Adani Energy share price: Adani Energy Solutions Ltd shares are trading flat in Tuesday’s trade, while the stock had been on a stellar run, gaining over 50% in one month alone. This comes amid the company's Q4FY26 financial results, which were announced on April 23.

Shares of Adani Energy Solutions edged up 0.05% to trade at Rs 1437.40 per share in early trade. However, the stock has jumped nearly 51% in the last one month and up in 11 of the last 14 sessions, including today’s.

Both JM Financial and PL Capital have taken a cautious stance on the stock's near-term upside.

For the fourth quarter of FY26, Adani Energy Solutions reported a 17% year-on-year increase in revenue, reaching about Rs 7,443 crore. Consolidated net profit rose 5.66% year-on-year to Rs 683.78 crore.  

Rating cuts from brokerages

JM Financial downgraded the stock to ‘Add’ from its previous ‘Buy’ rating. "Given AESL has rallied 44%-plus in just one month and is trading at 18x EV/EBITDA and 5.3x P/B, we are downgrading it to Add," the brokerage said.

PL Capital also shifted its recommendation to ‘Hold’ from ‘Accumulate’. The firm pointed out that the recent stock price surge leaves valuations at a "meaningful premium to peers trading at 8-12x, thereby limiting near-term upside". “smart meter eyeing opportunity but stock valuation rich,"  PL Capital said.

Adani Energy Solutions share price targets

JM Financial has raised its target price to Rs 1,513 per share on Adani Energy Solutions, while PL Capital has revised its target price to Rs 1,452.

“While the smart metering segment builds a longer-term growth runway supported by a sizeable untapped opportunity of ~90– 100 million meters across states such as Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, Gujarat, and Madhya Pradesh,” PL Capital said.

“We are raising the target FY28E EV/EBITDA for transmission/smart metering to 15x/13x (from 13x/12x) recognising 40% growth in transmission capitalisation in FY29E and swift progress in rolling out smart meters,” JM Financial added.