Adani Enterprises stock set for 28% upside, says Jefferies; cites these factors

Adani Enterprises reported movement of 28%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.

Against that, the stock is -5.7% on the day at ₹2,588.00, and has returned -16.2% over three months. It sits 19% below its 52-week high. The infrastructure sector has moved -12.9% over the same period, so Adani Enterprises is running 3.3 points behind its peers.

For Adani Enterprises, the question is how much of this is already reflected in the price and how much re-rates the infrastructure peer set alongside it.