- This is the 3rd debt issue from the flagship company of Adani group.
- The last debt offer was in July 2025.
- Base size of the issue is Rs. 500 cr. and has green shoe option of Rs. 500 cr. thus making an overall size of the offer of Rs. 1000 cr.
- This debt offer is rated CARE and ICRA AA-/(Stable) by CARE Ratings, and ICRA Ltd.
- The coupon rates are 8.60% to 8.90% based on the series opted.
- Investors may park funds for medium to long term.
ABOUT COMPANY:
Adani Enterprises Ltd. (AEL) is a part of the Adani portfolio, which is among India’s top business houses with an integrated energy and infrastructure platform in India and a long track record of successfully executing large-scale projects. It is one of India’s largest listed business incubators in terms of market capitalization and are driven by the philosophy of incubating businesses in four core industry sectors – energy and utility, transportation and logistics, consumer, and primary industry. The company represent an effective complement of established and developing businesses which address the needs of India.
It has, over the years, seeded new business interests for the Adani portfolio, developed them into sizeable and self-sustaining business verticals and subsequently demerged them into independently listed and scalable platforms, thereby unlocking value for its shareholders. The company has a demonstrated track record of creating sustainable infrastructure businesses since 1993. It has emerged as an incubator by investing, maturing and eventually demerging various diversified businesses. Since inception, AEL has incubated sizeable and scalable businesses and successfully listed them, including by way of demergers, as Adani Ports and Special Economic Zone Limited, Adani Power Limited, Adani Energy Solutions Limited, Adani Green Energy Limited, Adani Total Gas Limited and Adani Wilmar Limited.
The company enjoys strong order book for various projects on hand. As of September 30, 2025, the Adani portfolio had a market capitalisation of Rs. 13,585.23 billion (approximately US$ 153.00 billion) and is one of the largest listed group by market capitalization in India, and is one of the largest listed group by market capitalization in India. As of March 31, 2025, it had 8,901 employees on its payroll. It also hires contract workers for various departments as and when required.
ISSUE DETAILS:
The company is coming out with its 2nd debt offer of 10000000 Secured, Rated, Listed, Redeemable, Non-convertible debentures of face value of Rs. 1000 each amounting to Rs. 500 cr. with an option to retain over-subscription up to Rs. 500 cr. aggregating up to Rs. 1000 cr. The minimum application to be made is for 10 NCDs i.e., Rs. 10000, and in multiple of 1 NCD i.e., Rs. 1000, thereon, thereafter.
The issue opens for subscription on January 06, 2026, and will close on or before January 19, 2026. Post allotment, NCDs will be listed on BSE and NSE.
The company is spending Rs. 16.12 cr. for this debt offer and from the net proceeds, it will utilize at least 75% for prepayment/repayment in full or in part its existing indebtedness, and up to a maximum limit of 25% for general corporate purpose.
This debt offer has tenor of 24 months, 36 months, and 60 months and the coupon rates is ranging from 8.60% to 8.90%. The interest payment frequency will be Annual, Cumulative or Quarterly, as per the selection of the series by the investors. The company has allocated 5% for Institutions, 25% for Non-institutions, 35% for HNI investors and 35% for Retail investors. The allotment will be made on “First come – First Served” basis.
This debt offer is lead managed jointly by Nuvama Wealth Management Ltd., Trust Investment Advisors Pvt. Ltd., Tipsons Consultancy Services Pvt. Ltd., while Link Intime India Pvt. Ltd. is the registrar to the issue. Catalyst Trusteeship Ltd. is the debenture trustee to the issue.
ISSUE RATING:
This debt offer is rated CARE AA- / (Stable), by CARE Ratings Ltd. and ICRA AA- / (Stable) by ICRA Ltd.
The ratings given by CARE Ratings Limited and ICRA Limited remain valid as on the date of this Prospectus and shall remain valid as on the date of issue, allotment and listing of the NCDs on BSE Limited and National Stock Exchange of India Limited. Securities with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk. The rating is not a recommendation to buy, sell or hold securities and investors should take their own decision. The rating may be subject to revision or withdrawal at any time by the assigning rating agencies and each rating should be evaluated independently of any other rating.
The rating agencies have a right to suspend or withdraw the rating at any time on the basis of factors such as new information. Please refer to Annexure IA and IB of this Prospectus for the rating letter, rating rationale and press release of the above rating. There are no unaccepted ratings and any other ratings other than as specified in this Prospectus.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last three fiscals, the company has (on a consolidated basis) posted a total income of Rs. 70432.69 cr. / Rs. 475.37 cr. (FY22), Rs. 128734.09 cr. / Rs. 2463.98 cr. (FY23), and Rs. 98281.51 cr. / Rs. 3293.40 cr. (FY24), Rs. 100365.08 cr. / Rs. 7510.22 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it earned a net profit of Rs. 4291.59 cr. on a total income of Rs. 44280.69 cr. Its debt equity ratio as of March 31, 2025 at 1.50 will rise to 1.51 post this issue.
Conclusion / Investment Strategy
This is the 3rd debt issue from the flagship company of Adani group since September 2024. The last debt offer was in July 2025. Base size of the issue is Rs. 500 cr. and has green shoe option of Rs. 500 cr. thus making an overall size of the offer of Rs. 1000 cr. This debt offer is rated CARE and ICRA AA-/(Stable) by CARE Ratings, and ICRA Ltd. The coupon rates are 8.60% to 8.90% based on the series opted. Interest rates are reduced in line with the market trends. Investors may park funds for medium to long term.
