Adani Enterprises is reportedly preparing to launch a new wave of public listings starting 2027, with plans to spin off its airports, roads, metals, and data centre businesses as they near operational maturity.
According to a report by The Economic Times, the conglomerate expects several of its incubated verticals to be IPO-ready between 2027 and 2031. This follows the company’s earlier strategy from 2016 to 2020, which saw the successful listing of Adani Total Gas, Adani Green Energy, and Adani Wilmar.
By FY28, the EBITDA of Adani’s airport business is expected to triple, sources told the publication. Meanwhile, its copper and other materials arms are projected to be fully operational within the same timeframe.
Adani Airport Holdings currently operates eight major airports, including Mumbai, Lucknow, and Ahmedabad, and reported ₹1,062 crore in EBITDA for the September quarter — a 43 percent year-on-year jump. The company has also initiated city-side developments across five airports, focusing on the non-aero segment as a key revenue stream.
Adani Roads Transport, another wholly owned subsidiary, posted ₹930 crore in EBITDA in the first half of FY26. Seven of its road projects are operational, and another seven are under construction, strengthening its IPO prospects.
The group is also targeting a dominant position in India’s metals space, aiming to build the country’s second-largest portfolio after Vedanta.
Adani Enterprises has not commented on the report.
If executed, this second listing cycle could mirror the group’s earlier value creation blueprint, potentially unlocking substantial shareholder wealth over the coming decade.
