Adani Energy Solutions rockets 63% in three months but brokerages stay wary

The summer rally looks strong yet risks lurk behind

Adani Energy Solutions has surged about 63% in three months as summer demand sparked fresh investor interest, making it the group’s second-best performer behind Adani Power. But despite the momentum, brokerages remain cautious. The jump appears closely tied to seasonality, raising questions about how sustainable the gains—and the outlook—really are.