Non-convertible debentures (NCDs) continue to attract conservative investors looking for predictable income, especially at a time when bank FD rates are stabilising. Adani Enterprises Limited has now launched its January 2026 secured NCD issue, targeting investors who prefer relatively stable cash flows from a well-known corporate group.
In this article, we analyse the Adani Enterprises Jan-2026 NCD issue in detail, covering issue structure, interest rates, credit ratings, financials, pros and cons, and whether investors should consider subscribing or stay away.
About Adani Enterprises Limited
Adani Enterprises Limited (AEL) is the flagship company of the Adani Group and acts as the incubator for many of the group’s emerging businesses. Over the years, the company has played a key role in developing and scaling businesses across infrastructure, energy transition, airports, roads, data centres, green hydrogen, mining services and integrated logistics.
The company was incorporated in 1993 and is headquartered in Ahmedabad, Gujarat. AEL focuses on building large-scale infrastructure assets and new-age businesses aligned with India’s long-term growth priorities such as energy security, transportation, digital infrastructure and sustainability.
Adani Enterprises Jan-2026 NCD Issue Details
The key highlights of the NCD issue are as follows:
- Issue opens on: January 6, 2026
- Issue closes on: January 19, 2026 (or earlier if fully subscribed)
- Issue size: ₹500 crore with a green shoe option of ₹500 crore, aggregating up to ₹1,000 crore
- Face value: ₹1,000 per NCD
- Minimum investment: ₹10,000 (10 NCDs)
- Type: Secured, redeemable, non-convertible debentures
- Listing: NSE and BSE
- Tenure: Multiple series with varying maturities
These NCDs are secured by a first-ranking charge on identified assets, providing an added layer of comfort compared to unsecured debt.
Interest Rates Offered
Adani Enterprises is offering multiple series of NCDs with different tenures and interest payment options. Investors can choose between annual, monthly or cumulative interest payouts depending on the selected series.
The effective annual yield is competitive when compared to bank fixed deposits and other high-rated corporate bonds. The exact coupon rate depends on the chosen tenure and payout option.
Investors seeking regular income may prefer the monthly or annual payout options, while those aiming for long-term wealth accumulation may consider the cumulative option.
Interest Rates and Tenure Options
Adani Enterprises has offered this NCD issue in multiple series with different tenures and interest payment options, allowing investors to choose based on income needs and investment horizon.
The cumulative option is suitable for investors who do not need periodic income and prefer lump-sum maturity proceeds, while annual payout options suit retirees and income-focused investors.
| Series | Tenure | Interest Payout | Coupon Rate (p.a.) | Redemption Details |
|---|---|---|---|---|
| Series I | 24 Months | Annual | 8.60% | 1,000.00 |
| Series II | 24 Months | Cumulative | – | 1,179.40 |
| Series III | 36 Months | Quarterly | 8.48% | 1,000.00 |
| Series IV | 36 Months | Annual | 8.75% | 1,000.00 |
| Series V | 36 Months | Cumulative | – | 1,286.45 |
| Series VI | 60 Months | Quarterly | 8.62% | 1,000.00 |
| Series VII | 60 Months | Annual | 8.90% | 1,000.00 |
| Series VIII | 60 Months | Cumulative | – | 1,531.95 |
Credit Ratings
The NCD issue has received the following credit ratings:
- CARE Ratings: CARE AA- with Stable outlook
- ICRA: ICRA AA- with Stable outlook
AA- rated instruments are considered to have a high degree of safety with respect to timely servicing of financial obligations. While they are not entirely risk-free, the credit risk is relatively low compared to lower-rated debt instruments.
Objects of the Issue
The proceeds from the NCD issue will be utilised for the following purposes:
- Refinancing and repayment of existing borrowings
- Funding capital expenditure requirements of ongoing and upcoming projects
- General corporate purposes
Using NCD proceeds to refinance debt can help the company manage borrowing costs and improve maturity profiles.
Company Financials
Adani Enterprises has reported strong growth in revenues over the last few years, driven by expansion in infrastructure, airports and energy transition businesses. The company continues to invest heavily in new projects, which has resulted in elevated capital expenditure and borrowings.
While revenues and operating cash flows have shown improvement, investors should note that AEL operates in capital-intensive sectors. This means profitability and free cash flows can be sensitive to project execution, regulatory changes and economic cycles.
Why to Invest in Adani Enterprises NCD
- Strong parent group with diversified businesses across infrastructure and energy
- Secured NCDs provide additional safety compared to unsecured instruments
- AA- credit rating indicates relatively low credit risk
- Multiple interest payout options suitable for income-seeking and long-term investors
- Listed NCDs offer liquidity through stock exchanges
Why You May Avoid This NCD
- Capital-intensive nature of business leads to high debt levels
- Returns may not be significantly higher than some other AA-rated corporate bonds
- Market-linked liquidity risk if investors plan to exit before maturity
- Interest rate risk if bond yields rise in the future
Investors looking for very high returns or zero volatility may find this issue less attractive.
How to Apply for Adani Enterprises NCD
Investors can apply for this NCD issue through the following modes:
- Online via net banking using the ASBA facility
- Through stockbrokers using NSE or BSE platforms
- Using UPI-based applications for retail investors
The NCDs will be credited to the investor’s demat account after allotment.
Conclusion: Should You Invest or Avoid?
Adani Enterprises Jan-2026 NCD issue is suitable for conservative to moderate-risk investors who want predictable income from a well-known corporate group. The AA- rating and secured nature of the NCDs provide reasonable comfort, though they do not eliminate risk entirely.
If you already have exposure to Adani Group companies, you may consider limiting allocation to maintain diversification. For investors seeking stable income with acceptable risk, this NCD issue can be considered as part of a diversified debt portfolio.
FAQs
- Is Adani Enterprises NCD safe?
The NCDs are AA- rated and secured, indicating relatively low credit risk, but they are not risk-free. - Are these NCDs better than bank fixed deposits?
They offer higher returns than most bank FDs but carry slightly higher risk. - Can I sell these NCDs before maturity?
Yes, they are listed on NSE and BSE, subject to market liquidity. - What is the minimum investment required?
The minimum investment is ₹10,000. - Are interest earnings taxable?
Yes, interest income is taxable as per your income tax slab. - Is TDS applicable?
TDS may apply as per prevailing income tax rules. - Who should avoid this NCD?
Investors with very low risk appetite or those heavily exposed to infrastructure stocks may consider avoiding it.
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