New Delhi, Aug. 31 -- Shares of Adani Enterprises (AEL) have gained 41% so far in 2026 to Rs.3,169 apiece. Yet, further gains may be harder to justify at current valuations.

Last week, Motilal Oswal Financial Services initiated coverage on AEL with a sum-of-the-parts (SoTP)-based target price of Rs.3,880, implying 22% upside from the current price. A couple of months ago, Morgan Stanley also initiated coverage with a target price of Rs.3,638. Bloomberg consensus is about 20% above the current stock price.

The catch is that both brokerages are already assigning rich valuations to AEL's key businesses.

Motilal, for instance, values Adani Airport Holdings (AAHL), which accounts for 48% of its SoTP, at 35x enterprise value to Ebitda (EV/Eb...