Elara Capital initiates coverage on India's Adani Energy Solutions with 'buy'

Adani Energy Solutions

25/02/2025 07:34

** Elara Capital initiates coverage on India's Adani Energy
Solutions  ADAI.NS  with 'buy'
    ** Stock trading 1.4% higher at 679.6 rupees
    ** Elara's PT of 930 rupees implies a ~38% upside to current
stock price
    ** Brokerage sees robust growth in co's transmission,
distribution, and smart meters businesses, led by India's
renewable energy goals
    ** In transmission business, Elara sees revenue doubling by
FY27-end as India builds transmission network for green power
evacuation
    ** Co also has 17% market share in smart meters and is set
to emerge as key player in govt's program to reach 250 mn
households 
    ** Stock rated 'strong buy' on avg by 5 analysts; median PT
at 1230 rupees
    ** With session's gains trim stock's losses in the last 12
months to 37.8%    

 (Reporting by Ananta Agarwal in Bengaluru)
 ((Ananta.Agarwal@thomsonreuters.com))