Morgan Stanley starts Adani Enterprises at Overweight, ₹3,638 target on airports, copper, roads scale-up
MS initiates coverage with 23% upside, modeling 3x EBITDA growth to ₹423B by FY30. Airport platform anchors thesis: Navi Mumbai launch lifts passenger throughput to 95.5M in FY26 with 23% national share. Stock rose 2.38% to ₹3,034.35 on the call.
Morgan Stanley initiated Overweight on Adani Enterprises with ₹3,638 target, citing airport platform scale-up (Navi Mumbai airport, 95.5M pax, 23% share), new energy, roads and copper driving 3x EBITDA growth by FY30.
Why this matters
MS initiation reinforces the FY30 EBITDA tripling thesis flagged earlier, even as GQG trimmed Adani Enterprises and Energy stakes in ₹5,718 cr block deals offset by SBI MF buying.
Retail-company signals steady at 3,613 over 90 days, reflecting sustained coverage flow.