Morgan Stanley starts Adani Enterprises at Overweight, ₹3,638 target on airports, copper, roads scale-up
MS initiates coverage with 23% upside, modeling 3x EBITDA growth to ₹423B by FY30. Airport platform anchors thesis: Navi Mumbai launch lifts passenger throughput to 95.5M in FY26 with 23% national share. Stock rose 2.38% to ₹3,034.35 on the call.
What happened
Morgan Stanley initiated Overweight on Adani Enterprises with ₹3,638 target, citing airport platform scale-up (Navi Mumbai airport, 95.5M pax, 23% share), new
Key facts
- target price ₹3,638
- upside 23%
- stock +2.38% to ₹3,034.35
- airports 95.5M pax FY26
- 23% airport market share
- EBITDA ₹140B FY26 to ₹423B FY30
- Ganga Expressway EBITDA ₹850 cr FY27
- copper EBITDA ₹2,200 cr FY27
Why this matters
Sell-side validation of the infrastructure platform thesis raises the bar for any partnership, JV, or asset-level monetization narrative competitors bring to airports, copper, and roads adjacencies.