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Adani Enterprises Limited — Q3 FY25
Adani Enterprises reported strong operational momentum in Q3 FY25, driven by its incubating infrastructure businesses.
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Adani Enterprises reported strong operational momentum in Q3 FY25, driven by its incubating infrastructure businesses. The ANIL ecosystem EBITDA surged 121% to INR 3,666 crore for the nine-month period, with module sales at a run rate of 1 GW per quarter. Airport EBITDA grew 43% to INR 2,527 crore, supported by a 7% increase in passenger volume to 69.7 million. Consolidated nine-month EBITDA reached INR 12,377 crore, nearly matching the full-year FY24 figure. The mining services business saw dispatch volume rise 55% to 11.8 million tons, with EBITDA up 148%. Management highlighted the Adani Wilmar stake sale, which will generate ~INR 14,200 crore post-tax equity, enabling up to INR 70,000 crore investment in core infra at 15-18% returns. Capex guidance for FY25 was revised to ~INR 30,000 crore due to timing shifts in the ANIL ecosystem and Navi Mumbai Airport. Risks include potential delays in regulatory approvals for the PVC project and competitive pressure in the solar module market.
अडानी एंटरप्राइजेज ने तीसरी तिमाही में अच्छी कमाई दिखाई। इसकी नई इंफ्रास्ट्रक्चर कंपनियां तेजी से बढ़ रही हैं। ANIL समूह का मुनाफा (EBITDA) 121% बढ़कर 3,666 करोड़ रुपये हो गया। हर तिमाही में 1 गीगावॉट सोलर पैनल बिक रहे हैं। हवाई अड्डों का मुनाफा 43% बढ़कर 2,527 करोड़ रुपये हुआ, क्योंकि यात्री संख्या 7% बढ़कर 6.97 करोड़ हो गई। कुल मिलाकर नौ महीने का मुनाफा 12,377 करोड़ रुपये रहा, जो पिछले पूरे साल के बराबर है। कोयला खनन में उत्पादन 55% बढ़कर 1.18 करोड़ टन हुआ। कंपनी ने अडानी विल्मर में हिस्सेदारी बेचकर 14,200 करोड़ रुपये जुटाए, जिससे 70,000 करोड़ रुपये नए इंफ्रास्ट्रक्चर में लगाए जा सकेंगे। इस साल खर्च का अनुमान 30,000 करोड़ रुपये रखा गया है। जोखिम में पीवीसी प्रोजेक्ट की देरी और सोलर पैनल बाजार में कड़ी प्रतिस्पर्धा शामिल है।
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ANIL Ecosystem EBITDA (9M)
INR 3,666 crore
+121% YoY
EBITDA for the emerging core infra businesses (ANIL) increased significantly, driven by solar and wind manufacturing.
Airport EBITDA (9M)
INR 2,527 crore
+43% YoY
Airport EBITDA growth supported by tariff revisions and non-aero revenue expansion.
Mining Services Dispatch Volume (Q3)
11.8 million tons
+55% YoY
Dispatch volume increased due to higher production and improved mine mix.
Module Sales Run Rate
1 GW per quarter
flat
Solar module sales are at full capacity utilization of ~4.5 GW annualized.
What Changed vs Last Quarter
NEW
Adani Wilmar stake sale to generate INR 14,200 crore post-tax equity
Proceeds will enable up to INR 70,000 crore investment in core infra businesses at 15-18% returns.
NEW
Copper business to reach peak utilization by Q1 FY26
Ramp-up expected to complete in the next financial year.
UPDATED
Capex for FY25 revised to ~INR 30,000 crore
Due to timing shifts in ANIL ecosystem (INR 28,000 crore) and Navi Mumbai Airport (INR 11,000 crore) moving to next year.
UPDATED
Navi Mumbai Airport commercial launch in April 2025
Formal completion and tariff filing expected in March, with provisional tariffs in place.
DROPPED
MDO volume guidance revised to ~40 million tons for FY25
MDO dispatch volume guidance lowered from 45 to ~40 million tons for FY25, with FY26 expected around 50 million tons.
DROPPED
Coal-to-PVC project commissioning by December 2026
The coal-to-PVC project remains on schedule for December 2026 commissioning, with potential minor delays due to monsoons.
NEW RISK
Regulatory delays in PVC project
Capex of INR 7,000 crore deferred due to pending approvals, pushing completion to CY27.
NEW RISK
Competitive pressure in solar module market
EBITDA margins normalized as module realizations declined; DCR vs export margin differential is low single digits.
NEW RISK
IRM volume decline due to domestic coal availability
IRM volumes dropped as customers sourced cheaper domestic coal; recovery uncertain.
NEW RISK
Non-cash MTM volatility on shareholder loans
INR 1,000 crore MTM loss in Q3 due to USD-denominated loans to mining subsidiaries, impacting reported PBT.
RISK GONE
Monsoon-related CapEx delays
Management noted that monsoon season caused slower CapEx in H1, and a longer monsoon could push back timelines by 6-7 weeks.
RISK GONE
Potential market shifts in solar exports
Management acknowledged that medium-term market shifts could affect solar exports, though they believe the integrated ecosystem provides immunity.
RISK GONE
Order book volatility in solar manufacturing
Sequential moderation in ANIL segment was attributed to order spillovers; order book stands at 1.1 GW vs 4.5 GW capacity, indicating lumpy demand.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q1 FY25, Q2 FY24, Q4 FY24
Realizations above $0.30/W may not sustain; management noted 15-20% premium over domestic but did not guarantee current levels.
Mentioned in Q1 FY25, Q3 FY24, Q4 FY24
Management expects to reach full 10 GW capacity from polysilicon to module by end of FY26.
Mentioned in Q1 FY25, Q3 FY24
Parsa mine targeted by March 2025, but other commercial mines remain in early stages with no clear timeline.
Mentioned in Q1 FY25, Q4 FY24
Net debt rose from INR 32,000 crore in March to INR 36,000 crore in June, driven by capex in roads, airports, and copper.
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Guidance and risk preview
Due to timing shifts in ANIL ecosystem (INR 28,000 crore) and Navi Mumbai Airport (INR 11,000 crore) moving to next year.
Capex of INR 7,000 crore deferred due to pending approvals, pushing completion to CY27.
View Risks →