Adani Enterprises Ltd. has received a Buy rating from Motilal Oswal Financial Services (MOFSL), which has initiated coverage on the Adani Group flagship with a target price of Rs 3,880. The brokerage sees the company entering a period of accelerated earnings growth, supported by its diversified portfolio spanning airports, roads, data centres, new energy, mining, copper and strategic manufacturing.
At the core of MOFSL's thesis is Adani Enterprises' role as an infrastructure incubator — building businesses to scale and eventually monetising mature platforms. The brokerage believes this model, combined with AEL's scale and exposure to India's next capex cycle, can drive sustained value creation.
Airports, New Energy And Roads To Drive Growth
MOFSL expects EBITDA to rise from around Rs 14,000 crore in FY26 to Rs 29,900 crore by FY29, implying a roughly 29% CAGR. Key catalysts include the ramp-up of Navi Mumbai International Airport, capacity expansion at Adani New Industries Ltd., and the commencement of tolling on key road projects.
The data-centre business is another major growth avenue. AdaniConneX, AEL's 50:50 JV with EdgeConneX, has tied up more than 960 MW of capacity and targets 3 GW by 2030, riding rising AI adoption, data localisation and demand for high-density computing infrastructure.
MOFSL forecasts consolidated revenue, EBITDA and PAT to grow at approximately 22%, 29% and 82%, respectively, over FY26-29. At Rs 3,880, its target implies 25% upside from the report's reference price of Rs 3,110.
The brokerage's valuation assigns significant value to AEL's airports, ANIL, data centres, roads, copper and integrated resource businesses. However, execution delays, higher-than-expected capex, regulatory changes and slower-than-expected ramp-up of newer businesses remain key risks.
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