Morgan Stanley initiates Adani Enterprises 'Overweight', sees Ebitda tripling to Rs 42,300 cr by FY30
Morgan Stanley starts coverage on Adani Enterprises with Overweight and Rs 3,638 target, projecting 32% Ebitda CAGR FY26-FY30 — from Rs 14,000 cr to Rs 42,300 cr. Airports lead with 145M passengers by FY30 (29% Ebitda CAGR), alongside a 2GW data centre build-out, new energy and manufacturing scale.
What happened
Morgan Stanley initiates Adani Enterprises with Overweight, target Rs 3,638, projecting Ebitda to triple to Rs 42,300 cr by FY30, driven by airports (145M pax),
Key facts
- Target Rs 3,638
- Revenue CAGR 19% FY26-FY30
- Ebitda CAGR 32%
- Ebitda Rs 14,000 cr FY26 to Rs 42,300 cr FY30
- 145 mn airport passengers by FY30
- 2GW data centre portfolio
- Airports Ebitda CAGR 29%
Why this matters
Adani Enterprises' tripling Ebitda trajectory across airports, data centres, and new energy reshapes the conglomerate landscape and warrants closer monitoring of partnership, JV, and infrastructure adjacency opportunities.