Adani Enterprises Limited IPO

Rating

The rating of an issuer company reflects its past growth and performance. The rating increases when the company consistently performs well and decreases when it is not performing well.

Categories

Low risk:

AAA, AA+, AA, AA-, A+, A, A-

Moderate risk

BBB+, BBB, BBB-, BB+, BB

High risk

BB-, B+, B, B-, C, D

The rating agency for this Bond is CARE & ICRA.

About

Adani Enterprises is part of the Adani portfolio and operates in energy and utility, transport and logistics, and primary industry. In energy and utility, it is setting up a green hydrogen ecosystem covering the manufacture of wind and solar modules, green hydrogen production, and conversion into ammonia, urea, and green nitrogenous fertilisers. It is also developing data centres through AdaniConneX, a 50:50 joint venture with EdgeConneX, and water-treatment infrastructure projects. In transport and logistics, it develops, operates, and manages seven airports at Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram, and inaugurated the Navi Mumbai airport on October 8, 2025. As of September 30, 2025, it had 17 road assets, including a ropeway project. In the primary industry, it provides mining services, including contract mining and production-related services, and coal resource management services, and operates a 500 KTPA copper plant at Mundra. Use of Proceeds: The proceeds from the current issue of NCDs are proposed to be used for the following purposes: Repayment/ prepayment of principal and interest on the existing borrowings—at least 75 percent of the amount proposed to be financed from net proceeds. General corporate purposes—a maximum of up to 25 percent.;

Pros and Cons

Pros

Cons

According to the RHP, Adani Enterprises operate as a listed business incubator and says it has a track record of incubating infrastructure businesses in India since 1993. It states that it seeded new business interests, scaled them into self-sustaining verticals, and then demerged and listed them as separate companies, including Adani Ports and Special Economic Zone, Adani Power, Adani Energy Solutions, Adani Green Energy, Adani Total Gas, and AWL Agri Business. The company claims to be among India’s largest listed business incubators by market capitalisation and says its incubated companies have large-scale operations in India with credible credit ratings.

Adani Enterprises claims that projects are run through the Adani portfolio’s Project Management and Assurance Group (PMAG), which evaluates opportunities, supports bidding or acquisitions, and oversees delivery with a focus on timelines and costs. As examples, it cites acquiring rights to develop and operate airports in India (including a greenfield airport), winning wastewater treatment mandates in Prayagraj and Bhagalpur under the “Namami Gange, One City One Operator” framework, and setting up an integrated new energy ecosystem spanning equipment manufacturing, renewable power, green hydrogen, and downstream products. It also states that it forms strategic alliances for execution, including the EdgeConneX partnership through the AdaniConneX joint venture for data centres.

Adani Enterprises’ wind manufacturing division, which began commercial operations in Q3 FY24, has increased manufacturing capacity to 2.25 GW per annum, supplied 164 wind turbine generator sets in FY25, and received an external order for 300 MW for its 3.3 MW model.

Adani Enterprises’ airports business benefits from long-term concession agreements and a regulated tariff framework in India. It states that the Airport Economic Regulatory Authority (AERA) sets price caps in five-year periods, allowing recovery of capital costs and a return on capital, which it says supports income predictability within each regulatory period. The company also says its airport contracts have tenors of 50 years or more, giving room to plan long-term development and helping lenders structure financing terms.

Adani Enterprises operates an ESG program with board-approved policies, dedicated board-level oversight, and regular training for employees, suppliers, and contractors on environment, health and safety, cybersecurity, anti-bribery and anti-corruption, human rights, and the code of conduct. Its environmental focus includes emissions, energy, water, waste, and biodiversity, and cites targets such as operational net-zero by 2029 for Mumbai Airport and by 2030 for its data centre business. The company also reports external disclosure outcomes, including a 2025 S&P Global CSA score of 63 (vs an industry average of 27/100) and CDP “A” ratings in 2025 for climate change and water security disclosures.

According to the RHP, integrated resource management is a core business of Adani Enterprises, and it was one of the leading suppliers of imported coal in India, reporting 56.5 MMT of coal volumes sold in FY25. It manages the end-to-end supply chain for customers, including sourcing, voyage-time financing, port handling, inland transportation, and doorstep delivery, supported by storage facilities and multi-modal logistics infrastructure at ports. The company also leverages group synergies such as port terminals on India’s east and west coasts and long-standing supplier relationships in Indonesia, Australia, and South Africa, and reports having a presence in markets such as Sri Lanka, Thailand, Vietnam, China, and Dubai.

Adani Enterprises Limited

Bonds IPO details

Calculate your payout

About

Pros and Cons

Other details