Adani Enterprises shares get 25% upside target from MOFSL; stock reacts
MOFSL said AEL’s expansion across verticals, rising contribution from incubated businesses, and robust demand outlook provide strong visibility on earnings growth and cash flow generation over the near and long term.
- Aug 27, 2026,
- Updated Aug 27, 2026 10:30 AM IST
Adani Enterprises Ltd, the Adani Group flagship, saw its shares rising in Thursday's trade after MOFSL initiated coverage on the stock, citing multiple growth engines and the infrastructure player's positioning to benefit from India's next capex cycle. The brokerage highlighted the company's exposure to airports, roads, data centres, new energy, mining, copper and strategic manufacturing and said it views Adani Enterprises as a differentiated infrastructure incubator, combining established businesses that provide stability with high-growth platforms that can drive the next leg of earnings.
"Its ability to identify emerging opportunities, build scale and market leadership, and subsequently monetize mature platforms creates a repeatable model for capital recycling," MOFSL said as its price target Rs 3,880 implied 25 per cent upside on the counter.
MOFSL's target is higher than the consensus 12-month target on the stock at Rs 3,773. Morgan Stanley on July 30 suggested a target of Rs 3,638 on the stock, Jefferies finds the stock worthy of Rs 3,830 level. Cantor Fitzferald's target on AEL stood at Rs 3,744 apiece.
At 10.23 am, the Adani Enterprises stock was up 1.24 per cent at Rs 3,150.60 apiece.
MOFSL said AEL’s expansion across verticals, rising contribution from incubated businesses, and robust demand outlook provide strong visibility on earnings growth and cash flow generation over the near and long term. It forecast AEL's consolidated revenue, Ebitda and PAT to grow at 22 per cent, 29 per cent and 82 per cent over FY26-29, aided by growth, margin expansion, and increasing contribution from high-margin verticals.
"We initiate coverage on AEL with a BUY rating and an SoTP-based TP of Rs 3,880. Our recommendation is underpinned by AEL’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," AEL said.
MOFSL said key drivers for Adani Enterprises would include the commissioning of Navi Mumbai Airport, ramp-up in ANIL's capacity, road assets entering the tolling phase, and growth in primary industries, including copper.
It said net debt to Ebitda for AEL stood at 5.4 times in FY26 and is expected to moderate to 4.5 times by FY29, despite the high capex requirement, which will be funded through a mix of debt and internal accruals. MOFSL expects an operating cash flow (OCF) of Rs 57.000 crore through FY27-29, which will support capex growth going forward through internal accruals.
Adani Enterprises Ltd, the Adani Group flagship, saw its shares rising in Thursday's trade after MOFSL initiated coverage on the stock, citing multiple growth engines and the infrastructure player's positioning to benefit from India's next capex cycle. The brokerage highlighted the company's exposure to airports, roads, data centres, new energy, mining, copper and strategic manufacturing and said it views Adani Enterprises as a differentiated infrastructure incubator, combining established businesses that provide stability with high-growth platforms that can drive the next leg of earnings.
"Its ability to identify emerging opportunities, build scale and market leadership, and subsequently monetize mature platforms creates a repeatable model for capital recycling," MOFSL said as its price target Rs 3,880 implied 25 per cent upside on the counter.
MOFSL's target is higher than the consensus 12-month target on the stock at Rs 3,773. Morgan Stanley on July 30 suggested a target of Rs 3,638 on the stock, Jefferies finds the stock worthy of Rs 3,830 level. Cantor Fitzferald's target on AEL stood at Rs 3,744 apiece.
At 10.23 am, the Adani Enterprises stock was up 1.24 per cent at Rs 3,150.60 apiece.
MOFSL said AEL’s expansion across verticals, rising contribution from incubated businesses, and robust demand outlook provide strong visibility on earnings growth and cash flow generation over the near and long term. It forecast AEL's consolidated revenue, Ebitda and PAT to grow at 22 per cent, 29 per cent and 82 per cent over FY26-29, aided by growth, margin expansion, and increasing contribution from high-margin verticals.
"We initiate coverage on AEL with a BUY rating and an SoTP-based TP of Rs 3,880. Our recommendation is underpinned by AEL’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," AEL said.
MOFSL said key drivers for Adani Enterprises would include the commissioning of Navi Mumbai Airport, ramp-up in ANIL's capacity, road assets entering the tolling phase, and growth in primary industries, including copper.
It said net debt to Ebitda for AEL stood at 5.4 times in FY26 and is expected to moderate to 4.5 times by FY29, despite the high capex requirement, which will be funded through a mix of debt and internal accruals. MOFSL expects an operating cash flow (OCF) of Rs 57.000 crore through FY27-29, which will support capex growth going forward through internal accruals.