Jefferies has assessed that Adani Energy Solutions and Adani Power are entering a multi-year growth phase driven by rising transmission demand, expansion of smart metering and increasing baseload power needs. The brokerage projected that both companies would deliver over 20 per cent growth and outlined a 23 per cent EBITDA compound annual growth rate for Adani Power over FY26–30, while forecasting a trajectory that should see the power business generating stronger cash flows as capacity increases.

Adani Energy Solutions, described as India’s only listed private pure-play transmission and distribution company, is executing transmission projects worth Rs 718 billion (bn), representing a 20 per cent year-on-year increase, and holds a near-term bid pipeline of Rs 1.5 trillion (tn), up from Rs 540 bn at the end of FY25. Jefferies expected the company to deliver a 27 per cent EBITDA CAGR and a 19 per cent profit after tax CAGR over FY26–30.

The analysis noted rapid progress on smart metering, with Adani Energy Solutions installing 11.4 million (mn) meters by end-FY26, exceeding a target of seven million (mn) meters, and executing smart meter projects worth Rs 295 bn that cover around 24.6 million (mn) meters. With a government target of 250 million (mn) meters, the company is positioned to pursue opportunities across Karnataka, Tamil Nadu, Telangana, Madhya Pradesh, Gujarat and Andhra Pradesh.

Jefferies highlighted that balance sheet metrics remained supportive, with net debt-to-equity at one point eight times as of March 2026, and an expectation that the transmission gross block would expand two point six times by FY30 while the smart meter block would rise to Rs 305 bn from Rs 64 bn without breaching leverage thresholds. Adani Power aims to expand generation capacity two point three times to 42 gigawatt (GW) by FY32, with 56 per cent of the upcoming 23.7 GW tied under long-term power purchase agreements, providing clearer earnings visibility through FY30.