Jan 6, 2026 marks a significant opportunity for fixed-income investors as Adani Enterprises Limited (“AEL”), the flagship company of the Adani Group, launches its third public issuance of non-convertible debentures (NCDs). As India’s largest listed business incubator, in terms of market capitalisation, AEL has a long track record of building sustainable infrastructure since 1993, focusing on sectors like energy, transportation, and specialty businesses.
The company is offering secured, rated, listed, and redeemable NCDs with a base issue size of ₹500 crore. There is an option to retain over-subscription of up to an additional ₹500 crore, bringing the total potential issue size to ₹1,000 crore. This “Green Shoe Option” is a provision in a public issue that allows the issuer to accept more applications than the original issue size if investor demand is strong.
(Source: Adani Enterprises Press Release)
Why This NCD Issue Matters
According to Jugeshinder ‘Robbie’ Singh, Group CFO of the Adani Group, this issuance aims to broaden access to India’s capital markets. He noted that the previous ₹1,000 crore issue in July last year was fully subscribed within just three hours on the first day.
“This third NCD issuance marks another step in our journey to broaden access to India’s capital markets and give retail investors a stake in long-term infrastructure growth. The strong response to our previous offerings reinforces trust in our strategy and financial discipline,” said Singh.
AEL remains the only private corporate outside of the Non-Banking Financial Company (NBFC) space to offer a listed debt product specifically for retail investors. In a climate of recent rate cuts and a softer interest rate cycle, these NCDs offer a stable alternative to traditional fixed deposits.
(Source: Adani Enterprises Press Release)
Safety and Credit Ratings
Safety is a primary concern for debt investors. The proposed NCDs carry high-grade credit ratings from leading agencies:
- CARE Ratings: Rated “Care AA-; Stable” (as of Dec 23, 2025).
- ICRA Limited: Rated “[ICRA]AA- (Stable)” (as of Dec 22, 2025).
Securities with these ratings are considered to have a high degree of safety regarding the timely servicing of financial obligations and carry very low credit risk.
(Source: Adani Enterprises Press Release)
Project Execution and Business Highlights
AEL has demonstrated strong execution capabilities over the last six months, strengthening its position across its four key sectors:
- Transport and Logistics: The Navi Mumbai International Airport was inaugurated on Oct 8, 2025, and commenced operations on Dec 25, 2025. The company also manages seven other major airports and owns 17 road projects.
- Energy and Utilities: AEL is a leader in solar and wind equipment manufacturing and green hydrogen production. A landmark partnership with Google and AdaniConnex was announced in October 2025 to develop India’s largest AI data centre campus in Visakhapatnam.
- Primary Industry: The company manages 16 mining service contracts and eight commercial mining projects globally.
- Infrastructure Growth: Recently, AEL received letters of award for new projects, including a ropeway in Uttarakhand and two major road projects in Bihar.
As of September 30, 2025, the Adani Group’s total market value stood at approximately ₹14.63 lakh crore at year’s end, underscoring its scale as a global infrastructure giant.
(Source: Adani Enterprises Press Release)
Key Issue Details at a Glance
| NCD Parameter | Details |
|---|---|
| Security Name | Adani Enterprises Ltd. |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Credit Rating | CARE AA- (Stable) & ICRA AA- (Stable) |
| Issue Opening Date | Jan 6, 2026 |
| Issue Closing Date | Jan 19, 2026 |
| Issue Size (Base) | ₹500.00 Crore |
| Issue Size (Oversubscription) | ₹500.00 Crore (Green shoe Option) |
| Overall Issue Size | ₹1,000.00 Crore |
| Issue Price | ₹1,000 per NCD |
| Face Value | ₹1,000 each NCD |
| Minimum Lot Size | 10 NCDs (Minimum investment of ₹10,000) |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee | Catalyst Trusteeship Ltd. |
| Effective Yield | Up to 8.90% per annum |
(Source: Chittorgarh, BSE India RHP)
Investment Structure and Tenors
Investors can choose from eight series with tenors of 24, 36, or 60 months. Interest payout options include quarterly, annual, and cumulative choices.
| Series | Interest Payout | Tenor (in months) | Coupon (% p.a.) | Effective Yield | Redemption Amount (₹) | Maturity (in months) |
|---|---|---|---|---|---|---|
| I | Annual | 24 | 8.60% | 8.60% | 1,000 | 24 |
| II | Cumulative | 24 | NA | 8.60% | 1,179.40 | 24 |
| III | Quarterly | 36 | 8.48% | 8.75% | 1,000 | 36 |
| IV* | Annual | 36 | 8.75% | 8.74% | 1,000 | 36 |
| V | Cumulative | 36 | NA | 8.75% | 1,286.45 | 36 |
| VI | Quarterly | 60 | 8.62% | 8.90% | 1,000 | 60 |
| VII | Annual | 60 | 8.90% | 8.89% | 1,000 | 60 |
| VIII | Cumulative | 60 | NA | 8.90% | 1,531.95 | 60 |
Note: The Company shall allocate and allot Series IV NCDs (36 months – annual option) wherein the Applicants have not indicated the choice of the relevant NCD Series.
(Source: Adani Enterprises Press Release)
NCD Allocation
| Category | Allocated (%) |
|---|---|
| Institutional | 5.00% |
| Non-Institutional | 25.00% |
| HNI | 35.00% |
| Retail | 35.00% |
| Total | 100.00% |
(Source: Chittorgarh)
How the Funds Will Be Used
AEL plans to use at least 75% of the proceeds to repay or prepay existing indebtedness and interest. The remaining 25% will be used for general corporate purposes. The lead managers for this issue are Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited, and Tipsons Consultancy Services Private Limited.
(Source: Adani Enterprises Press Release)
The Bottomline
With a secured structure, good ratings, flexible tenors, and returns of up to 8.9 percent, the Adani Enterprises Non-Convertible Debentures (Secured NCDs) Issue offers investors a well balanced fixed income opportunity to participate in India’s long term infrastructure growth while seeking stable and predictable returns.
Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing. This content is purely for information purpose only and in no way to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation.
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