Adani Green Energy Limited saw overall foreign portfolio investor holdings decline in the September quarter as GQG Partners pared Adani holdings, following prior GQG reductions in the company in January-June 2026, while mutual funds increased their holdings.

Jefferies has retained a Buy rating on Adani Green Energy Limited with a price target of Rs1,695, implying about 35% upside from around Rs1,260. Jefferies cited a 22% correction from the peak, valuation at 20x forward EV/EBITDA, an estimated 30% EBITDA CAGR over FY26-30E, strong power demand, Battery Energy Storage expansion and long-term PPAs supporting cash flows and balance-sheet improvement.

Adani Green Energy reported operational capacity of 20,763 MW in H1 FY27, up 24% year-on-year, and energy sales of 25,747 million units, up 32% year-on-year, after adding 4,083 MW of greenfield capacity including 621 MW in Q2 and operationalising 3,081 MWh of battery storage at Khavda.

Jefferies India estimated Adani Green Energy could see more than 15% EPS impact from a 100 bps rate rise, the highest in its coverage, citing 6.5-6.6x net debt-to-equity, though a shift to long-tenor fixed-rate overseas loans could mitigate the impact.