Adani Enterprises share price targets: MOFSL, Jefferies see up to 25% upside
MOFSL sees scope for further monetisation and strategic investments across Adani Enterprises key businesses, which could provide additional funding to support the group’s large growth capex pipeline.
- Sep 10, 2026,
- Updated Sep 10, 2026 8:30 AM IST
MOFSL on Thursday maintained its 'Buy' rating on Adani Enterprises Ltd (AEL) with a target price of Rs 3,880, implying a potential upside of 25 per cent, following the Adani Airport Holdings Limited (AAHL) fundraise. The brokerage said its recommendation is backed by AEL’s market leadership, differentiated portfolio, superior scale and proven ability to incubate and scale new businesses. Jefferies suggested 'Buy' and a target of Rs 3,830 apiece.
Adani Enterprises Ltd (AEL) was in focus yesterday after subdsidiary AAHL entered into binding agreements to raise Rs 9,825 crore or $1 billion of primary equity capital from a consortium of investors comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds.
MOFSL said the AAHL transaction is positive as it brings in high-quality global investors and provides growth capital to fund AAHL’s sizeable expansion pipeline.
The domestic brokerage said it sees scope for further monetisation and strategic investments across AEL’s key businesses, which could unlock embedded value and provide additional funding to support the group’s large growth capex pipeline. It added that the portfolio is moving from capital deployment to value creation, with airports, new energy and data centres entering the scale-up phase, while mature businesses are generating cash.
MOFSL said that as capex intensity moderates and incubated businesses move towards monetisation, rising cash generation should support faster deleveraging and further capital recycling. In its view, AEL’s expansion across verticals, the rising contribution from incubated businesses and a robust demand outlook provide strong visibility on earnings growth and cash flow generation over the near and long term.
MOFSL has forecast AEL’s consolidated revenue, Ebitda and PAT to grow by about 22 per cent, 29 per cent and 82 per cent, respectively, over FY26-29. It said this would be aided by growth, margin expansion and an increasing contribution from high-margin verticals.
On AAHL, MOFSL said it expects revenue and Ebitda to record a CAGR of 21 per cent and 24 per cent, respectively, over FY26-29. It said this would be driven by the ramp-up of NMIAL, increasing non-aeronautical monetisation and city-side development.
NMIAL has commenced operations with an initial Phase I capacity of 20 mppa and, given its significant regulated asset base, MOFSL said it should provide a meaningful earnings uplift as passenger traffic scales up over the medium term. It added that non-aeronautical monetisation is expected to remain a key driver of revenue and Ebitda growth, supported by AAHL’s increasing use of JV-based arrangements that allow greater participation in passenger spending.
MOFSL also said city-side development is progressing at Mumbai and Ahmedabad airports, with Phase I expected to be completed over the next two to three years. It said this could create an additional avenue for long-term revenue growth, while reinforcing its positive view on AEL and its airports business.
MOFSL on Thursday maintained its 'Buy' rating on Adani Enterprises Ltd (AEL) with a target price of Rs 3,880, implying a potential upside of 25 per cent, following the Adani Airport Holdings Limited (AAHL) fundraise. The brokerage said its recommendation is backed by AEL’s market leadership, differentiated portfolio, superior scale and proven ability to incubate and scale new businesses. Jefferies suggested 'Buy' and a target of Rs 3,830 apiece.
Adani Enterprises Ltd (AEL) was in focus yesterday after subdsidiary AAHL entered into binding agreements to raise Rs 9,825 crore or $1 billion of primary equity capital from a consortium of investors comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds.
MOFSL said the AAHL transaction is positive as it brings in high-quality global investors and provides growth capital to fund AAHL’s sizeable expansion pipeline.
The domestic brokerage said it sees scope for further monetisation and strategic investments across AEL’s key businesses, which could unlock embedded value and provide additional funding to support the group’s large growth capex pipeline. It added that the portfolio is moving from capital deployment to value creation, with airports, new energy and data centres entering the scale-up phase, while mature businesses are generating cash.
MOFSL said that as capex intensity moderates and incubated businesses move towards monetisation, rising cash generation should support faster deleveraging and further capital recycling. In its view, AEL’s expansion across verticals, the rising contribution from incubated businesses and a robust demand outlook provide strong visibility on earnings growth and cash flow generation over the near and long term.
MOFSL has forecast AEL’s consolidated revenue, Ebitda and PAT to grow by about 22 per cent, 29 per cent and 82 per cent, respectively, over FY26-29. It said this would be aided by growth, margin expansion and an increasing contribution from high-margin verticals.
On AAHL, MOFSL said it expects revenue and Ebitda to record a CAGR of 21 per cent and 24 per cent, respectively, over FY26-29. It said this would be driven by the ramp-up of NMIAL, increasing non-aeronautical monetisation and city-side development.
NMIAL has commenced operations with an initial Phase I capacity of 20 mppa and, given its significant regulated asset base, MOFSL said it should provide a meaningful earnings uplift as passenger traffic scales up over the medium term. It added that non-aeronautical monetisation is expected to remain a key driver of revenue and Ebitda growth, supported by AAHL’s increasing use of JV-based arrangements that allow greater participation in passenger spending.
MOFSL also said city-side development is progressing at Mumbai and Ahmedabad airports, with Phase I expected to be completed over the next two to three years. It said this could create an additional avenue for long-term revenue growth, while reinforcing its positive view on AEL and its airports business.