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Adani Enterprises Limited — Q4 FY26
Adani Enterprises reported FY26 total income of INR 102,943 crore and EBITDA of INR 16,464 crore, flat YoY, impacted by weather-related disruption at Carmichael Mine and non-cash mark-to-market losses.
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Adani Enterprises reported FY26 total income of INR 102,943 crore and EBITDA of INR 16,464 crore, flat YoY, impacted by weather-related disruption at Carmichael Mine and non-cash mark-to-market losses. Core infrastructure businesses now contribute 80% of EBITDA, led by airports (EBITDA up 55% to INR 5,394 crore) and mining services (dispatch up 14%). Management guided for INR 3,000 crore incremental EBITDA from Navi Mumbai Airport, Kutch Copper, and Ganga Expressway in FY27, with run-rate EBITDA already at INR 19,000 crore. CapEx for FY27 is planned at INR 40,000 crore, primarily in airports and PVC. Risks include margin compression in solar from domestic-only sales and potential delays in asset ramp-up.
अडानी एंटरप्राइजेज ने वित्त वर्ष 2026 में कुल आय ₹1,02,943 करोड़ और EBITDA ₹16,464 करोड़ रही, जो पिछले साल के बराबर है। कारमाइकल खदान में मौसम की वजह से उत्पादन प्रभावित हुआ और कुछ नुकसान कागजी था (बाजार मूल्य में बदलाव से)। अब कंपनी की 80% कमाई कोर इंफ्रास्ट्रक्चर (हवाई अड्डे, खनन) से आती है। हवाई अड्डों से EBITDA 55% बढ़कर ₹5,394 करोड़ हुआ। अगले साल नवी मुंबई एयरपोर्ट, कच्छ कॉपर और गंगा एक्सप्रेसवे से ₹3,000 करोड़ अतिरिक्त EBITDA मिलने का अनुमान है। कंपनी ने ₹40,000 करोड़ निवेश (खासकर हवाई अड्डों और PVC में) की योजना बनाई है। जोखिम: सोलर में सिर्फ घरेलू बिक्री से मुनाफा कम हो सकता है और नई परियोजनाओं में देरी हो सकती है।
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Risk Intelligence
Margin compression in solar from domestic-only sales
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Airport passenger traffic
95.3M
+23% YoY
Adani Airports handled 95.3 million passengers in FY26, contributing 23% of India's passenger traffic.
Mining services dispatch volume
49.4M metric tons
+14% YoY
Dispatch volume increased 14% to 49.4 million metric tons in FY26.
Solar module sales
4.9 GW
+96% domestic sales YoY
Domestic solar module sales grew 96% YoY, with total sales of 4.9 GW, exceeding rated capacity via tooling arrangements.
Airport EBITDA margin
41.2%
+720bps YoY
Airport EBITDA margin expanded to 41.2% in FY26 from 34% in FY25, driven by tariff revisions and non-aero growth.
What Changed vs Last Quarter
NEW
Incremental EBITDA of INR 3,000 crore in FY27
Navi Mumbai Airport, Kutch Copper, and Ganga Expressway are expected to add over INR 3,000 crore EBITDA in FY27.
NEW
CapEx of INR 40,000 crore in FY27
CapEx plan for FY27 is approximately INR 40,000 crore, with INR 17,000 crore for airports, INR 9,000 crore for PVC, and INR 4,000 crore for natural resources.
NEW
Mining services dispatch growth of ~20% in FY27
Management expects high double-digit growth (close to 20%) in mining services dispatch volume next year.
NEW
Airports business ready for demerger by 2027-28
Airport management expects the business to be ready for demerger around 2027-28, subject to AEL board decision.
DROPPED
6 GW solar cell/module line commissioning by September 2026
The new 6 GW cell and module manufacturing line is expected to be ready and producing by September 2026, with total CapEx of INR 10,000 crore.
DROPPED
Kutch Copper full utilization in 2-3 months, EBITDA contribution from Q1 FY27
Kutch Copper ramp-up is expected to reach full utilization over the next 2-3 months, with meaningful EBITDA contribution starting Q1 FY27. At 70-80% utilization, it will add INR 2,800-3,100 crore EBITDA annually.
DROPPED
Ganga Expressway to go live next quarter, doubling road EBITDA
The Ganga Expressway (INR 18,000 crore asset) is set to go live in the current quarter, expected to double road segment EBITDA from ~INR 1,500 crore to ~INR 3,000 crore.
DROPPED
Navi Mumbai Airport to add ~INR 2,000 crore EBITDA annually
Navi Mumbai Airport, which commenced operations on December 25, 2025, is expected to contribute approximately INR 2,000 crore to EBITDA on a normalized run-rate basis.
NEW RISK
Margin compression in solar from domestic-only sales
Management acknowledged short-term margin compression due to focus on domestic sales, with export opportunities limited.
NEW RISK
Weather-related disruption in Australian mining
Q4 commercial mining EBIT was hit by a rain-related event at Carmichael Mine, causing production constraints for nearly a quarter.
NEW RISK
Leverage remains elevated at 3.9x
Net debt-to-EBITDA is at 3.9x, and management expects it to remain flat or slightly down despite CapEx plans.
NEW RISK
Execution risk in green hydrogen ecosystem
Management provided limited updates on green hydrogen, with no final investment decision on renewable power or electrolyzer ramp-up.
RISK GONE
IRM business volatility continues
The integrated resource management business is down 11% YoY due to global/domestic interplays, and this variability remains a key risk to overall profitability.
RISK GONE
Kutch Copper ramp-up delays
Kutch Copper ramp-up has been delayed, and full utilization is now expected only in 2-3 months. Any further delays could impact EBITDA contribution guidance.
RISK GONE
Data center partnership with Google lacks clarity
Management declined to provide specific rollout plans for the Google data center partnership, citing ongoing agreement finalization. This lack of clarity may delay revenue recognition.
RISK GONE
Defense business financials not yet disclosed
Management deferred providing any financial details on the defense business until September 2026 results, leaving investors without visibility on investment and revenue.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q2 FY25, Q3 FY25
Navi Mumbai Airport expected to receive operational clearances around October 2025, with ramp-up to capacity within six months.
Mentioned in Q2 FY26, Q3 FY26
The new 6 GW cell and module manufacturing line is expected to be ready and producing by September 2026, with total CapEx of INR 10,000 crore.
Mentioned in Q1 FY26, Q2 FY26
Kutch Copper and other completed assets are still in stabilization phase, with working capital adjustments affecting cash flow.
Mentioned in Q1 FY25, Q1 FY26
Management indicated that major CapEx on green hydrogen is on hold pending results of electrolyzer testing, with no timeline provided for completion.
Fast read
Guidance and risk preview
Navi Mumbai Airport, Kutch Copper, and Ganga Expressway are expected to add over INR 3,000 crore EBITDA in FY27.
Management acknowledged short-term margin compression due to focus on domestic sales, with export opportunities limited.
View Risks →