Adani Enterprises, Adani Energy: Adani Group shares in focus as SBI MF buys stake worth ₹5,747 crore

Adani Group shares will be under the spotlight after SBI Mutual Fund last week bought stakes in Adani Enterprises and Adani Energy Solutions from US-based GQG Partners for ₹5,747 crore through open market transactions.

SBI Mutual Fund purchased 16,439,984 shares, representing nearly a 1.3% stake in Adani Enterprises, the flagship entity of the Adani Group, according to block deal data on the National Stock Exchange (NSE).

In addition, SBI MF also acquired 6,365,796 shares, amounting to a 0.52% stake in Adani Energy Solutions.

The price range for the shares was ₹1,504.80-2,913.40 apiece, resulting in a combined transaction value of ₹5,747.55 crore.

Meanwhile, Rajiv Jain-backed GQG Partners, through its affiliate GQG Partners Emerging Markets Equity Fund, offloaded the same number of shares in the two Adani group companies.

The stake buy comes after SBI Mutual Fund last month acquired a 0.45% stake in Adani's flagship firm, Adani Enterprises, for ₹1,435 crore.

Adani Group firm’s FY26 performance

In the fiscal year 2025-26 (FY26), Adani Energy Solutions reported an under-construction transmission pipeline worth ₹71,779 crore and crossed 10 million smart metre installations. It has an order book of 2.5 crore as against a national opportunity of 10.3 crore.

Adani Enterprises, the group's incubator business, raised ₹24,930 crore through a rights issue during the fiscal year under review, while its airports portfolio handled 95.3 million passengers across eight airports.

For FY26, Adani group companies have reported a record capital expenditure of ₹1.53 lakh crore ($16.1 billion) and an all-time high EBITDA of ₹94,834 crore ($10 billion), underscoring an accelerating infrastructure expansion cycle while maintaining leverage below its stated target.

The investment programme—the largest annual capex undertaken by an Indian corporate group—lifted the portfolio's gross asset base to ₹7.85 lakh crore ($82.8 billion), with nearly 80% of spending directed towards energy, utilities, transport, and logistics businesses.

Consolidated EBITDA rose 5.6% year-on-year, according to the group's annual results and credit compendium released on Tuesday.

Nearly 80% of FY26 investments were directed towards core infrastructure businesses, including energy, utilities, transport, and logistics, underscoring the group's continued focus on sectors linked to India's infrastructure buildout.

The ports-to-energy conglomerate said these assets are expected to contribute more meaningfully to earnings and cash flows from FY27 onwards.

Core infrastructure businesses generated ₹82,083 crore of EBITDA during FY26, accounting for 87% of portfolio earnings. The transport segment, led by Adani Ports, recorded the strongest growth, with EBITDA rising 23.2% to ₹25,228 crore. Utility businesses reported EBITDA growth of 4.6% to ₹45,377 crore.

Shares of Adani Enterprises settled at ₹3,048.20 apiece on the National Stock Exchange, gaining 2.54% on Friday, while Adani Energy Solutions' stock price jumped 3.88% to close at ₹1,579 per share.

Headquartered in Ahmedabad, the Adani Portfolio is the country's largest and fastest-growing platform of diversified infrastructure businesses, spanning energy and utilities, transport and logistics, metals and materials, and consumer sectors.