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Adani Ent to Raise ₹15,000 Cr, Appoints EY as Internal Auditor, Recommends ₹1.30 Dividend
Adani Enterprises has announced a significant fundraise of up to ₹15,000 crore via equity or other securities to fuel expansion. The board also recommended a dividend of ₹1.30 per share and appointed Ernst & Young LLP as the new Internal Auditor. Notably, the consolidated financial results received a modified audit opinion due to ongoing investigations at Mumbai International Airport Limited (MIAL) involving ₹845.76 crore.
Key Highlights
Board approved a fundraise of up to ₹15,000 crore through QIP or other permissible modes.
Recommended a dividend of ₹1.30 per share (130%) with a record date of June 12, 2026.
Ernst & Young LLP appointed as Internal Auditor, replacing Mr. Shobhit Dwivedi.
Consolidated audit report is modified due to ₹845.76 crore investigation at MIAL subsidiary.
💼 Action for Investors
Monitor the execution of the large fundraise and any further developments regarding the MIAL investigation. The shift to a Big Four firm for internal audit is a governance-positive move.
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Adani Enterprises Reports Zero Deviation in Utilization of ₹24,852 Cr Rights Issue Proceeds
Adani Enterprises has officially confirmed that there were no deviations or variations in the utilization of the ₹24,852.32 crore raised through its Rights Issue. The proceeds were primarily used for the repayment and pre-payment of borrowings and perpetual debt for the company and its subsidiary, Adani Airport Holdings Limited. As of March 31, 2026, the company has successfully utilized ₹22,669.73 crore of the total funds. A minor amount of ₹77.98 crore in call money is still pending receipt in the monitoring account.
Key Highlights
Total funds raised through the Rights Issue amounted to ₹24,852.32 crores across three payment stages.
Zero deviation reported in the use of proceeds compared to the objects stated in the Letter of Offer.
₹17,245.44 crores specifically utilized for debt repayment and pre-payment as of March 31, 2026.
Total utilization of funds reached ₹22,669.73 crores by the end of the reporting quarter.
CARE Ratings Limited acted as the monitoring agency and reported no adverse findings.
💼 Action for Investors
Investors should take confidence in the company's disciplined fund utilization and transparency regarding its deleveraging efforts. The successful deployment of capital for debt reduction strengthens the balance sheet and supports long-term growth stability.
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Adani Enterprises FY26 EBITDA at ₹16,464 Cr; Core Infra Now 80% of Portfolio
Adani Enterprises reported a 3% increase in FY26 total income to ₹1,02,943 crore, with consolidated EBITDA holding steady at ₹16,464 crore. The company has successfully transitioned to an infrastructure-led model, with 80% of EBITDA now coming from core utility and mining services compared to 50% in FY23. While FY26 PAT rose 31% to ₹9,339 crore, it was significantly bolstered by an exceptional gain of ₹9,215 crore from stake sales in Adani Wilmar and cement units. The airport segment emerged as a major growth driver with a 55% EBITDA surge, while the flagship Ganga Expressway was completed in record time.
Key Highlights
Consolidated FY26 EBITDA reached ₹16,464 crore, with 80% now derived from core infrastructure and mining services.
Airport segment EBITDA surged 55% YoY to ₹5,394 crore, driven by robust aero and non-aero revenue growth.
Exceptional gain of ₹9,215 crore recorded from the sale of Adani Wilmar stake and cement units to Ambuja Cements.
Solar module sales in the ANIL ecosystem grew 95% YoY in Q4 FY26 to 1,459 MW.
Q4 FY26 PAT was impacted by depreciation from newly commissioned assets like Navi Mumbai Airport and the Copper plant.
💼 Action for Investors
Investors should note the successful transition of the 'incubation' portfolio into operational assets, particularly in Airports and Roads, which provides higher earnings visibility. The shift toward an 80% core infra EBITDA mix reduces volatility and supports a long-term valuation re-rating as a utility-like platform.
