Adani Enterprises slips 2%; sets QIP issue price 5% below floor price

Adani Enterprises increased the Qualified Institutional Placement (QIP) issue size to ₹15,000 crore from ₹10,000 crore on strong response from investors.

Adani Enterprises share price movement

 

Share price of Adani Enterprises slipped 2 per cent to ₹3,106.30 on the BSE in Friday’s intra-day trade in an otherwise firm market on profit booking after the company launched its Qualified Institutional Placement (QIP) issue to raise at least ₹10,000 crore, with an option to upsize the issue. 

 

The company set the issue price at ₹2,883 per share, a 5 per cent discount to the SEBI-prescribed floor price of ₹3,034.68 per share.

 

The stock price of Adani Group’s flagship company declined 4 per cent from its 52-week high of ₹3,229.50 touched on Thursday, July 2, 2026.

 

 

Thus far in the calendar year 2026, Adani Enterprises outperformed the market by surging 39 per cent,  against an 8.4 per cent decline in the BSE Sensex.

 

At 10:18 AM; the stock was quoting 1.3 per cent lower at ₹3,138, as compared to 0.58 per cent rise in the BSE Sensex. 

 

Adani Enterprises launches QIP 

 

Adani Enterprises launched its QIP on Thursday, July 2, 2026. The QIP follows the company’s ₹25,000 crore rights issue completed in March 2026 and is expected to support its ₹35,000 crore FY27 capital expenditure programme, primarily towards expanding airports, AI-ready data centres, setting up PVC plant, new energy businesses and other infrastructure projects.

 

The company said the proceeds from the share sale would fund capital expenditure across its incubation businesses, repay debt, and support strategic investments and acquisitions.

 

Adani Enterprises in Preliminary Placement Document said that the company proposed to utilise the proceeds for funding capital expenditure requirements of some of its subsidiaries in relation to setting up a polyvinyl chloride (PVC) plant; and payment of concession fee for tolling, operation, maintenance and transfer of six lane Chennai Outer Ring Road (CORR). 

 

The company further said it proposed to use proceeds for repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by the company and its subsidiaries, namely, Mundra Solar PV Limited, Adani Airport Holdings Limited and Kutch Copper Limited, including the interest accrued thereon; and funding inorganic growth through unidentified acquisitions/investments and general corporate purposes.

 

Adani Enterprises has businesses spanning airports, roads, data centres, renewable energy manufacturing, PVC, metals and mining.

 

According to reports, Adani Enterprises increased the size of its QIP to ₹15,000 crore from the initially planned ₹10,000 crore after the strong response from the investor.

 

Adani Enterprises, Abu Dhabi's IRH to invest $11.5 billion in Odisha

 

Adani Enterprises and Abu Dhabi-based International Resources Holding (IRH), a unit of IHC group company, on Thursday signed a deal with the Odisha government to set up an integrated aluminium project for a proposed investment of $11.5 billion (about ₹1.08 trillion).

 

The project comprises a 4 million metric tonnes per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000-megawatt (MW) captive power plant and a 1 MMTPA downstream manufacturing park, supported by enabling infrastructure. It is expected to generate around 53,500 jobs across construction and operations, the company said. 

 

Morgan Stanley sees more upside in Adani Enterprises

 

Last week, global brokerage Morgan Stanley initiated coverage on Adani Enterprises with an 'Overweight' rating and assigned a target price of ₹3,638 on the stock.

 

The brokerage believes FY27 marks a major earnings inflection point for the company as several businesses start contributing meaningfully to profits.

 

"Adani Enterprises is now entering a large earnings monetisation phase, with multiple businesses reaching scale simultaneously," the brokerage said. It noted that the company's earnings quality is improving as the mix shifts from commodity-linked earnings toward regulated and contracted infrastructure (airports, roads), digital infrastructure (data centres), and manufacturing platforms.

 

FY27 marks an earnings inflection, driven by Navi Mumbai airport commissioning, capacity expansion and backward integration in the new energy business, tolling commencement at Ganga Expressway (road project), and increased copper smelting utilization, the brokerage firm said. 

In a bull case scenario, Morgan Stanley has a target price of ₹4,497 on Adani Enterprises. The successful execution across incubation businesses drives a faster earnings ramp-up and sharper valuation re-rating. Airports benefit from sustained traffic growth and non-aero monetization, data centers scale through hyperscaler additions, and green equipment captures India's manufacturing opportunity. Strong execution across newer verticals supports premium valuations across the portfolio, the brokerage firm said.  ==================================================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.