Morgan Stanley has initiated coverage on Adani Enterprises Ltd (AEL) with an Overweight rating, arguing it is the Adani stock best placed to benefit from India’s multi-year infrastructure and capex cycle across airports, roads, digital infrastructure, and new energy. The global brokerage firm has given a target price of Rs 3,638 on the stock, signaling an upside potential of 23% from the previous close.
Morgan Stanley describes Adani Enterprises as “India’s premier incubator” with a 30% market-cap CAGR since its 1994 IPO, driven by a model of “incubation → scale → monetisation → capital recycling.” The firm highlights that 80% of AEL’s FY26 EBITDA already comes from its core infrastructure and utilities portfolio—airports, roads, data centres, new energy, copper, PVC, mining and defence—versus a trading-heavy mix just four years ago.
