The Adani stock Morgan Stanley thinks could benefit most from India’s infrastructure push

Morgan Stanley has turned bullish on Adani Enterprises, calling it India's premier incubator with a 30 percent market-cap CAGR since its 1994 IPO. The brokerage projects revenue and EBITDA CAGRs of 19 percent and 32 percent over FY26-30, with EBITDA set to triple from about Rs 140bn to roughly Rs 423bn by FY30, led by airports, new energy and copper. FY27 is flagged as a key earnings inflection year driven by the Navi Mumbai International Airport commissioning, new energy capacity expansion, Ganga Expressway tolling commencement and higher copper smelting utilisation.