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Adani Enterprises FY26 PAT Rises 31% to ₹9,339 Cr; 80% EBITDA Now From Core Infra
Adani Enterprises reported a 31% increase in FY26 PAT to ₹9,339 crore, significantly boosted by an exceptional gain of ₹9,215 crore from the sale of Adani Wilmar stake and cement units. The company has successfully transitioned to an infrastructure-led model, with 80% of its ₹16,464 crore EBITDA now generated from mature, long-term contracted businesses. While Q4 FY26 recorded a net loss of ₹221 crore due to high depreciation from newly commissioned assets like Navi Mumbai Airport and the Copper plant, operational momentum remains strong. Key milestones include the inauguration of the Ganga Expressway and reaching 55+ MW operational capacity in the data center business.
Key Highlights
FY26 Consolidated PAT grew 31% YoY to ₹9,339 crore, supported by ₹9,215 crore in exceptional gains.
Core infrastructure and mining services now contribute 80% of total EBITDA, up from 50% in FY23.
Airports segment EBITDA surged 55% YoY to ₹5,394 crore, with aero and non-aero revenues growing 26% and 31% respectively.
Ganga Expressway, India's largest greenfield expressway, was completed in a record time of less than 3.5 years.
Q4 FY26 results were impacted by depreciation on recently commissioned assets, leading to a quarterly loss of ₹221 crore.
💼 Action for Investors
Investors should look past the Q4 accounting loss caused by asset commissioning and focus on the successful shift toward a stable, infra-utility EBITDA profile. The company's ability to unlock value from incubating businesses like Airports and Data Centers remains the primary long-term growth driver.
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Adani Ent to Raise ₹15,000 Cr via Equity; Declares ₹1.30 Dividend for FY26
Adani Enterprises has approved a significant capital raise of up to ₹15,000 crore through equity or other eligible securities to fuel growth. The Board also recommended a dividend of ₹1.30 per share (130%) for FY26, with the record date set for June 12, 2026. Notably, the statutory auditors issued a modified opinion on the consolidated financial results due to ongoing investigations into Mumbai International Airport Limited (MIAL) involving ₹845.76 crore. Additionally, the company has appointed Ernst & Young LLP as its new Internal Auditor.
Key Highlights
Approved fundraising of up to ₹15,000 crore via QIP, private placement, or other permissible modes.
Recommended a dividend of ₹1.30 per equity share (130%) for the financial year 2025-26.
Fixed June 12, 2026, as the record date for determining dividend entitlement.
Statutory auditors issued a modified opinion regarding MIAL investigations involving potential misuse of ₹845.76 crore.
Appointed Ernst & Young LLP as the new Internal Auditor, replacing the previous individual auditor.
💼 Action for Investors
Investors should closely monitor the execution of the ₹15,000 crore fundraise and any further developments regarding the MIAL legal investigations. While the dividend is a positive gesture, the audit qualification remains a key risk factor to track.
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Adani Enterprises to Raise ₹15,000 Cr via Equity; Recommends ₹1.30 Dividend for FY26
Adani Enterprises has approved a massive fundraise of up to ₹15,000 crore through equity-linked instruments to support its growth initiatives. The board recommended a dividend of ₹1.30 per share for FY26, with a record date of June 12, 2026. While standalone results received a clean audit report, the consolidated results carry a modified opinion due to ongoing investigations into Mumbai International Airport Limited (MIAL) involving ₹845.76 crores. Additionally, Ernst & Young LLP has been appointed as the new internal auditor to strengthen corporate governance.
Key Highlights
Approved fundraising of up to ₹15,000 crore via QIP, private placement, or other equity modes.
Recommended a final dividend of ₹1.30 (130%) per equity share of ₹1 face value.
Consolidated audit report contains a modified opinion regarding ₹845.76 crore investigation at MIAL.
Appointed Ernst & Young LLP as the new Internal Auditor following organizational restructuring.
Fixed June 12, 2026, as the record date for dividend entitlement.
💼 Action for Investors
Investors should monitor the pricing and dilution impact of the ₹15,000 crore fundraise and the progress of the MIAL legal proceedings. The appointment of EY as internal auditor is a positive step for governance transparency.
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AdaniConneX Partners with Google for 1 GW AI Hub in Visakhapatnam
Adani Enterprises, through its joint venture AdaniConneX, has officially broken ground on a massive gigawatt-scale AI hub in Visakhapatnam in partnership with Google. This project is a core component of Google's $15 billion investment blueprint for India planned between 2026 and 2030. The hub will comprise three data center campuses with a total capacity of nearly 1 GW, with AdaniConneX leading the construction and infrastructure development. This strategic move positions Adani Enterprises as a critical infrastructure provider for the global AI and cloud computing industry.
