Adani Enterprises Limited — Q3 FY25
Adani Enterprises reported strong operational momentum in Q3 FY25, driven by its incubating infrastructure businesses.
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.
58%Questions answered2Evaded / deflected12Questions audited
Partial answer
High priority
Status of Navi Mumbai Airport and how aero charges will be booked initially.
Asked by Mahesh Patil, ICICI Securities
Gave status and provisional tariff concept but no specific revenue booking details.
no specific revenue booking methoddeferred details to May presentation
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Question
So my question is on the Navi Mumbai Airport. So if you could just highlight the current status of this airport. And the follow-up question would be, in initial days, till the tariff rates decided, how will the revenues booked, the aero charges here?
Jugeshinder Singh, CFO
I think the status is we are pretty much on track because of logistics and everything. They are trying to formalize the formal launch date, which will sometimes be in April. Now, the tariff order will get determined, but in the meantime, you are able to charge provisional tariff...
Partial answer
High priority
Solar manufacturing order book and US market outlook.
Asked by Mahesh Patil, ICICI Securities
Provided run rate and capacity but no order book figure; US answer vague.
no order book number givenUS market impact minimized without specifics
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Question
And sir, another question is on the solar manufacturing side. So how do you think about solar manufacturing as our order book currently? And how do you think about the U.S. market given the recent event that has happened?
Jugeshinder Singh, CFO
I think there we are pretty much at our current run rate of about one gigawatt. So we are pretty much at full capacity there already. Eventually, as we have already said before, their final target is to have 10 gigawatt of capacity. But today, our actual capacity, we are practically at 100%, which is roughly about 4.5 gigawatt annual.
Declined
High priority
Airports EBITDA breakdown between Mumbai and other six airports.
Asked by Prateek Kumar, Jefferies
Explicitly declined to provide breakdown, promised to share later.
deferred to later noterefused to give number on call
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Question
Firstly, on your airports EBITDA has moved from INR 744 crore in Q2 to INR 1,100 crore in Q3. How is this EBITDA change in Mumbai quarter to quarter and the six airports quarter to quarter?
Jugeshinder Singh, CFO
We can take this question specifically on notice. We have the detail, but I don't want to just give you a rough number. Prateek, if you don't mind, we'll put this number up as a note, and we'll share with you.
Answered
High priority
Whether tariff orders for five airports are fully baked in Q3.
Asked by Prateek Kumar, Jefferies
Confirmed directly that tariff impact is fully reflected in Q3.
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Question
The impact of tariff orders on five airports is now completely baked in this quarter, or is more of it expected? I know for one of the airports, it's still not there, and of course, for Navi Mumbai, it's not there. But yeah, I mean, for the remaining five, it's all baked in.
Jugeshinder Singh, CFO
Five airports, Prateek, it's baked in this quarter. So in this quarter's numbers, you see the impact of the tariff change.
Partial answer
High priority
Timing of remaining 30% stake sale in Adani Wilmar.
Asked by Prateek Kumar, Jefferies
Gave a wide range for approvals, not a definitive close date.
no specific timeline givenrange provided instead of firm date
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Question
And in terms of that Adani Wilmar deal, while the 10% stake has been sold already, the remaining 30% stake, is it expected to close within this financial year?
Jugeshinder Singh, CFO
It is largely the agreement is done. The agreement is subject to various antitrust approvals, the competition approvals. Now, they generally can be completed within sort of six weeks to, say, 30 weeks. So we expect somewhere in that range that all the competition approvals will be completed.
Answered
High priority
Net debt and cash position, and CAPEX for nine months and full year.
Asked by Prateek Kumar, Jefferies
Provided specific cash and debt numbers, and CAPEX guidance with breakdown.
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Question
Currently, on your leverage position, so in this quarter, we have not given the net debt number for quarter ending because we have not given cash number. What is the net debt number or cash number, whichever number you can give? And the question is the CAPEX for nine months and the full year CAPEX target for the company.
Jugeshinder Singh, CFO
The net external debt is 46, non-current debt is 46,858, and cash on balance sheet is 5,800 crore. ... So in the CAPEX, the only CAPEX that we have a slight variation ... our CAPEX on the rest of the business is on track. So we had highlighted guideline of around about INR 80,000 crore, and our planning is at INR 69,562 crore.
