Adani group stocks deliver highest TTM Ebitda; check brokerage views & shares targets

As the Q3 result season is behind us, Gautam-Adani led Adani Group announced that its portfolio delivered the highest ever TTM Ebitda of Rs 86,789 crore in the quarter ended on December 31, 2024. The leading infrastructure conglomerate said that its companies are entering a new phase of significant capital expenditure, akin to the high Capex period from FY 20-22.

The portfolio Ebitda of Adani Group stood at Rs 22,823 crore in December 2024 quarter, up 17.2 per cent on a year-on-year (YoY) basis from Rs 19,474 crore in the year ago period. Adani Group's Ebitda for Q3 on a TTM basis increased 10.1 per cent from Rs 78,839 crore to Rs 86,789 crore in the recently concluded quarter.

Adani Portfolio companies are now on a high capex path, with a strong base of increasing cash flow generation and project execution outlay of respective portfolio companies, said the Adani Group in its release on Thursday. Adani Group has sufficient liquidity to cover debt servicing for at least the next 12 months, it added.

Interestingly, the cement business reported the best growth in terms of Ebitda for the quarter, clocking in 58.8 per cent growth at Rs 3,074 crore, while Adani Power reported highest Ebitda of Rs 6,078 crore on an standalone basis in the portfolio. On a TTM Ebitda basis, Adani Enterprises registered a 23.2 per cent YoY growth at Rs 16,824 crore, while Adani Power clocked highest TTM Ebitda at Rs 24,084 crore, despite a 4 per cent YoY fall.

Core infrastructure businesses (utility, transport, and incubating infra businesses under Adani Enterprises) accounted for 84 per cent of total Ebitda, said the conglomerate. Fund flow from operations or cash after tax stood at Rs 58,908 crore as on 30 September 2024. Similarly, the asset base stood at Rs 5.53 lakh crore; and net-debt-to-Ebitda was at 2.46 times as of the same date.

Adani Group stock has been in the limelight for their astronomical returns in the last few years. Recently, US Securities and Exchange Commission (US SEC) had requested assistance from Indian authorities in its investigation of Adani Group founder Gautam Adani and his nephew Sagar Adani over alleged securities fraud and a $265 million (Rs 2,300 crore) bribery scheme.

To recall, Adani Group stocks, which had delivered multibagger returns to the investors in the previous year, were hammered hard post a damning report from the US-based short-seller Hindenburg Research. Now defunct, Hindenburg had alleged Adani for financial malpractices and misinterpretation of statements. In its response, Adani Group has been consistently refuting all the allegations against it.

Adani Ports' logistics business will enhance last-mile connectivity, adding value to domestic port operations, said Motilal Oswal. It expects Adani Ports to report 10 per cent growth in cargo volumes over FY24-27 and has a target price of Rs 1,400 on it. Similarly, JM Financial and Kotak Institutional Equities also have 'buy' ratings on Adani Ports with target prices of Rs 1,660 and Rs 1,570, respectively.

Jefferies has maintained its 'buy' rating on Adani Green Energy Ltd but cut its price target by 35 per cent to Rs 1,300 from Rs 2,000 citing the capacity addition by the company in the first nine months of 2025 is lower than its estimates.

However, Jefferies has a 'buy' rating on Adani Enterprises with a target price of Rs 3,800 on the back of improving cash flow on the back of asset monetization.

Jefferies recently initiated coverage on Adani Power, India’s second-largest thermal power generation company after NTPC. The company is on its journey to raise capacity by 1.7 times from 17.6 GW to 30.7 GW by 2030. Land requirements and financing plans are in place. Thermal capacity in an overall peak deficit scenario with merchant exposure is positive, it said with a 'buy' and a target price of Rs 660.

Ventura Securities had a target price of Rs 3,801 on Adani Enterprises Ltd and a target price of Rs 806 on Adani Power Ltd. The domestic brokerage gave a 'buy' tag to both counters with a 2 year view on them.

Nuvama Institutional Equities believes that Adani Wilmar Ltd reported a strong Q3 performance compared to other peers. It has a 'buy' rating on it with a target price of Rs 424. KR Choksey anticipates competitive pressures in the food business and margin normalization in edible oils post the current commodity cycle, which may impact profitability. It has an 'accumulate' rating with a target price of Rs 297.

Among the cement counters of Adani Group, Geojit Financial Services has an 'accumulate' rating on ACC Ltd with a target price of Rs 2,134. Antique Stock Broking has a 'buy' rating on Ambuja Cements Ltd, while HDFC Securities suggested to 'buy' ITD Cementation India Ltd with target price of Rs 585 and Rs 633, respectively.