{"id":11345,"date":"2026-01-06T09:35:03","date_gmt":"2026-01-06T09:35:03","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=11345"},"modified":"2026-04-15T07:16:11","modified_gmt":"2026-04-15T07:16:11","slug":"adani-enterprises-ncd-ipo","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/","title":{"rendered":"ADANI ENTERPRISES NCD IPO"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Adani_Enterprises_Limited_NCD_IPO\" >Adani Enterprises Limited NCD IPO<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#ADANI_ENTERPRISES_NCD_IPO_Coupon_rates_and_effective_yield_for_each_of_the_series\" >ADANI ENTERPRISES NCD IPO : Coupon rates and effective yield for each of the series<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Allocation_Ratio\" >Allocation Ratio<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Investment_Process_for_Adani_Enterprises_Limited_NCD_IPO\" >Investment Process for Adani Enterprises Limited NCD IPO<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Financial_Overview\" >Financial Overview<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Snapshot_stating_the_Revenue_Expenses_PAT_and_Net_Worth_In_crores\" >Snapshot stating the Revenue, Expenses, PAT and Net Worth (In crores)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Cash_flow_for_last_few_years_In_crores\" >Cash flow for last few years (In crores)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Issue_analysis\" >Issue analysis<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Pros\" >Pros :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Cons\" >Cons :<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Ratio_Analysis\" >Ratio Analysis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#_To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\" >\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0To get better returns than Bank FDs, invest in NCD-IPOs online.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#About_Adani_Enterprises_Limited\" >About Adani Enterprises Limited<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Key_Highlights\" >Key Highlights\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Strengths\" >Strengths:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Weakness\" >Weakness :<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#High_execution_risk_from_large_capex_Planned_capex_of_%E2%82%B9129_lakh_crore_over_FY26-FY28_across_ANIL_Adani_New_Industries_Ltd_airports_roads_and_PVC_increases_project_and_leverage_risks\" >High execution risk from large capex: Planned capex of ~\u20b91.29 lakh crore over FY26-FY28 across ANIL ( Adani New Industries Ltd) , airports, roads and PVC increases project and leverage risks.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#Environmental_Exposure_Significant_exposure_to_mining_and_coal_raises_ESG-related_risks_and_future_compliance_costs\" >Environmental Exposure : Significant exposure to mining and coal raises ESG-related risks and future compliance costs<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/#_Invest_in_Bond_IPO_online_in_just_5_minutes\" >\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Invest in Bond IPO online in just 5 minutes<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Adani_Enterprises_Limited_NCD_IPO\"><\/span><span style=\"font-weight: 400;\">Adani Enterprises Limited NCD IPO<\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><span style=\"font-weight: 400;\">High Yield\u00a0|CARE &amp; ICRA AA-\/ Stable Outlook|\u00a0Minimum Investment: 10k Only<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprise-limited-ipo-august-2024-should-you-invest\/\">Adani Enterprises<\/a> Limited is issuing the Non-Convertible Debentures. These NCDs are AA- rated with a Stable outlook by CARE &amp; 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.<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-11349 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/06092610\/Bond-Overview-copy-1-259x300.png\" alt=\"Adani Enterprise NCD IPO\" width=\"1068\" height=\"1237\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/06092610\/Bond-Overview-copy-1-259x300.png 259w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/06092610\/Bond-Overview-copy-1-884x1024.png 884w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/06092610\/Bond-Overview-copy-1-768x889.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/06092610\/Bond-Overview-copy-1-1326x1536.png 1326w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/06092610\/Bond-Overview-copy-1.png 1525w\" sizes=\"(max-width: 1068px) 100vw, 1068px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"ADANI_ENTERPRISES_NCD_IPO_Coupon_rates_and_effective_yield_for_each_of_the_series\"><\/span><b>ADANI ENTERPRISES NCD IPO : Coupon rates and effective yield for each of the series<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\" wp-image-11351 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/06092817\/Bond-Structure-1-300x155.png\" alt=\"ADANI NCD IPO\" width=\"1122\" height=\"579\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/06092817\/Bond-Structure-1-300x155.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/06092817\/Bond-Structure-1-768x396.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/06092817\/Bond-Structure-1.png 980w\" sizes=\"(max-width: 1122px) 100vw, 1122px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Allocation_Ratio\"><\/span><span style=\"font-weight: 400;\">Allocation Ratio<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">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.\u00a0 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.<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-11315 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061357\/Allocation-Ratio-3D-300x160.png\" alt=\"ADANI NCD IPO\" width=\"1082\" height=\"577\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061357\/Allocation-Ratio-3D-300x160.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061357\/Allocation-Ratio-3D-1024x547.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061357\/Allocation-Ratio-3D-768x410.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061357\/Allocation-Ratio-3D-1536x820.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061357\/Allocation-Ratio-3D-2048x1094.png 2048w\" sizes=\"(max-width: 1082px) 100vw, 1082px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Investment_Process_for_Adani_Enterprises_Limited_NCD_IPO\"><\/span><b>Investment Process for Adani Enterprises Limited NCD IPO<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You can invest in IPOs via GoldenPi in these easy steps.