Adani Enterprises shares: What Ventura says on Adani Wilmar JV exit, target price

In a fresh note on Adani Enterprises Ltd, Ventura Securities said the strategic sale of Adani Wilmar Ltd looks all set to enhance Adani Enterprises' liquidity. The proceeds, which could be leveraged for 2 times debt, will enable Adani Enterprises to raise additional debt of Rs 35,000–36,000 crore, creating a formidable Rs 50,000– 52,000 crore corpus, Ventura said.

The broking firm, whose previous note on Adani Enterprises came on December 28, 2024, said the Wilmar deal is set to further improve the Adani portfolio’s net debt-to-Ebitda ratio, currently at 2.4 times. The war chest is poised to supercharge AEL's growth across its core infrastructure verticals, including the green H2 ecosystem, airports, data centers, roads, and primary industry-adjacent businesses, Ventura said.

"The funds will also bolster AEL's incubation capabilities and sharpen its focus on consumer services under the Airports vertical and the Adani Digital platform, which already caters to a vast consumer base of 35 crore," Ventura said.

Ventura, which maintained a target price of Rs 3,801 on Adani Enterprises, noted that the transaction marks AEL's first major move since the US Department of Justice (DOJ) indictment in November 2024, signaling a robust return to business. It also alleviates concerns regarding liquidity, showcasing AEL's disciplined financial approach to fueling core business growth, Ventura said.

"At a portfolio level, the Adani Group's equity deployed as a percentage of overall assets currently stands at 63 per cent and will increase further following this transaction. This highlights the group’s consistent focus on maintaining a healthy capital structure and a robust capital management," it said.

Ventura said the stake sale adds to AEL's fundraising trajectory, which included $500 million raised in October 2024. With this transaction, AEL’s cumulative fundraising total over the past few months will reach $2.5 billion. Other group companies including Adani Energy Solutions Ltd (AESL), Adani Green Energy Ltd (AGEL) and Adani Total Gas Ltd (ATGL) have also contributed to the Adani Group's $4.5 billion capital-raising spree through $1 billion, $500 billion and $444 million transactions, respectively.

"With the war chest ready, AEL is poised to reassert its leadership in infrastructure and consumer services while reinforcing its growth story in an era of renewed investor confidence," it said.

A sharp volatility in Adani Enterprises share price following the Hindenburg Research episode has elevated the stock's beta, while a one-year delay in the green H2 project has further impacted DCF valuations, the brokerage said on AEL stock earlier.

That said, Ventura noted that despite the stock volatility following the US Department of Justice notice in November 2024, AEL has demonstrated resilience, supported by robust fundamentals and operational strength in FY25.

"At the CMP of Rs 2,409 per share (15.1 times FY27 EV/Ebitda), we recommend BUY, offering a potential upside of 57.8 per cent over the next 24 months," Ventura said on December 28.