Adani Enterprises Limited — Q3 FY26
Adani Enterprises reported strong operational momentum in Q3 FY26, driven by airport and solar manufacturing segments.
bullish
medium
✓ 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.
67%Questions answered3Evaded / deflected12Questions audited
Deflected
High priority
Asked for defense business top line and investment details.
Asked by Mahesh Patil, ICICI Securities
Management deferred the answer to a later period instead of providing current data.
deferred to future results
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Question
Is it possible to help with the top line and the investment we have done till date in defense business?
Robbie Singh, CFO
We will update on defense fully, as a segment, in detail from the first half of next year, so post the September results.
Answered
Medium priority
Asked about commissioning timeline for 60W cell and module line.
Asked by Mahesh Patil, ICICI Securities
Provided a specific date for commissioning.
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Question
On the 60 watts cell and module line, when do we expect the commissioning of this line?
Robbie Singh, CFO
The new lines will be expected to be ready by 30th September this year.
Answered
Medium priority
Asked about tax impact on gains booked this quarter.
Asked by Mahesh Patil, ICICI Securities
Provided a clear tax rate.
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Question
On the gains that you have booked in this quarter, what is the tax impact for these gains?
Robbie Singh, CFO
It will be taxed at 15%.
Answered
Medium priority
Asked about commissioned assets in airport business over last 12 months.
Asked by Mahesh Patil, ICICI Securities
Clearly stated no new commissioned assets except Navi Mumbai.
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Question
The assets commissioned in the airport business over the last 12 months.
Robbie Singh, CFO
There's no commissioning as such on airport. Airport, only asset we added was Navi Mumbai Airport. Operating airports only.
Answered
High priority
Asked about modeling Navi Mumbai Airport and potential losses.
Asked by Mahesh Patil, ICICI Securities
Provided detailed modeling guidance and confirmed no losses expected.
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Question
For this Navi Mumbai Airport, for FY 27, aero and non-aero side, how one should model for this? And do you expect losses in the interim till the traffic picks up?
Robbie Singh, CFO
No, airport is a regulatory asset, so there's no question of any losses. On the air side, the way to model it is to take the regulatory asset base. Provisionally, it will be close to INR 20,000 crore. On the regulatory asset, the weighted average rate of returns is expected to be around 12%-14%.
Partial answer
High priority
Asked about airport business growth slowdown and legacy business improvement.
Asked by Manish Somaiya, Cantor Fitzgerald
Addressed airport growth but did not give a timeline for legacy business improvement.
attributed to one-time adjustmentdid not address legacy business timing
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Question
I see that the growth slowed from the second quarter to the third quarter. Maybe if you can just talk about that, and then also just touch on when we should start seeing any improvements in the integrated resource management, mining.
Robbie Singh, CFO
No, actually, the growth is well over 30%. It's just that, we have, the numbers that we mentioned, we've taken out a one-time element. There's no specific issue regarding IndiGo.
Evasive
High priority
Asked about data center partnership with Google and spending details.
Asked by Manish Somaiya, Cantor Fitzgerald
Acknowledged the question but provided no specifics, deferred to later.
no details givendeferred to future
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Question
If you can just touch on, the data center, partnership with Google. I believe on the last call, we had talked about the partnership, and I think, you'd mentioned that, you would give more details around spending and, other metrics, hopefully on this call.
Robbie Singh, CFO
We are just currently working through with the relevant agreements, and so they are, you know, there's nothing that we can share which would will be complete. Probably say it's about another quarter to four months away before we can we'll be able to publicly share the rollout plans.
Answered
High priority
Asked for pro forma capital structure and debt details.
Asked by Manish Somaiya, Cantor Fitzgerald
Provided specific debt figures and offered to publish pro forma later.
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Question
If you can just give us a sense of, you know, what the debt stack looks like at this point?
Robbie Singh, CFO
Our total external debt now is roughly around 36, just over INR 36,000 crore, external debt. And then, we have, sorry, 36 that is allocated to our incubating businesses. And overall, just to give you a basic long-term debt number, the gross long-term debt is about INR 78,000 crore.
Answered
Medium priority
Asked about non-recurring item in airport EBITDA and its nature.
Asked by Pratik Kumar, Jefferies
Provided the exact amount and explanation.
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Question
There's a mention of non-recurring item also in that number, related to lease income. What is that number?
Robbie Singh, CFO
INR 220 crore one-off. This is largely, like, for the specialist hangar development and advance received against that.
Evasive
High priority
Asked about Navi Mumbai Airport passenger run rate and FY27 volumes.
Asked by Pratik Kumar, Jefferies
Did not provide current run rate or FY27 outlook, deferred to later.
deferred to annual results
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Question
How has the run rate of passengers improved? And how are you looking at FY 2027 in terms of volumes for Mumbai and Navi Mumbai combined airports?
Robbie Singh, CFO
I think we will actually the volume details and movement, we will confirm and we'll provide between the two airports as part of our annual results.
Answered
High priority
Asked about road segment EBITDA ramp-up with Ganga Expressway.
Asked by Pratik Kumar, Jefferies
Provided specific EBITDA doubling guidance.
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Question
With the commissioning of Ganga Expressway, soon, how do you expect this business to ramp up in FY 2027?
Robbie Singh, CFO
Ganga Expressway should just double the size of EBITDA of this business. INR 1,500 EBITDA, that is, sort of run rate. We will be closer to INR 3,000 with Ganga Expressway.
Partial answer
High priority
Asked about coal to PVC project timeline and CapEx incurred.
Asked by Pratik Kumar, Jefferies
Provided timeline and CapEx incurred but not total project CapEx.
total CapEx not disclosed
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Question
On your coal to PVC timelines, and can you discuss, where is that project? How much is the capital employed till now? What is the total project CapEx and the timeline?
Robbie Singh, CFO
From a revenue perspective, you should look at calendar year 2028. Completion point of view, base completion towards end of this year and then ramp up. Currently our CapEx that has already been expensed on that business is in the vicinity of about INR 9,000 crore, so just over a third of the CapEx.