Motilal, for instance, values Adani Airport Holdings (AAHL), which accounts for 48% of its SoTP, at 35x enterprise value to Ebitda (EV/Ebitda) based on September 2028 estimates. That is more than double the 15x multiple assigned to GMR Airports based on FY29 estimates. Similarly, Motilal values Adani New Industries (ANIL), AEL’s new-energy business and 19% of its SoTP, at 20x EV/Ebitda, a substantial premium to 8x for Waaree Energies, a solar equipment maker, and 12x for Suzlon Energy, a wind equipment maker. AdaniConnex, the data-centre business that contributes 13% of SoTP, is valued at 30x EV/Ebitda based on September 2028 estimates, versus 14-18x for large global peers.
