{"id":294180,"date":"2026-10-08T11:07:05","date_gmt":"2026-10-08T05:37:05","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=294180"},"modified":"2026-10-08T11:07:05","modified_gmt":"2026-10-08T05:37:05","slug":"adani-energy-solutions-jefferies-top-pick-rbi-rate-hike-regulated-equity-fixed-rate-loans","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/adani-energy-solutions-jefferies-top-pick-rbi-rate-hike-regulated-equity-fixed-rate-loans\/","title":{"rendered":"Adani Energy Solutions Is Among Jefferies India’s Top 3 Power Picks Despite the RBI’s 25 bps Rate Hike: Regulated Equity, Fixed-Rate Loans and Lower Pass-Through, the Rs 2,060 Target, Debt and the Risks"},"content":{"rendered":"

Jefferies top 3 power picks: AESL, JSW Energy, NTPC. AESL target Rs 2,060 vs about Rs 1,354 (+52%). Net debt Rs 43,428 cr. Power seen shielded from hikes.<\/em><\/p>\n

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Quick Answer<\/strong><\/p>\n

Adani Energy Solutions is among Jefferies India’s top three power picks, with JSW Energy and NTPC, and the brokerage says power companies have some protection against the RBI’s 25 bps rate hike through regulated equity returns, fixed-rate loans and lower pass-through of rate increases, while its target of Rs 2,060 is about 52% above the price near Rs 1,354. The case rests on India’s only listed private-sector pure-play transmission and distribution company, with an earnings growth rate of about 21% a year to FY30, a share of about 23% in private competitive transmission bids and a Rs 1.1 trillion bid pipeline. The balance sheet is the counterpoint, with net debt of about Rs 43,428 crore at March 2026, capex of Rs 3,498 crore in Q1 alone and a P\/E near 55 times, so even a protected rate profile can hurt if funding costs rise. The stock is down about 18% in three months, so the Jefferies call is a view that execution and the order book will outweigh valuation and rate risk.<\/p>\n<\/p><\/div>\n

Adani Energy Solutions is the transmission and distribution arm of the Adani group, with a network of 27,949 circuit kilometres and a growing smart-metering and energy-trading business. The Jefferies note comes at a time when power demand is up about 15% year on year in September and coal stocks at plants are thin.<\/p>\n

If you are deciding whether a rate hike changes the power thesis, this article covers the Jefferies top picks among power stocks (Adani Energy Solutions, JSW Energy and NTPC), the argument on rate protection, the Adani Energy Solutions target of Rs 2,060 against Rs 1,354, the 21% earnings growth and smart meter business, net debt of Rs 43,428 crore, valuation and the risks.<\/p>\n

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