Adani Enterprises' airports business is nearing an earnings inflection point, with Navi Mumbai Airport's ramp-up, capacity expansion and higher non-aeronautical revenue expected to drive growth over the next five years, according to Jefferies.
The brokerage also identified city-side development as a major value driver and said rising artificial intelligence demand is strengthening the growth prospects of Adani Connex. Adani New Industries (ANIL) is building an integrated new-energy platform, while recent capital raises have given Adani Enterprises flexibility to fund growth across airports, ANIL, data centres and roads.
Jefferies made the observations after meeting Adani Enterprises management at the Jefferies India Forum 2026.
Airports approach earnings acceleration
Adani Enterprises' incubation-to-value-unlocking model remains the company's core value creation framework, Jefferies said. The company incubates high-potential businesses, scales them through investment and seeks to unlock value through independent listings over time.
As the businesses mature, airports could be among the first platforms to be carved out into a separate listed entity, according to the brokerage.
Jefferies said the airports business is approaching a multi-year earnings acceleration phase. Management expects airport EBITDA growth to accelerate over the next five years, driven by the ramp-up of Navi Mumbai Airport, capacity expansion across existing airports and higher non-aeronautical revenue.
Mumbai airport is facing capacity constraints, while Navi Mumbai Airport offers a significant demand opportunity, the brokerage said. Retail, duty-free, cargo, parking and ground-handling revenue are also expected to support growth.
City-side development, data centres emerge as growth drivers
Jefferies said city-side development is emerging as a major value driver for Adani Enterprises. Management plans to invest about Rs 20,000 crore in city-side projects as part of a broader Rs 1 lakh crore airport capital expenditure programme.
The projects are focused on convention centres, hospitality, retail and commercial assets. This would allow the company to capture development profits and recurring income streams, according to Jefferies.
The brokerage also said artificial intelligence is accelerating the data-centre opportunity for Adani Connex. The platform has about 960 MW of contracted capacity and is targeting about 3 GW by 2031.
Jefferies said rapid adoption of artificial intelligence is materially enhancing growth prospects for Adani Connex. Stronger demand has also led to a more aggressive expansion plan than originally anticipated, according to the report.
ANIL builds integrated new-energy platform
ANIL is building an integrated new-energy platform spanning the entire value chain, Jefferies said. The platform covers polysilicon, ingots, wafers, cells, modules, wind turbines, electrolysers and green hydrogen.
The business has about 4 GW of cell capacity and about 6 GW of module capacity operational, with both expected to expand to 10 GW, according to the brokerage.
Jefferies said the platform is positioned to benefit from strong domestic solar demand, import substitution and ALMM-driven localisation trends.
The brokerage also highlighted recent capital raises. Adani Enterprises raised Rs 15,000 crore through a qualified institutional placement, while the airport business raised about Rs 9,500 crore through an equity issue.
Investment needs remain significant, but management believes rising cash flows and continued access to capital markets provide flexibility to fund growth across airports, ANIL, data centres and roads, Jefferies said.
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