Adani Enterprises Revenue History — Quarter by Quarter

Adani Enterprises's revenue moved from ₹22,644 Cr in Q1 FY24 to ₹32,439 Cr in Q4 FY26, a 43.3% change over 12 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

Quarter	Revenue (₹ Cr)	YoY Change
Q4 FY26	₹32,439 Cr	—
Q3 FY26	₹24,820 Cr	—
Q2 FY26	₹21,249 Cr	—
Q1 FY26	₹21,961 Cr	—
Q4 FY25	₹26,966 Cr	+2%
Q3 FY25	₹22,848 Cr	—
Q2 FY25	₹22,608 Cr	—
Q1 FY25	₹25,472 Cr	+13%
Q4 FY24	₹29,180 Cr	—
Q3 FY24	₹25,050 Cr	—
Q2 FY24	₹19,546 Cr	—
Q1 FY24	₹22,644 Cr	—

What management said about revenue

Q4 FY26 · 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.

Q4 FY26 · Mining services dispatch growth of ~20% in FY27

Management expects high double-digit growth (close to 20%) in mining services dispatch volume next year.

Q3 FY26 · 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.

Q3 FY26 · 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.

Q3 FY26 · 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.

Q2 FY26 · Rights issue of INR 25,000 crore to strengthen balance sheet

A partly paid rights issue of INR 25,000 crore was approved to fund growth in airports, roads, and Adani New Industries.

Q4 FY25 · 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.

Q4 FY25 · 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.

Q4 FY25 · 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.

Q3 FY25 · 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.

Q3 FY25 · Copper business to reach peak utilization by Q1 FY26

Ramp-up expected to complete in the next financial year.

Q2 FY25 · MDO volume guidance revised to ~40 million tons for FY25

MDO dispatch volume guidance lowered from 45 to ~40 million tons for FY25, with FY26 expected around 50 million tons.