Synopsis: Jefferies has maintained a Buy rating on Adani Enterprises with a target of Rs. 2,600, implying ~18% upside, citing strong FY27 growth across diversified infrastructure businesses, solar manufacturing expansion at Mundra, and momentum in new energy, roads, and copper.
The shares of a Large-Cap company specialising in developing and operating large-scale infrastructure projects across energy, transportation, logistics, and resources are in focus following the target by a Global Brokerage firm Jefferies with an upside potential of 18 percent.
With a market capitalization of Rs. 2,83,777.26 crores in the day’s trade, the shares of Adani Enterprises Ltd rose upto 1.9 percent, making a high of Rs. 2248.95 per share compared to its previous closing price of Rs. 2205.00 per share.
What Happened
Adani Enterprises Ltd, engaged in developing and operating large-scale infrastructure projects across energy, transportation, logistics, and resources, is in the spotlight as Jefferies has maintained a Buy rating on Adani Enterprises, setting a target price of Rs. 2,600, which implies an upside potential of 18 percent from the previous close price.
Reason for the Target
FY27 Outlook – Broad-Based Growth
Jefferies expects strong growth across multiple business verticals by FY27. Instead of relying on a single segment, Adani Enterprises is building momentum in infrastructure, energy, and logistics. This diversification reduces risk and supports steady earnings expansion, making future cash flows more predictable and attractive for investors.
New Energy – Benefiting from Energy Security Trends
The company is well-positioned in the new energy space, especially in renewable and green hydrogen initiatives. With global and domestic focus on energy security and transition away from fossil fuels, Adani Enterprises could see strong demand and policy support, driving long-term revenue growth in its clean energy portfolio.
Solar Expansion – Mundra Capacity Boost
Expansion of solar manufacturing capacity at Mundra is expected to significantly increase production volumes. As utilisation improves, operating leverage should kick in, leading to higher EBITDA margins from FY27 onward. This vertical could become a major contributor to overall profitability as scale increases.
Copper & Roads – Execution-Driven Earnings Growth
The copper business and road infrastructure projects are entering a phase of accelerated execution. As projects move from development to operational stages, revenue recognition and cash flow generation will improve. This transition is likely to enhance earnings visibility and contribute meaningfully to near- to mid-term financial performance.
Financials & Others
The company’s revenue rose by 8.63 percent from Rs. 22,848 crores in December 2024 to Rs. 24,820 crores in December 2025. Meanwhile, Net profit rose from Rs. 229 crores to Rs. 5,727 crores in the same period.
The company has delivered strong financial performance, with a return on capital employed (ROCE) of 9.45% and a return on equity (ROE) of 9.82%, reflecting efficient use of its capital and equity to generate profits. Its PEG ratio of 0.97 indicates that the stock is reasonably valued relative to its earnings growth.
Over the last five years, the company has achieved a robust profit growth of 35.6% CAGR. Compared to the industry price-to-earnings (P/E) ratio of 149, the company’s stock P/E of 76.2 suggests it is trading at a significant discount, offering potential value to investors.
During 9M FY26 (YoY), Navi Mumbai International Airport commenced operations from 25th December, marking a key infrastructure milestone. Additionally, two HAM road projects were operationalized, taking the total number of operational projects to nine.
In the same period, Adani Solar (ANIL) became the only Indian company in the global top 10 solar manufacturers. The water business received a LoA for the Mithi river project, while ACX data centers added 14.4 MW capacity, taking total operational capacity to 50+ MW.
Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India’s largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, contributing to nation-building, and divesting them into separate listed entities.
Having successfully built sizeable and scalable businesses like Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas, and Adani Wilmar, the company has contributed to making India self-reliant with robust businesses. This has also led to significant returns to shareholders for three decades.
The next generation of its strategic business investments is centered around green hydrogen ecosystem, airport management, data center, roads, and primary industries like copper and petrochem – all of which have significant scope for value unlocking.
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