Key Highlights
Development of a gigawatt-scale (nearly 1 GW) AI ecosystem in a single location in Visakhapatnam.
Project is part of Google's $15 billion investment in India's digital future through 2030.
AdaniConneX will lead the construction of three data center campuses and associated connecting infrastructure.
Includes the America-India Connect initiative for expanded fiber-optic networks and subsea cable landings.
Project aligns with India's 500 GW non-fossil fuel capacity goal by integrating a clean energy strategy.
💼 Action for Investors
Investors should recognize this as a major validation of Adani's data center vertical and its ability to partner with global tech giants. Monitor the progress of the 1 GW capacity rollout as it represents a significant long-term revenue stream for the company's digital infrastructure business.
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Adani Ent Incorporates 3 Airport City Subsidiaries for Real Estate and Hospitality
Adani Enterprises has incorporated three new step-down wholly-owned subsidiaries—ANMACL, AGACL, and AAACL—under its airport business arm. These entities are dedicated to real estate activities, including the construction of buildings and hotels with integrated restaurants at Navi Mumbai, Guwahati, and Ahmedabad airports. Each subsidiary has an initial paid-up capital of ₹10 lakh, fully subscribed in cash. This move signifies the group's intent to accelerate the development of 'Airport Cities' to boost non-aeronautical revenue streams.
Key Highlights
Three new subsidiaries incorporated: Adani Navi Mumbai Airport City, Adani Guwahati Airport City, and Adani Ahmedabad Airport City.
Initial paid-up share capital for each entity is ₹10,00,000, consisting of 1,00,000 equity shares at ₹10 each.
The subsidiaries will focus on real estate, construction, and hospitality services including hotels and business centers.
Adani Airport City Limited holds 100% control over these newly formed entities as a step-down subsidiary of Adani Enterprises.
💼 Action for Investors
This is a positive development for long-term value creation in the airport vertical; investors should track the progress of these 'Airport City' developments as they contribute to non-aero revenue.
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Adani Enterprises Allots 90.11 Lakh Equity Shares for Amalgamation with Adani Emerging Business
Adani Enterprises has approved the allotment of 90,11,048 equity shares to the shareholders of Adani Emerging Business Private Limited as part of a Composite Scheme of Amalgamation. This move follows the NCLT Ahmedabad Bench's approval dated March 16, 2026. As a result, the company's total paid-up equity share capital has increased from 129.27 crore to 130.17 crore shares. These new shares will rank pari-passu with existing shares and will be listed on both the BSE and NSE.
Key Highlights
Allotment of 90,11,048 equity shares of face value Re. 1 each to Adani Emerging Business Private Limited shareholders
Total paid-up share capital increased from 1,29,26,82,416 to 1,30,16,93,464 equity shares
Amalgamation scheme previously approved by NCLT Ahmedabad Bench on March 16, 2026
New shares to be listed and traded on BSE and NSE, ranking pari-passu with existing equity
💼 Action for Investors
Investors should note the marginal equity dilution of approximately 0.7% resulting from this internal reorganization. No immediate action is required as this is a procedural step in a previously sanctioned merger.
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Adani Enterprises Incorporates 4 New Airport City Subsidiaries for Real Estate Expansion
Adani Enterprises, through its step-down subsidiary Adani Airport City Limited, has incorporated four new wholly owned subsidiaries focused on airport city developments in Mangaluru, Jaipur, Lucknow, and Thiruvananthapuram. These entities will engage in real estate activities, including the construction of buildings, hotels, motels, and resorts. Each subsidiary has been established with an initial paid-up share capital of ₹10,00,000. This move signifies a structured push to monetize land around its airport assets through commercial and hospitality projects.
Key Highlights
Incorporation of 4 new step-down subsidiaries: AMACL, AJACL, ALACL, and ATACL.
Each entity has a paid-up share capital of ₹10,00,000 comprising 1,00,000 equity shares.
