Shares of Adani Enterprises Ltd (AEL) are anticipated to climb by as much as 25%, according to recent analyses from brokerage firms MOFSL and Jefferies. This optimistic outlook comes on the heels of Adani Airport Holdings Limited (AAHL), a key subsidiary of AEL, successfully securing $1 billion (approximately Rs 9,825 crore) in primary equity capital.
The significant fundraise for AAHL was completed through binding agreements with a consortium of prominent global investors, including Alpha Wave Global, Premji Invest, Temasek, and BlackRock-managed funds. This capital injection is expected to provide crucial funding to support AAHL’s substantial expansion pipeline, bolstering investor confidence in AEL's overall growth trajectory.
Analyst Projections and Rationale
MOFSL has reaffirmed its 'Buy' rating on Adani Enterprises, setting a target price of Rs 3,880 per share, which implies a potential upside of 25%. Jefferies also issued a 'Buy' recommendation with a target price of Rs 3,830 apiece. Both firms highlight AEL's robust market leadership, diversified portfolio, impressive scale, and a proven track record in incubating and scaling new businesses as key drivers for their positive forecasts.
MOFSL further noted that the AAHL transaction is a positive development, attracting high-quality global investors and injecting growth capital. The brokerage firm anticipates further monetization opportunities and strategic investments across AEL’s core businesses, which could unlock additional value and support the group’s extensive capital expenditure plans. The portfolio is seen as transitioning from capital deployment to value creation, with segments like airports, new energy, and data centers entering a scale-up phase, while mature businesses continue to generate strong cash flows.
Financial Outlook and Airport Operations
Looking ahead, MOFSL forecasts AEL’s consolidated revenue, EBITDA, and Profit After Tax (PAT) to grow by approximately 22%, 29%, and 82%, respectively, over the financial years 2026-2029. This growth is expected to be propelled by overall expansion, improved margins, and an increasing contribution from higher-margin business verticals.
Specifically for AAHL, MOFSL projects a Compound Annual Growth Rate (CAGR) of 21% for revenue and 24% for EBITDA over the same FY26-29 period. This growth will be primarily driven by the ramp-up of Navi Mumbai International Airport Limited (NMIAL), enhanced non-aeronautical monetization strategies, and progressive city-side development initiatives.
NMIAL has already commenced operations with an initial Phase I capacity of 20 million passengers per annum (mppa). Given its significant regulated asset base, NMIAL is expected to deliver a meaningful earnings uplift as passenger traffic steadily increases over the medium term. Additionally, city-side development at Mumbai and Ahmedabad airports is advancing, with Phase I anticipated for completion within the next two to three years, creating new long-term revenue streams and reinforcing the positive outlook for AEL’s airports business.