Adani Enterprises Q2 Review: Jefferies Maintains Buy, Sees 54% Upside; Motilal Oswal Stays Bullish
Jefferies and Motilal Oswal rate stocks including Adani Enterprises and Motilal Oswal.
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Adani Enterprises reported strong operating performance in the September quarter, with Jefferies highlighting a 62% year-on-year (YoY) increase in EBITDA to Rs 6,320 crore, surpassing its estimate of Rs 5,600 crore.
The analysis
Where the names start from: Motilal Oswal is 9% below its 52-week high, +13.1% over three months; Adani Enterprises is 20% below its 52-week high, -17.4% over three months. A rating is set against the price on the day the note is written, so how far a stock has already run is the part of the case the headline upside leaves out.
Earnings versus expectations is what actually re-rates a stock; the surprise matters more than the absolute number.
Market context
- Brokerage calls from Jefferies and Motilal Oswal, with ratings on the stocks named. The stocks: Adani Enterprises and Motilal Oswal.
- The “54% upside” is the brokerages’ own estimate: the gap between the share price when the note was written and their target price, usually set a year out. It is a forecast by the brokerage, not a move that has happened.
- On the day, 2 of 2 are higher: Adani Enterprises leads at +3.3% and Motilal Oswal trails at +3.0%.
- Over three months: Adani Enterprises -17.4% against Diversified -22.6% (5.2 points ahead); Motilal Oswal +13.1% against Capital Markets -5.5% (18.6 points ahead).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| Adani EnterprisesADANIENT · Diversified | ₹2,562.00 | +3.3% | -12.4% | -17.4% | -20.2% | 0.6× | — |
| Motilal OswalMOTILALOFS · Capital Markets | ₹996.75 | +3.0% | -4.3% | +13.1% | -8.7% | 0.6× | — |
Diversified
1M -12.3% · 3M -22.6%
Adani Enterprises
Capital Markets
1M -2.9% · 3M -5.5%
Motilal Oswal
Prices as of 29 Oct 2026, 11:06 IST. Sector moves are the average of the stocks we track in each sector.
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