Ventura Securities has initiated a bullish call on Adani Enterprises with a Buy rating and a SOTP-based target price of ₹3,433 — implying 43% upside. The brokerage believes the company’s ₹25,000 crore fundraise is well-timed to support its capital-intensive growth areas such as airports, green hydrogen, and copper, reinforcing AEL’s role as the Adani Group’s incubator for future businesses.