Adani Enterprises Limited NCD IPO

High Yield |CARE & ICRA AA-/ Stable Outlook| Minimum Investment: 10k Only

Adani Enterprises Limited is issuing the Non-Convertible Debentures. These NCDs are AA- rated with a Stable outlook by CARE & ICRA. The NCDs are being issued in eight series: coupon ranges from 8.48% to 8.90% p.a. and different tenures of 24 months, 36 months, and 60 months. The NCDs are secured and redeemable in nature.

ADANI ENTERPRISES NCD IPO : Coupon rates and effective yield for each of the series

Allocation Ratio

The allocation ratio is prepared based on norms laid down by SEBI. Before announcing the allocation ratio, the same has to be approved by SEBI.  Once the IPO subscription closes, applications will be divided into different categories. The category-wise allocation ratio is always decided and declared during the launch of the particular IPO. Considering the Allocation Ratio, units will be assigned to applicants. Refer to the chart to know the application ratio for Adani Enterprises Limited NCD-IPO.

Investment Process for Adani Enterprises Limited NCD IPO

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Financial Overview

Snapshot stating the Revenue, Expenses, PAT and Net Worth (In crores)

Cash flow for last few years (In crores)

Cash flow refers to the movement of cash in and out of the business at a specific point in time. It represents the net balance of the cash movement.

• • *Cash flow from operating activities reflects the amount a company generates through its product of services.
  • **Cash flow from investing activities reflects cash generated and spent relating to investing activities, like purchase of assets, sales of securities etc.
  • ***Cash flow from financing activities gives an insight into the financial stability of a company to its investors. It reflects the net flows of cash that are used to fund the company.

Issue analysis

Pros :

• Attractive Coupon Rates: 36-month option with 8.75% annual coupon and 60-month cumulative option with effective yield of 8.90%.

• Secured & Rated Issue: NCDs rated CARE AA-/Stable and ICRA AA-/Stable, backed by adequate asset cover (maintain a minimum 110% security cover on the outstanding principal amount and interest)
• Listed and Tradable: Enhanced liquidity as the NCDs are proposed to be listed on BSE/NSE.
  
• Diverse Business Exposure: Investors get exposure to India’s largest business incubator across high-growth verticals (airports, renewables, digital infra, etc.).
  
• Regulatory overhang easing: SEBI concluded investigations on related-party transaction (RPTs) allegations with no non-compliance observed

Cons :

• High Capex Dependency: Massive capex planned (~₹1.29 lakh crore) may pressure cash flows if monetization delays occur.
• Regulatory Overhang: Any adverse outcome from US (SEC) investigations could dent investor sentiment.
• Project Risk: Simultaneous expansion across multiple businesses could lead to operational strain or delays.

Ratio Analysis

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About Adani Enterprises Limited

Founded in 1993, Adani Enterprises Limited (AEL) is a pivotal player in India’s infrastructure and energy sectors, forming the backbone of the Adani Group’s diverse portfolio. As India’s largest listed business incubator, AEL focuses on four core areas: energy and utilities, transportation and logistics,  primary industries and other specialty businesses.

Since 1993, the company has seeded, scaled, and demerged multiple businesses within the Adani portfolio into independently listed platforms, including Adani Ports and Special Economic Zone Limited, Adani Power Limited, Adani Energy Solutions Limited, Adani Green Energy Limited, Adani Total Gas Limited, and AWL Agri Business Limited. As of September 30, 2025, the Adani portfolio’s market capitalization stood at ₹1.3585 lakh crore (approximately US$153.00 billion), ranking it among India’s largest listed groups.

Key Highlights 

Strengths:

• Diverse Incubation Success: AEL has successfully incubated and listed businesses like Adani Ports, Adani Green,  Adani Power, etc., demonstrating proven value creation for shareholders.
• Experienced Leadership: Promoted by Gautam Adani, with a proven track record in scaling businesses (e.g., airports handled 94.4 million passengers in FY25, up 7% YoY).
• Improving Profitability: consolidated revenue of ₹ 100,365 Cr (FY25) vs ₹ 98,281Cr (FY24) . PAT grew at a 70% CAGR to ₹ 7112 Cr (FY25) from ₹ 2,464 Cr (FY23).
• Improving EBITDA margins: Consolidated EBITDA grew at a 29.2% CAGR from ₹10,012 Cr (FY23) to ₹16,722 Cr (FY25), with margins expanding to 16.7% from 7.8%.
• Successful Fundraising: Promoters infused ₹7,878 crore in FY25; raised ₹4,200 crore via QIP.
• Improving leverage profile: Consolidated external Debt/PBILDT improved from 5.85x (FY 22) to 3.43x (FY25) ; In H1FY26 it was 4.49x but it is expected to remain below 4.75x in the medium term.
• Large cash inflow from AWL exit: 100% exit from AWL(Adani-Wilmar Ltd) generated ~₹13,275 crore post-tax cash, strengthening funding for ongoing capex.
• Market Leadership: It is the largest coal trading operator in India with over 30% share in thermal coal imports, and meets 4-8% of India’s coal demand.
• Regulatory overhang easing: SEBI concluded investigations on related-party transaction (RPTs) allegations with no non-compliance observed

Weakness :

• High execution risk from large capex: Planned capex of ~₹1.29 lakh crore over FY26-FY28 across ANIL ( Adani New Industries Ltd) , airports, roads and PVC increases project and leverage risks.

• Regulatory Investigations : Ongoing probes by  DOJ, and SEC of US pose a reputational and financial risk. One SEBI investigation is pending conclusion.

• Environmental Exposure : Significant exposure to mining and coal raises ESG-related risks and future compliance costs

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Source- Prospectus Dated December 29, 2025

Disclaimer – The information is published as on date 06/01/2026 based on information available on Prospectus December 29, 2025. The information may be subject to change in case of change in terms of prospectus or any other reason as the case may be. Contents which are exclusively for educational information/knowledge sharing on capital market concepts and has no influence the investment/sale decisions of any investors