Adani overhang lifting post US SEC case; Bernstein sees foreign funding taps reopening
Bernstein says Adani Group's regulatory cloud from Hindenburg and US SEC-DoJ probes is largely behind it, potentially reviving dollar financing for ports and cement arms. Net debt up Rs 1 trillion since Sept 2024; EBITDA CAGR pegged at 22% through FY26 with leverage at 3.9x.
What happened
Bernstein says Adani Group's regulatory overhang from Hindenburg and US SEC-DoJ cases is largely behind it after settlement and dropped charges, potentially
Key facts
- Rs 1 trillion net debt increase since Sept 2024
- EBITDA CAGR 22% FY23-FY26
- Net debt/EBITDA 3.9x by March 2026
- ~50% India container port market share
Why this matters
Reviving foreign credit access reopens the window for offshore bond raises, infra JVs, and bolt-on port or cement M&A that were frozen during the regulatory cloud.