Macquarie’s price target implies a potential upside of 40% for the stock from Wednesday’s closing levels. The price target is still well below the stock’s recent peak of ₹2,154.
Adani Green
is leading India’s energy transition by targeting 50 GW capacity by financial year 2030, compared to the current 12 GW, Macquarie wrote in its note.
The brokerage expects Adani Green’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) to grow at a Compounded Annual Growth Rate (CAGR) of 25% over the next five years on a more conservative pathway.
While heavy capex is backed by steady cash flow, the recent decline in Power Purchase Agreement (PPA) tariffs is offset by increasing the share of higher-tariff merchant capacities, Macquarie’s note said.
Macquarie expects Adani Green to generate operating cash flow of $1.8 billion against a cumulative capex requirement of over $10 billion through financial year 2030.
Despite this higher capex, Adani Green’s net-debt-to-EBITDA may decline to 5x by financial year 2030 from the current level of 7x, according to Macquarie’s estimates.
Five analysts now have coverage on Adani Green Energy, of which four have a “buy” rating and the other one has a “sell” recommendation. Consensus estimates of price targets of these analysts imply a potential upside of 50% for the stock.
Shares of Adani Green Energy ended 3.7% higher at ₹854.9. The stock is down 60% from its peak of ₹2,154. The stock has declined 18% over 2025 so far.
