₹1,000.00 Cr| Listing at BSE, NSE | Tue, Jan 6, 2026 - Mon, Jan 19, 2026
Adani Enterprises Ltd. NCD issue is a public issue of secured, redeemable, non-convertible debenture with a base issue size of ₹500.00 Cr and an option to retain oversubscription up to ₹500.00 Cr, aggregating to a total issue size of ₹1,000.00 Cr. The NCDs are offered at a face value ₹1000 each and an issue price of ₹1000 per NCD.
Adani Enterprises Ltd. NCD issue opens on Jan 6, 2026 and closes on Jan 19, 2026. NCD are proposed to be listed on NSE and BSE.
The minimum lot size is 10 NCDs, requiring a minimum investment of ₹ 10,000 , while the market lot for trading is 1 NCD.
The issue offers interest rates ranging from 8.48% per annum to 8.90% per annum, depending on the series and tenure selected.
The NCD have been rated: AA- Stable by CARE Ratings Limited and AA- Stable by ICRA Limited.
Nuvama Wealth Management Ltd. is the Lead Manager to the issue, Catalyst Trusteeship Ltd. is the Debenture Trustee, and MUFG Intime India Pvt.Ltd. is the Registrar to the Issue.
Investors are advised to refer to the NCD Offer Document for detailed information on risk factors, financials, and the terms of the issue.
Open Date
Tue, Jan 6, 2026
Close Date
Mon, Jan 19, 2026
Issue Size (Overall)
₹1,000.00 Cr
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 |
|---|---|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Annual | Cumulative | Quarterly | Annual | Cumulative | Quarterly | Annual | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months | 60 Months |
| Coupon (% per Annum) | 8.60% | NA | 8.48% | 8.75% | NA | 8.62% | 8.90% | NA |
| Effective Yield (% per Annum) | 8.60% | 8.60% | 8.75% | 8.74% | 8.75% | 8.90% | 8.89% | 8.90% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,179.40 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,286.45 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,531.95 |
Adani Enterprises Ltd. NCD Rating given as following :
| # | Rating Agency | NCD Rating | Outlook | Safety Degree | Risk Degree |
|---|---|---|---|---|---|
| 1 | CARE Ratings Limited | AA- | Stable | High degree of safety | Very low credit risk |
| 2 | ICRA Limited | AA- | Stable | High degree of safety | Very low credit risk |
| Period Ended | 30 Sep 2025 | 31 Mar 2025 |
|---|---|---|
| Assets | 2,21,408.05 | 1,98,135.54 |
| Total Income | 44,280.69 | 1,00,365.08 |
| Profit After Tax | 4,390.91 | 8,004.99 |
| NET Worth | 56,470.45 | 61,577.66 |
| Reserves and Surplus | 47,574.55 | 51,316.91 |
| Amount in ₹ Crore | ||
| Category | Allocated (%) |
|---|---|
| Institutional | 5.00% |
| Non-Institutional | 25.00% |
| HNI | 35.00% |
| Retail | 35.00% |
| Total | 100.00% |
Adani Enterprises, a part of the Adani Group, is one of India’s leading energy and infrastructure companies. It is among India’s largest listed business incubators and focuses on building businesses in four key sectors: energy and utilities, transportation and logistics, primary industries, and specialty businesses.
Key Business Activities:
Since 1993, the company has grown them into strong and independent companies, including Adani Ports, Adani Power, Adani Energy Solutions, Adani Green Energy, Adani Total Gas, and AWL Agri Business. As of September 30, 2025, the Adani Group’s total market value was about Rs 13,585 billion.
[Dilip Davda] This is the 3rd debt issue from the flagship company of Adani group since September 2024. The last debt offer was in July 2025. Base size of the issue is Rs. 500 cr. and has green shoe option of Rs. 500 cr. thus making an overall size of the offer of Rs. 1000 cr. This debt offer is rated CARE and ICRA AA-/(Stable) by CARE Ratings, and ICRA Ltd. The coupon rates are 8.60% to 8.90% based on the series opted. Interest rates are reduced in line with the market trends. Investors may park funds for medium to long term. Read detail review...
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Adani Enterprises Ltd.
Adani Corporate House, Shantigram,
Near Vaishno Devi Circle
S. G. Highway
Ahmedabad, Gujarat, 382421
NSE and BSE offer NSEgoBid and BSEDirect apps/websites through which retail investors can apply for NCDs up to Rs 5 lakhs. Not all brokers and banks provide the facility to apply for NCD online.
To apply for an NCD online, the investor should fill in the NCD bid details online and provide the details of the DP and bank accounts (ASBA/UPI) as requested. In the case of a UPI application, the investor needs to approve the UPI mandate to complete the application process.
Steps to invest in NCD IPO through GoldenPi
Retail investors can apply for an IPO online if the investment amount is less than or up to 10 lakhs.
Steps to apply for NCD IPO with Indiabonds:
You can buy or invest in NCD IPOs through the following intermediaries:
The investor can apply for the NCD IPO online through NCD intermediaries such as a registered stockbroker, provided the broker offers an online application for the NCD IPO. Not many brokers allow you to invest in an NCD IPO online. Currently, very few brokers, such as Nuvama Wealth, Angel One, and SBI Securities, offer the facility to apply for NCD IPOs electronically. You should check with your broker or intermediary to see if the online application facility for the NCD IPO is available through them.
Refer to the detailed guidelines on NSEgoBID and BSEDirect for information on the registration process and how to apply for NCDs through the exchange.
Important links :
Read more about NCD Application Process.
The minimum amount required for NCD investment is Rs. 10,000.
Generally, the minimum lot size of NCD is 10, and the face value is 1,000.
NCD allotment can be checked on the BSE website or with the Registrar once the allotment has been made.
Steps to check the NCD allotment status at the BSE:
Alternatively, the applicant can also check the allotment status on the respective website of the Registrar for the issue. The applicant will need their PAN details or the applicant's Aadhaar number to check the status.
Generally, all applicants receive full allotment due to the retention of the oversubscription option.
Read more information on NCD Subscription and NCD Allotment Process.
No, you cannot withdraw or redeem Adani Enterprises Ltd. NCDs before maturity directly from the company. However, there are a couple of options available if you want to exit early:
If the NCDs are listed on stock exchanges (like BSE/NSE), you can:
Only possible if a "call option" exists.
Read more about NCD Subscription and Allotment Process
Bid Cancellation and Withdrawal Policy for NCD Applicants
Note:
The specific process and conditions for post-closure cancellation vary by issuer. Applicants should refer to the Offer Document for issuer-specific guidelines.
