Adani Enterprises and Adani Energy Solutions are entering a period of stronger earnings visibility as their infrastructure businesses scale, according to Jefferies, which sees multiple growth platforms supporting Adani Enterprises while improving prospects for Adani Energy Solutions' transmission and trading businesses.
Jefferies expects Adani Enterprises' earnings before interest, taxes, depreciation and amortisation (EBITDA) to grow at about 23% annually between FY26 and FY31, led by airports, defence and data centres. For Adani Energy Solutions, the brokerage expects its transmission business to remain the main earnings driver, with the trading business offering additional upside as merchant capacity and customer additions increase.
The two companies represent different parts of the group's infrastructure portfolio. Jefferies describes Adani Enterprises as a “platform behind the platforms”, with businesses at different stages of development and a long runway for growth.
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Multiple platforms underpin Adani Enterprises' growth
Jefferies sees Adani Enterprises as an infrastructure incubator with businesses spanning airports, energy transition, data centres, mining and road infrastructure. Airports, data centres and Adani New Industries are the largest contributors to its sum-of-the-parts valuation, according to the brokerage.
The brokerage expects investments in these businesses to remain elevated over the next five years as the company expands its platforms. It forecasts EBITDA growth of about 23% annually through FY31, led by airports, which it expects to account for 25% of growth, defence at more than 40%, and data centres, joint ventures and other businesses contributing more than 100%.
Jefferies said the company's current valuation captures only part of its growth potential because its businesses are driven by different growth cycles, valuation frameworks and capital needs.
It expects earnings to accelerate in FY28-FY31 as newer businesses become more established.
Airports, data centres emerge as key valuation drivers
Airports and data centres are expected to be among Adani Enterprises' key valuation drivers, supported by the scale of their operations and growth prospects, Jefferies said.
The brokerage said these businesses could command higher valuations as their long-term cash flows and growth become more visible. Adani New Industries and the defence business also provide exposure to energy transition and domestic manufacturing.
Jefferies expects airports and data centres to account for a significant share of the company's sum-of-the-parts valuation, while roads, mining and other businesses provide additional diversification.
Transmission remains core to Adani Energy Solutions
At Adani Energy Solutions, Jefferies sees improving visibility in the transmission business, supported by a strong order pipeline and the company's position in the sector.
The brokerage expects the trading business to become a larger contributor to earnings. It said the segment's share of EBITDA could rise from about 10% in FY27 to 20% by FY28 as the company adds merchant capacity and customers.
Adani Energy Solutions has also expanded its trading customer base, with the company's renewable energy trading business adding customers and increasing its market presence, according to Jefferies.
Trading could add to earnings growth
Jefferies expects merchant power prices to rise in September 2026, while demand is likely to remain supported by weather conditions. It said the average merchant price in August was about 11% higher than a year earlier.
The brokerage expects the trading segment to provide some upside to its earnings estimates, particularly as additional capacity comes on stream.
Jefferies values Adani Energy Solutions at 22 times estimated FY27 EBITDA and 18 times FY28 EBITDA. It said the valuation reflects the company's growth prospects but also carries risks including interest-rate changes and potential market-share losses.
For Adani Enterprises, Jefferies values the business using a sum-of-the-parts approach, with its valuation framework reflecting the different stages of maturity across the company's businesses.
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