Adani Group stocks rallied on Friday, September 18, after Jefferies highlighted growth drivers across the group’s infrastructure and energy businesses. The investment bank’s India Forum noted capacity expansion, a strong transmission and port outlook, rising logistics and trading opportunities, and improving cash‑flow prospects as key themes for Adani Power, Adani Ports and Adani Energy Solutions. Shares of the three companies drew attention as Jefferies outlined specific targets and expectations for each business unit, underscoring the group’s diversified portfolio and potential for long‑term shareholder value.

Jefferies noted that Adani Ports remains confident of achieving its one billion tonne cargo target by 2030, implying a sixteen percent CAGR versus Jefferies’ estimate of thirteen percent. The target is driven by organic growth in domestic ports and the ramp‑up of international ports. The bank highlighted that integrating technology into the company’s strong port infrastructure remains a focus area, while logistics is also seen as a growth enabler for the ports business. The balance sheet remains strong, with the company potentially turning net cash by FY31E, indicating room for growth capex. Capital allocation remains a key focus area.

Jefferies said that Adani Power’s management reiterated its target of expanding capacity two and a half times to forty‑five gigawatts by FY32. Of the upcoming twenty‑three point seven gigawatt capacity, fifty‑six percent is already locked in under long‑term power purchase agreements, with the company aiming to tie up one hundred percent, which would lower the risk profile further. Jefferies believes Adani Power could see a twenty‑two percent EBITDA CAGR over FY26‑30E and turn free cash flow positive by FY30E from negative levels currently. The bank noted that the company’s strong balance sheet and committed capital allocation strategy support these expansion plans.

Jefferies said that the firm’s management remains upbeat on the prospects of its trading business and highlighted that India’s transmission outlook remains robust. The company reiterated its guidance for a medium‑term annual capex run‑rate of twenty thousand to twenty‑five thousand crore. Smart meters and the trading business are ramping up well and are expected to be key growth drivers going forward. The bank noted that the company’s strong cash‑flow generation and strategic focus on energy solutions position it to capture emerging opportunities in the sector.

At 09:27 AM, shares of Adani Ports and Special Economic Zone were trading zero point five two percent higher at one thousand seven hundred forty‑seven rupees and thirty‑cents apiece on the NSE, while Adani Power was up zero point five two percent at two hundred seven rupees. Adani Green Energy traded one point six zero percent higher at one thousand two hundred ninety‑four rupees and sixty‑cents, and Adani Energy Solutions was up one point two zero percent at one thousand four hundred three rupees and forty‑cents on the NSE. Among other group stocks, Adani Enterprises was up zero point five one percent at two thousand nine hundred thirty‑eight rupees, Adani Total Gas traded four point four zero percent higher at six hundred twelve rupees and eighty‑cents on the NSE; Ambuja Cements was up zero point four percent at three hundred eighty‑four rupees and eighty‑cents, while ACC shares were trading at one thousand two hundred forty‑six rupees and fifty‑cents on the NSE, up one point one zero percent.