Adani Enterprises NCD January 2026

Adani Enterprises Ltd is launching a secured NCD (non-convertible debenture) public issue in January 2026, offering AA– (Stable) rated debentures across 24–60 month tenors with effective yields of up to around 8.90% per annum. As the flagship incubator of the Adani Group, the company gives debt investors exposure to a diversified energy and infrastructure platform with high but investment‑grade rated credit risk.​

About Adani Enterprises

Adani Enterprises is the business incubator of the Adani Group, building and scaling companies across four key verticals: energy and utilities, transportation and logistics, primary industries and speciality businesses. Over the years, it has incubated and grown independent listed entities such as Adani Ports, Adani Power, Adani Energy Solutions, Adani Green Energy, Adani Total Gas and AWL Agri Business, contributing to an aggregate Adani Group market value of about ₹13,585 billion as of 30 September 2025.​

Financially, on a standalone/consolidated basis (as per available summary), assets stood at ₹1,98,135.54 crore in March 2025 and ₹2,21,408.05 crore in September 2025, with FY25 total income of ₹1,00,365.08 crore and PAT of ₹8,004.99 crore, and H1 FY26 income of ₹44,280.69 crore with PAT of ₹4,390.91 crore. Net worth remained robust at ₹61,577.66 crore in March 2025 and ₹56,470.45 crore in September 2025, supported by sizeable reserves.​

January 2026 NCD issue – key terms

The Adani Enterprises January 2026 NCD issue is a secured, rated public offer aggregating up to ₹1,000 crore, with a minimum application of ₹10,000 and face value of ₹1,000 per NCD.​

• Issue opening date: 6 January 2026
• Issue closing date: 19 January 2026
• Overall issue size: ₹1,000 crore.​
• Security Type :- Secured, Redeemable, Non-Convertible Debentures (Secured NCDs)
• Face Value :- Rs. 1,000 each NCD
• Minimum lot size :- 10 NCD

Series and yields

The issue offers eight series, all secured, with a mix of annual, quarterly and cumulative options:​

Series	Tenor	Interest type	Coupon p.a.	Effective yield p.a.	Maturity amount (₹)
1	24 months	Annual	8.60%	8.60%	1,000
2	24 months	Cumulative	NA	8.60%	1,179.40
3	36 months	Quarterly	8.48%	8.75%	1,000
4	36 months	Annual	8.75%	8.74%	1,000
5	36 months	Cumulative	NA	8.75%	1,286.45
6	60 months	Quarterly	8.62%	8.90%	1,000
7	60 months	Annual	8.90%	8.89%	1,000
8	60 months	Cumulative	NA	8.90%	1,531.95

All series are secured by a charge on specified assets as described in the offer document, offering investors higher seniority than unsecured instruments.​

Credit rating

The NCDs have been rated AA– (Stable) by CARE Ratings and AA– (Stable) by ICRA, indicating a high degree of safety with very low credit risk within the non‑sovereign spectrum.​

Agency	Rating	Outlook	Safety degree	Risk degree
CARE Ratings	AA–	Stable	High degree of safety	Very low credit risk
ICRA	AA–	Stable	High degree of safety	Very low credit risk

 

Investor allocation

The ₹1,000 crore issue is allocated across investor categories as follows:​

• Institutional: 5%
• Non‑institutional: 25%
• HNI: 35%
• Retail: 35%.

This provides meaningful room for HNI and retail participation while keeping a portion for institutional investors.​

Objective of the Issue

The Company proposes to utilise the Net Proceeds towards the funding of the following objects:

• Prepayment or repayment, in full or in part, of the existing indebtedness availed by the Company; and
• General corporate purposes.

How to invest in the NCD

Retail investors (up to ₹5 lakh) can apply via NSEgoBID and BSEDirect online platforms or through select intermediaries and brokers that support NCD IPO applications. The process generally includes:​

• Logging into Bondskart
• Entering bid details (series, quantity, price) and providing DP and bank/ASBA or UPI credentials.
• Approving the UPI mandate (for UPI‑based applications) to confirm the bid.​

The minimum investment is typically 10 NCDs (₹10,000), with subsequent orders in multiples of one NCD as per standard public NCD norms. Post‑closure, allotment status can be checked on BSE or the registrar’s website using PAN or Aadhaar details, and NCDs are credited to the demat account on allotment.​

Strengths

• Flagship of a large diversified infrastructure and energy group.​
• Proven track record of incubating and scaling multiple listed entities.​
• Strong income and PAT profile with large asset base and net worth.​
• Secured NCD structure with AA– (Stable) ratings from CARE and ICRA.​
• Multiple tenors and payout options (annual, quarterly, cumulative).
• Competitive yields versus many AA/PSU issuers for 2–5 year maturities.​

Key risks

• Group‑level and sector‑specific risks in infrastructure, energy and utilities.
• Interest‑rate risk if rates move significantly over 3–5 year tenors.
• Liquidity risk depends on secondary market volumes post‑listing.
• Credit risk, while low at AA–, is higher than AAA/sovereign instruments.​
• Concentration risk if investors over‑allocate to a single issuer or group.

 

FAQs – Adani Enterprises NCD January 2026

Q1. What are the Adani Enterprises NCD issue dates?
The secured NCD public issue opens on 6 January 2026 and closes on 19 January 2026, subject to early closure or extension as per the offer document.​

Q2. What is the minimum investment?
The minimum investment is ₹10,000, typically corresponding to 10 NCDs of face value ₹1,000 each, with additional applications in multiples of 1 NCD.​

Q3. What interest rates and tenors are available?
Investors can choose among 24‑, 36‑ and 60‑month series with annual, quarterly or cumulative options; effective yields range up to about 8.90% per annum in the 5‑year cumulative series.​

Q4. Are these NCDs secured and what is the rating?
Yes, all series are secured debentures rated AA– (Stable) by CARE Ratings and AA– (Stable) by ICRA, implying a high degree of safety and very low credit risk.​

Q5. How is the issue allocated among investor categories?
The allocation is 5% for institutional investors, 25% for non‑institutional, 35% for HNI and 35% for retail investors.​

Q6. How can I apply online for this NCD?
Retail investors can apply through exchange platforms like NSEgoBID/BSEDirect or through participating brokers (e.g., Nuvama, Angel One, SBI Securities) using ASBA or UPI, entering NCD details and approving the mandate.​

Q7. How do I check allotment status?
Once allotment is finalised, investors can check status on the BSE website or the registrar’s portal using PAN or Aadhaar; allotted NCDs are then credited to the demat account.​