Adani Enterprises Share Price Target: Morgan Stanley Sees 23% Upside

Adani Enterprises shares rose sharply in market trade after global brokerage Morgan Stanley initiated coverage with a highly bullish price target

On Wednesday, June 24, 2026, Adani Enterprises Limited (AEL) shares rose 2.4% during intraday market action, trading around ₹3,012 by late morning. This positive momentum stemmed directly from Morgan Stanley initiating formal research coverage on the Adani Group’s flagship corporation. The financial heavyweight issued an “overweight” rating for the group, along with a target price of ₹3,638 per share.

The new target implies a potential upside of 21% to 23% from the stock’s previous trading level. This recent gain builds on the stock’s strong performance over the past year. Equity data shows that the stock has gained nearly 24% over the past 12 months, easily outperforming the broader Nifty 50 index, which fell 4.4% in the same timeframe.

Morgan Stanley’s investment thesis focuses heavily on the rapid expansion of the group’s early-stage corporate ventures. The institution estimates a major financial turning point by fiscal year 2027, as these incubator businesses reach full commercial scale. Between fiscal years 2026 and 2030, the brokerage estimates compound annual growth rates (CAGR) for the company’s revenue and operating earnings will reach 19% and 32%, respectively.

Financial Metrics (FY26–FY30)	Projected Growth / Target
Revenue CAGR	19%
Operating Profit (EBITDA) CAGR	32%
FY26 Operating Profit Baseline	₹14,000 crore
FY30 Operating Profit Target	₹42,300 crore

This robust growth is expected to nearly triple the group’s consolidated operating profit, from an estimated ₹14,000 crore in fiscal year 2026 to approximately ₹42,300 crore by the end of the decade. The brokerage notes a positive structural shift in the company’s overall earnings quality, shifting away from volatile, commodity-bound mining and resource trading to higher-margin manufacturing, digital services, and regulated infrastructure assets.

Wall Street analysts have identified several multi-billion-dollar projects as primary triggers for this upcoming earnings boom. A key pillar is the airport segment, managed by Adani Airport Holdings Limited, the largest private airport operator in the country. This vertical alone is projected to log a 29% operational earnings CAGR, growing from ₹51,600 million to ₹141,000 million by 2030. This expansion is largely linked to the launch of Navi Mumbai International Airport and the monetization of surrounding real estate.

Other growth pillars include:

• The official rollout of toll operations on the multi-state Ganga Expressway road development project.
• Increasing utilization at its copper smelting facility, from 60% capacity to 80% by fiscal year 2027, generating ₹22,000 million in revenue.
• A robust solar expansion plan under Adani New Industries Limited, expanding its cell and module supply chain from 4 GW to 10 GW by September 2026 through a capital expenditure injection of ₹100 billion.

Rapid scaling of the AdaniConnex data center joint venture, building a large 2-GW artificial intelligence and hyperscaler portfolio.

Morgan Stanley noted that the company has significant structural advantages. For example, local data center construction costs are only $7.13 per watt, significantly lower than the Asian-Pacific average of $10.30 per watt. This alignment with active federal initiatives, such as data localization and green energy targets, provides the group with strong policy tailwinds to secure its long-term project execution.