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Adani Enterprises Limited — Q4 FY25
Adani Enterprises reported FY25 consolidated revenue of INR 1,365 crore (up 2% YoY) and EBITDA of INR 16,722 crore (up 26% YoY), driven by strong performance in incubating businesses.
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Adani Enterprises reported FY25 consolidated revenue of INR 1,365 crore (up 2% YoY) and EBITDA of INR 16,722 crore (up 26% YoY), driven by strong performance in incubating businesses. The emerging core infra portfolio saw income rise 42% to INR 34,546 crore and EBITDA up 68% to INR 10,025 crore. Green hydrogen EBITDA surged 108% to INR 4,776 crore, while airport EBITDA grew 43% to INR 3,480 crore. Mining services dispatch volume increased 40% to 43.3 MMT. Management guided for FY26 CapEx of ~INR 36,000 crore, with copper smelter ramp-up over 180 days and airport EBITDA run-rate expected to reach INR 4,500-5,000 crore. Risks include elevated working capital from copper inventory buildup and potential tariff order delays for Mumbai airport.
आदानी एंटरप्राइजेज ने वित्त वर्ष 2025 में कुल कमाई 1,365 करोड़ रुपये (पिछले साल से 2% ज्यादा) और परिचालन मुनाफा 16,722 करोड़ रुपये (26% ज्यादा) दर्ज किया। यह नए कारोबारों के अच्छे प्रदर्शन से हुआ। मुख्य बुनियादी ढांचा कारोबार से आय 42% बढ़कर 34,546 करोड़ रुपये और मुनाफा 68% बढ़कर 10,025 करोड़ रुपये हुआ। ग्रीन हाइड्रोजन से मुनाफा 108% बढ़कर 4,776 करोड़ रुपये और हवाई अड्डों से मुनाफा 43% बढ़कर 3,480 करोड़ रुपये रहा। खनन सेवाओं का उत्पादन 40% बढ़कर 4.33 करोड़ टन हुआ। कंपनी ने अगले साल 36,000 करोड़ रुपये निवेश का लक्ष्य रखा है। तांबा संयंत्र 180 दिनों में पूरी क्षमता पर आ जाएगा और हवाई अड्डों का मुनाफा 4,500-5,000 करोड़ रुपये तक पहुंचने की उम्मीद है। जोखिमों में तांबे के स्टॉक से ज्यादा कर्ज और मुंबई हवाई अड्डे के टैरिफ में देरी शामिल है।
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Elevated working capital from copper inventory buildup
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Incubating Portfolio EBITDA
INR 10,025 Cr
+68% YoY
EBITDA from emerging core infra businesses grew 68% YoY, now exceeding AEL's FY23 consolidated EBITDA.
Green Hydrogen EBITDA
INR 4,776 Cr
+108% YoY
Green hydrogen ecosystem EBITDA more than doubled, reflecting strong execution in the energy transition segment.
Airport EBITDA Run-Rate
INR 1,000 Cr/quarter
+43% YoY
Airport business achieved a quarterly EBITDA run-rate of ~INR 1,000 crore, with all PPP airports now EBITDA breakeven.
Mining Services Dispatch Volume
43.3 MMT
+40% YoY
Dispatch volume from mining services contracts increased 40% YoY, driven by higher demand from coal and iron ore clients.
What Changed vs Last Quarter
NEW
Copper smelter to reach full run-rate by Q3 FY26
The copper smelter is expected to ramp up over the next 180 days and achieve full run-rate by Q3 FY26, with inventory buildup normalizing thereafter.
NEW
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.
NEW
Mining services dispatch volume to reach ~60 MMT in 18 months
Mining services dispatch volume is expected to increase to approximately 60 million metric tons over the next 18 months, driven by user demand.
UPDATED
FY26 CapEx of ~INR 36,000 crore
Management guided for capital expenditure of approximately INR 36,000 crore in FY26, with major allocations to green hydrogen (INR 5,500 crore), airports (INR 10,500 crore), roads (INR 6,200 crore), and PVC (INR 9,000 crore).
DROPPED
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.
DROPPED
Navi Mumbai Airport commercial launch in April 2025
Formal completion and tariff filing expected in March, with provisional tariffs in place.
DROPPED
Copper business to reach peak utilization by Q1 FY26
Ramp-up expected to complete in the next financial year.
NEW RISK
Elevated working capital from copper inventory buildup
Working capital increased due to inventory buildup at the copper smelter during ramp-up, which could pressure cash flows if ramp-up is delayed.
NEW RISK
Mumbai airport tariff order delay
The tariff order for Mumbai airport is expected by June 2025, but any delay could impact revenue visibility and regulatory asset base returns.
NEW RISK
Forex volatility impacting P&L
FX volatility from USD-denominated businesses has elevated interest expense and impacted PBT, though management notes minimal cash flow impact.
NEW RISK
PVC business CapEx and timeline uncertainty
Management deferred providing details on PVC business CapEx incurred and timeline, creating uncertainty around project execution and cost overruns.
RISK GONE
Regulatory delays in PVC project
Capex of INR 7,000 crore deferred due to pending approvals, pushing completion to CY27.
RISK GONE
Competitive pressure in solar module market
EBITDA margins normalized as module realizations declined; DCR vs export margin differential is low single digits.
RISK GONE
IRM volume decline due to domestic coal availability
IRM volumes dropped as customers sourced cheaper domestic coal; recovery uncertain.
RISK GONE
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.
🤫 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, Q2 FY25, Q3 FY25
Formal completion and tariff filing expected in March, with provisional tariffs in place.
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 Q3 FY25, Q4 FY24
Ramp-up expected to complete in the next financial year.
Mentioned in Q1 FY25, Q3 FY24
Parsa mine targeted by March 2025, but other commercial mines remain in early stages with no clear timeline.
Fast read
Guidance and risk preview
Management guided for capital expenditure of approximately INR 36,000 crore in FY26, with major allocations to green hydrogen (INR 5,500 crore), ai...
Working capital increased due to inventory buildup at the copper smelter during ramp-up, which could pressure cash flows if ramp-up is delayed.
View Risks →