Business focus includes real estate development, hotels, and resorts at airport locations.
100% ownership held by Adani Airport City Limited, a step-down subsidiary of Adani Enterprises.
Subsidiaries incorporated between April 8 and April 9, 2026, in India.
💼 Action for Investors
Investors should view this as a positive step toward diversifying revenue streams through non-aero airport activities. Monitor future capital expenditure announcements related to these specific airport city projects.
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Adani Enterprises Achieves Top-Tier 'Care Edge - ESG 1+' Rating from CARE ESG Ratings
Adani Enterprises Limited has been assigned the highest ESG rating of 'Care Edge - ESG 1+' by CARE ESG Ratings Limited. This rating signifies a leadership position in managing Environmental, Social, and Governance (ESG) risks through best-in-class disclosures and performance. The recognition is expected to enhance the company's profile among global institutional investors and ESG-focused funds. This high rating reflects the company's commitment to sustainability and robust corporate governance frameworks.
Key Highlights
CARE ESG Ratings Limited assigned the 'Care Edge - ESG 1+' rating to Adani Enterprises.
The rating denotes a leadership position in managing ESG risks through superior disclosures and policies.
The assessment highlights best-in-class performance across environmental and social parameters.
Disclosure made under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements.
💼 Action for Investors
The top-tier ESG rating is a positive development that may attract increased institutional capital and potentially lower the cost of debt. Investors should view this as a strengthening of the company's governance and sustainability credentials.
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Adani Enterprises Completes Early Redemption of NCDs Worth Rs 1,950 Crore
Adani Enterprises has announced the early full redemption of two series of unlisted, secured Non-Convertible Debentures (NCDs) totaling Rs 1,950 crore. The redemption includes Rs 1,250 crore from NCDs issued in July 2023 and Rs 700 crore from NCDs issued in October 2023. This proactive debt repayment was approved by the Management Committee on March 24, 2026, and the payment was executed on March 25, 2026. Such a move typically suggests a robust cash position and helps in reducing future interest expenses for the company.
Key Highlights
Total redemption amount of Rs 1,950 crore across two NCD tranches
Redemption of 1,25,000 NCDs worth Rs 1,250 crore originally issued on July 11, 2023
Redemption of 70,000 NCDs worth Rs 700 crore originally issued on October 11, 2023
Full payment of due consideration completed on March 25, 2026
NCDs were unlisted, secured, and unrated with a face value of Rs 1,00,000 each
💼 Action for Investors
The early repayment of debt is a positive indicator of liquidity and financial health. Investors should maintain a positive outlook on the stock's credit profile while monitoring the company's future capital expenditure plans.
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Adani Ent Subsidiary AMNL Completes 100% Acquisition of IANS for Rs 4.70 Crore
Adani Enterprises' subsidiary, AMG Media Networks Limited (AMNL), has finalized the acquisition of the remaining stake in IANS India Private Limited for a cash consideration of Rs 4.70 crore. The transaction involved acquiring 24% Category I shares with voting rights and 0.74% Category II shares without voting rights. Following this completion, IANS has become a wholly-owned step-down subsidiary of Adani Enterprises. This move is part of the group's strategic expansion and consolidation within the Indian media and news dissemination sector.
Key Highlights
Acquisition of balance 24% Category I and 0.74% Category II shares completed for Rs 4.70 crore.
IANS India Private Limited is now a 100% step-down subsidiary of Adani Enterprises.
Target company turnover has shown a declining trend from Rs 11.86 crore in FY23 to Rs 8.81 crore in FY25.
The transaction was conducted on an arm's length basis through the wholly-owned subsidiary AMNL.
💼 Action for Investors
While the financial scale of this acquisition is small relative to Adani's total assets, it reinforces the group's commitment to the media sector. Investors should monitor the integration of these media assets and their contribution to the group's broader digital ecosystem.
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Adani Enterprises to Early Redeem NCDs Worth Rs 1,950 Crore
Adani Enterprises Limited (AEL) has approved the early full redemption of unlisted, secured, and unrated Non-Convertible Debentures (NCDs) totaling Rs 1,950 crore. The redemption covers two tranches: Rs 1,250 crore issued in July 2023 and Rs 700 crore issued in October 2023. This proactive debt repayment suggests a strong liquidity position and a focus on reducing interest burdens. The move is subject to standard regulatory approvals and reflects a strategy of deleveraging the balance sheet.
