Adani Enterprises NCD IPO

Bonds IPO details

IPO opening date

9 Jul, 2025

IPO closing date

11 Jul, 2025

Allotment date

18 Jul, 2025

Listing date

21 Jul, 2025

Face value

₹1,000.00/unit

Minimum investment

₹10,000.00

IPO size

₹500.00 crores

IPO document

Prospectus

About

Adani Enterprises is part of the Adani Group, which operates an integrated platform focused on energy and infrastructure in India. Its core business areas fall under two main categories: energy and utility, and transport and logistics. These sectors are fully integrated and operate across the entire value chain in their respective fields. In addition to these primary segments, the company’s portfolio includes a digital platform called ‘Adani One,’ developed to support its consumer-facing services. Adani Enterprises is also active in the mining sector, offering contract mining and other production-related services, mainly in coal and iron ore. The company runs a copper manufacturing plant in Mundra with a production capacity of 500 kilo tonnes per annum (KTPA). Use of Proceeds The proceeds from the current issue of NCDs are proposed to be used for the following purposes: Repayment/ prepayment, in full or in part, of the existing debts availed of by the company. General corporate purposes;

Pros and Cons

Pros

Cons

Adani Enterprises claims to have consistently expanded its business portfolio. The company states that it has developed and listed several major companies, 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 (formerly Adani Wilmar Limited).

Adani Enterprises operates solar and wind equipment manufacturing units at Mundra SEZ. In 2017, Adani launched the 1.2 gigawatt (GW) integrated cell-to-module manufacturing facility, which was later expanded to 4 GW.

The company claims to offer a wide range of products and services across the photovoltaic (PV) value chain and manufactures modules using MonoPerc and TopCon technologies.

According to the prospectus, the company has installed a wind turbine prototype (5.2 MW) at Mundra SEZ. Its wind division also developed two new turbine models—3.0 MW and 3.3 MW. During FY25, it supplied 164 wind turbine generator (WTG) sets and increased annual production capacity to 2.25 GW, offering four WTG models.

Adani Enterprises claims to have a technology license for turbines, with nacelle and rotor blades made from glass fibre, allowing thinner aerodynamic designs. The company states that the tower is internally designed with support from external consultants, and all components are assembled in-house. The prototype has certifications from the German body DAkkS (Deutsche Akkreditierungsstelle) and WindGuard.

In FY25, the company received a letter of award from the Solar Energy Corporation of India Limited under the Strategic Interventions for Green Hydrogen Transition (SIGHT) scheme to build a 101.5 MW per annum manufacturing facility.

The company has secured contracts to operate and upgrade six airports (Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram) through a competitive process by the Airports Authority of India. It also acquired Mumbai International Airport Limited in 2021, including the Navi Mumbai International Airport project. As of FY25, Adani's airport portfolio includes seven operational airports and one under construction. In FY25, its airports handled 94.4 million passengers, 623.8 thousand air traffic movements, and 10.9 lakh metric tonnes of cargo.

To support its climate goals, it is working towards reducing Scope 1 emissions through increased efficiency, electrification, and biofuel use. Its renewable energy generation helps lower Scope 2 emissions. Additionally, it is engaging partners across the value chain to address Scope 3 emissions. It is also developing a comprehensive green hydrogen ecosystem at Mundra SEZ.

Adani Enterprises sold 56.5 million metric tonnes (MMT) of coal during FY25. It has expanded its presence into emerging international coal markets, including Sri Lanka, Thailand, Vietnam, China, and Dubai.

The company is ISO 9001:2015 certified for its quality management systems, ISO 14001:2015 for its environmental management systems, ISO 45001:2018 for its occupational health and safety systems, and ISO 50001:2018 certified for its energy management systems.

The company has experienced a consistent increase in profit after tax (PAT) over the last three years. It increased from Rs 2,421.60 crore in FY23 to Rs 3,335.27 crore in FY24 and Rs 8,004.99 crore in FY25.