Adani NCD
Rates, tenures, credit rating and current status of the non-convertible debentures (NCDs) issued by Adani Enterprises Ltd, updated at each new issue.
Adani NCD issues on our tracker
| Issue | Dates | Yield (p.a.) | Tenure | Rating | Security | Issue size | Minimum |
|---|---|---|---|---|---|---|---|
| Adani Enterprises LtdPublic issueSEBI filing: prospectus ↗ | 6–19 Jan 2026Closed early on 8 Jan 2026 | 8.60–8.90% | 2 yrs – 5 yrs | CARE AA-/Stable; ICRA AA-/Stable | Secured | ₹500 cr + ₹500 cr green shoe | ₹10,000 |
From each issue’s prospectus on SEBI. Open and closed are worked out from the dates. All upcoming NCD issues
Adani Enterprises Limited (NSE/BSE: ADANIENT) is the flagship listed company and business incubator of the Adani group, one of India's largest infrastructure and energy conglomerates, led by Gautam Adani. Its businesses span coal mining and trading, airports, roads, data centres and new-energy bets such as green hydrogen and solar manufacturing. This matters for investors searching 'Adani NCD': it is Adani Enterprises specifically — not Adani Ports, Adani Green, Adani Power or the other listed group arms — that has run the group's public retail non-convertible debenture (NCD) programme. Those other companies raise debt too, but their bonds are largely institutional; the retail public NCDs are AEL's.
AEL uses public NCDs mainly to refinance or repay existing borrowings and for general corporate purposes, broadening its funding base from banks and large institutions toward retail investors. It launched its maiden public NCD in September 2024 (rated CARE A+, coupons up to 9.90%), followed by a second issue in July 2025 and a third in January 2026 — the latter two both rated AA-/Stable by CARE and ICRA, reflecting a rating upgrade during 2025. All three issues were secured and heavily oversubscribed; the January 2026 issue closed within days of opening on strong demand. Its credit standing improved from A+ to AA- even as the wider group navigated the 2023 Hindenburg short-seller report and a November 2024 US indictment (both of which Adani denies), which is relevant context — not a default event — for framing credit risk.
Credit rating: Adani Enterprises' NCDs are rated CARE AA-; Stable by CARE Ratings and [ICRA]AA- (Stable) by ICRA, the ratings on the Jan 2026 issue. Both agencies last reviewed them in December 2025, and both were unchanged when we re-checked on 29 Sep 2026. AEL was upgraded from CARE A+ (2024) to AA- in Feb 2025. AA- signals high safety / low credit risk, but sits one notch below AA and three below the top AAA — verify the latest action on the CARE and ICRA websites before relying on it.
Latest / most recent NCD issue — Adani Enterprises, January 2026 (3rd public issue)
| Tenor | Annual coupon (p.a.) | Effective yield (up to) | Interest payment options |
|---|---|---|---|
| 24 months | 8.60% | 8.60% | Annual, Cumulative |
| 36 months | 8.75% | 8.75% | Annual, Quarterly, Cumulative |
| 60 months | 8.90% | 8.90% | Annual, Quarterly, Cumulative |
Secured, rated, listed redeemable NCDs across multiple series (annual/quarterly/cumulative options). Face value Rs 1,000; minimum investment Rs 10,000 (10 NCDs). Base Rs 500 cr + green-shoe Rs 500 cr = Rs 1,000 cr. Opened 6 Jan 2026; scheduled to close 19 Jan 2026 but CLOSED EARLY on 8 Jan 2026 after the base was subscribed in ~10 minutes. Rated CARE AA-/Stable and ICRA AA-/Stable. Listed on NSE and BSE. Per-series precision (verified against the AEL press release): coupons differ by payout option. 24 months — annual 8.60% coupon (8.60% yield) and cumulative 8.60% yield; there is NO quarterly option at 24 months. 36 months — annual 8.75% coupon (8.74% effective yield), quarterly 8.48% coupon (8.75% effective yield), cumulative 8.75% yield. 60 months — annual 8.90% coupon (8.89% effective yield), quarterly 8.62% coupon (8.90% effective yield), cumulative 8.90% yield. So the 8.75%/8.90% headline figures are the effective yields reached via the quarterly and cumulative options; the annual-payout series carry the same 8.75%/8.90% nominal coupon but a marginally lower effective yield (8.74%/8.89%). Verify series-level terms in the prospectus on Chittorgarh/NSE/BSE.
