MOFSL starts Adani Enterprises at Buy, sees 25% upside to Rs 3,880

MOFSL initiated coverage on Adani Enterprises with a Rs 3,880 target, citing growth across airports, roads, energy and manufacturing. The outlook is relevant to the group’s consumer-facing airport ecosystem, including Navi Mumbai Airport.

— Source publishedThu, 27 Aug, 2026, 10:30 IST·First seen Thu, 27 Aug, 2026, 10:46 IST·Source Business Today · Latest

What happened

MOFSL initiated Adani Enterprises with a Buy and Rs 3,880 target, citing airport commissioning, roads, energy and manufacturing growth. The Adani flagship’s

Key facts

  • MOFSL target price: Rs 3,880
  • Implied upside: 25%
  • Stock price at 10:23 am: Rs 3,150.60
  • Consensus 12-month target: Rs 3,773
  • Morgan Stanley target: Rs 3,638
  • Jefferies target: Rs 3,830
  • Cantor Fitzgerald target: Rs 3,744
  • FY26-29 revenue CAGR forecast: 22%
  • FY26-29 EBITDA CAGR forecast: 29%
  • FY26-29 PAT CAGR forecast: 82%
  • Net debt/EBITDA: 5.4x in FY26
  • Expected net debt/EBITDA: 4.5x by FY29
  • Expected operating cash flow FY27-29: Rs 57,000 crore

Why this matters

The group’s airport expansion agenda may create partnership, leasing and consumer-services opportunities around Navi Mumbai Airport and other airport assets.

What to watch

  • Navi Mumbai Airport commissioning date, terminal-phasing updates and airline slot or route announcements.
  • Passenger traffic growth, non-aeronautical revenue per passenger and retail concession occupancy at Adani Airports.
  • New airport retail, duty-free, food and beverage, lounge, parking or advertising partnership announcements.
  • Adani Enterprises capital-raising, leverage, rating and project-capex guidance updates.
  • Regulatory approvals, construction progress and any changes in airport tariff or concession frameworks.
  • Prioritize premium and scalable airport concession formats across food and beverage, duty-free, convenience, lounges, parking and digital advertising.
  • Accelerate tenant pre-leasing and brand partnerships for Navi Mumbai Airport to lock in anchor retail occupancy before passenger operations begin.
  • Use stronger market sentiment to communicate airport non-aeronautical revenue targets, passenger-spend assumptions and concession pipeline milestones.
  • Build omnichannel airport commerce capabilities, including pre-order, click-and-collect, loyalty integration and targeted offers tied to travel itineraries.