International brokerage firm Jefferies remains positive on both Adani Energy Solutions (AESL) and Power Grid Corp, but the brokerage sees the private-sector transmission player growing at more than twice the pace of its larger state-run rival over the next few years, it said in a report over the weekend.The brokerage has maintained a 'Buy' rating on Adani Energy Solutions with a price target of Rs 1,665, implying an upside of about 10% from current levels.
For Power Grid Corp, Jefferies has assigned a target price of Rs 340.According to Jefferies, Adani Energy Solutions is India's only listed private-sector pure-play transmission and distribution company and is well placed to benefit from a robust transmission investment cycle.
The brokerage highlighted that the company's near-term bid pipeline stands at Rs 1.5 lakh crore, nearly three times the Rs 54,000 crore pipeline at the end of FY25.
The company is currently executing transmission projects worth Rs 71,800 crore, up 20% year on year.The key differentiator, according to Jefferies, is growth.
The brokerage expects AESL to deliver an EBITDA CAGR of 27% and a PAT CAGR of 19% between FY26 and FY30, driven by execution of its transmission portfolio and smart meter roll-out.
