Adani Enterprises Limited — Q2 FY25
Adani Enterprises reported its highest-ever half-year EBITDA of INR 8,654 crore, driven by a 85% YoY surge in emerging core infra businesses (airports, roads, green hydrogen, da...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered1Evaded / deflected10Questions auditedContradictedNumbers vs filing
Answered
High priority
What is the full year CapEx guidance and segmental breakdown?
Asked by Prateek Kumar, Jefferies
Management provided specific segmental CapEx numbers and explained the cyclicality.
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Question
how are we looking at CapEx now for full year? Because earlier you were anticipating a much larger CapEx for the full year. How are we looking at CapEx for the full year and segmental CapEx also?
Robbie Singh, CFO
In the New Industries, we expect the full year CapEx to be around 28 thousand. On the airport side, a number close to completing the Navi Mumbai airport included around 16 thousand. And we expect the roads to complete on schedule with a CapEx of roughly around 12 thousand.
Partial answer
High priority
Timeline for renewable projects: backward integration, module capacity, green hydrogen pilot.
Asked by Prateek Kumar, Jefferies
Provided some timelines but deferred detailed updates to future quarters.
deferred to next yearno specific capacity targets given
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Question
regarding the renewable segment, the new energy segment, can you also lay out the timeline of projects, like backward integration, module capacity expansion, where we are and where, when do we like look at pilot projects for green hydrogen and electrolyzers?
Robbie Singh, CFO
the manufacturing, with the exception of foundry, is now practically up and running. Electrolyzer, we have started the work, and we expect to give you an update as to how that work is proceeding in terms of construction and development of the electrolyzer facility by March next year.
Evasive
High priority
Capacity targets for ANIL segment given large CapEx.
Asked by Prateek Kumar, Jefferies
Instead of giving capacity targets, management listed CapEx categories without answering the question.
reframed the questionno capacity targets given
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Question
So this is going toward the expansion to capacity, to what number? That's what I was asking. So in terms of milestones, in terms of capacity targets.
Robbie Singh, CFO
There are Adani green hydrogen business, we have four types of CapEx. The manufacturing ecosystem CapEx, which you are referring to, then the green hydrogen development CapEx, then the electrolyzer CapEx, and then the downstream CapEx.
Answered
Medium priority
Airline traction and city side development at Navi Mumbai Airport.
Asked by Prateek Kumar, Jefferies
Provided specific timelines for airport opening and city side development.
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Question
how are we looking at airline traction or the start of flights from that airport by March twenty-five, and the city side development projects which we are, like, looking to develop at, like, three airports to start with?
Robbie Singh, CFO
Navi Mumbai Airport should kick in, like you rightly pointed out, in the second calendar quarter of next year. The first of our pure city side development to come online by twenty twenty-six.
Partial answer
Medium priority
Plans for AI data centers supporting high-density chips.
Asked by Brett Knoblauch, Cantor Fitzgerald
Acknowledged readiness but deferred detailed presentation to May next year.
deferred to next yearno specifics on talks or capacity
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Question
Do you guys have any plans to build data centers to support the higher density chips of NVIDIA and AMD that are coming to market? And have you had any kind of talks surrounding that?
Robbie Singh, CFO
we are fully geared up for that both from energy supply point of view, from land, from other connectivities and civil infrastructure point of view for the AI data center.
Answered
Low priority
Interest in entering AI supply chain or market.
Asked by Brett Knoblauch, Cantor Fitzgerald
Clearly stated no interest in AI supply chain and explained focus on internal digital services.
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Question
would getting into anywhere on the AI supply chain or that market be interesting to you guys?
Robbie Singh, CFO
Not the AI supply chain, but you know, we have two large service businesses within AEL, which is our Adani Digital Labs and our Global Capability Center.
Partial answer
Low priority
External market outlook for solar panels and wind turbines sales.
Asked by Gaurav Birmiwal, Axis Mutual Fund
Gave a general view but no specific market outlook or numbers.
no specific market datavague on external demand
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Question
I just wanted your thoughts on the external market outlook for the sales of our solar panels as well as wind turbines that we're manufacturing, sorry.
Robbie Singh, CFO
demand remains relatively stable. I think over a period of time, we expect this capacity to actually our installed capacity itself to double.
Answered
Medium priority
Reason for sequential moderation in ANIL segment.
Asked by Gopal Nawandhar, SBI Life Insurance
Explained the moderation due to order spillovers and provided current order book and capacity.
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Question
there is a sequential moderation on the segment was a bit on ANIL. So can you just give some update on that, why it is so?
Robbie Singh, CFO
Sometimes we have order spillovers, which come after the balance date, which was in the first quarter. So the order book is now tracking at about 1 gigawatt, just over one giga, 1.1 gigawatt, and capacity is 4.5.
Answered
Medium priority
Reason for EBITDA improvement in road assets despite flat revenue.
Asked by Gopal Nawandhar, SBI Life Insurance
Clearly explained the accounting reason for EBITDA improvement.
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Question
there is a improvement in the quarter on quarter and year on year. In terms of revenue, sequentially, there is no change. So what is driving this change, sir?
Robbie Singh, CFO
That is just an accounting artifact, where the EBITDA numbers now recorded, because COD date has been achieved.
Answered
Medium priority
Reason for drop in interest expense despite rising net debt.
Asked by Gopal Nawandhar, SBI Life Insurance
Quantified the FX gain and explained the impact on interest expense.
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Question
There is a drop sequentially and year-on-year also, whereas we have seen net debt going up. So how should we see it, sir?
Robbie Singh, CFO
we do have FX-based borrowing, so there was some FX gain that is reflected in the rates. Approximately INR 200 crore.
Partial answer
High priority
CapEx split for ANIL over next three years across four categories.
Asked by Aditya Bhartia, Investec Capital Services
Provided two-year total and rough split but deferred three-year details.
only two-year viewno three-year splitdownstream number tentative
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Question
How much CapEx are we envisioning for the next three years, and how would you broadly split this CapEx into the four categories that you mentioned, manufacturing, green hydrogen, development, on-site electrolyzer and downstream CapEx?
Robbie Singh, CFO
We expect that we would have a CapEx, this year included, plus the next year, roughly around the 56,000 crore mark. Of this, majority, you can assume that about 60% of this, or maybe slightly higher than 60% of this, will be in the generation of the green electron.
Answered
Medium priority
Rationale for acquiring ITD Cementation.
Asked by Aditya Bhartia, Investec Capital Services
Clarified that AEL is not the acquirer and explained the rationale for the subsidiary.
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Question
about Adani Enterprises, looking to acquire ITD Cementation. Just wanted to understand, what's the rationale of, exploring, buying a construction company?
Robbie Singh, CFO
AEL is not doing that at all. It's the wrong media article, because that is, we have a company called Adani Infra (India) Limited. Which is our construction and insurance arm. That is the entity that is buying this construction.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| WTG sales revenue in Q2 FY25 is INR 300 crore. | ₹300 cr | ₹22,608 cr | Understated vs filing |
| WTG sales revenue in H1 FY25 is INR 1,000 crore. | ₹1,000 cr | ₹22,608 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.