Brokerage firms Axis Capital and Elara Capital have initiated research coverage on Adani Green Energy, citing the company's ambitious plan to expand its renewable energy capacity to 50 GW and its strong long-term growth prospects.

The two firms project potential upside of up to 23% for the stock, driven by robust capacity additions, improving cash flows, and India's accelerating clean energy transition. Elara Capital has set a target price of Rs 1,502 for Adani Green Energy shares.

Adani Green Energy, part of the Adani Group, is one of India's largest renewable energy companies, with operations spanning solar and wind power generation. The company has been aggressively expanding its footprint in line with India's national target of achieving 500 GW of non-fossil fuel installed capacity by 2030, a goal that underpins sustained policy support and demand growth for large-scale renewable developers. India's installed renewable capacity has been steadily climbing as the country works toward its climate commitments, creating a expanding addressable market for operators with established project pipelines.

The initiation of coverage by two brokerages signals growing institutional research attention to Adani Green Energy as it scales toward the 50 GW target, a level that would position the company as one of the largest single renewable energy operators globally. The pace of capacity additions, project execution, and financing costs are likely to remain key factors for investors monitoring the stock's trajectory.

Source: Economic Times Markets