Partial answer
High priority
Sequential drop in module exports, DCR market view, and 10 GW target timeline.
Asked by Naman Jain, Kotak Institutional Equities
Addressed timeline and margin but gave generic reasons for export drop.
no specific export volume explanationDCR margin vague
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Question
Actually, I have a few questions primarily on the ANIL ecosystem. Firstly, there has been a sequential drop in exports when it comes to modules. So if you can elaborate on that. Second, how do you see the realization in the domestic DCR market, and what's your view going forward? Third, the 10-gigawatt target which you were looking for, is it still 2028, or are we preponing that?
Jugeshinder Singh, CFO
I think that just the 10-gigawatt is as originally planned. It would not be preponed. ... In relation to the sequential change, that is how the customers' scheduling worked. ... So I think, if I understand your question correctly, the margin between DCR and exports is roughly in single digits, low single digits.
Answered
Medium priority
WTG sales and EBITDA for the year.
Asked by Naman Jain, Kotak Institutional Equities
Provided specific nine-month income and EBITDA figures.
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Question
And just one last question. If you can share the WTG sales and EBITDA for the year, that will be helpful.
Jugeshinder Singh, CFO
Yeah. So WTG, the wind manufacturing, the total income for the nine months is roughly 1,700. And the EBITDA is around, actually, close to 340 crores.
Partial answer
Medium priority
Reason for margin change in solar manufacturing despite improved realization and efficiency.
Asked by Deval Shah, RBSA Investment Managers
Explained margin normalization but did not quantify impact or confirm WTG dilution.
attributed to normalization without specificsno quantification
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Question
So while we have reported revenue growth of 38% and EBITDA of 34%, and on subsequent slide, it is mentioned that the realization and the operating efficiency both have increased. So just wanted to understand. So is it because of the higher proportion of the WTG which has reduced the margin or, I would say, diluted the margin?
Jugeshinder Singh, CFO
I think the margin question is, if you go back to our previous presentation, the margin largely is in line with what we had indicated at that time, that the excessive margin of previously will not be continued largely because of the fact that the realization of the modules is now more normalized than the number that was there previously.
Answered
High priority
Need for equity raising in FY26 given CAPEX shift and Wilmar sale.
Asked by Dhananjay Mishra, Sunidhi Securities
Clearly stated no specific need for additional equity in FY26.
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Question
So in terms of our ongoing CAPEX, so in view of a slight shift on CAPEX on the ANIL ecosystem front, and then we are expecting close to INR 10,000 crore again from Wilmar sale next year. And INR 70,000 crore, we can go with that. So our QIP plan for equity raising, that will do we need really in FY26, or it can be delayed in FY26?
Jugeshinder Singh, CFO
That is largely because as a process, we take enabling approvals. But you are right. In the short term, no, there is no specific need. But our run rate equity requirements will continue broadly. But we will renew that approval if required, but no specific additional need outside of what we have already raised.
Declined
High priority
CAPEX guidance for FY26 and FY27.
Asked by Bhavik Shah, MK Ventures
Explicitly declined to give CAPEX forecast for next two years.
deferred to annual updaterefused to provide forward guidance
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Question
So what I understand is that current year, CAPEX will be at around INR 30,000 crore. So can you help us with the CAPEX for next two years, say FY26 and FY27? How much will be our CAPEX for next two years?
Jugeshinder Singh, CFO
I think we will not be able to specifically answer this question for this quarter because we update that annually. I mean, we can attempt to give you a broad, but I don't want to hazard a guess till we complete our process to go through the planning for the next 12 months, which would be in May.
Partial answer
Medium priority
Whether IRM volume drop is one-off or will persist.
Asked by Giriraj Daga, Visaria Family Trust
Explained reason but gave no quantitative outlook or recovery timeline.
no specific timeline for recoveryqualitative only
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Question
So my first question is on the IRM side. So we are seeing material drop in the volume and earnings per se. Would you say this is just one-off thing, and it will come back to the normal run rate, or for next few quarters, we will settle somewhere in between?
Vinay Prakash, Director and CEO of Natural Resources Business
So as far as the IRM business is concerned, as we have been saying in the past also, we consider it also as a service function where we are actually supplying the fuel need of our customers. So considering that there is a good domestic coal availability for customers, the market has come down. ... it will have similar type of figures for at least a few quarters, but then it has to go up.