Adani Enterprises Management Guidance Tracker

8 forward-looking guidance items tracked across 2 quarters.

Revenue

Q3 FY26Ganga Expressway to double road business EBITDA to ~₹3,000 croreActive

Ganga Expressway commissioning in Q4 FY26 is expected to double the road segment's EBITDA from ~₹1,500 crore to ~₹3,000 crore.

Q3 FY26Kutch Copper to add ₹2,000-3,000 crore EBITDA at 70-80% utilization from Q1 FY27Tracked

Copper cathode production ramp-up from Q1 FY27; at 70-80% utilization, it will add ₹2,000-3,000 crore EBITDA.

Q3 FY26Navi Mumbai airport to add ~₹2,000 crore to annual EBITDATracked

On a normalized run-rate basis, Navi Mumbai airport will contribute just over ₹2,000 crore to EBITDA, a ~40% increase to the current annualized airport EBITDA of ~₹5,200 crore.

Capex

Q3 FY266 GW solar cell line to be commissioned by September 2026Tracked

The 6 GW solar cell line, with total capex of ~₹10,000 crore, is on schedule for commissioning by September 2026.

Q4 FY26FY27 Capex of ₹40,000 croreTracked

Capex planned at ₹40,000 crore, with airports ~₹17,000 crore, PVC ~₹9,000 crore, natural resources ~₹4,000 crore, and others ~₹10,000 crore.

Growth

Q4 FY26Incremental EBITDA of ₹3,000 crore in FY27Tracked

Management expects ₹3,000 crore additional EBITDA from Navi Mumbai airport, Kutch Copper, and Ganga Expressway in FY27.

Q4 FY26Mining Services High Double-Digit GrowthTracked

Mining services volumes expected to grow ~20% in FY27, driven by ramp-up of operational mines.

Other

Q4 FY26Airport Business Ready for Demerger by FY27-28Tracked

Airport platform expected to be ready for demerger around FY27-28, with strong investor interest.