The Adani Group stocks are in focus, and the Adani Enterprises share price is up nearly 1% after the company received the approval from the Committee of Creditors for its Rs14,500 crore resolution plan for Jaypee Associates. International brokerage house Jefferies has a Buy on the stock as they believe this could strengthen its presence across cement, power, real estate and roads.
Jefferies kept its Buy rating on Adani Enterprises with a price target of Rs 2,940, indicating about 20% upside from current levels. The brokerage said the acquisition offers a rare mix of assets that fit naturally across the Adani group’s verticals and improves long-term earnings visibility. The offer, the brokerage said, beat competing bids from Vedanta, Dalmia Bharat, Jindal Power and PNC Infratech because of stronger upfront payment terms and the strategic overlap that Adani brings to Jaypee’s portfolio The exchange filing by Adani Enterprises highlights that, “The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the National Company Law Tribunal, Allahabad Bench, Prayagraj and/or any other regulatory authority/courts/tribunal (as the case may be) under applicable laws.”
Jefferies on Adani Enterprises: Jaypee assets align with group strategy
Jefferies said the assets could be carved out in a structured manner. Cement assets would likely move to Ambuja; power assets to Adani Power or Adani Green; real estate and land parcels to Adani Realty; and road projects would remain under Adani Roads. The brokerage said this internal allocation approach allows each business to absorb Jaypee’s assets in line with existing capacity and expansion plans.
Jefferies added that JAL’s businesses span engineering, construction, cement, power, real estate, fertilizers, hospitality and multiple subsidiaries, making it one of the more diversified stressed groups available through insolvency.
Jefferies on Adani Enterprises: Strategic value of Jaypee’s cement and power units
Jaypee’s cement portfolio includes 9.4 MTPA of installed capacity and 6.7 MTPA of clinker capacity across Uttar Pradesh, Madhya Pradesh and Chhattisgarh, although most units are currently non-operational. Jefferies said these capacities would help Ambuja strengthen its presence in Central India, a region where Ambuja currently has only about 8% of its footprint.
The brokerage noted that the Dalla Super Plant with 2.2 MTPA of clinker capacity remains under arbitration with UltraTech. It added that a previous deal with Dalmia Bharat for these cement assets, valued at Rs 5,800 crore, had stalled after the creditor committee pushed Jaypee into insolvency.
On the power side, Jefferies said Jaypee has a hydro power project of 400 MW at Vishnuprayag, alongside thermal capacity of 1,320 MW at Bina and 500 MW at Nigrie. These fit naturally with both Adani Power and Adani Green in terms of scale and geography.
Jefferies on Adani Enterprises: Real estate and hospitality potential
The brokerage highlighted the scale of Jaypee’s real estate projects, including Jaypee Greens in Greater Noida, Jaypee Greens Wishtown in Noida, and the Jaypee International Sports City near Jewar Airport. Jaypee also has commercial spaces across Delhi NCR.
Jefferies said these assets could be absorbed into Adani Realty’s pipeline and provide an immediate land bank in one of the fastest-growing real estate corridors.
Jaypee’s hospitality portfolio includes five hotels with more than 860 rooms across Delhi, Noida, Agra and Mussoorie. Jefferies said these properties offer potential for long-term redevelopment or integration into any hospitality plans that the Adani group may advance in future.
Jefferies on Adani Enterprises: Integration pace critical
The brokerage explained that Adani Enterprises, as the resolution applicant, will first secure control but will then pass individual businesses to the relevant Adani group companies. This allows each business to handle capex, operations and turnaround independently.
Jefferies said this method reduces strain on Adani Enterprises’ standalone balance sheet and improves clarity on long-term cash flows.
Jefferies reiterates valuation and risks
Jefferies maintained its Rs 2,940 price target on Adani Enterprises and valued the company using a sum-of-the-parts model based on segment-level EV/EBITDA. The brokerage said Adani’s diversification across integrated resources management, mining, solar manufacturing, airports, green hydrogen and data centres supports long-term growth.
However, Jefferies also flagged risks. Delays in integrating Jaypee’s assets, execution challenges in green hydrogen or airports, slower progress in road projects, or a re-emergence of leverage concerns could impact the investment case.
Why Jefferies stays constructive on Adani Enterprises
Jefferies said the Jaypee acquisition is the most comprehensive insolvency asset available to any bidder in recent years, largely because it offers cement, power, real estate, engineering and hotels in one package. Adani’s ability to distribute these businesses across its subsidiaries creates a natural fit, which the brokerage said is a key reason why its resolution plan was preferred.
For investors, Jefferies said the real driver is strategic alignment. Each major Jaypee asset finds a logical endpoint within the Adani ecosystem. That, in the brokerage’s view, is what could make the acquisition value-accretive over time.
