ADANIENSOL

MS on Adani Energy Sol OW TP raised to Rs 1943 from Rs 1133 AESL is uniquely positioned to monetise India's power demand supercycle Leadership in transmission, smart metering & emerging datacenter power solutions could drive a step-change in earnings, returns and valuation over next decade Multiple Catalysts (1) Transmission: AESL achieved 29% FY26 bid share and is well placed to sustain 20-25% share of new TBCB awards, benefiting from superior execution & a Rs1.5tn near-term opportunity (2) Distribution: AEML's RAB is expected to grow at 13% CAGR to FY30E (3) Smart Metering: IntelliSmart acquisition would create India's largest smart-metering platform (47mn meters) with 103mn meters yet to be tendered.