Motilal Oswal has joined the bullish consensus on Adani Enterprises, recommending a Buy rating with a target price of ₹3,880 in its research report dated September 09, 2026. The brokerage cites the company's market leadership, superior scale, diversified growth portfolio, and proven incubator model as key factors positioning Adani Enterprises as a leading global infrastructure platform. This recommendation aligns with Jefferies' Buy rating and ₹3,830 target, creating a strong consensus among major brokerages for the stock's potential to rally 29% from current levels.
Adani Airport Holdings Ltd has successfully secured ₹98 billion (USD 1 billion) from a global investor consortium in one of the largest primary equity raises in India's airport sector. As reported by The Times of India, the deal involves participation from marquee investors including Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds, signalling strong foreign interest in long-duration Indian infrastructure assets. Upon completion of all three tranches by July 2027, the investors will collectively hold a ~5.54% stake in AAHL. The investment is strategically designed to modernize and expand airport infrastructure, develop ~22 million square feet of mixed-use Adani Airport City projects in the first phase, and scale up ground handling and other non-aeronautical businesses. The transaction values AAHL at ~₹1.7 trillion, equivalent to ~44% of AEL's current market capitalisation of ~₹3.9 trillion, implying ~42x FY26 EV/EBITDA.
According to reports from Jefferies, Adani Enterprises is entering a period of stronger earnings visibility as its infrastructure businesses scale. The brokerage expects the company's earnings before interest, taxes, depreciation and amortisation (EBITDA) to grow at about 23% annually between FY26 and FY31. This growth trajectory is led by airports, defence and data centres, with airports expected to account for 25% of growth, defence contributing more than 40%, and data centres, joint ventures and other businesses contributing more than 100%. As per Jefferies, the company is positioned as an infrastructure incubator with businesses spanning airports, energy transition, data centres, mining and road infrastructure, with airports, data centres and Adani New Industries identified as the largest contributors to the company's sum-of-the-parts valuation.
As reported by Jefferies, Adani Enterprises is positioned as an infrastructure incubator with businesses spanning airports, energy transition, data centres, mining and road infrastructure. The brokerage identifies airports, data centres and Adani New Industries as the largest contributors to the company's sum-of-the-parts valuation. Backed by ₹2 trillion in investments over FY26-31, Jefferies estimates a 23% EBITDA CAGR with airports, data centres, and ANIL as the largest contributors. Investments in these businesses are expected to remain elevated over the next five years as the company expands its platforms, with earnings acceleration anticipated in FY28-FY31 as newer businesses become more established. The company's diversified portfolio provides exposure to multiple growth platforms, with the brokerage noting that these businesses could command higher valuations as their long-term cash flows and growth become more visible.
Adani Airport Holdings Ltd currently operates eight airports across India, including Mumbai, Navi Mumbai, Ahmedabad, Jaipur, Lucknow, Guwahati, Mangaluru and Thiruvananthapuram, and handles more than 23% of the country's total passenger traffic. According to The Times of India, the investment is expected to help lift capacity to serve 200 million passengers annually, improving commercial monetisation and strengthening the wider airport ecosystem. AAHL chief executive Arun Bansal stated that the business intends to scale itself into the world's largest airports platform, linking that ambition to India's economic expansion and rising spending power of domestic consumers. The strategy focuses on using airports as anchors for surrounding commercial districts to create a more resilient earnings mix and reduce dependence on aviation fees alone.
According to Jefferies, the transaction signals that large institutional investors remain comfortable with infrastructure assets that combine stable cash flows with long-term growth visibility. Jeet Adani, non-executive director at AAHL, framed the transaction as a long-term platform-building exercise, describing India's aviation sector as a major multiplier for GDP growth. The transaction is still subject to customary conditions precedent, including required approvals, with advisory work handled by Cyril Amarchand Mangaldas, AZB & Partners, JSA Advocates and Solicitors, TT&A Advocates and Solicitors, Jefferies India Private Limited, SBI Capital Markets Limited and Ernst & Young LLP. For Adani Energy Solutions, the brokerage values the business at 22 times estimated FY27 EBITDA and 18 times FY28 EBITDA, reflecting the company's growth prospects while carrying risks including interest-rate changes and potential market-share losses. The current valuations capture only part of the company's growth story, with significant upside potential as newer businesses scale.
