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Motilal Oswal Report
Adani Airport Holdings, a subsidiary of Adani Enterprises Ltd., has entered into a share subscription agreement and a shareholders' agreement to raise equity capital of Rs 9,800 crore from a consortium of investors, comprising Alpha Wave Global, Premji Invest, Temasek and BlackRockmanaged funds.
The brokerage views the transaction positively as it brings in high-quality global investors and provides growth capital to fund Adani Airports' sizeable expansion pipeline. Motilal Oswal sees scope for further monetisation and strategic investments across Adani Enterprises' key businesses, which will unlock embedded value and provide additional funding to support the group's large growth capex pipeline.
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The portfolio is moving from capital deployment to value creation, with airports, new energy, and data centers entering the scale-up phase and mature businesses generating cash. As capex intensity moderates and incubated businesses move toward monetisation, rising cash generation should support faster deleveraging and further capital recycling.
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Motilal Oswal estimates a compound annual growth rate of ~22%/29%/82% in revenue/EBITDA/PAT over FY26- 29, aided by growth, margin expansion, and increasing contribution from high-margin verticals.
The brokerage believe the company's market leadership, superior scale, diversified growth portfolio, and proven incubator model positions Adani Enterprises as a leading global infrastructure platform.
Motilal Oswal has maintained its Buy rating on Adani Enterprises with an SoTP-based target price of Rs 3,880.
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