Key Highlights
Full early redemption of 1,25,000 NCDs amounting to Rs 1,250 crore issued on July 11, 2023
Full early redemption of 70,000 NCDs amounting to Rs 700 crore issued on October 11, 2023
Total aggregate value of debt being retired early is Rs 1,950 crore
NCDs were issued at a face value of Rs 1,00,000 each on a private placement basis
💼 Action for Investors
Investors should view this as a positive indicator of the company's cash flow strength and commitment to deleveraging. It reinforces a stable financial outlook for the flagship entity of the Adani Group.
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Adani Enterprises Receives NCLT Approval to Acquire Jaiprakash Associates (JAL)
The NCLT Allahabad Bench has officially approved Adani Enterprises' resolution plan to acquire Jaiprakash Associates Limited (JAL) under the Insolvency and Bankruptcy Code. The plan was previously cleared by JAL's Committee of Creditors with a substantial 93.81% majority vote. This acquisition involves a company with total admitted claims of ₹57,497.93 crores and provides Adani Group access to diversified assets in cement, real estate, construction, and hospitality. The implementation may involve various group entities including Adani Power and Adani Ports to manage specific business verticals.
Key Highlights
NCLT approved the resolution plan for Jaiprakash Associates Limited (JAL) following its CIRP initiation in June 2024.
The Committee of Creditors (CoC) approved the Adani plan with a 93.81% voting share on November 18, 2025.
Total admitted claims against JAL amount to ₹57,497.93 crores, with NARCL holding the largest voting share at 85.43%.
The acquisition includes diverse business verticals: engineering, construction, real estate, cement, and hospitality.
Implementation may be carried out through Adani Enterprises, Adani Power, Adani Ports, or other group SPVs.
💼 Action for Investors
Investors should monitor the specific financial terms of the payout and how the massive debt of JAL is restructured across Adani Group balance sheets. This is a significant inorganic growth move that consolidates Adani's dominance in Indian infrastructure and cement sectors.
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Adani Enterprises Converts 13.74 Cr Partly Paid Shares to Fully Paid-Up Equity
Adani Enterprises has approved the conversion of 13,74,74,268 partly paid-up equity shares into fully paid-up shares of face value ₹ 1.00 each. This conversion follows the successful receipt of the second and final call money through the ASBA facility. Previously, these shares were 75% paid-up, consisting of ₹ 0.75 of the face value and a premium of ₹ 1,349.25. This move finalizes the capital collection for this tranche of the rights issue, streamlining the company's equity structure.
Key Highlights
Conversion of 13,74,74,268 shares from ₹ 0.75 partly paid to ₹ 1.00 fully paid-up
Shares previously carried a premium of ₹ 1,349.25 and were 75% paid-up
The conversion is based on the Second and Final Call money received via ASBA
Rights Issue Committee approved the conversion in a meeting held on March 19, 2026
New fully paid-up shares will bear the ISIN INE423A01024
💼 Action for Investors
Investors who have paid the final call money should verify the update in their demat accounts as the shares transition to the fully paid-up ISIN. This is a procedural completion of the rights issue and does not change the fundamental valuation of the company.
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Adani Enterprises Receives NCLT Approval for Jaiprakash Associates Resolution Plan
The National Company Law Tribunal (NCLT), Allahabad Bench, has orally approved the resolution plan submitted by Adani Enterprises Limited (AEL) for Jaiprakash Associates Limited (JAL) on March 17, 2026. This follows AEL being named the successful resolution applicant in November 2025 for the corporate insolvency resolution process. The plan, originally submitted on October 14, 2025, may be implemented through AEL or other group entities including Adani Power and Adani Ports. A detailed financial disclosure is expected once the written order is released by the tribunal.
Key Highlights
NCLT Allahabad Bench orally pronounced the approval of AEL's resolution plan for Jaiprakash Associates on March 17, 2026.
The resolution plan was originally submitted on October 14, 2025, with subsequent clarifications in November 2025.
Implementation may involve multiple Adani Group entities including Adani Power, Adani Ports, and Adani Infra.
