“Bullish on Adani Enterprises (AEL) with a sum-of-the-parts (SoTP) based target price of ₹3,880, implying a 22% upside from current levels. This target bakes in steep premiums for AEL's unlisted airport, new-energy, and data-centre businesses, leaving earnings growth to drive further valuation expansion. However, a holding-company discount could be introduced post-listing of key businesses from 2027-2031, similar to Reliance Industries.”

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