gave a clean chit to Gautam Adani’s conglomerate in the high-profile stock manipulation case triggered by Hindenburg Research’s allegations in 2023.
In its detailed order, SEBI said it found no evidence of funds being routed through related parties to artificially inflate the prices of Adani-listed firms. The verdict closes a three-year regulatory overhang that had once wiped out over $100 billion in market value, shaking investor confidence worldwide.
Now, with regulatory clarity restored, brokerages are once again turning bullish on Adani companies, pushing up “buy” calls across the board.
Analysts Turn Bullish on Adani Pack
Adani Enterprises
Often referred to as the group’s flagship, Adani Enterprises is attracting renewed investor interest. Brokerages highlight its airport portfolio as the crown jewel, with passenger traffic already at 94 million in FY25 and projected to cross 100 million in FY26 following the launch of Navi Mumbai International Airport this month.
With plans to demerge and list the airport business by FY27–28, analysts expect major value unlocking. The stock carries a consensus target price of ₹3,000, indicating a nearly 20% upside.
Adani Power
Morgan Stanley has initiated coverage with an “overweight” rating, calling it one of India’s most remarkable turnaround stories. With capacity set to expand from 18.15 GW to 41.9 GW by FY32, the company could corner 15% of India’s market share. The brokerage pegs a target price of ₹818, signaling a potential 30% upside.
Adani Ports and SEZ (APSEZ)
Once a pure-play port operator, APSEZ is now a fully integrated logistics giant. With cargo volumes estimated at 505–515 MMT by FY26, analysts expect double-digit growth in revenue and profits. The stock carries 21 “buy” calls, with a consensus target price of ₹1,708.
Adani Green Energy
Jefferies is optimistic about the company’s aggressive renewable expansion plans, which aim to boost capacity from 14 GW to 50 GW by 2030. With debt metrics improving and valuations attractive, analysts see a target price of ₹1,240, offering a 20% upside.
Adani Total Gas
Focused on city gas distribution, EV charging, and biogas, ATGL is investing ₹15,000–20,000 crore over the next decade. Though it currently carries just one “buy” call, analysts believe its clean energy pivot aligns with India’s long-term energy goals.
ACC and Ambuja Cements
Both cement arms of the group are benefiting from India’s infrastructure push. ACC has 25 “buy” ratings with a target price of ₹2,127, while Ambuja Cements enjoys 16 “buy” calls and a price target of ₹652, underpinned by demand growth and strict cost discipline.
What This Means for Investors
With SEBI’s clearance, the Adani Group appears to have turned a page on its most testing phase. Analysts point to a mix of attractive valuations, execution of expansion plans, and strong policy tailwinds as reasons behind the growing optimism.
For retail investors, however, the sharp rebound also comes with a note of caution—while the group’s fundamentals are improving, volatility cannot be ruled out in the near term.
