Highlighting Adani Green Energy's plan to expand its renewable energy capacity 2.5 times to 50 GW, brokerages Axis Capital and Elara Capital initiated coverage on the stock on Friday, assigning target prices of Rs 1,704 and Rs 1,502, respectively.
"We estimate capex requirement of Rs 2.1 lakh crore and believe equity would be fully met through internal accruals with headroom for stronger growth. Net debt to EBITDA would improve to 4.7x by FY32 (FY26: 8.4x). Thereafter, AGEL would generate operating cash flow of over Rs 20,000 crore, enabling >12 GW p.a. additions," Axis Capital said in a report.
