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-cas...
neutral
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.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Why sharp decline in commercial mining EBIT QoQ?
Asked by Mohit Kumar, ICICI Securities
CFO provided specific reasons: weather event and mark-to-market loss with quantified amounts.
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Question
Commercial mining EBIT has declined QOQ. Can you please explain that why there is such a sharp decline in the commercial mining EBIT for the quarter?
Robbie Singh, CFO
the number that you were highlighting, which is basically on commercial mining weakness is related to the specific event which weather event is occurred in Australia in this year at Carmichael Mine, which was largely a rain-related event...
Answered
Medium priority
Timeline for execution of new hyperscale orders?
Asked by Mohit Kumar, ICICI Securities
CFO gave a specific timeline of 40 months.
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Question
can you help us with the new hyperscale order of 350 MW and 58 MW you just signed this quarter? What is the timeline for execution we are looking at?
Robbie Singh, CFO
That is a standard form. You know, roughly you can assume about 40 months.
Partial answer
Medium priority
Plan to scale ingot/wafer to 10 GW?
Asked by Mohit Kumar, ICICI Securities
Acknowledged capacity but no concrete plan; deferred to closer to the period.
no specific timeline givendeferred decision
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Question
Is there a plan to scale back to 10 GW in the medium term, in the next couple of years?
Robbie Singh, CFO
We have the capacity to, but there is no specific planning other than the fact that we want to make sure that the total line capacity on terms of modules and cells is the 10 GW right now.
Partial answer
Medium priority
Will solar sales remain only in India in FY27?
Asked by Mohit Kumar, ICICI Securities
Confirmed India focus but left door open for exports without specifics.
vague on export possibility
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Question
Do we, will we continue to sell only in India in FY 2027 onwards, or do you think there's some chance that we'll start exporting also?
Robbie Singh, CFO
we'll continue to sell in India. There could be certain other markets if our ongoing marketing efforts continue... we can just assume that it's primarily India.
Answered
High priority
CapEx plan for FY27 and breakdown by segment?
Asked by Mohit Kumar, ICICI Securities
Provided total CapEx and breakdown by segment.
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Question
What is the CapEx expenditure plan for FY 2027... and is it possible to break that into various segments?
Robbie Singh, CFO
We expect the next year to be around the same level, about INR 40,000 crore. Of that, there are three core areas... Airports... about INR 17,000 crore. PVC... about INR 9,000 crore. Another INR 4,000 crore would be in the natural resources...
Declined
Medium priority
CapEx for data centers?
Asked by Mohit Kumar, ICICI Securities
Refused to give number on the call, offered to respond later.
deferred to later response
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Question
Is there any specific CapEx you're looking for data centers, if I may ask?
Robbie Singh, CFO
data center, we don't specifically report out, but we expect to complete close to... Can we take this question on note and we can respond formally?
Answered
Medium priority
How to understand module sales exceeding rated capacity?
Asked by Prateek Kumar, Jefferies
Explained tooling arrangement clearly.
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Question
You've closed the year at 4.9 GW of sales. You have capacity of 4 GW, how should we understand your sales potential from your capacity?
Robbie Singh, CFO
That is largely because of the demand that we have... We have a... tooling type arrangement. We use their capacity to sell higher than our capacity.
Answered
Medium priority
Timeline for next 60 GW module and cell?
Asked by Prateek Kumar, Jefferies
Provided timeline for module and cell lines.
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Question
Timelines of, I think you talked about it, but timelines of the next 60 GW module and cell, can you just reiterate again?
Robbie Singh, CFO
Safely assume that you start seeing some of the numbers towards the for module lines towards the second half of the year and then... the cell line. We should complete in the second half.
Answered
High priority
Growth expectation for mining services segment?
Asked by Prateek Kumar, Jefferies
Provided specific growth guidance of ~20%.
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Question
How should we look at your full year expectation going forward? ... How should we look at growth in next year or any year after that?
Robbie Singh, CFO
We sort of ended the year at around 50. You can expect that we will be high double-digit growth next year as well. Say close to 20% mark.
Evasive
Medium priority
EBITDA number for copper segment this quarter?
Asked by Prateek Kumar, Jefferies
Did not provide EBITDA number, said it will be reported next quarter.
no number givendeferred to next quarter
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Question
What is the EBITDA number of copper segment this quarter?
Robbie Singh, CFO
We had to report that from a technical view. This coming quarter we report first time as a separate line item... From an overall business point of view, we report from next quarter onwards.
Partial answer
High priority
Timeline for airport segment demerger?
Asked by Prateek Kumar, Jefferies
Gave business readiness timeline but demerger decision deferred to board.
no commitment on demerger timing
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Question
When should we look at demerger of this business which you have talked about in the past?
Robbie Singh, CFO
the airport management will be ready by... around, say, 2027, 2028. Then for after that, you know, it's for AEL board to determine.
Answered
High priority
EBITDA conversion and segment performance in Q4?
Asked by Manish Somaiya, Cantor Fitzgerald
Provided detailed explanation and run-rate EBITDA guidance.
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Question
If you can just help us understand, you know, what's going on, in some of those segments, that would be super helpful. More importantly, how we should think about 2027 for those segments.
Robbie Singh, CFO
The overall consolidated EBITDA is flat... The core airport business, the EBITDA is well on a quarter-to-quarter basis... almost 50% higher... we are at a run rate already of about INR 19,000 crore EBITDA per year.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Run-rate EBITDA of INR 19,000 crore per year | ₹19,000 cr | ₹16,464 cr | Overstated vs filing |
| Solar EBITDA of INR 3,700 crore in FY26 | ₹3,700 cr | ₹16,464 cr | Understated vs filing |
| Wind EBITDA of INR 760 crore in FY26 | ₹760 cr | ₹16,464 cr | Understated vs filing |
| Solar revenue of INR 12,000 crore in FY26 | ₹12,000 cr | ₹32,439 cr | Understated vs filing |
| Wind revenue of INR 3,700 crore in FY26 | ₹3,700 cr | ₹32,439 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.