Synopsis: Adani Enterprises Ltd is in focus as it has strengthened its road portfolio by acquiring 100% of DPJ TOT for up to ₹1,342 crore, making it a wholly owned subsidiary. This expands its toll road operations and boosts its capacity and strategic presence in India’s road infrastructure sector.
The shares of a Large-Cap company specialising in developing and operating large-scale infrastructure projects across energy, transportation, logistics, and resources are in focus following the strategic acquisition to strengthen its Road Portfolio.
With a market capitalization of Rs. 2,30,189.80 crores in the day’s trade, the shares of Adani Enterprises Ltd rose upto 1.38 percent, making a high of Rs. 2025.90 per share compared to its previous closing price of Rs. 1998.15 per share.
What Happened
Adani Enterprises Ltd, engaged in developing and operating large-scale infrastructure projects across energy, transportation, logistics, and resources are in focus following the strategic Acquisition to strengthen its Road Portfolio.
Adani Road Transport Limited (ARTL), a wholly owned subsidiary of Adani Enterprises Limited, has completed the acquisition of the remaining 49% equity share capital and 100% optionally convertible redeemable preference shares of D P Jain TOT Toll Roads Private Limited on March 10, 2026, in accordance with the earlier executed share purchase agreement.
With this acquisition, DPJ TOT has become a wholly owned subsidiary of ARTL. The transaction was executed at arm’s length for a cash consideration, not exceeding an enterprise value of Rs. 1,342 crore as of September 30, 2025, subject to closing adjustments.
DPJ TOT, incorporated on May 6, 2021, operates in the road infrastructure sector, holding the concession for tolling, operation, maintenance, and transfer of the Palanpur-Radhanpur-Samkhayali section (KM 536+000 to KM 430+000) of NH-27 in Gujarat. Over the last three financial years, the company reported a steady growth in turnover: Rs. 122 crore in FY23, Rs. 143 crore in FY24, and Rs. 147 crore in FY25.
Recently, the company has also incorporated a wholly owned subsidiary, CORR Tollways Limited (CTL), on March 9, 2026, in India. CTL will operate in the road infrastructure sector, undertaking the tolling, operations, and maintenance of the Chennai Outer Ring Road (CORR) Phase I (Vandalur to Nemilichery) and Phase II (Nemilichery to Minjur), including all associated facilities, under the authorisation of the Tamil Nadu State Highways Authority (TANSHA).
The company has been incorporated with an authorised and paid-up capital of INR 10 lakh, divided into 100,000 equity shares of INR 10 each, fully subscribed in cash by Adani Enterprises Limited, giving the parent company 100% ownership and control.
How will it strengthen its Road Portfolio?
This acquisition strengthens Adani Enterprises Limited’s road portfolio by making DPJ TOT a wholly owned subsidiary, expanding its footprint in toll road operations and maintenance in Gujarat, and adding a steadily growing asset with proven revenue, thereby enhancing its capacity and presence in the road infrastructure sector.
Recent incorporation of CORR Tollways Limited (CTL) further strengthens the company’s road portfolio in Tamil Nadu. CTL will undertake tolling, operations, and maintenance of the Chennai Outer Ring Road (Phase I and II), adding a strategically important asset under full ownership, and expanding Adani Enterprises Limited’s footprint in road infrastructure operations.
Financials
The company’s revenue rose by 8.63 percent from Rs. 22,848 crores in December 2024 to Rs. 24,820 crores in December 2025. Meanwhile, Net profit rose from Rs. 229 crores to Rs. 5,727 crores in the same period.
The company has delivered strong financial performance, with a return on capital employed (ROCE) of 9.45% and a return on equity (ROE) of 9.82%, reflecting efficient use of its capital and equity to generate profits. Its PEG ratio of 0.80 indicates that the stock is reasonably valued relative to its earnings growth.
Over the last five years, the company has achieved a robust profit growth of 35.6% CAGR. Compared to the industry price-to-earnings (P/E) ratio of 128, the company’s stock P/E of 62.5 suggests it is trading at a significant discount, offering potential value to investors.
Adani Enterprises Limited (AEL) is the flagship company of the Adani Group, one of India’s largest business organisations. Over the years, AEL has focused on building emerging infrastructure businesses, contributing to nation-building by developing and then spinning off successful entities like Adani Ports & SEZ, Adani Power, Adani Green Energy, Adani Total Gas, and Adani Wilmar.
These ventures have helped make India more self-reliant while delivering strong returns to shareholders for over three decades. Looking ahead, AEL’s next wave of strategic investments targets high-growth areas such as the green hydrogen ecosystem, airport management, data centres, roads, and primary industries like copper and petrochemicals. These sectors offer significant potential for value creation and long-term growth.
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