Adani’s Next Chapter: Listings and Expansion Ahead

Can a company that has already reshaped several industries find new ground to grow again? Adani Enterprises believes it can. The group is now preparing another round of listings between 2027 and 2031 - this time across airports, metals, roads, and data centres. Each of these sits at the heart of India’s next big infrastructure story.

This comes on the heels of another major announcement. AEL (Adani Enterprises), the flagship company of the Adani Group, has approved the raising of ₹25,000 crore through a partly paid-up rights issue, making it one of the largest equity offerings this year. Following the turbulence in the aftermath of the Hindenburg Research report, this is a confident return to the capital markets, indicating renewed focus on balance-sheet strength and growth potential.

It isn’t the first time the company has attempted such a move. Between 2016 and 2020, Adani successfully listed Adani Total Gas, Adani Green Energy, and Adani Wilmar. Those businesses have since grown into distinct market leaders. The new cycle seems to build on that foundation, only with larger, heavier assets and longer project timelines.

How Are Airports and Roads Powering the Next Stage?

Among all its verticals, the airport business looks the readiest. Adani Airport Holdings runs eight major airports - from Mumbai and Lucknow to Ahmedabad, Jaipur, Guwahati, Thiruvananthapuram, and Mangalore - making it the largest private airport operator in India.

In the September quarter, the division posted an EBITDA of ₹1,062 crore, up 43% year-on-year. Over the next few years, that figure is expected to triple as traffic improves and non-aero revenue grows. The company has already begun city-side development across about 114 acres in five key airports, building out retail, hospitality, and logistics zones.

Adani Roads Transport, meanwhile, is slowly but steadily expanding. It has seven operational projects and seven more under construction, including the Ganga Expressway, which is due by 2031. The division reported an EBITDA of ₹930 crore in the first half of FY25 - a sign that its portfolio is maturing at a measured pace.

Where Does Metals Fit Into Adani’s Broader Ambition?

The metals and materials segment is another piece of the puzzle. By FY 2027–28, Adani expects this business to be fully up and running, and ready to list. The group’s goal is clear - to build India’s second-largest metals portfolio after Vedanta.

That push ties in with India’s industrial and renewable energy needs, where materials demand continues to climb. At the same time, Adani’s planned data centre business aims to tap into the country’s fast-growing digital infrastructure. Together, these newer arms add both scale and stability to Adani Enterprises’ mix.

What Could the Next Decade Hold?

The next decade could once again redefine Adani Enterprises. In the past, its listings helped carve out standalone companies and free up capital for new ventures. This time, the landscape looks different - and tougher. Airports, highways, and metals aren’t just larger in scale; they demand heavier investment, longer timelines, and sharper execution.

How well the group manages that will be the real test. It’s about running multiple projects smoothly, keeping margins steady, and knowing exactly when each business is ready for the market. That mix isn’t easy to get right. Still, if history is any guide, Adani’s approach - build patiently, spin off when mature, and recycle capital - could deliver again.

The bigger question now is whether the company can keep that same rhythm going, balancing growth ambitions with investor confidence, as it moves into what might be its most demanding phase yet.

Sources

Business Standard
Economic Times