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Integrated resource management (IRM) volatility
View Risks →Adani Enterprises Limited — Q3 FY26
Adani Enterprises reported strong 9M FY26 performance with total income of ₹69,756 crore and EBITDA of ₹7,985 crore (excluding one-time gain of ₹9,215 crore).
bullish
medium
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Adani Enterprises reported strong 9M FY26 performance with total income of ₹69,756 crore and EBITDA of ₹7,985 crore (excluding one-time gain of ₹9,215 crore). Incubating businesses grew 7% YoY to ₹8,224 crore EBITDA. Airport segment revenue rose 31% to ₹9,652 crore, with EBITDA already surpassing full-year FY25 at ₹3,724 crore. The commissioning of Navi Mumbai airport (Dec 2025) and upcoming Ganga Expressway (doubling road business to ~₹3,000 crore) are key growth catalysts. Copper cathode production is expected to ramp up from Q1 FY27, adding ₹2,000-3,000 crore EBITDA at 70-80% utilization. Risks include volatility in the integrated resource management business (down 11% YoY) and delayed ramp-up of Kutch Copper.
अडानी एंटरप्राइजेज ने वित्त वर्ष 2026 के 9 महीनों में शानदार प्रदर्शन किया। कुल आय ₹69,756 करोड़ रही, और कमाई (EBITDA) ₹7,985 करोड़ (एक बार का ₹9,215 करोड़ का फायदा छोड़कर) हुई। नए कारोबारों की कमाई 7% बढ़कर ₹8,224 करोड़ हो गई। हवाई अड्डा कारोबार की आय 31% बढ़कर ₹9,652 करोड़ पहुंची, और इसकी कमाई पूरे पिछले साल से ज्यादा ₹3,724 करोड़ रही। दिसंबर 2025 में नवी मुंबई हवाई अड्डा शुरू होगा और गंगा एक्सप्रेसवे से सड़क कारोबार दोगुना होकर ₹3,000 करोड़ हो जाएगा। कॉपर उत्पादन अगले साल की पहली तिमाही से बढ़ेगा, जिससे ₹2,000-3,000 करोड़ अतिरिक्त कमाई होगी। जोखिम में संसाधन प्रबंधन कारोबार में 11% गिरावट और कच्छ कॉपर में देरी शामिल है।
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Airport passenger traffic (9M)
71M
+23% YoY
9-month passenger traffic reached 71 million, with annual run-rate approaching 100 million.
MDO dispatch volume (9M)
33.3M tons
+14% YoY
Mining dispatch volumes grew 14% to 33.3 million tons, with revenue up 29%.
Solar module sales (quarterly)
>1 GW
flat QoQ
Module sales continue to track over 1 GW per quarter despite global market turbulence.
Navi Mumbai airport RAB
~₹20,000 cr
new
Provisional regulatory asset base for Navi Mumbai airport is ~₹20,000 crore, with expected return of 12-14%.
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Ganga Expressway commissioning in Q4 FY26 is expected to double the road segment's EBITDA from ~₹1,500 crore to ~₹3,000 crore.
IRM business is down 11% YoY due to global/domestic price interplays, and its inherent variability could persist.
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