The “great Adani trade” has returned to Dalal Street with a massive ₹1.40 lakh crore bang, making Adani Enterprises (AEL) the top-performing stock on the Nifty 50. The flagship incubator’s shares have surged approximately 41% this year, pushing its total market capitalization to ₹4.3 lakh crore. This powerful resurgence has effectively put to rest the valuation pressures from past controversies. Investor enthusiasm is largely driven by AEL’s proven track record of nurturing new businesses—such as its airports, roads, data centers, copper, and green hydrogen projects—with the ultimate goal of spinning them off into independently listed market leaders.
Crucial to this massive momentum is the overwhelming success of AEL’s recent capital raise. The company launched a ₹10,000 crore Qualified Institutional Placement (QIP) on July 2, 2026, which witnessed spectacular institutional demand. Bids poured in at nearly four times the base issue size, reaching approximately ₹38,000 crore. This bumper response prompted the company to exercise its greenshoe option, upsizing the total fundraising to ₹15,000 crore. The fresh capital injection will be strategically utilized to accelerate AEL’s high-growth incubation pipeline and pay down outstanding debt.
Global brokerages are highly optimistic about the company’s long-term prospects. Morgan Stanley expects AEL’s revenue to grow at a compound annual rate of 19%, with operating profit compounding at 32% between FY26 and FY30. Key growth drivers include the newly operational Navi Mumbai International Airport, expanding green energy infrastructure at Mundra, and import-substitution opportunities in copper and PVC. As AEL prepares for its next cycle of value unlocking through the planned demergers of its mature airports and roads divisions, investors are once again betting heavily on the Adani Group’s primary wealth creator.
