Motilal Oswal sees 25% upside in Adani Enterprises on airports, energy and data-centre growth

Motilal Oswal initiated coverage on Adani Enterprises with a Buy rating and a Rs 3,880 target price versus a Rs 3,110 reference price. Its outlook cites airport, road, new-energy and data-centre expansion, with potential relevance for consumer-facing airport ecosystems including Navi Mumbai.

— Source publishedThu, 27 Aug, 2026, 12:47 IST·First seen Thu, 27 Aug, 2026, 13:05 IST·Source NDTV Profit

What happened

Motilal Oswal initiated Adani Enterprises with a Buy and Rs 3,880 target, citing airport, road, new-energy and data-centre growth. The outlook is relevant to

Key facts

  • Buy rating
  • Target price: Rs 3,880
  • Reference price: Rs 3,110
  • Implied upside: 25%
  • EBITDA: about Rs 14,000 crore in FY26
  • Projected EBITDA: Rs 29,900 crore in FY29
  • Projected EBITDA CAGR: about 29% for FY26-FY29
  • Projected revenue CAGR: about 22% for FY26-FY29
  • Projected PAT CAGR: about 82% for FY26-FY29
  • AdaniConneX tied-up capacity: over 960 MW
  • AdaniConneX target capacity: 3 GW by 2030
  • AdaniConneX JV ownership: 50:50

Why this matters

The analyst case reinforces Adani Enterprises’ diversified infrastructure platform as a potential partner, competitor or acquisition-led consolidator across airport-linked consumer and digital infrastructure assets.

What to watch

  • Navi Mumbai airport opening schedule and initial airline route commitments
  • New airport retail, duty-free, lounge, F&B and last-mile logistics contracts
  • Quarterly airport passenger volume and non-aero revenue growth
  • Data-centre capacity announcements, anchor-customer wins and power-availability disclosures
  • Capex financing, asset monetisation, credit-rating actions or regulatory developments
  • Evidence of stronger discretionary travel spending and premiumisation in airport retail
  • Track Navi Mumbai International Airport construction milestones, commissioning dates and announced terminal capacity.
  • Monitor airport retail-concession tenders, duty-free operator appointments, F&B leasing and advertising partnerships across Adani Airports.
  • Watch passenger-traffic growth, non-aeronautical revenue per passenger and retail-sales disclosures at operating airports.
  • Assess whether data-centre and renewable expansion creates procurement opportunities for consumer-electronics, electricals, building-products and B2B distributors.
  • Compare Adani Enterprises capital-expenditure and debt trajectory with project commissioning progress.