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 13% below its 52-week high, +12.6% over three months; Adani Enterprises is 20% below its 52-week high, -15.4% 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, 0 of 2 are higher: Adani Enterprises leads at -1.1% and Motilal Oswal trails at -4.5%.
- Over three months: Adani Enterprises -15.4% against Diversified -23.1% (7.7 points ahead); Motilal Oswal +12.6% against Capital Markets -6.3% (18.9 points ahead).
- Trading well above normal today: Motilal Oswal at 2.4 times its 20-day average volume.
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| Adani EnterprisesADANIENT · Diversified | ₹2,579.40 | -1.1% | -11.2% | -15.4% | -19.7% | 0.7× | — |
| Motilal OswalMOTILALOFS · Capital Markets | ₹941.95 | -4.5% | -5.2% | +12.6% | -12.9% | 2.4× | — |
Diversified
1M -12.1% · 3M -23.1%
Adani Enterprises
Capital Markets
1M -2.9% · 3M -6.3%
Motilal Oswal
Prices as of 30 Oct 2026, 16:10 IST. Sector moves are the average of the stocks we track in each sector.
In this story
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