Adani Group shares to buy: Adani Group stocks have surged up to 60 per cent in the last one month, in the Q4 earning runup but the quarter has been a mixed bag for the Gautam-Adani led Adani group. Infrastructure-facing businesses like ports, energy transmission, renewables, and cement delivered strong operational growth.

Brokerages largely remained constructive on the group’s long-term infrastructure and capex-led growth story. However, their views vary on a stock specific basis, with some experiencing target price revisions, while some getting a rating revision. Adani Group has 11 listed entities overall. Nifty50 constituents Adani Enterprises and Adani Ports have jumped 22-25 per cent in the last one month.

Adani Enterprises Ltd, the flagship company of the Adani Group reported a consolidated net loss of Rs 221 crore in Q4FY26, while its revenue rose 20 per cent YoY to Rs 32,439 crore and Ebitda remained resilient. Adani Ports and Special Economic Zone Ltd posted a strong quarter with net profit rising 10 per cent YoY to Rs 3,329 crore, with revenue rising 26 per cent YoY.

"FY26 was a stabilisation year and management guides FY27 EBITDA ramp-up, expecting over Rs 3,000 crore incremental Ebitda as airports, copper, roads businesses scale. We tweak Ebitda estimates, while trim PAT estimates on higher depreciation estimates," said Jefferies on Adani Enterprises with a target price of Rs 2,800.

Commenting on Adani Ports, Elara Capital said that outlook is constructive, led by strong earnings visibility from capacity expansion, rising containerization, and scale-up of logistics and marine businesses. It has an 'accumulate' rating with a target price Rs 1,883. Motilal Oswal Financial Services remains positive on the stock and has given it a 'buy' with a target price of Rs 1,900.

Adani Power Ltd, the most valued Adani Group company, reported a 64.3 per cent YoY rise in the net profit at Rs 4,271 crore, but revenue remained largely flat at Rs 14,223.09 crore, with Ebitda surging 27.15 per cent for the quarter ended on March 31, 2026. The stock has jumped nearly 35 per cent in the last one month.

Following the sharp-run up in the stock ICICI Securities downgraded Adani Power with a target price of Rs 233, while JM Financial has a target price of Rs 202 on the stock but downgraded the stock to 'reduce' rating. However, Jefferies has a 'buy' rating on it with a target price of Rs 255.

Adani Green Energy Ltd reported a 34 per cent YoY rise in consolidated PAT to Rs 514 crore, while revenue increased 16 per cent YoY, driven by higher renewable energy capacity and generation. Adani Energy Solutions delivered a steady performance with Q4 profit rising 6 per cent YoY to around Rs 684 crore and revenue growing 17 per cent YoY. Both stocks have jumped 30-35 per cent in a month.

Despite citing robust orderbook, rising market share, and stronger capitalization guidance, Elara Capital revised its rating on Adani Energy Solutions Ltd to 'accumulate' from 'buy' with a target price of Rs 1,452. FY27 RE capacity addition guidance is capped at 4.5-5GW due to transmission constraints., said Emkay Global on Adani Green and maintained a 'buy' on it, cutting the price target to Rs 1,350.

Adani Total Gas Ltd delivered a steady operational performance in Q4FY26 despite higher gas input costs. Revenue rose 16 per cent YoY to Rs 1,696 crore, while EBITDA increased 13 per cent YoY to Rs 310 crore. PAT grew 4 per cent YoY to Rs 156 crore, backed by rising gas consumption and infrastructure expansion. Ventura has a 'buy' rating on the stock with a target price of Rs 1,175.

Adani Group’s cement companies delivered strong volume growth, driven by infrastructure demand and capacity expansion, while margins faced some pressure from fuel and logistics costs. Ambuja Cements completed the merger of Sanghi Industries and Penna Cement during the quarter and continued aggressive capacity expansion plans. CemIndia Projects zoomed 61 per cent in a month, while Ambuja and ACC remained flat.

Ambuja Cements Ltd reported a strong Q4FY26 with consolidated net profit surging 78 per cent YoY to Rs 1,830 crore. Revenue increased 10 per cent YoY to around Rs 10,915 crore, aided by record quarterly sales volume of 19.9 million tonnes. Operating Ebitda stood at Rs 1,464 crore, while the company continued to remain debt free.

Axis Direct has a 'buy' rating on Ambuja Cement but cut its target price to Rs 510, citing near-term headwinds but sees India’s long-term infrastructure and construction outlook as robust. ICICI Direct Research has given a 'buy' with a target price of Rs 480, while BoB Capital Markets has a 'hold' rating on it with a target price of Rs 450.

CemIndia Projects' consolidated net profit soared 113.63 per cent on a YoY basis to Rs 242.17 crore, while its revenue from operations increased 17.42 per cent YoY to Rs 2973.49 crore in the March 2026 quarter. HDFC Securities had a 'buy' rating on it with a target price of Rs 942, which has been met already.