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Jefferies Names Five Indian Stocks With 31%-53% Upside
Jefferies is a brokerage that studies companies and estimates what their shares could be worth.
It identified five Indian companies whose shares it rates as ‘Buy.’
The estimated upside ranges from 31% to 53% over 12 months.
Adani Energy Solutions has the highest projected upside.
The companies work in areas such as electricity transmission, renewable power, solar manufacturing and construction.
Jefferies expects growing electricity demand and new infrastructure spending to help them.
Some companies are also expanding smart meters, batteries and long-term power contracts.
However, these estimates depend on projects being completed and business conditions remaining favorable.
The targets are opinions from Jefferies and are not guarantees of future returns.
Jefferies rated five stocks ‘Buy’, with projected 12-month upside ranging from 31% to 53%.
Adani Energy Solutions received the highest target of Rs 2,060, implying 53% upside.
Premier Energies, Adani Green Energy and Adani Power were assigned 36%, 34% and 33% upside, respectively.
Larsen & Toubro received a Rs 5,000 target, implying 31% upside, supported by infrastructure and private-sector capital expenditure.
Jefferies cited transmission, renewable capacity, solar manufacturing, battery storage, PPAs and infrastructure spending as key growth drivers, while noting execution and market risks.
- Who
- Jefferies and the five companies it rated ‘Buy’: Adani Energy Solutions, Premier Energies, Adani Green Energy, Adani Power and Larsen & Toubro.
- What
- Jefferies published five ‘Buy’ recommendations with target prices indicating 31% to 53% potential upside.
- Where
- India, including companies operating in Indian power, solar and infrastructure markets, as well as Larsen & Toubro’s Middle East business.
- When
- The recommendations are based on Jefferies’ India Forum 2026 coverage and respective 12-month risk/reward estimates.
- Why
- Jefferies identified growth opportunities from electricity demand, capacity expansion, smart meters, battery storage, long-term power purchase agreements and private-sector capital expenditure.
Jefferies’ Bull Case
Risks and Caveats
Growth potential
Jefferies’ Bull Case
Jefferies expects transmission, smart-meter deployment, renewable capacity, solar manufacturing, battery storage and infrastructure orders to support earnings growth.
Risks and Caveats
The projected returns depend on project execution, industry conditions, capital expenditure and other assumptions that may change.
Contracted power and cash flow
Jefferies’ Bull Case
Jefferies highlighted rising power purchase agreement coverage at Adani Power and long-term agreements at Adani Green Energy as sources of earnings and cash-flow visibility.
Risks and Caveats
Jefferies warned of possible renewed PPA-related issues at Adani Power and a sharp decline in merchant realisations.
Investment outlook
Jefferies’ Bull Case
The five target prices imply 31% to 53% upside based on Jefferies’ 12-month risk/reward estimates.
Risks and Caveats
The article states that the targets are not guarantees, may not suit every investor and can be affected by company-specific, economic, regulatory, geopolitical and broader market factors.
Key facts
- Highest projected upside
- Adani Energy Solutions: 53%, with a Jefferies target price of Rs 2,060.
- Premier Energies target
- Rs 1,205, implying 36% upside.
- Adani Green Energy target
- Rs 1,695, implying 34% upside.
- Adani Power target
- Rs 270, implying 33% upside.
- Larsen & Toubro target
- Rs 5,000, implying 31% upside.
- Adani Energy Solutions smart meters
- 13.4 million meters had been installed by the end of the first quarter of FY27.
- Adani Power capacity target
- The company is targeting 45 GW of capacity by FY32, compared with 18.2 GW currently.
Quotes
Jefferies
Brokerage providing the stock research and investment recommendations
““The location has the best solar irradiation levels after Ladakh in India and should help incremental utilisation levels rise to 30%+ from current company average of 25-26%,””
financialexpress.com
““95% of APL’s current operating capacity is PPA tied-up vs 80%+ end FY25. 13.3 GW of the upcoming 23.7 GW is also already tied up, reducing earnings volatility,””
financialexpress.com
Sources
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