Adani Group's long-term bonds continue to interest institutions

Mumbai: Mutual funds, insurers, and banks have been stepping up investments in long-term corporate bonds issued by the Adani Group, which has raised around ₹13,750 crore over the past year across five of its companies, market data showed. The group's bond sales make up more than a tenth of all corporate bonds issued in India over the past one year.

In the 12 months to October 2025, the group has tapped the domestic bond market 10 times, with five issuances carrying maturities of 10 years or more--including 15-, 17, and 19-year papers. These long-duration bonds, issued mainly by Adani Ports, Adani Transmission, and Adani Roads, have seen interests from large domestic institutions such as LIC, ICICI Prudential AMC, Nippon AMC, SBI MF, HDFC Bank, Axis Bank, and Aseem Infra.

This month, Adani Transmission step-down subsidiary ATSTL issued ₹995 crore of 17-year bonds, which saw demand from funds including Nippon MF, IIFCL.

Over the past five months alone, Adani entities have floated five long-term bonds, one each with maturities of 19, 17, and 15 year, and two with 10-year tenors.

Previously, the group was raising funds offshore through 144A/Reg S markets to raise long-duration capital in US dollars. However, after a string of domestic rating upgrades, several Adani firms are AAA or AA+ ratings, opening the door for them to tap the rupee bond market at competitive rates.

Long-term papers have been particularly sought after by insurers and pension funds, given their liability profiles. India's insurance industry, with assets under management (AUM) of about ₹64 lakh crore, and mutual funds that manage ₹74 lakh crore have been scouting for high-rated long-term instruments offering attractive yields. LIC had invested ₹5,000 crore in bonds of Adani Ports offering 7.75% coupon.

"Such long-term infrastructure bonds are a natural fit for their liability structure," said a senior investment manager at a life insurer. "Few institutions in India can take on 15-20-year exposures and when a well-rated issue comes up, investors evaluate it."

The Adani Group's fundraising accounts for more than 10% of total corporate bond issuances during the same period.

Apart from these, Adani Enterprises has raised retail bonds recently. It raised its first public NCD in September 2024 and followed up with another in July 2025 raising ₹800 crore and ₹1,000 crore respectively.