The acquisition marks a major expansion for the Adani Group into the infrastructure and legacy assets of the Jaypee Group.
💼 Action for Investors
Investors should await the written NCLT order to understand the total acquisition cost and debt haircut details. The successful integration of JAL's assets could provide significant long-term value to AEL's infrastructure portfolio.
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Adani Enterprises Receives NCLT Approval for Composite Scheme of Arrangement
The NCLT Ahmedabad Bench has sanctioned a composite scheme of arrangement involving Adani Enterprises (AEL) and several subsidiaries to consolidate its green hydrogen ecosystem. Under the scheme, Adani Green Technology and Adani Emerging Businesses will merge into AEL, while Adani Tradecom will merge into Adani New Industries (ANIL). As part of the consideration, AEL will issue 11 equity shares for every 553 shares held in Adani Emerging Businesses. This restructuring aims to create a fully integrated supply chain for green hydrogen production, from manufacturing to downstream products.
Key Highlights
NCLT Ahmedabad sanctioned the merger of Adani Green Technology and Adani Emerging Businesses into Adani Enterprises.
Adani Enterprises to issue 11 equity shares for every 553 shares of Adani Emerging Businesses Private Limited.
Adani Tradecom will merge into Adani New Industries (ANIL) with a share swap ratio of 1:10.
The scheme was approved by 99.9998% of AEL equity shareholders during the court-convened meeting.
Restructuring consolidates the green hydrogen supply chain, including solar and wind manufacturing, under the ANIL vertical.
💼 Action for Investors
Investors should view this as a positive step toward streamlining the company's green energy business and improving cost optimization. Monitor for the announcement of the 'Effective Date' when the new shares will be allotted.
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Adani Enterprises Subsidiary Completes Acquisition of Punj Lloyd's Defence Unit
Adani Defence Systems & Technologies Ltd (ADSTL), a wholly-owned subsidiary of Adani Enterprises, has finalized the acquisition of Punj Lloyd's Defence Unit. The facility is located at Malanpur, Madhya Pradesh, and the transfer was completed on March 10, 2026. This acquisition follows the Business Transfer Agreement originally executed on February 28, 2026. The move signifies Adani's continued expansion into the strategic defense manufacturing sector in India.
Key Highlights
Wholly-owned subsidiary ADSTL completed the acquisition of the Malanpur Defence Unit on March 10, 2026.
The transaction was finalized following a Business Transfer Agreement (BTA) signed on February 28, 2026.
The acquisition strengthens Adani Group's manufacturing capabilities in the defense and aerospace vertical.
The unit was acquired from Punj Lloyd Ltd (PLL) as part of a strategic asset transfer.
💼 Action for Investors
Investors should monitor the integration of this unit and potential new defense contract wins that may result from increased manufacturing capacity. This expansion supports long-term growth in the company's emerging business segments.
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Adani Enterprises Completes 100% Acquisition of D P Jain TOT Toll Roads for ₹1,342 Crore
Adani Road Transport Limited (ARTL), a wholly owned subsidiary of Adani Enterprises, has completed the acquisition of the remaining 49% equity stake in D P Jain TOT Toll Roads Private Limited. The acquisition, which includes 100% of preference shares, was executed at an enterprise value not exceeding INR 1,342 crore. This move makes the target entity a wholly owned subsidiary, consolidating Adani's position in the road infrastructure sector. The target company manages a key section of NH-27 in Gujarat and has shown consistent revenue growth over the last three years.
Key Highlights
Acquisition of balance 49% equity and 100% optionally convertible preference shares completed on March 10, 2026
Transaction valued at an enterprise value not exceeding INR 1,342 crore as of September 30, 2025
Target entity manages the Palanpur-Radhanpur-Samkhayali section of NH-27 in Gujarat under a concession agreement
Target company turnover increased from INR 122 crore in FY23 to INR 147 crore in FY25
The acquisition was settled in cash and follows the initial 51% stake purchase completed in February 2026
💼 Action for Investors
Investors should note the successful consolidation of road assets which provides predictable toll-based cash flows to the company's transport vertical. This completion strengthens the company's infrastructure portfolio and reflects its aggressive expansion strategy in the roads sector.