Will this Adani company make a new high? See target price; order book size Rs 60,000 crore
Not many companies can boast of an order book of Rs 60,000 crore. This company of the Adani Group not only has such a huge order book, but also has a rising business in smart meters. Analysts are wondering whether it is poised to make a new high.
Kolkata: Adani Energy Solutions is one of the prominent businesses of the Adani group. It has posted robust financial results in the Q2 period (July-September) this year. ICICI Securities has maintained a Buy rating and assigned a target price on it. It maintains that the transmission business and smart meter business of the company are going to support growth in a remarkable way.
Target price assigned by ICICI Securities
The Adani Energy Solutions stock was trading at Rs 978.85, up Rs 13.20 (or 1.37%) before 10 AM on Friday, October 31, 2025. Major brokerage firm ICICI Securities has maintained Buy signal on Adani Energy Solutions. It thinks the company's transmission and smart meter businesses can propel earnings to new heights in the next few years. ICICI Securities has set a target price of Rs 1,127 on the basis of sum-of-the-parts method of valuation.
In the past one month, the company's shares have seen an increase of 11.72%. The company's 52 week high and 52-week low prices are Rs 1090.95 and Rs 588 respectively. The robust order book, consistent project commissioning and new businesses will help the stock to be a major force in the country's infrastructure sector.
Financial performance
Adani Energy Solutions registered a rise in income by 2% that touched Rs 6,300 crore in Q2FY26, while operating profit (EBIDTA) surged 14% to reach Rs 1,950 crore. Adjusted profits jumped 20% to reach Rs 530 crore. Underlying operating income and EBITDA of Adani Energy Solutions rose by 8% and 10% respectively. New transmission projects and increased smart meter installations powered the revenue. The distribution business was somewhat impacted negatively by the protracted rains in Mumbai and the sale of the Dahanu plant in 2024.
Transmission business
The transmission network is its strongest pillar of the company say analysts. The order pipeline stands at a staggering Rs 60,000 crore -- as much as 3.5 times higher than last year. The company is also in different stages of bids that total to about Rs 1 lakh crore rupees. Khawda-Olpad HVDC is the largest of them all with an estimated cost Rs 18,000 to 20,000 crore. The company has emerged as the L1 bidder.
Smart meter business
The smart meter business of the company is gaining momentum. It has secured orders to install as many as 2.46 crore meters. Analysts see an EBITDA potential of around Rs 2,550 crore in this business. In Q2FY26, Adani Energy Solutions installed 18 lakh smart meters. So far the company has been able to install 74 lakh of these meters. The plan is to install more than one crore smart meters by the end of this financial year. It is preparing for new tenders in Tamil Nadu, Karnataka, Telangana and Madhya Pradesh.
The company has plans for capex of around Rs 17,000-18,000 crore in FY26. The transmission business will account for Rs 11,500 crore, the smart meter business Rs 4,000 crore and the distribution business Rs 1,600 crore.
Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, INVITs, any form of alternative investment instruments and crypto assets.