\u00a0<\/span><\/p>\n<h2><b><img decoding=\"async\" class=\"wp-image-11317 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061636\/Screenshot-2025-10-17-211205-300x120.png\" alt=\"Adani Enterprises NCD IPO\" width=\"1118\" height=\"447\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061636\/Screenshot-2025-10-17-211205-300x120.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061636\/Screenshot-2025-10-17-211205-768x306.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061636\/Screenshot-2025-10-17-211205.png 906w\" sizes=\"(max-width: 1118px) 100vw, 1118px\" \/><\/b><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Overview\"><\/span><b>Financial Overview<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Snapshot_stating_the_Revenue_Expenses_PAT_and_Net_Worth_In_crores\"><\/span><b>Snapshot stating the Revenue, Expenses, PAT and Net Worth (In crores)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" class=\" wp-image-11319 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061909\/Financials-300x180.png\" alt=\"Financials - Adani Enterprises NCD IPO\" width=\"1068\" height=\"640\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061909\/Financials-300x180.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061909\/Financials-1024x614.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061909\/Financials-768x460.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061909\/Financials-1536x920.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05061909\/Financials.png 1844w\" sizes=\"(max-width: 1068px) 100vw, 1068px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cash_flow_for_last_few_years_In_crores\"><\/span><b>Cash flow for last few years (In crores)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" class=\" wp-image-11321 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05062120\/Cashflows-300x163.png\" alt=\"ADANI ENTERPRISES NCD IPO\" width=\"1132\" height=\"615\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05062120\/Cashflows-300x163.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05062120\/Cashflows-768x418.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05062120\/Cashflows-1536x836.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05062120\/Cashflows.png 1844w\" sizes=\"(max-width: 1132px) 100vw, 1132px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">*Cash flow from operating activities reflects the amount a company generates through its product of services.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">**Cash flow from investing activities reflects cash generated and spent relating to investing activities, like purchase of assets, sales of securities etc.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">***Cash flow from financing activities gives an insight into the financial stability of a company to its investors. It reflects <\/span><span style=\"font-weight: 400;\">the net flows of cash that are used to fund the company.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Issue_analysis\"><\/span><b>Issue analysis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><span class=\"ez-toc-section\" id=\"Pros\"><\/span><b>Pros :<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Attractive Coupon Rates<\/b><span style=\"font-weight: 400;\">: <\/span>36-month option with <b>8.75% annual coupon <\/b>and 60-month cumulative option with <b>effective yield of 8.90%<\/b>.<\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Secured &amp; Rated Issue<\/b><span style=\"font-weight: 400;\">: NCDs rated <\/span><b>CARE AA-\/Stable and ICRA <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/list-of-aa-rated-bonds-2\/\">AA-\/Stable<\/a><\/b><span style=\"font-weight: 400;\">, backed by adequate asset cover (maintain a minimum 110% security cover on the outstanding <\/span>principal amount and interest)<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Listed and Tradable<\/b><span style=\"font-weight: 400;\">: Enhanced liquidity as the NCDs are proposed to be listed on BSE\/NSE.<br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Diverse Business Exposure<\/b><span style=\"font-weight: 400;\">: Investors get exposure to India&#8217;s largest business incubator across high-growth verticals (airports, renewables, digital infra, etc.).<br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regulatory overhang easing:<\/b><span style=\"font-weight: 400;\"> SEBI concluded investigations on related-party transaction (RPTs) allegations with no non-compliance observed<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Cons\"><\/span><b>Cons :<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High Capex Dependency:<\/b><span style=\"font-weight: 400;\"> Massive capex planned (~\u20b91.29 lakh crore) may pressure cash flows if monetization delays occur.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regulatory Overhang:<\/b><span style=\"font-weight: 400;\"> Any adverse outcome from US (SEC) investigations could dent investor sentiment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Project Risk:<\/b><span style=\"font-weight: 400;\"> Simultaneous expansion across multiple businesses could lead to operational strain or delays.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Ratio_Analysis\"><\/span><b>Ratio Analysis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" class=\"wp-image-11323 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05063308\/Ratio-300x186.png\" alt=\"ADANI ENTERPRISES NCD IPO\" width=\"1085\" height=\"673\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05063308\/Ratio-300x186.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05063308\/Ratio-768x477.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/05063308\/Ratio.png 901w\" sizes=\"(max-width: 1085px) 100vw, 1085px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"_To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\"><\/span><a href=\"https:\/\/goldenpi.com\/bond-better-return-fds\"><b>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0To get better returns than Bank FDs, invest in NCD-IPOs online.