Adani Enterprises Management Guidance Tracker

Total capital expenditure for Adani Enterprises in FY24 is guided at $3.7 billion, with $1.1 billion for airports, $1.7 billion for roads, $300 million for green hydrogen, and $200 million for data centers.

Total CapEx across AEL's ecosystem expected to jump from ~INR 33,600 crore in FY24 to ~INR 92,000 crore in FY25, driven by green hydrogen and airports.

Majority allocated to ANIL and airports (INR 50,000 crore), roads (INR 12,000 crore), PVC (INR 10,000 crore), and data centers (INR 5,000 crore).

A QIP program has been announced to fund equity requirements for Adani New Industries, to be executed at the earliest.

Management guided for full-year CapEx of approximately INR 67,000 crore, with ~60% allocated to green electron generation (solar/wind) for green hydrogen.

Due to timing shifts in ANIL ecosystem (INR 28,000 crore) and Navi Mumbai Airport (INR 11,000 crore) moving to next year.

Management guided for capital expenditure of approximately INR 36,000 crore in FY26, with major allocations to green hydrogen (INR 5,500 crore), airports (INR 10,500 crore), roads (INR 6,200 crore), and PVC (INR 9,000 crore).

Management maintained consolidated CapEx guidance of INR 35,000 crore for FY26, with airports (INR 10,000 crore), petchem (INR 9,000 crore), and roads (INR 6,200 crore) as major components.

Management guided for full-year CapEx of approximately INR 36,000 crore, with airports receiving INR 10,500 crore, roads INR 6,000 crore, and materials INR 9,000 crore.

CapEx plan for FY27 is approximately INR 40,000 crore, with INR 17,000 crore for airports, INR 9,000 crore for PVC, and INR 4,000 crore for natural resources.

IRM volumes are expected to exceed 17 million metric tons for FY24, subject to coal demand in India.

Mining services volume target for FY24 is approximately 35 million metric tons.

Targeting 90% capacity utilization on 4 GW module capacity, with exports comprising ~70%.

The 4 GW solar cell and module capacity is fully booked for the current financial year.

Three HAM road projects are expected to be completed within the current financial year.

The airport is 40-45% complete and on schedule to be finished by Q4 2024.

The copper project is on schedule to be completed in the first calendar quarter of 2024.

The greenfield airport is on track for completion and operationalization by March 2025.

Management expects to reach full 10 GW capacity from polysilicon to module by end of FY26.

The southern runway was tested; commercial operations expected in the second calendar quarter of 2025.

The coal-to-PVC project remains on schedule for December 2026 commissioning, with potential minor delays due to monsoons.

Formal completion and tariff filing expected in March, with provisional tariffs in place.

Navi Mumbai Airport expected to receive operational clearances around October 2025, with ramp-up to capacity within six months.

Greenfield Ganga Expressway project is 85% complete and expected to be completed in the second half of FY26, with EBITDA contribution from next fiscal year.

The greenfield Navi Mumbai Airport is expected to commence operations in the current quarter (Q3 FY26).

The additional 6 GW module and cell line is on track for commissioning by June 2026.

The new 6 GW cell and module manufacturing line is expected to be ready and producing by September 2026, with total CapEx of INR 10,000 crore.

Financial close for the coal-to-PVC project is expected within FY24.

Management targets leverage below 4x, with modular CapEx generating EBITDA as projects complete.

Airport business expected to be technically ready for demerger by 2027, subject to board approvals, with shares distributed to AEL shareholders.

A partly paid rights issue of INR 25,000 crore was approved to fund growth in airports, roads, and Adani New Industries.

Airport management expects the business to be ready for demerger around 2027-28, subject to AEL board decision.

The integrated green hydrogen ecosystem pilot plant is on schedule for FY2027.

Management is confident of achieving 40 million tons of coal production in FY25, with all necessary permissions now in place.

Solar module capacity expected to reach 4.5 GW by end of FY25, with Windtech at 1.5 GW.

First phase of green hydrogen capacity is 1 million ton, with a modular approach; detailed outlook expected by September 2024.

Kutch Copper will commission all units by end of FY25, achieving full capacity in FY26.

MDO dispatch volume guidance lowered from 45 to ~40 million tons for FY25, with FY26 expected around 50 million tons.

Proceeds will enable up to INR 70,000 crore investment in core infra businesses at 15-18% returns.

Ramp-up expected to complete in the next financial year.

The copper smelter is expected to ramp up over the next 180 days and achieve full run-rate by Q3 FY26, with inventory buildup normalizing thereafter.

Airport EBITDA is expected to reach a run-rate of INR 4,500-5,000 crore in coming quarters, with detailed segmental reporting starting from H1 FY26.

Mining services dispatch volume is expected to increase to approximately 60 million metric tons over the next 18 months, driven by user demand.

Kutch Copper ramp-up is expected to reach full utilization over the next 2-3 months, with meaningful EBITDA contribution starting Q1 FY27. At 70-80% utilization, it will add INR 2,800-3,100 crore EBITDA annually.

The Ganga Expressway (INR 18,000 crore asset) is set to go live in the current quarter, expected to double road segment EBITDA from ~INR 1,500 crore to ~INR 3,000 crore.

Navi Mumbai Airport, which commenced operations on December 25, 2025, is expected to contribute approximately INR 2,000 crore to EBITDA on a normalized run-rate basis.

Navi Mumbai Airport, Kutch Copper, and Ganga Expressway are expected to add over INR 3,000 crore EBITDA in FY27.

Management expects high double-digit growth (close to 20%) in mining services dispatch volume next year.