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Adani Enterprises Limited Sep '27
YTM
8.60%Tenure left
11 monthsInterest payout
YearlyPrincipal payout
BulletBond details
Minimum investment₹1,015.16
Date of maturity12 Sep 2027
ISININE423A07328
Bond typeSenior Secured
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About
Incorporated in 1993, Adani Enterprises Limited (AEL) is the flagship entity of the Adani Group, with the promoter group holding a 73.97% stake as of December 31, 2024. Initially starting as a commodity trading firm, AEL serves as an incubator for new business ventures, providing operational and financial support until they scale and achieve self-sufficiency. AEL operates directly across Integrated Resource Management (IRM) and mining services, while consolidating operations across diverse incubation sectors including Adani New Industries Limited (ANIL - solar and wind manufacturing, green hydrogen ecosystem), airports, roads, copper, PVC, data centers, defense, and media. AEL is listed on both the BSE and NSE.;
Pros and Cons
Pros
Cons
Demonstrated Track Record of Business Incubation: AEL has a successful track record of incubating major infrastructure assets—including ports, power generation and transmission, renewable energy, and city gas distribution—and is currently incubating high-potential divisions such as ANIL, airports, roads, and data centers.
Dominant Position in Energy & Mining Services: The company maintains a market share above 30% in India's thermal coal imports via its IRM division and operates as India's largest Mine Development Operator (MDO) with a portfolio of 9 coal mines and 2 iron ore mines, driving predictable revenues with operating profit margins above 35%.
Strong Airport Division Growth & Regulatory Support: AEL holds concessions for 8 key airports (including Mumbai and Navi Mumbai), benefiting from regulatory cost-recovery frameworks, rising aeronautical tariffs, and robust passenger traffic growth (19% increase in FY2024 and projected 7–8% growth in FY2025).
Integrated Clean Energy Manufacturing under ANIL: The ANIL segment features vertically integrated solar cell/module (4 GW) and ingot/wafer (2 GW) manufacturing capacity, positioning AEL to capture strong domestic and export market demand while benefiting from favorable domestic government protection policies (such as ALMM).
Strong Financial Flexibility and Liquidity Cushion: AEL has demonstrated strong fund-raising capability, backed by a planned steady-state unencumbered liquidity cushion exceeding Rs. 5,000 crore, recent equity generation of Rs. 4,808 crore via a 13.51% stake sale in Adani Wilmar Limited (AWL) in January 2025, and expected inflows from selling the remaining 30.42% AWL stake.
Other details
Clean price₹1,008.81
Dirty price₹1,015.16
Current yield8.60%
Security cover--
Issue size-58.99Cr
Original bond tenure36 months
TrusteeCatalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)
Mode of issueNCD
Listed onNSE
Listing date12 Sep 2024
Coupon rate9.65%
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