Markets are weird. One day you're a hero, the next you're fighting for your life in a 100-page short-seller report. If you’ve been tracking the Adani Enterprises share price lately, you know the rollercoaster hasn't exactly turned into a flat merry-go-round yet.
As of January 14, 2026, the flagship of the Adani empire is trading around ₹2,150.80. It’s down a smidge today—about 0.36%—but that’s basically noise for a stock that moves like a caffeine-addicted squirrel. Honestly, you can’t talk about this price without looking back at the "Big Reset" of 2023. Remember the ₹20,000 crore FPO? The one they pulled even after it was fully subscribed? That was the moment everything changed.
What happened to the "PO" in Adani?
When people search for "Adani PO share price," they’re usually looking for the ghost of that Follow-on Public Offer (FPO) from January 2023. It was supposed to be the crowning achievement for Gautam Adani. The price band was set between ₹3,112 and ₹3,276. Then the Hindenburg Research report hit the fan.
The stock price tanked below the FPO floor. Even though big-name investors stepped in to save the deal, the board eventually decided to pull the plug to "protect the interest of the investing community." They returned the money. It was a massive psychological blow. Since then, the Adani Enterprises share price hasn't really sniffed those ₹3,200+ levels on a sustained basis.
The 2026 Reality: Rights Issues and Debt
Fast forward to right now. The group is moving away from the FPO trauma and toward a different animal: Rights Issues.
In late 2025, Adani Enterprises announced a massive ₹24,930 crore rights issue. This isn't just a random cash grab. It’s a calculated move to fund airports, green hydrogen, and data centers. The rights issue price was set at ₹1,800, which was a juicy 24% discount at the time of the announcement.
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If you're an investor, the payment structure is kinda interesting (and a bit complex):
- You paid ₹900 on application back in December 2025.
- The first call of ₹450 is due right now (between January 12 and January 27, 2026).
- The final ₹450 hits in March 2026.
This "partly paid" structure is why you might see different price tickers for Adani Enterprises. There’s the fully paid-up stock and the partly paid-up rights shares. It keeps things messy for casual observers, but it’s a standard way to raise billions without nuking the share price all at once.
The Elephant in the Room: Valuation
Is the stock cheap? Well, it depends on who you ask at the water cooler.
The P/E ratio is currently hovering around 35.5. Compare that to a few years ago when it was trading at a delusional 400x earnings, and it looks like a bargain. But compare it to the broader industry PE of around 49, and it’s actually starting to look "rationally priced."
Revenue for FY2025 topped ₹1,00,365 crore. That’s a lot of zeros. But the profit growth is where the nuance lives. In the most recent quarter (Q2 FY26), net profit surged 84% to ₹3,199 crore, but—and this is a big "but"—most of that was a one-time exceptional gain. If you strip that out, the actual operational profit before tax fell by over 60%.
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That’s why the Adani Enterprises share price is struggling to break past the ₹2,300 resistance level. The market is waiting to see if the "incubator" model still works without the infinite leverage they used to enjoy.
Why People Get the Adani "Price" Wrong
A lot of folks look at the stock price and think, "It’s still 40% below its all-time high, it must be a buy."
Maybe. But you've gotta remember the dilution.
When a company issues millions of new shares (like they are doing with the current rights issue), the value of each individual share gets spread thinner. The total market cap might be high—currently around ₹2.78 lakh crore—but the price per share reflects a much larger pool of equity.
Adani Enterprises isn't a single company; it's a venture capital firm dressed up as an infrastructure giant. They build airports, roads, and copper plants, then they spin them off. They’ve already done it with Adani Ports and Adani Transmission (now Adani Energy Solutions).
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What to Watch in the Next 90 Days
If you’re holding or looking to jump in, keep your eyes on these specific triggers:
- The Rights Issue Completion: Once the final call is paid in March 2026, we’ll see the full impact on the share capital.
- Airport De-merger Rumors: There’s a lot of chatter about spinning off the airport business by 2027. If that gets fast-tracked, the Adani Enterprises share price could catch a serious bid.
- The Fed and Interest Rates: Adani businesses are capital-intensive. They breathe debt. If global interest rates stay high, their interest coverage ratio (currently a bit low) stays under pressure.
Honestly, the stock is a bet on India’s infrastructure. If you think India is going to build 100 more airports and transition to green hydrogen by 2030, Adani is the obvious vehicle. If you’re worried about corporate governance and high debt, you’ll probably find the current price too rich for your blood.
Actionable Next Steps
If you're tracking the Adani Enterprises share price for a potential entry, don't just look at the daily candle.
- Check the Deliverable Quantity. If the price is falling but the delivery percentage is high (above 40%), it means long-term investors are "averaging down" and actually taking the shares into their demat accounts.
- Watch the ₹2,120 support level. It has tested this several times in January 2026. A break below that could see a slide toward the ₹2,000 psychological floor.
- Ensure your demat account is ready for the Rights Issue calls if you're an existing shareholder. Missing a payment call is the fastest way to lose money on this stock, as your "Rights Entitlements" can lapse or be forfeited.
The volatility isn't a bug; it's a feature. Trade accordingly.