Adani Enterprises Limited has informed the stock exchanges that its step-down wholly owned subsidiary, Adani Airport City Limited, has incorporated three wholly owned subsidiaries on April 6, 2026. The intimation was received by the company on April 18, 2026, at 3:59 p.m. IST, in compliance with Regulation 30 of SEBI Listing Regulations.

Details of Newly Incorporated Entities

The three subsidiaries incorporated are Adani Navi Mumbai Airport City Limited (ANMACL), Adani Guwahati Airport City Limited (AGACL), and Adani Ahmedabad Airport City Limited (AAACL). All entities have been incorporated in India and fall under the Real Estate Activities industry sector.

Corporate Structure and Shareholding

ANMACL, AGACL, and AAACL are wholly owned subsidiaries of Adani Airport City Limited, which itself is a step-down wholly owned subsidiary of adani enterprises . The corporate structure ensures complete control through the subsidiary chain.

Financial Details

The incorporation was completed through cash consideration. Each of the three subsidiaries has been incorporated with a paid-up share capital of ₹10,00,000, comprising 1,00,000 equity shares of ₹10 each. The shares have been subscribed at the face value of ₹10 per share. Adani Airport City Limited holds 100% of the shareholding in all three entities.

Business Activities

The newly incorporated subsidiaries will be engaged in real estate activities involving own or leased property. Their business scope includes construction of buildings carried out on own account basis or on a fee or contract basis, as well as operation of hotels with integrated restaurants, banquets, and business centres. No governmental or regulatory approvals were required for the incorporation of these entities.

Key Information Summary

Adani Enterprises has received a maintained Buy rating from Jefferies, though the global brokerage has revised its target price downward to ₹2,600 from the previous ₹2,750. The adjustment reflects a mixed outlook for the diversified conglomerate's various business segments.

Airport Business Faces Near-Term Challenges

The primary concern highlighted by Jefferies relates to airport traffic softness, which is expected to delay the ramp-up of NMIAL (Navi Mumbai International Airport Limited). This near-term headwind is impacting the expected growth trajectory of the company's airport operations.

However, the brokerage noted positive developments in other aspects of the airport business, including improving non-aero revenue streams and enhanced airport monetisation strategies.

Energy and Infrastructure Segments Show Promise

Jefferies highlighted several growth drivers that support the company's long-term prospects:

The new energy solar expansion at Mundra is particularly significant as it is expected to contribute to FY27 EBITDA, demonstrating the company's commitment to renewable energy infrastructure.

EBITDA Estimates Revised Lower

Despite the positive developments in certain segments, Jefferies has reduced its EBITDA estimates by 3-7% across the company's operations. The cuts are attributed to geopolitical headwinds that are creating uncertainty in the operating environment.

Investment Outlook

The maintained Buy rating suggests that Jefferies continues to view Adani Enterprises favorably despite the near-term challenges. The target price reduction to ₹2,600 reflects a more cautious approach while acknowledging the company's diversified business portfolio and growth initiatives across multiple sectors including airports, energy, copper, and road infrastructure.