The company projects these listings will happen between 2027 and 2031. Management anticipates that these spin-offs, particularly the newer verticals, are poised to unlock substantial shareholder wealth over the coming decade.
According to sources, Adani Enterprises, the flagship company of the Adani Group, is gearing up for a substantial value release by establishing various subsidiaries, such as airports, metals, roads, and data centres, between 2027 and 2031. Over the next three years, the firm expects that several key assets will come of age, presenting opportunities for new public offerings.
This follows a trend from 2016 to 2020, during which multiple companies within the incubator – Adani Total Gas, Adani Green Energy, and Adani Wilmar made their stock market debuts.
“The company expects the EBITDA from airport operations to grow to about three times its current value by 2027-2028.”
“One source indicated that the copper and other materials sectors will be fully operational and ready for public offering.” As per the source, the Ganga Expressway, along with seven additional road projects, is projected to be completed within this period.
The Adani Group is the leading private airport operator in the country, overseeing a total of eight airports. This operation is carried out through its wholly owned subsidiary, Adani Airport Holdings, which is responsible for managing seven active airports located in Mumbai, Lucknow, Ahmedabad, Jaipur, Guwahati, Thiruvananthapuram, and Mangalore.
The airport operations yielded earnings before interest, tax, depreciation, and amortisation of ₹1,062 crore in the September quarter, marking a 43% rise compared to the previous year. The Adani Group has kicked off the first phase of city-side development across 114 acres at its airports in Mumbai, Ahmedabad, Jaipur, Lucknow, and Guwahati. The company is emphasising the non-aeronautical sector, which is becoming a major contributor to its revenue and operating profit.
Adani Enterprises aims to secure the second-largest portfolio in its metals division, following Vedanta, in the coming years.
In the initial half of this fiscal year, Adani Roads Transport, also fully owned by Adani Enterprises, achieved an EBITDA of ₹930 crore. Currently, seven additional projects are in the construction phase, and the company has successfully initiated its seventh project. The value generation from the first phase of Adani Enterprises is expected to be reflected in this second phase of listing, as the added verticals are likely to unlock significant wealth for shareholders over the coming decade.
SOURCE: ET INFRA
