Adani Group Stocks Receive Bullish Recommendation from PL Capital for Long-Term Growth

Adani Group Companies Deliver Significant Gains Amidst Volatility

Backed by strong operational growth, rising capital expenditure, and sectoral tailwinds linked to India's infrastructure push, several Adani group companies have delivered significant gains over the last few years despite phases of volatility.

According to a recent report by Prabhudas Lilladher, the conglomerate has strengthened its leadership position across transport logistics and energy utilities while building a diversified portfolio spanning ports, airports, roads, power, renewables, mining, data centres, and urban infrastructure. The brokerage highlighted that the Adani Group has positioned itself around large-scale infrastructure development opportunities in India with businesses that benefit from long concession periods, regulated returns, and strong future demand visibility.

Among all listed entities, PL Capital identified three companies as its top picks — Adani Ports and Special Economic Zone Limited, Adani Power Limited, and Adani Enterprises Limited. These companies have shown impressive growth in recent months, with Adani Enterprises surging 28% in the past 1 month, Adani Power gaining around 16%, and Adani Ports rising 12.5% in 1 month. Other Adani stocks, such as Adani Total Gas, Adani Green Energy, and Adani Energy, have also performed well, with gains of 22%, 21%, and 6% respectively.

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Comparison of Adani Stocks Performance

The report highlights the factors driving optimism around these Adani stocks, including their dominant positions in their respective sectors and strong growth potential.

Adani Ports and Special Economic Zone Limited

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PL Capital remained positive on Adani Ports and Special Economic Zone (APSEZ), citing its dominant position in India's logistics and port infrastructure sector. The company currently operates 15 domestic ports and four international ports while handling over 500 MMT of cargo annually, representing nearly 26% of India's total seaborne trade. APSEZ reported FY26 revenue of ₹38,736 crore and EBITDA of ₹22,851 crore, while PAT growth stood at 16% YoY. The brokerage highlighted that APSEZ plans to invest between ₹90,000 crore and ₹1 lakh crore over the next five years across domestic ports, marine operations, logistics, and international ports.

Adani Power

PL Capital also remained constructive on Adani Power, supported by rising electricity demand, long-term power purchase agreements, and aggressive capacity expansion plans. The company operated 18.15 GW capacity in FY26 and generated 105 billion units of electricity during the year. Around 95% of its capacity remained tied under long- and medium-term PPAs, offering stable revenue visibility. Adani Power reported FY26 revenue of ₹57,865 crore and EBITDA of ₹23,431 crore, with EBITDA margin at 40%. The company is targeting total capacity of 42 GW by FY32 through projects such as Korba Phase-II, Raigarh Phase-II, and Mahan Phase-II.

Adani Enterprises

PL Capital's third top pick was Adani Enterprises Ltd (AEL), the flagship incubator business of the Adani Group. The brokerage believes AEL offers exposure to multiple high-growth infrastructure verticals, including airports, roads, mining services, and green hydrogen manufacturing. AEL reported FY26 revenue of ₹1,02,943 crore and EBITDA of ₹16,464 crore, while PAT growth came in at 24% YoY. Its airports business handled around 23% of India's passenger traffic, while Adani New Industries continued building an integrated green hydrogen ecosystem with 10 GW solar manufacturing capacity. The brokerage also highlighted growth potential in roads, mining services, and integrated resource management businesses as India's infrastructure and energy demand continue to rise.