\u00a0<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"About_Adani_Enterprises_Limited\"><\/span><b>About Adani Enterprises Limited<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Founded in 1993, Adani Enterprises Limited (AEL) is a pivotal player in India&#8217;s infrastructure and energy sectors, forming the backbone of the Adani Group&#8217;s diverse <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-to-build-a-diversified-bond-portfolio\/\">portfolio<\/a>. As India&#8217;s largest listed business incubator, AEL focuses on four core areas: energy and utilities, transportation and logistics,\u00a0 primary industries and other specialty businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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\u2019s market capitalization stood at \u20b91.3585 lakh crore (approximately US$153.00 billion), ranking it among India\u2019s largest listed groups.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Highlights\"><\/span><b>Key Highlights\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Strengths\"><\/span><b>Strengths:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li aria-level=\"1\"><b>Diverse Incubation Success: <\/b><span style=\"font-weight: 400;\">AEL has successfully incubated and listed businesses like Adani Ports, Adani Green,\u00a0 Adani Power, etc., demonstrating proven value creation for shareholders.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Experienced Leadership:<\/b><span style=\"font-weight: 400;\"> 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).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b style=\"font-size: 14px; font-family: 'PT Serif', serif;\"><b>Improving Profitability: <\/b><\/b>consolidated revenue of \u20b9 100,365 Cr (FY25) vs \u20b9 98,281Cr (FY24) . PAT grew at a 70% CAGR to \u20b9 7112 Cr (FY25) from \u20b9 2,464 Cr (FY23).<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Improving EBITDA margins:<\/b> <span style=\"font-weight: 400;\">Consolidated EBITDA grew at a 29.2% CAGR from \u20b910,012 Cr (FY23) to \u20b916,722 Cr (FY25), with margins expanding to 16.7% from 7.8%.<\/span><\/li>\n<li aria-level=\"1\"><b>Successful Fundraising: <\/b><span style=\"font-weight: 400;\">Promoters infused \u20b97,878 crore in FY25; raised \u20b94,200 crore via QIP<\/span><b>.<\/b><\/li>\n<li aria-level=\"1\"><b>Improving leverage profile:<\/b><span style=\"font-weight: 400;\"> 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.<\/span><\/li>\n<li aria-level=\"1\"><b>Large cash inflow from AWL exit:<\/b><span style=\"font-weight: 400;\"> 100% exit from AWL(Adani-Wilmar Ltd) generated ~\u20b913,275 crore post-tax cash, strengthening funding for ongoing capex.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Market Leadership: <\/b><span style=\"font-weight: 400;\">It is the largest coal trading operator in India with over 30% share in thermal coal imports, and meets 4-8% of India&#8217;s coal demand.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regulatory overhang easing:<\/b><span style=\"font-weight: 400;\"> SEBI concluded investigations on related-party transaction (RPTs) allegations with no non-compliance observed<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Weakness\"><\/span><b>Weakness :<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><span class=\"ez-toc-section\" id=\"High_execution_risk_from_large_capex_Planned_capex_of_%E2%82%B9129_lakh_crore_over_FY26-FY28_across_ANIL_Adani_New_Industries_Ltd_airports_roads_and_PVC_increases_project_and_leverage_risks\"><\/span><b>High execution risk from large capex: <\/b><span style=\"font-weight: 400; font-family: 'PT Serif', serif; font-size: 14px;\">Planned capex of ~\u20b91.29 lakh crore over FY26-FY28 across ANIL ( Adani New Industries Ltd) , airports, roads and PVC increases project and leverage risks.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regulatory Investigations : <\/b>Ongoing probes by\u00a0 DOJ, and SEC of US pose a reputational and financial risk. One SEBI investigation is pending conclusion.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h5><span class=\"ez-toc-section\" id=\"Environmental_Exposure_Significant_exposure_to_mining_and_coal_raises_ESG-related_risks_and_future_compliance_costs\"><\/span><b>Environmental Exposure : <\/b><span style=\"font-weight: 400; font-family: 'PT Serif', serif; font-size: 14px;\">Significant exposure to mining and coal raises ESG-related risks and future compliance costs<\/span><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h1><span class=\"ez-toc-section\" id=\"_Invest_in_Bond_IPO_online_in_just_5_minutes\"><\/span><a href=\"https:\/\/goldenpi.com\/bond-ipo-online\"><b>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Invest in Bond IPO online in just 5 minutes<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><strong>Source-<\/strong> Prospectus Dated December 29, 2025<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Disclaimer &#8211; <\/span><span style=\"font-weight: 400;\">The information is published as on date 06\/01\/2026 based on information available on Prospectus <\/span><span style=\"font-weight: 400;\">December 29, 2025.<\/span><span style=\"font-weight: 400;\"> 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<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adani Enterprises Limited NCD IPO High Yield\u00a0|CARE &amp; ICRA AA-\/ Stable Outlook|\u00a0Minimum Investment: 10k Only Adani Enterprises Limited is issuing the Non-Convertible&hellip;<\/p>\n","protected":false},"author":12,"featured_media":11346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[113,232,293],"tags":[],"class_list":["post-11345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ncd-ipo","category-corporate-bonds","category-bond-market-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ADANI ENTERPRISES NCD IPO - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"ADANI ENTERPRISES NCD IPO\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADANI ENTERPRISES NCD IPO - GoldenPi | Blogs\" \/>\n<meta property=\"og:description\" content=\"ADANI ENTERPRISES NCD IPO\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/adani-enterprises-ncd-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-06T09:35:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-15T07:16:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/06092247\/AEL-Blog-Banner-3.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1161\" \/>\n\t<meta property=\"og:image:height\" content=\"551\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Abhijit Roy, CEO &amp; 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