Adani Green vs Adani Energy vs Adani Power: Which Adani Group Stock to Buy After Q1 Results?

Adani Green Energy, Adani Energy Solutions, and Adani Power are in focus on Thursday after their Q1 results for FY27. On July 23, these three Adani Group stocks traded in red due to broad-based bearish market sentiment. However, analysts at JM Financial have recommended either ADD or BUY on these three giants. A BUY recommendation is given on Adani Energy due to its strong order book and execution performance, while Adani Power surpassed estimates across all verticals in Q1 due to strong demand. However, these analysts recommend ADD on Adani Green as the company witnessed a slide in its merchant and BESS portfolios with AESL for further sales to data centers.

Adani Green Energy Share Price:

At the time of writing, Adani Green Energy traded at Rs 1405 on BSE, down by 4.61% with market cap of Rs 2,31,527.08 crore. The stock traded near its day’s low of Rs 1,402 apiece. As of now, the stock has a price-to-equity ratio of 446.03x and return on equity of 6.86%.

In Q1 FY27, Adani Green posted a consolidated net profit of Rs 983 crore, registering a growth of 19.3% YoY. While consolidated revenue stood at RS 4,431 crore in Q1, rising by 16.6% YoY. Also, EBITDA surged by 31% YoY to Rs 3,985 crore.

According to analysts at JM Financial, Adani Green (AGEL) reported Q1FY27 power supply revenue of Rs 42.8 billion (+29% YoY, -9% JMFe, -5% consensus) driven by 848MW of capacity addition and 30% YoY growth in units sold. Operational EBITDA margin was stable at 90% versus 90%/87%/88% in Q1FY26/Q4FY26/JMFe. Adjusted PAT came in at Rs 9.9 billion (+17% YoY, -9% JMFe). With an installed base to 20.1GW, management reaffirmed their commitment of adding 4.5-5GW annually.

Further, in a note, these analysts highlighted that the also operationalized BESS capacity of 1,972MWh in Khavda, taking the total installed capacity to 3,551MWh. It is targeting 10GWh+ capacity in FY27E. However, the company has contracted merchant and BESS portfolio with AESL for further sales to data centers, C&I and others, sacrificing part of the arbitrage factoring in, which leads to 3-5% decline in earlier EBITDA estimates.

Should You Buy? Analysts noted, “We maintain ADD with a TP of Rs 1,549 (Rs 1,622 earlier), valuing at 18x EV/EBITDA Sep’28E.”

Adani Energy Solutions Share Price

Adani Energy Solutions dropped by 1.4% to trade around Rs 1700.20 per piece on BSE, with a market cap of Rs 2,04,284.12 crore. The stock has a price-to-equity ratio of 440.47x, while return on equity stood at 2.40%, as per BSE data.

Adani Energy recorded a multi-fold jump, or at least 124.22% growth in consolidated net profit to Rs 1,149 crore in Q1FY27, compared to Rs 512.48 crore same quarter a year ago. On the top-line front, revenue climbed by 42.41% to Rs 9,711.08 crore in Q1, as against Rs 6,819.28 crore in the same period a year ago. On the segment-wise revenue, in Q1FY27, the company saw 52.42% YoY growth in the transmission business, while distribution business and energy solutions platform soared by 4.78% YoY and a whopping 809.27% in revenues. Also, revenue in smart meter segment recorded a huge growth of 209.81% YoY.

“All in all, AESL has a strong order book (Rs 718 billion in transmission, 24.6 million of smart meters) and continues to demonstrate superior execution performance across businesses,” as the JM analysts note.

Additionally, Adani Energy incurred capex of Rs 35 billion (+57% YoY) in Q1FY27. JM analysts cited that Adani Energy management expects Rs 1,000 billion of annual bidding opportunities and expects a 25% market share, implying Rs 200-250 billion of annual capex.”

Should You Buy? JM analysts note said, “We maintain BUY with an SotP-based TP of Rs 2,018 (earlier Rs 1,968) based on Sep’28E EV/EBITDA, valuing the new ESP segment at 12x Sep’28E.”

Adani Power Share Price:

Following the bearish market trend, Adani Power’s share price also dipped by nearly 1% to trade around Rs 214.85 apiece on BSE, with a market cap of Rs 4,14,331.67 crore. In comparison to Adani Energy and Adani Green, Adani Power has relatively lower price-to-equity ratio of 34.62x but a healthier return to equity of 29.24%, as per BSE data.

Adani Power posted 42% YoY growth in consolidated net profit to Rs 4,806 crore in Q1FY27, while revenue from operations stood at Rs 18,902 crore which rose by 34% YoY.

On July 22nd, Adani Power’s board approved plans of raising funds up to Rs 15,000 crore via Qualified Institutions Placement (QIP) or through issuance of other eligible securities, subject to obtaining necessary regulatory and shareholder approvals.

Should You Buy? According to analysts at JM, Adani Power’s gross generation stood at 31BU (+21% YoY) driven by improved PLF at 78% (versus 67% YoY). Power sales under PPAs grew 30.3% to 24.5BU, while tariff realisation improved to Rs 5.95/kWh (8.5% YoY).

They added, “Merchant and short-term realization improved 13.1% to Rs 7.04/kWh due to stronger demand. We maintain BUY with an unchanged SotP-based TP of Rs 253 based on 18x Sep’28E EV/EBITDA.”

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