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 busin...
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 answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Tax impact of Adani Wilmar sale?
Asked by Mohit Kumar, ICICI Securities
Provided specific tax amount of INR 650 crore.
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Question
you've accounted for Adani Wilmar sale in this quarter, right? Is there any impact on the tax because of this sale?
Jugeshinder Singh, CFO
Yes, sir. The increase in the sale proceeds, yes, there will be tax increase and tax will be calculated on that gain, roughly about INR 650-odd crore.
Partial answer
Medium priority
Timeline for solar cell and module expansion to 6 GW?
Asked by Mohit Kumar, ICICI Securities
Answered cell/module timeline but ignored wafer expansion question.
no wafer timeline given
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Question
Depending on the solar cell and module line and wafer, are we expecting ourselves to 6 GW cell and module? Are we not expanding into wafer? What is the timeline for this expansion?
Jugeshinder Singh, CFO
Cell and module line should be ready in the next roughly around financial year 2026 end to 2027.
Evasive
Medium priority
Plan to expand wafer by another 8 GW?
Asked by Mohit Kumar, ICICI Securities
Did not confirm or deny 8 GW wafer expansion; vague ecosystem comment.
no direct yes/noreframed to ecosystem
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Question
Any plan to expand the wafer by another 8 GW?
Jugeshinder Singh, CFO
No, that does not work in that manner. But the entire ecosystem, as we had laid out about three years ago, will be a 10 GW ecosystem once fully completed.
Answered
Medium priority
Uncertainty on solar export sales in FY26?
Asked by Mohit Kumar, ICICI Securities
Clearly denied uncertainty and cited contracts.
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Question
Given the fact that there is so much uncertainty on the solar export, do you think that the capacity to sell in the FY26, especially solar, will move to the domestic industry?
Jugeshinder Singh, CFO
No, we have proper contracts with key partners, so those sales are highly visible to us. There's no uncertainty from that front.
Answered
High priority
Coal mining services volume outlook for FY26-27?
Asked by Mohit Kumar, ICICI Securities
Provided specific volume target of 60 million tons.
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Question
How do you see FY 2026 and FY 2027 on this large base?
Jugeshinder Singh, CFO
we expect that we will be closer to 60 over the next 18 months based on the current demand patterns of the owners and users.
Answered
High priority
Copper smelter ramp-up timeline and ore sourcing challenges?
Asked by Nirav Shah, GeeCee Ventures Limited
Provided ramp-up timeline and addressed ore concerns.
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Question
if you can just guide us in terms of how the ramp-up will take place in the first half, second half, and any challenges in the sourcing front of the ore are we facing right now because of lower supply of the ore globally?
Jugeshinder Singh, CFO
we expect the ramp-up to over the next, say, 180 days. Somewhere around Q3, we expect it to hit the full run rate. Ore is not specifically an issue for us.
Evasive
Medium priority
Impact of lower TCRCs on copper profitability?
Asked by Nirav Shah, GeeCee Ventures Limited
Did not quantify impact; only said conservative estimates.
no specific numbervague 'within range'
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Question
The TCRCs, the lower TCRCs right now will impact something, I mean, from what we had estimated earlier in the profitability front?
Jugeshinder Singh, CFO
No, the way we've done the numbers, our numbers were already hugely conservative in terms of how we were expecting this EBITDA and free cash flow. It is within that range.
Partial answer
High priority
Airport EBITDA breakup and AAHL HoldCo profitability?
Asked by Nirav Shah, GeeCee Ventures Limited
Gave breakup but not the absolute HoldCo EBITDA number.
no full-year HoldCo EBITDA given
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Question
if we can give a broad breakup of EBITDA between Mumbai and non-Mumbai, and for the full year, how much has the airport AAHL HoldCo done in terms of EBITDA?
Jugeshinder Singh, CFO
out of the EBITDA of about INR 4,000 crore, about 45% is MIAL, which is Mumbai airport. The rest is our total ecosystem of other airports which sit under AAHL.
Answered
High priority
Wind turbine revenue and EBITDA for Q4?
Asked by Nirav Shah, GeeCee Ventures Limited
Provided exact revenue and EBITDA figures.
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Question
revenue and profitability number of wind turbines for this Q4.
Jugeshinder Singh, CFO
EBITDA of wind turbines itself is around for the quarter itself is INR 274 crores. Revenue is INR 1,200 crores, round-figure. Precisely INR 1,188 crores.
Answered
High priority
Reason for elevated working capital and debt?
Asked by Prateek Kumar, Jefferies
Explained inventory buildup and provided timeline.
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Question
working capital, which has been very elevated in the year-end results, also resulting into overall increase in debt position for the year-end number. Any specific reason there?
Jugeshinder Singh, CFO
as copper plant is ramping up, therefore there's an inventory buildup. It is nothing alarming from that point of view. It will get washed out as the ramp-up occurs over the next 180 days.
Answered
High priority
CapEx guidance for FY26 and segmental breakdown?
Asked by Prateek Kumar, Jefferies
Provided specific CapEx numbers for current and next year.
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Question
Overall, you've incurred around INR 29,000 crore CapEx this year. What is the CapEx guidance for FY 2026 and segmental expectation there?
Jugeshinder Singh, CFO
We have completed CapEx of around actually just over INR 31,500 crore this year. We are on track in the following year of roughly around just over INR 36,000 crore.
Answered
Medium priority
Wind manufacturing capacity and expected volumes?
Asked by Mahesh Patil, ICICI Securities
Provided capacity and volume numbers.
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Question
How much is the capacity right now? What are the volumes that we are expecting in India?
Jugeshinder Singh, CFO
Capacity is now 2.25 GW per annum. We would expect to produce roughly 450-odd sets in a combination of 5.5 and 3.3 capacity megawatt.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Wind turbine EBITDA for Q4 is INR 274 crore | ₹274 cr | ₹16,722 cr | Understated vs filing |
| Wind turbine revenue for Q4 is INR 1,188 crore | ₹1,188 cr | ₹26,966 cr | Understated vs filing |
| Airport EBITDA about INR 4,000 crore, 45% from Mumbai | ₹4,000 cr | ₹16,722 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.