Adani Enterprises RI review - (Not Rated)

•    The company is engaged in energy, infrastructure segment and following philosophy of incubating business.
•    This RI is termed as a mini bonus from the Flagship company of Adani group.
•    It has marked growth in its top and bottom lines for the reported periods.
•    The RI is at a discount of around 25.67% with a staggered payment option, and is an investor friendly gesture.
•    Investors may lap it up for medium to long term.

ABOUT COMPANY:
Adani Enterprises Ltd. (AEL) is a part of the Adani group, which is among India’s top business houses with an integrated energy and infrastructure platform in India and a long track record of successfully executing large-scale projects. It is one of India’s largest listed business incubators in terms of market capitalization and are driven by the philosophy of incubating businesses in four core industry sectors – energy and utility, transportation and logistics, consumer, and primary industry. The company represent an effective complement of established and developing businesses which address the needs of India.

It has, over the years, seeded new business interests for the Adani portfolio, developed them into sizeable and self-sustaining business verticals and subsequently demerged them into independently listed and scalable platforms, thereby unlocking value for its shareholders. The company has a demonstrated track record of creating sustainable infrastructure businesses since 1993. It has emerged as an incubator by investing, maturing and eventually demerging various diversified businesses. Since inception, AEL has incubated sizeable and scalable businesses and successfully listed them, including by way of demergers, as Adani Ports and Special Economic Zone Limited, Adani Power Limited, Adani Energy Solutions Limited, Adani Green Energy Limited, Adani Total Gas Limited and Adani Wilmar Limited. Its subsidiary includes Adani Airport Holdings Ltd.

As of March 31, 2025, it had 8,901 employees on its payroll. It also hires contract workers for various departments as and when required. However, the offer document is silent on its latest employees’ strength data.

ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 138501687 equity shares of Re. 1 each at a fixed price of Rs. 1800 per share to mobilize Rs. 24930.30 cr. The RI opens for subscription on November 25, 2025, and will close on December 10, 2025. The company is offering RI in the ratio of 3 for 25 to its eligible stakeholders as of the record date of November 17, 2025. The company is asking for 50% (i.e., Rs. 900.00 per share) on application for the number of shares applied, and the rest by two equal calls of Rs. 450 each. The first call payment will be called between January 12, 2026 to January 27, 2026, and the second call payment will be called between March 02, 2026 to March 16, 2026. Post allotment, RI shares will be listed on BSE and NSE. The company is spending Rs. 24.25 cr. for this RI process, and from the net proceeds, it will utilize Rs. 18698.00 cr. for repayment/prepayment of certain borrowings of the company as well as its subsidiary Adani Airport Holdings Ltd., and Rs. 6208.05 cr. for general corporate purposes. The staggered payment for the RI augurs well for its investors across the board.

The RI is self-managed by the company itself, and MUFG Intime India Pvt. Ltd. is the registrar to the issue. SBI Capital Markets Ltd. is advisor to the issue.

Post-RI, company’s current paid-up equity capital of Rs. 115.42 cr. will stand enhanced to Rs. 129.27 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 232682.84 cr. 

FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has posted total income / net profit, of Rs. 98281.51 cr. / Rs. 3290.40) cr. (FY24). Rs. 100365.08 cr. / Rs. 7510.22 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it posted a net profit of Rs. 4291.59 cr. on a total income of Rs. 44280.69 cr. Its NAV stood at Rs. 439.00 per share as of September 30, 2025 against Rs. 396.68 as of March 31, 2025.

DIVIDEND POLICY:
The offer document is silent on its dividend data. However, as per BSE website, it has paid a dividend of Rs. 1.20 (FY23), Rs. 1.30 per share for FY24 and FY25. It will continue dividend policy, based on its financial performance and future prospects. 

SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 512599 (FV Re. 1).
The scrip last closed on cum-right basis at Rs. 2516.85 on November 14, 2025, and opened on an ex-right basis at Rs. 2462.00 on November 17, 2025. Since then, it has marked a high/low of Rs. 2479.85 / Rs. 2415.00. The scrip last closed at Rs. 2421.60 as of November 21, 2025. For the last 52 weeks’ it has posted a high/low of Rs. 2611.46 / Rs. 1964.07. 

The promoters’ holding has been constant at 73.97% for the quarter ended with September 30, 2025, the counter is trading well above its RI pricing. It is at a discount of 25.67% based on its last traded price of Rs. 2421.60.