Adani Enterprises public NCD issues — history
| Issue | Open (close) | Size | Coupon / yield (up to) | Rating | Secured |
|---|---|---|---|---|---|
| 1st (maiden) | 4 Sep 2024 (sched. 17 Sep) | Rs 800 cr | up to 9.90% | CARE A+ / Positive | Yes |
| 2nd | 9 Jul 2025 (22 Jul) | Rs 1,000 cr | up to 9.30% | CARE AA- / ICRA AA- (Stable) | Yes |
| 3rd (latest) | 6 Jan 2026 (closed early 8 Jan) | Rs 1,000 cr | up to 8.90% | CARE AA- / ICRA AA- (Stable) | Yes |
Top-end coupons have fallen (9.90% to 9.30% to 8.90%) as AEL's rating was upgraded from A+ to AA- and as broader interest rates eased. All three were secured and oversubscribed. Tenors offered: 24, 36 and 60 months in every issue.
How to apply or buy
- During a live public issue: apply online through your broker/demat provider (Zerodha, Groww, Angel One, ICICI Direct, HDFC Securities, etc.) using ASBA via UPI, or through your bank's net-banking ASBA facility. NCDs are applied for in demat form; minimum application in AEL's issues has been Rs 10,000 (10 NCDs of Rs 1,000 face value). Read the prospectus, pick the series/tenor and payout option (annual, quarterly or cumulative), and note that popular Adani issues have closed early on oversubscription — apply on day one.
- No issue is open right now (as of 29 Sep 2026), so you cannot apply for a fresh Adani NCD today. A new issue needs a prospectus filed with SEBI a few days before it opens; it appears on our NCD tracker once filed.
- To buy an already-listed Adani NCD on the secondary market: search the AEL NCD series by its ISIN or scrip code on the NSE/BSE debt segment through your broker's bond/NCD section and place a limit order like you would for a stock. Secondary-market NCDs are thinly traded, so quantities and quoted yields can vary — check the clean price, accrued interest and yield-to-maturity before buying, and confirm the specific series' coupon and maturity date.
The risk
Adani NCDs are corporate debt, not bank deposits — they are NOT covered by DICGC deposit insurance, and repayment depends on Adani Enterprises' cash flows and the value of the assets securing the debentures. The Jan 2026 NCDs are rated AA- (Stable): high safety and low credit risk, but one notch below AA and three below the top AAA rung, so not risk-free. AEL is a capital-intensive holding/incubator company. Separately, the wider Adani group has faced governance scrutiny — the January 2023 Hindenburg short-seller report (the group denied all allegations; stocks later recovered and ratings were upgraded) and a November 2024 US Department of Justice indictment of Gautam Adani over an alleged bribery scheme (Adani denies wrongdoing). These are reputational/legal events, not a debt default, but they bear on the group's funding and credit profile. Finally, if you sell before maturity, secondary-market NCD prices move inversely with interest rates and thin trading can make exit prices unfavourable.
