Adani Enterprises jumps after $1bn investment in airport unit

Adani Enterprises shares climbed more than 5% to ₹3,093 after its airport unit announced it had raised ₹98.25 billion (about $1 billion) from Alpha Wave Global, Premji Invest, Temasek and BlackRock. The deal values the airport operator at about $18 billion and gives the investors roughly 5.54% ownership. The funding round was disclosed the same day as the share move.

The company said the proceeds will fund expansion of airport infrastructure, development of city-side projects and growth of non-aeronautical businesses such as retail and hospitality around terminals. The transaction follows a ₹150 billion qualified institutional placement the Adani group announced in July.

Adani’s airport unit operates Chhatrapati Shivaji Maharaj International Airport, Navi Mumbai International Airport, Sardar Vallabhbhai Patel International Airport and Chaudhary Charan Singh International Airport. The business handles close to 100 million passengers a year and accounts for about 23% of total passenger traffic. Management has indicated plans to list the airport unit in 2028.

Adani Enterprises reported quarterly results showing higher revenue and earnings. Total income rose 50% to Rs 33,546 crore, EBITDA increased 49% to Rs 5,642 crore, and profit before tax was Rs 1,295 crore. Gautam Adani said in a statement, “Adani Enterprises has begun FY27 with an exceptionally strong performance, delivering its highest-ever quarterly EBITDA of Rs 5,642 crore, driven by the growing scale and maturity of our infrastructure and incubation platforms.”

The group has faced a range of developments in recent months, including the loss of a bid to develop and operate an airport in Kenya and public responses to allegations from Hindenburg Research. Separately, the U.S. administration dropped criminal fraud and bribery charges that had been associated with Gautam Adani. The group has also announced a commitment to invest $10 billion in the United States.

On the market, Adani Enterprises recovered from a March low of ₹1,757 to a July peak near ₹3,245 and has since traded in a descending channel. The stock has remained above its 50-day moving average and the Relative Strength Index is around 58. Market participants are monitoring how the new capital will be deployed across airports and related businesses and how the planned public listing of the airport unit will affect the group’s strategy over the next two years.