“Initiated coverage on Adani Enterprises (AEL) with a Buy rating and a sum-of-the-parts target price of ₹3,880, indicating a 25% upside. AEL is uniquely positioned to benefit from India's capex cycle through its diversified infrastructure exposure. The brokerage expects EBITDA to double by FY29 to ₹299 billion, driven by airports, new energy, and roads, with consolidated revenue growing at a 22% CAGR (FY26-29) and adjusted PAT at an 82% CAGR. Leverage is also expected to ease, with net debt-to-EBITDA moderating to 4.5x by FY29.”

Motilal Oswal Analysis’s track record: 6 graded calls · 95% CI 19–81%