24 Jun , 2026 By : Debdeep Gupta
Shares of Adani Enterprises Ltd rose as much as 2.4 percent in intraday trade on June 24 and were up 1.66 percent at Rs 3,012 in late-morning deals after Morgan Stanley initiated coverage on the stock with an "Overweight" rating. The brokerage cited strong growth prospects across the group's incubation businesses.
Morgan Stanley assigned a target price of Rs 3,638 per share on Adani Enterprises, implying an upside of nearly 21 percent from current levels. The stock has gained around 24 percent over the past year, significantly outperforming the Nifty 50, which has declined 4.4 percent during the same period.
Morgan Stanley described Adani Enterprises as a major infrastructure incubator, with exposure to high-growth businesses spanning airports, data centres, new energy and mining. The brokerage expects the company's EBITDA to triple by FY30 as several emerging businesses scale up and begin contributing more meaningfully to earnings.
According to Morgan Stanley, key triggers over FY27 include the commissioning of the Navi Mumbai International Airport, progress on the Ganga Expressway project, the ramp-up of its copper business and continued expansion in new energy ventures.
The brokerage expects the group's airport portfolio to handle 145 million passengers annually by FY30, while its data centre capacity is projected to reach 2 GW over the same period.
The positive brokerage commentary came as Adani Enterprises held its 34th annual general meeting, where Chairman Gautam Adani outlined the group's long-term growth plans across infrastructure, energy and digital businesses.
Among the key announcements, Adani said the group is implementing a Rs 2 trillion capital expenditure programme in the power sector and aims to build 45 GW of power generation capacity over the next five years. He also outlined a target of developing 10 GW of nuclear power capacity by 2035.
The chairman said the ports business is targeting cargo handling volumes of 1 billion tonnes by 2030. He added that the group is accelerating PNG infrastructure projects to meet rising domestic demand for cleaner energy.
In the digital infrastructure segment, Adani said the group remains on track to build a 3 GW data centre platform by 2030, reinforcing its ambitions in one of India's fastest-growing infrastructure segments.
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