Fresh shareholding data through March 2026 reveals a decisive institutional shift. Mutual fund (MF) ownership in Adani Energy Solutions has more than tripled, surging from 1.91% in December 2024 to 6.59% in March 2026. Adani Green Energy saw an even more dramatic institutional entry, with holdings jumping from a negligible 0.37% to 3.22% in the same period. Adani Power also witnessed steady accumulation, with MF stakes rising from 1.60% to 3.62%.
The pace and breadth of accumulation signal something beyond opportunistic bottom-fishing. Domestic institutions are reclassifying these stocks, not as high-volatility conglomerate plays, but as long-duration infrastructure compounders tied directly to India’s electrification cycle, according to a fund manager who didn’t wish to be named.
The investment logic begins with cash flow. More than 70% of the Adani Group’s EBITDA is derived from contracted capacity, a structure that gives earnings a visibility and predictability rare in large-cap Indian equities. For fund managers running diversified portfolios, that contracted revenue base, spanning power generation, transmission, renewables and logistics, offers a cushion against commodity or macro volatility.
Bullish market estimates project the group’s consolidated EBITDA could scale to Rs 2.5–3 lakh crore by FY30, driven by simultaneous expansion across thermal power, renewables, transmission, ports, airports, cement and logistics.
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The Electrification Bet
The more powerful driver, however, is thematic. Adani Power, Green and Energy Solutions sit at the intersection of the most structurally urgent demand story in India’s economy right now: electricity.
The rapid scaling of data centres, electric mobility, manufacturing under the production-linked incentive framework, and urban infrastructure expansion will require reliable, large-scale power supply at a pace India has rarely had to deliver before. AI-linked power demand, still nascent but accelerating, adds another layer of urgency to an already strained grid.That positions generation, transmission and renewable energy assets at the precise centre of the next capital expenditure supercycle. For funds searching for large-cap names with visible growth triggers and durable earnings upside, the Adani energy trio is increasingly passing that screen.
Mutual fund analysts are giving explicit weight to the group’s track record here: ports built and operated at scale, transmission corridors commissioned, renewable capacity added quarter after quarter, airports turned around and airports greenfielded, cement capacity absorbed through acquisition.
Adani Power shares have surged 108% in the past year. A near-50% jump in 2026 alone has pushed its market capitalisation to ₹4.3 lakh crore, edging past NTPC to make it India’s most valuable listed power company and the most valuable within the Adani Group itself. The rally has been fuelled by strong earnings growth, rising electricity demand and steady institutional accumulation.
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Yet Jefferies is not calling time on the trade. The brokerage has raised its price target on Adani Power to ₹255 from ₹185, rolling over to 20x FY28 estimated earnings, citing rising power demand and healthy growth prospects for the next three to four years.
On Adani Energy Solutions, up 48% over the past year, Jefferies maintains a Buy, pointing to a factor that sets it apart structurally: it is India’s only listed private-sector pure play on transmission and distribution assets. The order book stands at ₹718 billion of transmission projects on hand, up 20% year-on-year. And despite the recent run, the stock still trades at a 68% discount to its January 2023 peak EV/EBITDA. Adani Green Energy has gained 46% over the same period.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)