Synopsis: Jefferies sees 25 percent upside to Rs 2,750 for Adani Enterprises, citing FY27 earnings inflection, Q3 FY26 profit surge of 2044 percent to Rs 5,727 crore, and Rs 24,930 crore capital raise supporting infrastructure scale-up.
The article will outline the rationale behind this company’s upside, which operates in sectors including integrated resources management (coal/mining), solar manufacturing (Mundra), and mining services in India, Indonesia, and Australia.
With the market capitalization of Rs 2,55,645 crore, Adani Enterprises Ltd’s shares on Thursday closed at Rs 2,214.95 per share, down by 0.76 percent from its previous day’s close price of Rs 2,231.85 per share. The shares of this company have given a return of 174 percent over the last five years.
Brokerage’s View
Jefferies on Adani: The brokerage sees 24.1 percent upside to the Rs 2,750 target, citing asset ramp-ups and improved earnings visibility. A strengthened, de-risked balance sheet post-capital raise could drive valuation re-rating toward peer multiples, supporting the upside thesis.
FY27 as Earnings Inflexion Year: Jefferies identifies FY27 as a pivotal earnings inflexion year, driven by accelerated scaling across key infrastructure platforms. Airports, particularly Navi Mumbai, alongside copper and road assets, are expected to enter stronger operational phases, setting the stage for sustained revenue growth and improved operating momentum.
Execution-Led Growth Across Verticals: Growth is increasingly execution-driven, with higher smelter utilisation in the copper business and steady progress on large-scale road projects such as the Ganga Expressway. As these capital-intensive assets transition into operational phases, revenue acceleration and margin expansion are likely to follow.
Balance Sheet Strength + New Industry Build-Out: The recent capital raise enhances financial flexibility and de-risks expansion plans. Simultaneously, investments in solar manufacturing and a targeted 210 MW data centre capacity over the next 18 to 20 months provide diversification, supporting long-term earnings visibility and structural growth.
Business Highlights: Adani New Industries (ANIL) continues to scale its green hydrogen ecosystem, with solar module sales sustaining over 1 GW per quarter and domestic volumes rising 40 percent YoY to 997 MW. The wind division commenced supplies of its 3.3 MW WTG model, delivering 12 sets during the quarter.
AdaniConnex advanced its data centre footprint with 9.6 MW operationalised in Pune (Phase I) and 4.8 MW in Hyderabad (Phase II). Meanwhile, Adani Airports commenced operations at Navi Mumbai Airport (20 million pax Phase I capacity), inaugurated Guwahati’s new terminal, and added seven routes, nine flights, and one airline.
Other highlights: AEL operationalised two HAM projects during the quarter, taking its total to nine, and received PCOD for the Vijayawada Bypass (Andhra Pradesh) and Badakumari Karki (Odisha) projects. It also secured the Mithi River LoA, completed a Rs 24,930 crore rights issue (30 percent oversubscribed), and raised Rs 1,000 crore via “AA-” NCDs.
Incorporated in 1993, Adani Enterprise Ltd has business interests in various economic areas such as mining, integrated resources management (IRM), infrastructure such as airports, roads, rail/ metro, water, data centres, solar manufacturing, agro and defence.
Financial Highlights: The revenue from operations grew by 9 percent to Rs 24,820 crore in Q3 FY26, corresponding to the same quarter in the last financial year. This was accompanied by a net profit growth of 2,044 percent to Rs 5,727 crore in Q3 FY26 from Rs 229 crore in Q3 FY25, resulting in an EPS growth of 9573 percent to Rs 43.53 per share in Q3 FY26.
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