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Adani Enterprises Margin Trend — Quarter by Quarter

Adani Enterprises's EBITDA margin moved from 11.0% in Q1 FY24 to 12.0% in Q4 FY26 across 8 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2612.0%—
Q1 FY2615.0%—
Q4 FY2514.0%—
Q1 FY2515.0%—
Q4 FY2411.0%—
Q3 FY2413.0%—
Q2 FY2412.0%—
Q1 FY2411.0%—

What management said about ebitda margin

G

Q4 FY26 · Incremental EBITDA of INR 3,000 crore in FY27

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

G

Q3 FY26 · Kutch Copper full utilization in 2-3 months, EBITDA contribution from Q1 FY27

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.

G

Q3 FY26 · Ganga Expressway to go live next quarter, doubling road EBITDA

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.

G

Q3 FY26 · Navi Mumbai Airport to add ~INR 2,000 crore EBITDA annually

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.

G

Q1 FY26 · Ganga Expressway completion in H2 FY26

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.

G

Q4 FY25 · Airport EBITDA run-rate to reach INR 4,500-5,000 crore

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.

G

Q4 FY24 · Net debt/EBITDA below 4x for FY25

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