Adani group stocks in focus amid ₹2-trn annual capex plan; long-term buys?

Kunal Kamble, technical analyst at Bonanza expects Adani Power to test ₹200 on the upside in the long-term, and Adani Energy Solutions to test ₹1,400 levels.

Shares of Adani group companies have seen a dismal run on the bourses thus far in 2026, declining up to 26 per cent as against a near 10 per cent fall in the NSE benchmark Nifty 50 index.  On a year-to-date (YTD) basis, AWL Agri Business down 26 per cent was the top loser followed by NDTV, ACC and Ambuja Cements - down over 20 per cent each. The group's flagship company Adani Enterprises share price declined by 12 per cent. Adani Power, however, bucked the trend and gained 9 per cent thus far this year. 

Adani group plans ₹2 trn annual capex

  Adani group has been in the news lately following the announcement of ₹2 trillion annual capital expenditure plan for the next five years towards greenfield infrastructure projects.  Kranthi Bathini, Equity Strategist at WealthMills Securities highlights that the Adani group has historically and consistently invested in building infrastructure, with green energy as one of the focused areas. However, how the group plans to raise this capital will be the crucial.  "Given the current environment, how the Adani group plans to raise this capital and by which route - equity or debt - holds the key," says Bathini.  According to reports, these investments would span renewable energy, transmission, airports, logistics and data centres. The group plans to double its existing capacity for Adani Ports from 600 MT to 1,200 MT by 2030 and for Adani Power from 18 GW to 42 GW by FY32, respectively.    .  From an investment perspective, Bathini believes that Adani group stocks are more suitable for investors with a high risk appetite.   

Brokerages like Adani Ports, Adani Power

  Domestic brokerage firms Motilal Oswal and JM Financial have a buy rating on Adani Ports, with an identical upside target of ₹1,800 per share - upside potential of 27.8 per cent from present levels. Motilal expects Adani Ports to achieve its goal of becoming India's largest integrated transport utility by 2029.  JM Financial also has a buy rating on Adani Power with a target price of ₹178. The brokerage firm reckons that the company's net debt/EBITDA is likely to rise from the current low of 1.6x in FY25 to 3.0x by FY29 due to incremental debt raised to fund the capex of ₹2 trillion over FY25-32; however, it will moderate to 1.6x by FY31 as new capacity becomes operational. 

Technical picks from Adani group

  Kunal Kamble of Bonanza flags Adani Power and Adani Energy Solutions as two stocks favourably placed on the charts.  Adani Power has confirmed a bullish flag-and-pole breakout on the monthly chart, indicating a continuation of the prior uptrend after a healthy consolidation phase, says Kunal Kamble, technical research analyst at Bonanza. 

 

 

  "The breakout is supported by an improving price structure with higher highs and higher lows, and the stock continues to trade above its key long-term moving averages. Momentum indicators like RSI too suggest sustained buying interest," explains Kamble.  On the upside, the analyst expects Adani Power to target the ₹180 – ₹200 zone over the long term, with interim support near ₹135 – ₹130, followed by a strong base around ₹115.  Similarly, Kamble sees early signs of a long-term base formation for Adani Energy Solutions.  "The stock has witnessed prolonged consolidation, and the recent bounce suggests accumulation at lower levels. Price action is attempting to reclaim key moving averages, which could further strengthen the trend if sustained," says the analyst. 

 

  Kamble expects an uptrend towards ₹1,250 - ₹1,400 levels, in case of a sustained move above the ₹1,080 – ₹1,100 zone. On the downside, he flags ₹900 – ₹850 as a crucial support zone.  Disclaimer: The views expressed by the brokerage/ analyst in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.