Sources
- https://www.sebi.gov.in/filings/debt-offer-document/dec-2025/adani-enterprises-limited-prospectus_98726.html
- https://nsearchives.nseindia.com/corporate/ADANIENT_07012026174038_Stock_Exchange_Intimation_for_Early_Closure.pdf
- https://www.adani.com/newsroom/media-releases/adani-enterprises-limited-announces-maiden-public-issuance-of-secured-nonconvertible-debentures
- https://www.adanienterprises.com/newsroom/media-releases/adani-enterprises-announces-1000-cr-ncd-issue
- https://www.adani.com/newsroom/media-releases/adani-enterprises-launches-its-3rd-public-issue-of-ncds-of-rs1000-crore
- https://www.adanienterprises.com/newsroom/media-releases
- https://www.adanienterprises.com/investors/corporate-governance/corporate-announcement
- https://www.chittorgarh.com/bond/adani-enterprises-ncd-january-2026/369/
- https://www.chittorgarh.com/bond/adani-enterprises-ncd-july-2025/344/
- https://ipowatch.in/adani-enterprises-ncd-january-2026/
- https://www.angelone.in/news/stocks/adani-enterprises-announces-early-close-of-1-000-crore-ncd-issue-on-january-8-2026
- https://www.icra.in/Rating/RatingDetails?CompanyId=30489&CompanyName=Adani+Enterprises+Limited
- https://www.investorgain.com/ncd/adani-enterprises/151/
- https://www.paytmmoney.com/blog/adani-enterprises-ncd-opens-jan-6-lock-in-yields-up-to-89-in-secured-debt-issue/
NCDs are debt of a company and carry credit risk — you can lose money if the issuer defaults. This page is information, not investment advice; verify the current issue terms and credit rating before applying. Facts last verified September 2026.
All upcoming NCD issuesFrequently asked
What people ask about Adani NCDs.
It depends on the issue and series. Adani Enterprises' most recent (January 2026) NCDs offered about 8.60% for 24 months, 8.75% for 36 months and up to 8.90% effective yield for 60 months. Coupons vary by payout option within each tenor — for example, the 36-month annual coupon is 8.75% while the 36-month quarterly coupon is 8.48% (both work out to about an 8.75% effective yield). The earlier issues paid more: up to 9.30% in July 2025 and up to 9.90% in the September 2024 maiden issue. No new issue is open as of 29 September 2026, so listed NCDs now trade at whatever yield the secondary market sets.
The Jan 2026 Adani Enterprises NCDs are rated AA-/Stable by both CARE and ICRA, which denotes high safety and low credit risk, and they are secured against company assets. That said, they are corporate debt, not bank deposits — they carry credit risk, are not covered by deposit insurance, and AA- is below the top AAA grade. The wider Adani group has also faced governance scrutiny (the 2023 Hindenburg report and a 2024 US indictment, both of which Adani denies). 'Safe' is relative to the rating and your own risk appetite — read the prospectus and don't over-concentrate.
For a specific issue, use the registrar's website (for AEL's NCDs the registrar has been Link Intime / MUFG Intime India) and enter your PAN, application number or DP/Client ID. You can also see credited NCDs in your demat holdings after allotment, and check the exchange listing date on NSE/BSE. There is no live issue as of 29 September 2026, so there is no current allotment to check.
During a live public issue you apply through your broker or bank using ASBA via UPI — pick the series/tenor and payout option (annual, quarterly or cumulative), with a minimum of Rs 10,000 (10 NCDs). Note that the 24-month tenor is offered only as annual or cumulative (no quarterly option). No Adani issue is open right now, so you cannot apply today; watch adanienterprises.com, NSE/BSE and Chittorgarh for a new tranche. To buy an existing Adani NCD, use the NSE/BSE secondary market via your broker's bond section by its ISIN.
Adani Enterprises Ltd (ADANIENT), the group's flagship listed incubator, is the entity that has issued all the public retail NCDs (Sep 2024, Jul 2025 and Jan 2026). Other listed Adani companies such as Adani Ports, Adani Green Energy and Adani Power raise debt too, but their bonds are largely institutional/wholesale — the retail public NCDs are Adani Enterprises'.
No. As of 29 September 2026 there is no open or upcoming Adani NCD public issue. SEBI's list of debt offer documents, where every public NCD prospectus is filed, shows no Adani Enterprises filing since the January 2026 issue, and AEL's stock-exchange announcements since July mention no new NCD issue. The most recent NCD, Adani Enterprises' third public issue, opened on 6 January 2026 and closed early on 8 January 2026 after being oversubscribed. Past issues came roughly every six months (Sep 2024, Jul 2025, Jan 2026), so another is possible, but nothing has been filed; a new issue appears on our NCD tracker once its prospectus is filed with SEBI.