Adani Enterprises Ltd gained for a fifth straight session today, trading at ₹3,169, up 41% so far in 2026 as of the latest data. The stock has surged 39% over the past 12 months and gained 39.23% so far in 2026, significantly outperforming the NIFTY Metal index which declined 2.12% and 7.49% respectively. The stock opened at ₹3,125 and touched an intraday high of ₹3,159, with volume standing at 14.09 lakh shares compared to the daily average of 10.46 lakh shares in the last one month. The benchmark September futures contract is quoting at ₹3,142.1, up 0.72% on the day, indicating positive sentiment among futures traders.
Motilal Oswal Financial Services has initiated coverage on Adani Enterprises with a 'buy' rating and a target price of ₹3,880 per share, representing a 25% upside from the current price of ₹3,169. The brokerage described Adani Enterprises as a differentiated infrastructure incubator that combines established, cash-generating operations with newer businesses capable of driving growth. Following the coverage initiation, Adani Enterprises shares traded over 1% higher, with the stock rising ₹33 to ₹3,143.40 on the NSE. The brokerage's recommendation is underpinned by the company's market leadership, differentiated portfolio, superior scale, and proven ability to incubate and scale new businesses, positioning it to emerge as one of the world's leading integrated infrastructure platforms. As per Motilal Oswal's research report dated August 27, 2026, the stock is uniquely positioned to benefit from India's next capex cycle with exposure across airports, roads, data centers, new energy, mining, copper, and strategic manufacturing.
Brokerages see further upside in AEL, but their targets already bake in steep premiums for its airports, new-energy and data-centre businesses, leaving earnings growth to do the heavy lifting. The catch is that both brokerages are already assigning rich valuations to AEL's key businesses. Motilal Oswal values Adani Airport Holdings (AAHL), which accounts for 48% of its SoTP, at 35x enterprise value to Ebitda (EV/Ebitda) based on September 2028 estimates, which is more than double the 15x multiple assigned to GMR Airports based on FY29 estimates. Similarly, Motilal values Adani New Industries (ANIL), AEL's new-energy business and 19% of its SoTP, at 20x EV/Ebitda, a substantial premium to 8x for Waaree Energies and 12x for Suzlon Energy. AdaniConnex, the data-centre business that contributes 13% of SoTP, is valued at 30x EV/Ebitda based on September 2028 estimates, versus 14-18x for large global peers. All of AEL's businesses are currently unlisted, meaning there is no holding company discount factored into the valuation. AEL plans to list its key businesses between 2027 and 2031, starting with AAHL, and brokerages could therefore introduce a holding-company discount once these businesses begin to be spun out, as has happened with Reliance Industries whose telecom business is expected to be listed soon.
Three growth drivers support Motilal Oswal's buy rating: 1. EBITDA to double by FY29 - The brokerage expects consolidated EBITDA to nearly double to ₹29,900 crore by March 2029 from ₹14,000 crore in FY26, with EBITDA margins projected to improve from 13.9% in FY26 to 16.4% in FY29. 2. Accelerated earnings growth - Adjusted profit after tax is expected to register an 82% CAGR over FY26-29, with adjusted PAT projected at ₹66 billion in FY27, ₹83 billion in FY28 and ₹106 billion in FY29. 3. Leverage to ease as cash flow improves - The brokerage expects Adani Enterprises to generate operating cash flow of around ₹569 billion through FY29, helping fund expansion through internal accruals with annual capital expenditure of approximately ₹400 billion during the forecast period.
Airports are one of the key businesses that Motilal Oswal expects to support earnings growth, with Adani Enterprises operating an eight-airport portfolio that is positioned for significant expansion. Passenger traffic across these airports could increase from around 96 million in FY26 to nearly 119 million by FY29, while non-aeronautical revenue, which comes from activities such as retail, food and commercial services, remains below global benchmarks. The brokerage expects the airport business to deliver a 24% compound annual growth rate (CAGR) in EBITDA between FY26-29, making it a major contributor to the company's overall earnings acceleration. The commissioning of the Navi Mumbai International Airport is expected to be a key catalyst for this growth trajectory. One potential growth lever is non-aero revenue, which includes shopping, food and beverage sales and advertising, among others, with non-aero revenue per passenger far below global peers, offering large scope for monetization.
The data-centre business represents the highest-growth opportunity within Adani Enterprises' portfolio, with the company positioned to capitalize on the rising demand for computing capacity, particularly with the growth of artificial intelligence and machine learning. Adani Enterprises' data-centre capacity stood at just 55 megawatts in FY26, with the company targeting 3 gigawatts by 2030, representing an incredible expansion of over 5,000%. The business is targeting an EBITDA margin of more than 70%, positioning it as one of the most profitable segments in the company's portfolio. AEL owns 50% of AdaniConnex, a joint venture with EdgeConneX, with a current operating capacity of 65MW across four data centres. The plan is to ramp up capacity to 3,000MW by 2030, potentially requiring about ₹2 trillion of capex. Motilal Oswal sees data centers as one of the highest-growth businesses within AEL's portfolio and a potentially meaningful contributor to consolidated earnings over the medium term.
