Jefferies sees Adani Enterprises earnings growing 23% annually through FY31
Jefferies expects airports to contribute 25% of Adani Enterprises’ growth, alongside defence and data centres. The outlook signals continued investment in airport infrastructure, a consumer-facing travel and retail ecosystem, while Adani Energy Solutions gains from transmission and power trading.
What happened
Jefferies forecasts stronger earnings visibility for Adani Enterprises, driven by airports, defence and data centres, while Adani Energy Solutions gains from
Key facts
- Adani Enterprises EBITDA forecast to grow about 23% annually between FY26 and FY31
- Airports expected to contribute 25% of Adani Enterprises growth
- Defence expected to contribute more than 40% of growth
- Adani Energy Solutions trading EBITDA share projected to rise from about 10% in FY27 to 20% in FY28
- Average merchant power price in August was about 11% higher year-on-year
- Adani Energy Solutions valued at 22x estimated FY27 EBITDA and 18x FY28 EBITDA
Why this matters
Consumer, retail and mobility businesses should assess partnership, concession and location opportunities across Adani’s expanding airport ecosystem before new infrastructure capacity is committed.
What to watch
- Airport passenger growth versus terminal capacity additions and international traffic mix.
- Non-aeronautical revenue per passenger, retail occupancy, tenant sales productivity and duty-free conversion rates.
- New airport concessions, terminal openings, route additions and airline capacity commitments.
- Capex guidance, debt metrics, refinancing costs and asset-monetisation plans at Adani Enterprises and airport subsidiaries.
- Changes in aviation tariffs, duty-free rules, concession terms or airport-regulation decisions.
- Evidence that data-centre and transmission investment competes with airport capex for capital allocation.
- Accelerate airport terminal retail leasing across duty-free, beauty, electronics, quick-service restaurants, cafés, pharmacy, luggage and regional-gifting categories.
- Build passenger-data and loyalty capabilities linking flight, parking, lounge, food ordering and retail offers to raise spend per traveller.
- Prioritise premium and experiential formats at high international-traffic airports while using convenience-led assortments for domestic terminals.
- Pursue revenue-share partnerships with travel retailers, F&B chains, fintechs, ride-hailing providers and hotel platforms to reduce direct operating risk.
- Use airport expansion to cross-sell Adani group services, including energy-backed charging, digital infrastructure and business-travel solutions.