Adani Enterprises: DR Choksey sees up to 40% rise; check Q2 result date, rationale, target

Domestic brokerage firm DRChoksey FinServ remained positive on Adani Enterprises (AEL) on the back of multiple reasons and expects the Adani Group stock to rise up to 40 per cent from its current levels. It believes that the stock has various near-term catalysts to lift the share price higher.

Adani Enterprises is set to announce its results for the quarter and half-year ended on September 30, 2025 on Tuesday, November 04. Besides the earnings, the board will also consider fund raising plans a rights issue and/or any other permissible mode, as may be permitted under applicable laws, subject to such regulatory / statutory approvals as required, it said in another filing.

According to DR Choksey, Commissioning of Navi Mumbai Airport positions AEL as India’s largest private airport operator. Besides this, SEBI’s closure of the Hindenburg probe, removes a key sentiment overhang and reinforces governance credibility. AdaniConneX JV with Google — marks India’s largest-ever AI and data infrastructure investment of $15 billion, it said.

Shares of Adani Enterprises were seen lower by a per cent around Rs 2,500 on Friday, commanding a total market capitalization slightly below Rs 2.9 lakh crore. The flagship company of Adani Group has jumped nearly 25 per cent from its 52-week low hit 7 months ago. The stock is sharply down from its all-time peak around Rs 4,000 hit in November 2022, before the Hindenburg report.

DR Choksey said that AEL has a consistent history of value creation through successful business spin-offs, with airports, copper, and ANIL (Adani New Industries) offering potential spin-off opportunities for future. It is also focused on capital-efficient growth and improved return metrics, supporting its 15-17 per cent ROA ambition. Stable, cash-generative base to fund new ventures.

"We maintain a bullish stance on AEL as it scales multiple high-growth verticals with visible earnings and asset monetization potential. Using an SOTP (EV/Ebitda) approach across verticals- Airports, IRM, roads, copper, green hydrogen, and data centers- and applying a 15 per cent conglomerate discount, our FY27E valuation implies a target price of Rs 3,500/share," DR Choksey said.