Adani Enterprises share price gains after Morgan Stanley’s bullish call; Should you buy the Adani group stock?

Morgan Stanley initiated coverage on Adani Enterprises with an Overweight rating and a target price of around Rs 3,638, implying an upside of nearly 23%. The brokerage described the company as India's premier incubator and forecast revenue and EBITDA CAGRs of 19% and 32% respectively over FY26-FY30, with EBITDA scaling nearly 3x from Rs 140 billion to about Rs 423 billion by FY30. The stock gained over 2% intraday, trading at around Rs 3,014 on the BSE.