Adani Enterprises Completes Acquisition of Gujarat Toll Road Asset

Key Highlights • Adani Road Transport Limited (ARTL) acquired 100% stake in DPJ TOT Toll Roads Pvt Ltd • Acquisition completed March 10, 2026, after an initial 51% purchase in February 2026 • Enterprise value: up to ₹1,342 crore (as of Sept 30, 2025), paid in cash • DPJ TOT operates a toll, operation, maintenance and transfer concession on NH-27 in Gujarat Financial Snapshot of DPJ TOT • FY23 Revenue: ₹122 crore • FY24 Revenue: ₹143 crore • FY25 Revenue: ₹147 crore Why It Matters The acquisition strengthens Adani Enterprises’ road infrastructure portfolio and provides stable long-term cash flows from toll-based assets. Learning Outcome Infrastructure acquisitions often help companies build predictable revenue streams through concession-based assets. Investors should evaluate traffic growth potential, concession tenure, and project returns.