Adani Enterprises shares rally 6% after rights issue details; Check details & target price

Shares of Adani Enterprises jumped more than 6 per cent during the trading session on Wednesday, after the company announced the details of its rights issue, marking one of India’s largest equity fundraise by a private conglomerate. Adani Group's flagship firm is looking to raise Rs 24,930 crore via rights issue.

The rights issue committee of the board at its meeting held on November 11 approved 13,85,01,687 rights equity shares amounting to Rs 24,930.30 crore (assuming full subscription and payment of call monies). The rights issue is priced at Rs 1,800 per share, representing a 24% discount to Adani Enterprises’ closing price of Rs 2,370.2 on Tuesday.

Shares of Adani Enterprises soared over 6.35 per cent to Rs 2,517.50 on Monday, commanding a total market capitalization close to Rs 2.9 lakh crore. The stock has gained nearly 9 per cent since November 04, when the company approved and announced the rights issue exercise.

Record date to determine the eligibility for the rights issue has been fixed as Monday, November 17. eligible shareholders — those holding shares as of the record date— will be entitled to subscribe to three rights equity shares for every 25 fully paid-up shares held. The letter of offer, detailing fractional entitlements and payment schedules, will be issued at a later stage.

Adani Enterprises reported 84 per cent year-on-year (YoY) jump in its net profit at Rs 3,199 crore for the quarter ended September 30, 2025, thanks to a one-time gain of Rs 3,583 crore. However, Its consolidated profit before exceptional item and tax fell 66.2 per cent YoY to Rs 814 crore in the reported quarter.

Adani Enterprises' revenue declined 6 per cent YoY to Rs 21,249 crore in Q2FY26 as against Rs 22,608 crore in Q2FY25 on weakness in its mainstay coal trading division. It posted a 10 per cent YoY dip in its Ebitda at Rs 3,902 crore for the second quarter of Q2FY26.

Amid the fundraising plans, Adani Enterprises is reportedly preparing to launch a new wave of public listings starting 2027, with plans to spin off its airports, roads, metals, and data centre businesses as they near operational maturity. The conglomerate expects several of its incubated verticals to be IPO-ready between 2027 and 2031, suggest some media reports.

DR Choksey said that AEL has a consistent history of value creation through successful business spin-offs, with airports, copper, and ANIL (Adani New Industries) offering potential spin-off opportunities for future. It is also focused on capital-efficient growth and improved return metrics, supporting its 15-17 per cent ROA ambition. Stable, cash-generative base to fund new ventures.

"We maintain a bullish stance on AEL as it scales multiple high-growth verticals with visible earnings and asset monetization potential. Using an SOTP (EV/Ebitda) approach across verticals- Airports, IRM, roads, copper, green hydrogen, and data centers- and applying a 15 per cent conglomerate discount, our FY27E valuation implies a target price of Rs 3,500/share," DR Choksey said.

As of September 2025, Adani Enterprises reported a gross debt of Rs 92,065 crore. The fundraise comes at a time when the Adani Group is gearing up for substantial capital expenditure, projecting annual investments of $15–20 billion over the next five years. It received in-principle approval for right issue from BSE and National Stock Exchange of India on dated November 7.