Adani Enterprises Ltd.

“Adani Enterprises is a structurally levered infrastructure incubator operating in genuinely attractive Indian sectors, but the investment case is fatally compromised by an active US DOJ criminal indictment of the chairman, 5.5–6x net debt/EBITDA with negative free cash flow, ROIC well below cost of capital, a 43.9x forward earnings valuation at a 2–3x premium to peers, and governance opacity that makes minority shareholder outcomes unpredictable — the combination of high risk of permanent impairment and expensive valuation leaves no basis for ownership.”