Adani stocks: JP Morgan analyst answers 10 FAQs on Rs 13 lakh crore conglomerate
bank said that most of the Group's listed entities have leverage (Net Debt-to-EBITDA ) less than 5X with the exception of Adani Green Energy.
Of the 11 listed Adani Group companies, Adani Green Energy, Adani Energy Solutions and Adani Ports and Special Economic Zone (APSEZ) have US dollar bonds outstanding. Among the non listed entities is Adani Energy Mumbai (AEML).
JP Morgan analyst Love Sharma answers 10 FAQs on the Rs 13 lakh crore ports-to-energy conglomerate:
1. What is Adani family equity stake in portfolio companies?
Adani family holds 74.89% stake in Group's flagship company Adani Enterprises while holding 65.89% stake in APSEZ. Both these companies are Nifty constituents.
The family stake in Adani Green, Adani Power, Adani Energy Solution, Adani Total Gas, NDTV, and Adani Wilmar are 60.94%, 74.96%, 69.94%, 37.40%, 64.71% and 43.94%, respectively. The family also has stakes in several cement companies. It held 67.57% in Ambuja Cements as on September 30, 2024 through Adani Cement. Ambuja in turn owns 50.05% of ACC Limited. Adani directly owns a 6.64% stake in ACC. Ambuja Cements has a 58.08% stake in Sanghi Industries.
2. What is the debt mix across bond issuing entities?
Most of the bond issuing entities have significant exposure to offshore debt (bonds and loans). Adani Green has about 44% exposure to offshore debt as of FYE24, while APSEZ has about 82% (mostly via USD bonds).
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