“Bullish on Adani Green Energy with an 'overweight' rating and a price target of ₹1,525, implying a 17.3% upside. Projects EPS CAGR of 49% and RoCE CAGR of 14% over FY26-31, driven by its leading clean energy platform, strong execution, improving portfolio quality, and robust capacity/earnings growth. Key risks include slower data center building, renewable energy/storage build-out slippages, and reduced access to low-cost capital.”